NEWBURYPORT, MASS. — JLL has arranged a $7.5 million refinancing loan for Pond Street Mall, a 28,164-square-foot retail center in Newburyport, located approximately 40 miles north of Boston. Centreville Bank provided the fixed-rate, non-recourse loan to the borrower, Quincy & Co., which will use the proceeds to repay an existing loan. CVS anchors the retail center and other tenants include Young Women’s Christian Association and Panda Dry Cleaners. Lauren O’Neil and Martha Nay of JLL represented Quincy & Co. in arranging the loan. Craig Schermerhorn represented Centreville Bank on an internal basis.
MIAMI — Berkadia has secured a $76 million bridge loan for the construction of Gateway at Wynwood, an approximately 230,000-square-foot office and retail complex at 2916 N. Miami Ave. in Miami’s Wynwood district. Charles Foschini of Berkadia arranged the financing through Miami-based 3650 REIT on behalf of the borrower and developer, New York-based Rose & Berg Realty Group LLC. Designed by architect Kobi Karp, Gateway at Wynwood will be situated near Miami’s central business district (CBD), Midtown, the Arts and Entertainment District, Miami Beach and mass transit options including the Miami Metrorail and new Virgin Trains commuter rail line. The project will feature approximately 220,000 square feet of office space, with roughly 27,700 square feet of space on each floor, as well as 25,900 square feet of retail space. The site is ready for the foundation work and vertical construction to commence. Gateway at Wynwood is projected to open in the second half of 2021. Colliers International is handling Gateway at Wynwood’s office leasing assignment, and CBRE is marketing the property’s retail space.
ROMULUS, MICH. — Bernard Financial Group has arranged an $8.5 million loan for the refinancing of a 139,733-square-foot industrial property in Romulus, about 25 miles southwest of Detroit. Dan Duggan of Bernard arranged the loan with the life insurance company Aegon. The borrower was DNM Industrial Park LLC.
DALLAS — Metropolitan Capital Advisors (MCA) has arranged two loans to finance RedBird Development Group’s redevelopment of RedBird Mall, an enclosed regional mall in southwest Dallas formerly known as Southwest Center Mall. MCA arranged a $7.1 million acquisition loan through Dallas-based Graham Mortgage for the mall’s former Sears department store. The University of Texas Southwestern Medical Center (UT Southwestern) has agreed to lease the entire 150,000-square-foot wing of the mall. The new RedBird Medical Center is slated to open in 2021. MCA also arranged a $12.7 million construction loan to finance the redevelopment of the former Dillard’s department store that will be occupied by medical office and job training users including Parkland Hospital, Work Ready U and Work Force Solutions. Origin Bank provided the construction loan. The Growth South Fund, a private equity fund that targets south Dallas, also provided financing for RedBird’s Mall redevelopment. RedBird Development Group is an entity headed by Peter Brodsky, Terrence Maiden and Jon Cochran. The new RedBird Mall will feature 300,000 square feet of office space, 400,000 square feet of retail and restaurants, apartments and a Courtyard by Marriott. Palladium USA is building the multifamily component, according to The Dallas Morning News.
CHATHAM, N.J. — M&T Realty Capital Corp. has provided a $12.1 million FHA-insured loan to refinance a 108-bed skilled nursing facility in Chatham, located approximately 25 miles west of New York City. The loan was completed under the U.S. Department of Housing and Urban Development’s Section 232/223(f) program. The 35-year, fully amortizing loan features a fixed rate of 3.26 percent. The borrower and name of facility were not disclosed. Paula Quigley, Matt Pipitone and Jennifer Kooney of M&T Realty Capital led the transaction. Quigley also serves as the FHA/HUD program manager for M&T Realty Capital Corp.
CHANDLER, ARIZ. — NorthMarq has negotiated the sale of Soleil Apartments, a multifamily property located near Dobson and Ray roads in Chandler. Phoenix-based 3rd Ave Investments acquired the asset from Soleil Chandler Apartments LLC for $40.1 million. Built in 1995, Soleil Apartments features 188 units in a mix of one-bedroom, two-bedroom and three-bedroom layouts. The buyer plans to upgrade the unit interiors and exterior common areas to provide current and future residents with more modern amenities. Trevor Koskovich, Jesse Hudson and Bill Hahn of NorthMarq’s Phoenix Investment Sales team represented the buyer and seller in the deal. James DuMars and Griffin Martin of NorthMarq’s Phoenix debt/equity team arranged a $33.2 million NXT loan for the acquisition.
NEW YORK CITY — JLL has arranged a $20 million refinancing loan for 16 West 36th Street, a 67,271-square-foot office building with ground-floor retail in Midtown Manhattan. An undisclosed life insurance company provided the loan to the borrower, Windsor Management Corp., which has owned the building since the 1940s. Windsor recently invested in renovations of the building’s office suites with new glass walls, new bathrooms, polished concrete floors and finished kitchens. Steven Klein and Alex Staikos of JLL arranged the loan.
ORONO, MAINE — Tremont Mortgage Trust has provided an $18.1 million loan for the refinancing of Orchard Trails, a 576-bed student housing community located near the University of Maine in Orono. The floating-rate loan includes an initial funding of approximately $17 million and a future funding allowance of approximately $1.1 million for property improvements. The loan is structured with a three-year initial term and two one-year extension options. Originally built in 2006, the community offers four-bedroom units alongside shared amenities including a study lounge, clubhouse, game room, state-of-the-art fitness center, basketball and volleyball courts and an outdoor grilling station. The borrower was undisclosed.
LISBON AND MINERAL RIDGE, OHIO — Cambridge Realty Capital Cos. has provided two loans through the U.S. Department of Housing and Urban Development’s Lean mortgage insurance program totaling $24 million for the refinancing of The Vista Care Center and The Ridge Care Center. An Ohio-based limited liability company was the borrower. The Vista Care Center, located in Lisbon, is a 76-bed skilled nursing and assisted living facility. The Ridge Care Center, located in Mineral Ridge, is a 181-bed skilled nursing and assisted living facility. Both properties feature dining, housekeeping and laundry services. Residents have access to onsite healthcare services such as dentistry, podiatry, optometry, audiology, psychology and medical imaging. Cambridge provided a fully amortized 30-year loan for the Lisbon property and a 35-year loan for the Minera Ridge asset. The FHA/HUD Lean Section 232 program — which helps finance nursing homes, assisted living facilities as well as board and care facilities — provides lenders with protections against losses as the result of borrowers defaulting on their loans. HUD adopted the Lean model to simplify the loan application process and to reduce the amount of time it takes for qualified borrowers to obtain funding.
PACIFICA, CALIF. — GRI Fairmont LLC, an affiliate of First Washington Realty Inc., has received $19.6 million in financing for the acquisition of Fairmont Shopping Center, a retail asset located in Pacifica. The property is situated on 7.5 acres at 705-799 Hickey Blvd. Greg Brown, John Marshall and Bercut Smith of JLL Capital Markets secured the 10-year, fixed-rate loan with PGIM Real Estate Finance for the borrower. Anchored by Safeway, the 102,982-square-foot property was 96 percent leased at the time of sale. Current tenants include Rite Aid, Dollar Tree, Supercuts, Banfield Pet Hospital, American Sushi House, Starbucks, Southland Nails, Ernie’s Wine & Liquor and Rockway Beach Optometry. Completed in 1966, Fairmont Shopping Center was remodeled in 2015 and 2018.