Loans

Dwight Mortgage Trust Provides $148M Construction Loan for Queens Multifamily Project

by Taylor Williams February 11, 2025

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of New York City-based Dwight Capital, has provided a $148 million construction loan for Sutphin II, a 524-unit multifamily project that will be located in the Jamaica area of Queens. The 24-story building will consist of 366 market-rate units and 158 affordable units that will come in studio, one-, two- and three-bedroom formats, as well as 7,750 square feet of ground-floor retail space. Amenities will include a gym and yoga studio, business center, game room, theater, resident lounge, children’s playroom, pet spa and a library. Steven Hersko of SHB Group arranged the loan on behalf of the developer, a partnership led by local investor Moshe Braver.

February 11, 2025

Loans Multifamily New Jersey Northeast

Reynolds Receives $30.5M Loan for Refinancing of Northern New Jersey Apartment Complex

by Taylor Williams February 11, 2025

ORANGE, N.J. — Reynolds Asset Management has received a $30.5 million Fannie Mae loan for the refinancing of The Mural, a 103-unit apartment complex located in the Northern New Jersey community of Orange. Completed last spring, The Mural offers studio, one- and two-bedroom units and amenities such as a fitness center, courtyard plaza, outdoor grilling and dining stations and an outdoor lounge. Thomas Didio Jr. and Max Custer of JLL originated the five-year loan on behalf of Reynolds. Miami-based Pensam Capital also provided a preferred equity investment as part of the asset’s recapitalization.

February 11, 2025

Colorado Loans Multifamily Western

JLL Provides $7.5M Loan for Multifamily Community in Eagle, Colorado

by Amy Works February 11, 2025

EAGLE, COLO. — JLL Capital Markets has provided a $7.5 million Freddie Mac loan for House Apartments, a multifamily property in Eagle. Tony Nargi led the JLL Capital Market’s Debt Advisory team to originate the 10-year, fixed-rate loan on behalf of the borrower, Brikwell. Situated on 4.8 acres at 85 Pond Road, the three-story property features 54 units totaling 27,838 rentable square feet. Community amenities include an on-site exercise facility, community kitchen, elevator and dedicated work-from-home spaces. The asset was built in 1998.

February 11, 2025

Development Illinois Industrial Loans Midwest

Cinnaire Invests $7M in New Markets Tax Credits for Tillamook Creamery Project in Decatur, Illinois

by Kristin Harlow February 11, 2025

DECATUR, ILL. — Cinnaire has invested $7 million in New Markets Tax Credits to support the rehabilitation and expansion of the former Prairie Farms dairy plant into the Tillamook Decatur Creamery. The facility, located at 757 N. Morgan St. in Decatur, is being transformed into a modern 79,000-square-foot creamery to support Tillamook County Creamery Association’s (TCCA) production efforts in the eastern U.S. Construction began in June, and is slated for completion this month. The project, which has revitalized the vacant building into a dedicated ice cream manufacturing plant, marks a significant expansion as TCCA’s first wholly owned and operated manufacturing facility outside of Oregon and its only facility dedicated solely to ice cream production. Tillamook is an Oregon-based dairy co-op and manufacturer known for its cheese, yogurt, butter and ice cream. The Tillamook Decatur Creamery will create approximately 49 new full-time jobs. Originally opened in 1918 by Swift and Co., the Decatur plant was later acquired by Prairie Farms in 1977 where it served as an ice cream production facility until its closure in early 2022. TCCA is spending roughly $74 million adding automation, robotic palletizing and improving employee welfare spaces.

February 11, 2025

Loans New York Northeast Office Top Stories

JLL Arranges $1.1B Refinancing for 3 Bryant Park Office Tower in Midtown Manhattan

by John Nelson February 11, 2025

NEW YORK CITY — JLL’s Capital Markets group has arranged the $1.1 billion refinancing of 3 Bryant Park, a 42-story office tower located at 1095 Avenue of the Americas in New York City. The 1.2 million-square-foot trophy building is situated within the Bryant Park neighborhood of Midtown Manhattan. Christopher Peck, Drew Isaacson, Lauren Kaufman, Jennifer Zelko and Christopher Pratt of JLL arranged the refinancing on behalf of the owner, Ivanhoé Cambridge, and the property manager, Houston-based Hines. Ivanhoé Cambridge purchased 3 Bryant Park in 2015 for $2.2 billion. Wells Fargo, Bank of America and Bank of Montreal were the lead lenders for the refinancing. Further details of the financing were not released. Located adjacent to Manhattan’s Bryant Park and the 42nd Street Subway station, 3 Bryant Park was 97.2 percent leased at the time of financing to tenants including Salesforce, which has signage atop the tower. Other tenants include Stifel, Dechert LLP, US Bank, Lloyds Bank and Standard Chartered. The tower also includes retail space leased to tenants including Whole Foods Market, Equinox, Valbella, Shake Shack and Rosetta Bakery. Other offerings at 3 Bryant Park include a new conference center, sky lobby with a coffee bar and more than 16,000 …

February 11, 2025

District of Columbia Features Loans Multifamily Southeast Southeast Feature Archive

MBA: Commercial, Multifamily Loan Volume to Increase 16 Percent in 2025

by John Nelson February 11, 2025

WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) is forecasting that total commercial and multifamily mortgage borrowing and lending will rise to $583 billion in 2025, which is a 16 percent increase from 2024’s estimated total of $503 billion. The Washington, D.C.-based organization made the announcement at its 2025 Commercial/Multifamily Finance Convention and Expo (CREF) event taking place in San Diego. Multifamily lending, which is calculated into the total figure, is expected to rise to $361 billion in 2025 — also a 16 percent increase from last year’s estimate of $312 billion. MBA anticipates originations in 2026 will increase to $709 billion in total commercial real estate lending, with $419 billion of that allocated to multifamily lending. “Given the strong pickup in origination activity at the end of 2024, it appears that at least some borrowers and lenders are ready to move,” said Mike Fratantoni, MBA’s senior vice president and chief economist. “MBA is forecasting that interest rates are going to stay within a trading range for the next few years. We expect an increase in originations across property types and capital sources, but certainly recognize the additional challenges posed by the large number of loans scheduled to mature in …

February 11, 2025

Loans Multifamily Student Housing Texas

Tremont Realty Capital Provides $31.2M Acquisition Loan for Central Texas Student Housing Property

by Taylor Williams February 10, 2025

SAN MARCOS, TEXAS — Tremont Realty Capital, a division of Boston-based investment firm RMR Group, has provided a $31.2 million bridge loan for the acquisition of The Lodge, a 696-bed student housing property in the Central Texas city of San Marcos. The 258-unit community serves students at nearby Texas State University. The Lodge offers one-, two-, three- and four-bedroom units and amenities such as a pool, fitness center, basketball and volleyball courts, outdoor grilling and dining stations, game room and a cybercafé. Walker & Dunlop arranged the floating-rate loan through Tremont on behalf of the sponsor, Palladius Capital Management.

February 10, 2025

Loans Massachusetts Multifamily Northeast

JLL Arranges Refinancing of 450-Unit Apartment Community in Somerville, Massachusetts

by Taylor Williams February 10, 2025

SOMERVILLE, MASS. — JLL has arranged a loan of an undisclosed amount for the refinancing of Prospect Union Square, a 450-unit apartment community in Somerville, located just outside of Boston. Prospect Union Square is a two-building complex that was completed in 2023 and houses one-, two- and three-bedroom units, with 90 residences designed as affordable housing. The property also features an outdoor pool, courtyard, fitness center and indoor dog run, as well as 18,264 square feet of retail space. Danny Kaufman, Brett Paulsrud, Madeline Joyce and Ali Howard of JLL arranged the loan through Northwestern Mutual on behalf of the owner, a joint venture between affiliates of Magellan Development Group, RAS Union Square Development, Cypress Equity Investments and Affinius Capital.

February 10, 2025

Florida Hospitality Loans Southeast

Hunter Hotel Advisors Arranges $35.5M Loan for Moxy Miami Wynwood Hotel

by John Nelson February 10, 2025

MIAMI — Atlanta-based Hunter Hotel Advisors has arranged a $35.5 million loan for the recapitalization of the Moxy Miami Wynwood, a 120-room hotel that opened in October. The developer of the eight-story hotel was a 50/50 joint venture between Baywood Hotels and Dolphin Capital Partners. Charlie Ryan and Adeel Amin of Hunter’s capital markets team arranged the loan through Synovus Bank on behalf of Baywood Hotels. Moxy Miami Wynwood is located at 255 N.W. 25th St. in the city’s Wynwood district. The 110,000-square-foot property includes two signature restaurants (Sparrow Italia and Casa Madera), as well as fitness center, event space and 49 parking spaces.

February 10, 2025

Industrial Loans New York Northeast

Customers Bank Provides $13M Loan for Refinancing of Industrial Building in Newburgh, New York

by Taylor Williams February 10, 2025

NEWBURGH, N.Y. — Customers Bank has provided a two-year, $13 million bridge loan for the refinancing of a 348,352-square-foot industrial building in Newburgh, about 70 miles north of New York City. Built in 1985, the facility at 3 Enterprise Drive features 37 dock-high loading doors, six drive-in loading doors, a clear height of 24 feet, 81 parking spaces and 5,000 square feet of office space. Local investment firm GFP Real Estate owns the building, which was fully leased at the time of sale to FedEx and organic food distributor UNFI.

February 10, 2025

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