ABILENE, TEXAS — Newmark has arranged a $7.1 billion construction loan for a data center project in the West Texas city of Abilene. A consortium of lenders led by J.P. Morgan provided the debt, which will fund the second phase of development of a 1.2-gigawatt campus. Construction of the first phase, which comprised two buildings and 200-plus megawatts of power, began in June 2024 and is expected come on line in the coming weeks. Construction of the second phase, which will feature six additional buildings and a total of 1.2 gigawatts, began in March 2025 and is expected to be energized in mid-2026. Jordan Roeschlaub, Nick Scribani, Ben Kroll, Brent Mayo, Doug Harmon and Andrew Warin of Newmark originated the financing on behalf of the borrower, a joint venture between Blue Owl Capital Inc., Crusoe and Primary Digital Infrastructure.
AUSTIN, TEXAS — Self-storage brokerage firm Versal has negotiated the sale of a portfolio of eight self-storage facilities totaling 3,964 units in Texas. The properties are collectively known as the Steelcreek Self Storage Portfolio and have an aggregate net rentable square footage of 620,231 square feet. Five facilities are located in the Dallas area; two facilities are in the Austin area, and the last property is situated in the Houston area. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, Dallas-based Steelcreek Management LLC, in the transaction. The team also procured the buyer, Reframe Holdings, an investment firm with offices in South Carolina and Florida. Anna Siradze, Britt Taylor, Ivan Viramontes, Tom Sherlock and Lauren Maehler of California-based Talonvest Capital arranged a $51.3 million acquisition loan through an undisclosed national bank for the deal. The nonrecourse loan carried a five-year term and a floating interest rate.
NAVARRE, FLA. — CBRE has arranged a $47 million loan for the refinancing of Elevate Navarre, a 332-unit apartment community located at 1900 Elevate Ave. in Navarre, a beach city situated near Pensacola, Fla. Blake Cohen of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta arranged the three-year, fixed-rate, interest-only loan on behalf of the sponsor and developer, Branch Properties. Voya Investment Management provided the loan, which the Atlanta-based sponsor will use to refinance its existing construction loan. Built in 2022 adjacent to a Publix-anchored shopping center, Elevate Navarre features 11 three-story residential buildings and a clubhouse/leasing center. The property offers one-, two- and three-bedroom apartments with five different floor plans averaging 893 square feet in size. Amenities include a resort-style pool with sun deck, club room with lounge area and billiards, outdoor kitchen/dining area, fitness center with Peloton bikes, pet spa and 565 surface-level parking spaces.
AVALON, CALIF. — Red Oak Capital Holdings has provided a $6 million bridge loan for the Hermosa Hotel & Apartments in Avalon, a city on Santa Catalina Island. The loan proceeds will retire existing debt at the century-old property, located at 131-171 Metropole Ave. Hermosa Hotel & Apartments contains 46 buildings offering a total of 44 hotel rooms, a commercial unit occupied by a spa and 26 multifamily units. Since acquiring the property in 2019, the sponsor has invested approximately $3 million into renovations, reorienting the hotel as a boutique alternative to large-scale resorts while maintaining the multifamily component as stable, year-round housing for service workers. The interest-only loan was structured under Red Oak’s Core-Plus Bridge Loan Program and carries a two-year initial term and a loan-to-servicing value of 55.2 percent. David Christensen of Red Oak originated the loan, with underwriting led by Thomas Gorski and loan administration by James Myatt. Deryl Deese of Tauro Capital Advisors arranged the financing on behalf of the borrower, a subsidiary of value-add investment firm McKinney Capital.
JERSEY CITY, N.J. — Berkadia has provided a $35.7 million Fannie Mae loan for the refinancing of 829 Garfield, a 110-unit apartment building in Jersey City. Built in 2022, the property offers two- and three-bedroom units that are furnished with stainless steel appliances and quartz countertops, as well as private patios in select units. The property also houses 10,100 square feet of retail space, 6,100 square feet of which is occupied by a daycare. Michael Basinski, Mitch Sinberg, Scott Wadler, Brad Williamson and Matt Robbins of Berkadia originated the five-year, fixed-rate loan on behalf of the borrower, Tay Investments.
LANSING, MICH. — Lansing-based Cinnaire has closed a $340 million Low-Income Housing Tax Credits (LIHTC) fund — the largest investment fund in the organization’s 32-year history — that will finance 33 affordable housing developments across 11 states. The financing will provide 2,455 units for more than 5,400 individuals and generate more than $844 million in local economic activity, according to Cinnaire. Specifically, Fund 43 will support developments such as Haven on Main in La Crosse, Wis., and Wellspring Recovery in Farmington Hills, Mich. Haven on Main will total 70 units with 59 affordable housing apartments and 11 market-rate units. Eighteen units are reserved for individuals with intellectual and developmental disabilities, veterans and those experiencing chronic homelessness. Half of the apartments are designed to support independent living for adults on the autism spectrum. Full supportive services will be provided by CouleeCap in partnership with Invista and Haven for Special People. Wellspring Recovery will feature 72 affordable housing units, including 60 floor plans that will be permanent supportive housing (PSH) dedicated to individuals recovering from opioid addiction. The PSH units will be housed in a separate building divided by a natural green space and supported by project-based rental assistance from Michigan State …
HAMILTON, N.J. — JLL has arranged $16.8 million in acquisition financing for a 138,852-square-foot industrial property in the Central New Jersey community of Hamilton. Built in 1990 and renovated in 2024, the facility sits on a 13.6-acre site at 861 Sloan Ave. and features a clear height of 38 feet and 13 dock doors with the capacity to add five more, as well as parking for 210 cars and 10 trailers. Jon Mikula, Jim Cadranell and Kevin Badger of JLL arranged the loan through Prime Finance on behalf of the borrower, a joint venture between Lincoln Property Co. and Ullico Investment Advisors.
MIAMI — South Florida-based developer 13th Floor Investments, in partnership with Barings, has received a $125 million construction loan for the second phase of Link at Douglas, a transit-oriented multifamily development in Miami. A syndicate of Santander Bank and TD Bank provided the loan. Known as Cadence, the project marks the third multifamily building at Link at Douglas, a 7-acre development located at the confluence of Miami’s Coral Gables and Coconut Grove neighborhoods. Now under construction, the 35-story tower will include 432 market-rate apartments, 12.5 percent of which will be set aside as workforce housing units. The project is adjacent to Miami-Dade County’s Douglas Road Metrorail Station. Construction is estimated to take 33 months to complete. “Securing this construction financing marks a major milestone in bringing the next phase of Link at Douglas to life,” says Daryl Shevin, CFO of 13th Floor. “It reflects strong confidence in our vision and the demand for well-located, high-quality transit-oriented housing in South Florida.” The first phase of Link at Douglas, which was completed in 2023, encompasses two fully leased multifamily towers with a total of 733 apartments. More than 30,000 square feet of retail space anchored by a Milam’s Market accompanies the 312-unit …
MEDIA, PA. — CRBE has arranged a $28.5 million construction loan for Mi-Place at Media, a 132-unit multifamily project that will be located about 25 miles southwest of Philadelphia. The project will consist of three four-story buildings and 245 parking spaces. Amenities will include a lounge, fitness center, dog park and outdoor grilling and dining stations. Matthew Klauer and Cassandra Russell of CBRE arranged the loan through SteepRock Capital on behalf of the sponsor, Fernmoor Homes. A tentative completion date was not disclosed.
COSTA MESA, CALIF. — PSRS has arranged a $5.5 million loan for the refinancing of Ocean Business Park, a flex industrial business park in Costa Mesa. At the time of financing, the property was 100 percent occupied by a diverse tenant mix. Michael Tanner and George Gianoukakis of PSRS secured the financing through one of PSRS’ correspondent life insurance company lenders. The transaction provided the undisclosed borrower with a nonrecourse loan featuring a 10-year term and 30-year amortization.