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AC-Marriott-Modular-Manhattan
HospitalityLoansNew YorkNortheast

Avana Capital Provides $65M Construction Loan for AC Marriott Hotel in Manhattan

by Taylor Williams

NEW YORK CITY — Arizona-based Avana Capital has provided a $65 million loan for the construction of a 26-story AC Marriott Hotel in the Chelsea neighborhood of Manhattan. Designed by Danny Forster & Architecture, the 168-room hotel will be located at 842 Sixth Ave. and will be the tallest hotel in the world to feature modular construction. The borrower was locally based firm 842 Enterprises Inc. Bloomberg reports that guest rooms will be assembled in Poland and shipped to New York, with the opening of the property slated to occur some time next year.

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48-East-Austin
LoansMultifamilyTexas

3650 REIT Originates $87.9M Construction Loan for Austin Residential Project

by Taylor Williams

AUSTIN, TEXAS — Miami-based balance sheet lender 3650 REIT has originated an $87.9 million construction loan for 48 East, a 33-story condominium project that will be located in the Rainey Street district of Austin. The property will feature 249 units ranging in size from 456 to 851 square feet. Amenities will include a rooftop pool, viewing deck and a fitness center. The borrower was a joint venture between Austin-based Pearlstone Partners and Miami-based Newgard Development Partners. Mike Guterman of Highland Realty Capital and John Ghiselli of Waterloo Real Estate Investments placed the nonrecourse loan, which carried a 75 percent loan-to-cost structure.

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LoansMichiganMidwestMultifamily

Arbor Provides $4M Refinancing for Multifamily Property in Detroit

by Kristin Harlow

DETROIT — Arbor Realty Trust Inc. has provided a $4 million Freddie Mac small-balance loan for the refinancing of Van Dyke Apartments located at 1780 Van Dyke St. in Detroit. The 40-unit multifamily property was built in 1928 and renovated in 2018. Michael Jehle of Arbor originated the 20-year loan, which features a 30-year amortization schedule.

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DevelopmentLoansMixed-UseMultifamilyNew YorkNortheastRetailTop Stories

JDS Receives $664.1M Construction Loan to Build Brooklyn’s Tallest Building

by John Nelson

NEW YORK CITY — A pair of real estate lenders provided a $664.1 million construction loan that will allow JDS Development Group to build the tallest building in Brooklyn. Situated at 9 DeKalb Ave. in the borough’s downtown district, the tower will rise 1,066 feet and will include 425 rental apartments, 150 for-sale condominiums and 120,000 square feet of retail space. JDS and development partner The Chetrit Group expect to deliver the 73-story residential tower in 2022. About 30 percent of the rental units at 9 DeKalb will be capped below market rates. The lenders include New York-based Silverstein Capital Partners and Montreal-based Otera Capital Inc., a subsidiary of Caisse de dépôt et placement du Québec (CDPQ), one of Canada’s leading institutional fund managers. Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Diaz, Mark Fisherand, Matthew Collins and Sean Bastian of JLL arranged the financing, details of which were not disclosed. SHoP architects is designing the residential tower’s façade to be clad in bronze and glass. New York-based JDS and Chetrit Group originally acquired the 9 DeKalb site in 2016 for $90 million, including air rights for the future development. On the site is a 70,000-square-foot, five-story property that once housed …

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LoansMidwestNebraska

Petros PACE Finance Provides $1.7M Financing for Indoor Sports Facility in Lincoln, Nebraska

by Kristin Harlow

LINCOLN, NEB. — Petros PACE Finance LLC has provided a $1.7 million commercial property-assessed clean energy (CPACE) loan for the construction of the Lincoln Sports Facility, a 92,000-square-foot project in Lincoln. Manzitto is the developer. The project, which will incorporate energy-saving measures in the construction, will include eight basketball courts that can be converted into volleyball courts as well as a 5,000-square-foot athletic training center. The facility will host practice games and regional tournaments for area youth. Energy-efficient features include lighting, roofing, windows and heating and cooling systems. CPACE is a financing structure in which building owners borrow money for energy efficiency, renewable energy, or other projects and make repayments via an assessment on their property tax bill, according to the U.S. Department of Energy.

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Willow-Springs-Brick-New-Jersey
LoansMultifamilyNew JerseyNortheastORIXSeniors Housing

Lancaster Pollard Provides $17.3M Loan for Refinancing of Skilled Nursing Facility in New Jersey

by Taylor Williams

BRICK, N.J. — Lancaster Pollard Mortgage Co. has provided a $17.3 million HUD loan to refinance Willow Springs, a skilled nursing facility in Brick, located in New Jersey’s northern coastal region. The borrower was local investment firm Tryko Partners LLC, which purchased the community from its developer, NuVision Management, in 2013 and subsequently rebranded it. At that time, Willow Springs featured 148 skilled nursing beds with expansion potential and an assisted living component that could accommodate 23 clients. Tryko then implemented a $1 million improvement plan that delivered an expanded rehabilitation facility with cutting-edge equipment and technology and updated common areas, patient rooms and assisted living accommodations.

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HealthcareLoansMassachusettsNortheast

CIT Arranges $24.7M Acquisition Loan for Medical Office Complex in Springfield, Massachusetts

by Taylor Williams

SPRINGFIELD, MASS. — CIT Group Inc. has arranged a $24.7 million acquisition loan for a medical office complex located in the western Massachusetts city of Springfield. The borrower was a joint venture between Los Angeles-based Kayne Anderson Real Estate Advisors and Chicago-based MBRE Healthcare. The property consists of multiple buildings that house a mix of service providers, including ambulatory surgery, women’s health, ophthalmology, urology, podiatry and sleep medicine. The seller was not disclosed.

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LoansMidwestMultifamilyOhio

ASC Arranges $2.8M Refinancing for Apartment Community in Lorain, Ohio

by Kristin Harlow

LORAIN, OHIO — American Street Capital (ASC) has arranged a $2.8 million loan for the refinancing of a 109-unit apartment community in Lorain, about 30 miles west of Cleveland. Built in 1972 and renovated in 2018, the property consists of seven two-story buildings on nearly five acres. There are 67 two-bedroom units and 42 one-bedroom units. The average unit size is 672 square feet. Igor Zhizhin of ASC arranged the five-year, fixed-rate loan with a correspondent CMBS lender. The borrower was not disclosed.

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FloridaLoansMixed-UseSoutheast

Dockerty Romer Arranges $53.1M Loan for Refinancing of Mixed-Use Asset in Miami’s Coconut Grove

by John Nelson

MIAMI — Dockerty Romer & Co. has arranged a $53.1 million permanent loan for the refinancing of Mayfair in the Grove, a three-story mixed-use asset in Miami’s Coconut Grove neighborhood spanning 281,066 square feet. Situated adjacent to the Mayfair Hotel & Spa, the property features office and retail space spread across three buildings. Mayfair in the Grove was 94.1 percent leased at the time of financing to tenants including Sony Music, Sapient Technologies, Regus and General Electric. Craig Romer and Chris Romer of Dockerty Romer, a RECA (Real Estate Capital Alliance) member, arranged the 10-year, fixed-rate loan through Guggenheim Partners on behalf of the borrower, Whalou Properties Management.

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