DALLAS — JLL has arranged an undisclosed amount of permanent financing for 3000 and 3100 Olympus Boulevard, two office buildings totaling 467,366 square feet in Dallas. Allianz Real Estate of America provided the 15-year, fixed-rate loan, proceeds of which will be used to retire construction debt following the stabilization of the buildings. Trey Morsbach and Jim Curtin of JLL placed the debt on behalf of the borrower, locally based developer Billingsley Co.
WASHNIGTON, D.C. — JLL has arranged a $181.5 million refinancing loan for Portals III, a 510,157-square-foot office building in southwest Washington, D.C. ACORE Capital provided the loan, which will be used to refinance existing debt, lease up the asset and fund capital improvements throughout the property. Portals III marks the third phase of the Portals mixed-use development, which comprises more than 1.5 million square feet of office space, more than 370 residential units, a 400-room Mandarin Oriental hotel and retail space. Andrew Weir, Cary Abod, Rob Carey, Drake Greer and Jay Graham of JLL represented the borrower, Washington, D.C-based Franklin L. Haney Co., in the loan transaction.
IRVINE, CALIF. — Irvine-based Talonvest Capital Inc. has secured two refinancing loans totaling $123.3 million on behalf of Metro Self Storage. Lake Forest, Ill.-based Metro Self Storage will use the loan proceeds to refinance existing debt on eight properties in Georgia, 12 properties in Florida and two properties in Illinois. The portfolio totals more than 1.5 million square feet of rentable space. The two non-recourse loans feature a fixed 3.2 percent interest rate and 10 years of interest-only payments. An undisclosed national bank provided the funds.
AUSTIN, TEXAS — Berkadia has arranged $425 million loan for Fairmont Austin, a 1,048-room hotel located near the Austin Convention Center in the city’s downtown area. Bank of America Merrill Lynch provided the two-year adjustable rate loan, which will be used to refinance existing construction debt, on behalf of the borrower, Manchester Financial Group. Andy Coleman of Berkadia handled the debt placement. The 37-story hotel, which opened last year, includes nearly 140,000 square feet of meeting and event space.
NETCONG, N.J — JLL has arranged a $19.9 million construction loan for the development of 34 Bank, a 126-unit multifamily property located in Netcong, located approximately 40 miles west of New York City. M&T bank provided the three-year, floating-rate loan. The property will feature a mix of one- and two-bedroom floor plans and amenities such as a fully equipped fitness facility and electric car charging stations. The location is within walking distance to the Netcong Train Station, downtown Netcong and the Musconetcong River. Jon Mikula and Michael Klein of JLL arranged the loan on behalf of the borrower, a joint venture between CrownPoint Group, The Hampshire Companies and Circle Squared Alternative Investments.
OMAHA, NEB. — NorthMarq has arranged a $23 million Fannie Mae loan for the refinancing of ZAG Apartments in Omaha. Built in 2017, the 191-unit apartment complex is located at 5110 Mayberry St. The community features a 24-hour fitness center and outdoor lounge as well as close proximity to multiple city parks and bike trails. Josh Larsen of NorthMarq arranged the 10-year, fixed-rate loan, which features a 30-year amortization schedule.
COLUMBUS, OHIO — Ready Capital has provided a $19.3 million loan for the acquisition, renovation and stabilization of a multifamily property within an Opportunity Zone in the North Rickenbacker submarket of Columbus. The Class B community spans 419,000 square feet and includes 376 units. Upon acquisition, the undisclosed borrower plans to upgrade all units and common areas. The nonrecourse, floating-rate loan features a 48-month term and a loan-to-cost ratio of 75 percent.
WEST PALM BEACH, FLA. — Ready Capital Structured Finance has provided an $18 million acquisition and renovation loan for a 199-room hotel in West Palm Beach. The undisclosed borrower plans to upgrade the property and reflag it from a Holiday Inn hotel to a Crowne Plaza. The non-recourse, floating-rate loan features a 36-month term and two extension options. The seller was not disclosed.
NEW JERSEY — NorthMarq has secured a $69 million loan for the refinancing of four affordable housing properties all in Hudson County, a western suburb of New York City. The properties include Church Square South, an 81-unit property in Hoboken; Eastview Apartments, a 79-unit property also in Hoboken; New Floral Gardens, a 91-unit property in North Bergen; and Parkview East, a 71-unit property in Weehawken. Gary Cohen of NorthMarq secured the refinancing through two New Jersey-based banks. The borrower was not disclosed.
REVERE, MASS. — CBRE has arranged a $20.5 million construction loan for a multifamily property in Revere, a northern suburb of Boston. Located at 90 Ocean Ave., the six-story property will offer 75 apartment units, including studio, one- and two-bedroom floor plans. The building will also include a fitness center and rooftop lounge. John Kelly of CBRE arranged the financing on behalf of the borrower, Helge Capital Inc.
