WILMINGTON, DEL. — An affiliate of Community Preservation Corp. (CPC) and Pennrose has received a $6.8 million Freddie Mac loan for Imani Village Phase IV, an affordable housing project in northeast Wilmington. Phase IV of the eight-phase project, which will eventually add more than 700 units to the local supply, totals 84 units that will be subject to a range of income restrictions. In addition, nine units will be set aside for renters with special needs. Construction is scheduled to begin before the end of the year and to be complete in 2027.
MONROVIA, CALIF. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $76 million in construction financing for The Monroe, a Class A multifamily and retail development in Monrovia. The project is currently under construction and scheduled for completion in September. Located at 127 W. Pomona Ave., The Monroe will feature 232 apartments and 7,050 square feet of ground-floor commercial space. Apartments will range from studios to three-bedroom units, with 25 of the units designated affordable for low- and moderate-income households. Additionally, the property will have 302 residential parking spaces and 85 public parking spaces. Community amenities will include a gym, swimming pool, clubhouse, barbecue area, rooftop patio and conference/meeting rooms. Stefen Chraghchian of IPA Capital Markets secured the financing with Affinius Capital on behalf of Adept Urban Development.
SCOTTSDALE, ARIZ. — JLL Capital Markets has arranged a $42.5 million equity placement for Papago Marketplace, a 55,500-square-foot mixed-use development located in the Phoenix suburb of Scottsdale. Patrick Dempsey and Quin Madden of JLL represented the developer, Pivot Development Co., in securing the equity placement on behalf of an undisclosed institutional advisor. A 23,343-square-foot Sprouts Farmers Market will anchor the project upon completion, which is scheduled for August 2026. Construction is expected to begin this month. Over the past five years, the development of Papago Marketplace has included a 276-unit luxury apartment complex, a 116-room hotel and a mix of retail tenants. The project is currently 80 percent preleased.
PASADENA, TEXAS — CBRE has arranged a $17.3 million construction loan for Constellation Red Bluff, a 240,041-square-foot industrial project in the eastern Houston suburb of Pasadena. The site is located at 2543 Genoa Red Bluff Road, and the development will offer 36-foot clear heights and parking for 158 cars and 20 trailers. Brian Linnihan, Mike Ryan, Richard Henry and Taylor Crowder of CBRE arranged the loan through Texas State Bank. The borrower is Constellation Real Estate Partners. Construction is expected to be complete in 2026.
HAUPPAUGE, N.Y. — JLL has arranged a $62.5 million loan for the refinancing of Carlow Wind Watch, a 150-unit apartment complex located in the Long Island community of Hauppauge. Completed late last year, Carlow Wind Watch consists of a five- and seven-story building that house one-, two- and three-bedroom units. Amenities include a pool, spa, fitness center, clubroom/lounge and outdoor grilling and dining stations. Aaron Niedermayer and Robert Tonnessen of JLL arranged the loan through affiliates of global private equity firm Apollo. The borrower was Nashville-based owner-operator Southern Land Co.
NEW YORK CITY — A partnership between two local development and investment firms, LargaVista Cos. and Baron Property Group (BPG), has received a $43.5 million bridge loan for the refinancing of The Park Overture, a 92-unit apartment building in Manhattan’s Washington Heights neighborhood. The Park Overture offers one- and two-bedroom units and amenities such as a fitness center and courtyard with grilling stations. MF1 Capital provided the loan to retire the original construction debt on the property, which is now leased up.
MIDLOTHIAN, VA. — Newmark has negotiated a $23.1 million HUD-insured construction loan to fund the next phase of Summerfield Apartments, a multifamily complex located within the Winterfield Crossing development in Midlothian, a suburb of Richmond. Nemo Hannafin and Ed Belz of Newmark secured the financing on behalf of the landlord, an entity doing business as Summerfield Apartments LLC, in the transaction. The next phase of the Summerfield Apartments’ project will bring an additional 122 units to the Winterfield Crossing mixed-use development. The construction timeline was not disclosed.
BIRMINGHAM, ALA. — Northmarq has arranged a $19.6 million loan for the refinancing of Market Lofts on Third, a 192-unit multifamily complex located at 2225 3rd Ave. N in Birmingham. Jesse Lemos and William Rhett of Northmarq’s Nashville Debt and Equity team arranged the 10-year Fannie Mae loan on behalf of the borrower, an entity doing business as EPT Holdings LLC. The loan features five years of interest-only payments. Originally known as Birmingham’s Municipal Market, the property has also served as a home for an automobile equipment company, bowling alley and office space. Market Lofts on Third was renovated in 2023 as a mixed-use development and now offers 140,000 square feet of living space, as well as 8,000 square feet of space dedicated for commercial use. The complex features studio, one- and two-bedroom floorplans up to 973 square feet in size, according to Apartments.com. Amenities include a rooftop deck with downtown views, a courtyard gathering space and fire pit, fitness center, laundry center, off-street parking, residential lounge, coffee bar, billiards, pet park with shampoo station and 24-hour emergency maintenance, as well as “wash, dry and fold” laundry services. Market Lofts on Third also offers furnished apartment options available through the CORT Furnishing rental …
SAN ANTONIO — Sonnenblick-Eichner Co., a California-based financial intermediary, has arranged $22.6 million in first mortgage leasehold financing for the 213-room Hotel Valencia Riverwalk in San Antonio. The 12-story hotel is located in the downtown area and offers 9,841 square feet of meeting and event space, a fitness center, an interior open-air courtyard and multiple onsite food-and-beverage options. The debt retires a maturing 10-year loan that was also originated by Sonnenblick-Eichner. The names of the lender and borrower were not disclosed.
ROBERTSDALE, ALA. — Forman Capital has provided a $20 million construction bridge loan to LV Petroleum, the largest owner and operator of TA Travel Center franchises in the United States, for the redevelopment and completion of a retail travel plaza at 27801 County Road 64 in Robertsdale. Formerly the Oasis Travel Center, the property has already been converted into a TA Travel Center with all facilities operating, except for diesel fuel sales. Situated about 27 miles east of Mobile, the 51-acre site features 26,797 square feet of retail space, including Subway and Sbarro restaurants, eight gas pumps, five diesel pumps, four diesel emission fluid pumps and parking for 100 vehicles and 220 semi-trucks. Brett Forman, Ben Jacobson, Scott Mehlman, Ty Regnier and Cam Fleury of Forman Capital internally represented the firm in the transaction. LV Petroleum operates more than 40 convenience stores and travel centers throughout the country.