BEAVERTON, ORE. — Wilshire Quinn Capital, through Wilshire Quinn Income Fund, has provided a $1.1 million refinancing for a retail property in Beaverton. The multi-tenant, 6,634-square-foot retail building is situated on a 32,670 square-foot lot. At the time of financing, the property was fully leased and recently appraised for $2.1 million.
SAN ANTONIO — NorthMarq Capital has arranged a loan of an undisclosed amount for the refinancing of Hidden Oaks Apartments, a 124-unit multifamily community in San Antonio. Bryan Leonard of NorthMarq negotiated the loan, which carried a fixed interest rate and a 10-year term followed by an amortizing payment schedule, on behalf of the undisclosed borrower. UNUM Group, a life insurance company based in Tennessee, provided the funds.
CINCINNATI — NorthMarq has arranged a $5 million loan for the refinancing of Lytle Tower, a 115-unit multifamily property in Cincinnati. The 12-story building, located at 405 Broadway St., features studios, one-bedroom units and one-bedroom penthouses. Amenities include a resident lounge, fitness center, on-site restaurant and in-unit laundry. Noah Juran of NorthMarq arranged the 20-year loan, which features a 30-year amortization schedule. A life insurance company provided the loan.
NEW YORK CITY, NEW ROCHELLE AND MOUNT VERNON, N.Y. — Talonvest Capital Inc., a California-based mortgage broker, has arranged a $48.8 million bridge loan for the refinancing of three self-storage properties located throughout the New York City metropolitan area. The properties total 175,531 net rentable square feet across 2,012 units and are located in The Bronx, New Rochelle and Mount Vernon. An undisclosed lender provided the three-year, nonrecourse loan to a partnership between Kansas-based Clark Investment Group and self-storage developer GoodFriend Management. A full service commercial real estate lender provided the loan, which included an interest/operating reserve, individual release provisions and prepayment flexibility.
NEW YORK CITY — Arbor Realty Trust Inc. has provided a $15 million bridge loan for the refinancing of a 43-unit apartment complex located at 2417 Albemarle Road in Brooklyn. The property was built in 2018 and features an oversized common deck, bike storage area and an underground parking garage. Eugene Yanovskiy of Arbor originated the loan, which carries a two-year term with interest-only payments. The borrower was not disclosed.
LITTLE FERRY, N.J. — NorthMarq Capital has provided $44.4 million in Freddie Mac loans for the refinancing of a three-property multifamily portfolio totaling 516 units in Little Ferry, located across from Upper Manhattan. The properties include Gilbert Manor, North Village I and North Village II. Robert Ranieri of NorthMarq’s White Plains, New York, office arranged the loans, which were structured with seven-year terms, two years of interest-only payments and 30-year amortization schedules on behalf of the undisclosed borrower.
BOSTON — Citizens Commercial Banking has provided a $435 million construction loan for a 500,000-square-foot office and retail project in Boston’s Seaport District. The new building at 111 Harbor Way will feature two floors of retail space and 15 floors of office space that Amazon will fully occupy. Construction of the project is scheduled for completion by 2021. The borrower, a partnership between locally based investment firm WS Development and Canada’s Public Sector Pension Investment Board, officially broke ground on the building May 28. The partnership is the lead developer of the Boston Seaport, a 23-acre waterfront project that will eventually span 7.6 million square feet of residential, retail, office and hospitality space. The project also includes 8.8 acres of open public space. Citizens, a Rhode Island-based lender with more than $160 billion in assets under management, is also the lead arranger and administrative agent for the loan, which officially closed June 7. — Taylor Williams
AUSTIN, TEXAS — PGIM Real Estate Finance has provided two Fannie Mae loans totaling $111 million for the refinancing of Gables Park Plaza and Gables Park Tower, two adjacent apartment complexes totaling 513 units in Austin. The borrower was Clarion Gables Multifamily Trust. Tom Goodsite of PGIM led the debt placement effort, which included the origination of a 10-year loan for Gables Park Plaza and a 12-year loan for Gables Park Tower. Both properties offer amenities such as pools, outdoor courtyards with grilling stations, sky lounges, theaters, game rooms, conference centers and bocce ball courts. Additional loan terms were not disclosed.
NEW YORK CITY — JLL has arranged $70 million in acquisition and construction financing for a new multifamily project that will be located at 308 Livingston St. in Brooklyn. In addition to the construction financing, the developer, Lonicera Partners, sourced preferred equity from Twining Properties and a major institutional investor to develop the 23-story project, which is in the pre-construction phase. Lonicera will demolish the existing five buildings on the site make way for a development containing 160 apartments, including 48 affordable housing units, as well as 9,460 square feet of retail space. Amenities will include a sky lounge, common dining room, entertainment lounge, fitness center and coworking office space. Jonathan Schwartz, Aaron Appel, Keith Kurlan, Adam Schwartz and Mark Fisher of JLL arranged the financing through Santander Bank and City National Bank on behalf of Lonicera.
MADISON, WIS. — Associated Bank has secured $4.7 million in new construction financing and $6.2 million in low-income housing tax credit equity for Point Place Senior Apartments in Madison. The new property will be situated on a 1.3-acre site at 7945 Tree Lane. The four-story community will contain 54 units, all of which will be restricted to persons age 55 and older. Three of the units will be market rate, while the rest are reserved for households earning between 30 and 60 percent of the area median income. Eleven units will be designated supportive housing for homeless persons with special needs with a priority on veterans. Construction is scheduled to begin this month with completion in May 2020. CommonBond Communities will develop and manage the building. The tax credit equity group of RBC Capital Markets is the tax credit syndicator for the project.