FAIRFIELD COUNTY, CONN. — Worth Avenue Capital has provided a $3.5 million bridge loan for a 16-acre retail development in Fairfield County. The property will feature a tenant roster that includes Chick-Fil-A, T-Mobile, Panera Bread, Mission Barbecue, Cafe Nero and Texas Roadhouse. The project will also include a new Marriot-branded hotel. The borrower, an undisclosed development group, is in the process of finalizing permanent construction financing through a commercial bank.
GLENDALE, ARIZ. — Dougherty Mortgage has closed a $9.5 million Fannie Mae loan for the acquisition of Tuscano Village Apartments. The borrower is 6816 W. Bethany Home Rd PCPRE LLC, through a partnership with Pinnacle Financial Group, a Marcus & Millichap company. Located in Glendale, Tuscano Village Apartments features 119 market-rate apartment units.
BEAVERCREEK, DAYTON AND WESTCHESTER, OHIO — PMZ Realty Capital LLC has secured $35 million for the refinancing of a three-property hotel portfolio in Ohio. The assets include the 118-room Springhill Suites by Marriott in Beavercreek, the 130-room Holiday Inn North Cincinnati in West Chester and the 111-room Holiday Inn Express & Suites in Dayton. Middletown Management was the borrower. PMZ arranged 10-year, nonrecourse CMBS loans for the Beavercreek and West Chester properties, and a fixed-rate loan for the Dayton asset.
MILWAUKEE — Love Funding has provided a $15 million bridge loan for the rehabilitation and mini-permanent financing of Brewery Lofts in Milwaukee. Originally built in 1882, the buildings were part of the Pabst brewery campus. Upon redevelopment, Brewery Lofts will offer 118 apartment units. Amenities will include a clubroom, business center, gaming area, fitness center and landscaped rooftop. Holly Bray of Love Funding secured the bridge financing. Love Funding’s parent company, Midland States Bank, provided the funding. The borrower, Milwaukee Pabst Holdings LLC, will receive federal and state historic tax credits for the redevelopment of the two buildings in addition to the bridge loan.
ST. LOUIS — NorthMarq Capital has arranged a $1.6 million loan for the refinancing of SOHA Lofts in St. Louis. The apartment building features 15 units. Dan Baker of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. Ready Capital provided the loan.
NORTH BERGEN, N.J. — Cushman & Wakefield has arranged a $51.5 million loan to refinance two distribution centers in North Bergen. The properties are located at 5903 and 7300 Westside Ave. Originally constructed for Liz Claiborne in 1987, 5903 Westside Ave. is a four-story, 600,000-square-foot industrial warehouse utilized as a fashion logistics center by Bergen Logistics. 7300 Westside Ave. is a single-story, 130,000-square-foot industrial warehouse also owned and operated by Bergen Logistics. Cushman & Wakefield’s Equity, Debt & Structured Finance group secured the financing on behalf of the borrower, Bergen Shippers Corp. The lender was JP Morgan Chase. Funds will be used to refinance current debt, with additional proceeds for equipment financing and the construction of a new logistics warehouse on a portion of the parking lot at 5903 Westside Ave.
NEW YORK CITY — PCCP has provided a $152 million senior loan to refinance The Pioneer Building, a 270,000-square-foot, 10-story office property in Brooklyn. Located at 41 Flatbush Ave., the former warehouse/storage facility was constructed in 1896 and was converted to a creative office space after it was acquired in 2014 by a joint venture of Quinlan Development Group and Building and Land Technology. As part of the renovation, Quinlan and BLT updated the building’s façade and installed elevators, a modern HVAC system, windows and a landscaped rooftop amenity. PCCP provided the loan to Quinlan and BLT. Terms of the financing were undisclosed.
LUBBOCK, TEXAS — Berkadia has provided a $48.6 million Freddie Mac loan for the refinancing of Capstone Cottages of Lubbock, a 969-bed student housing community in the West Texas city of Lubbock. Built in 2017. The property features 216 units in one-, two-, three-, four- and five-bedroom configurations. Amenities include a pool, business center, resident clubhouse, conference room and outdoor grilling and picnic area. Charles Foschini, Mitch Sinberg, Christoper Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia placed the debt on behalf of the borrower, a partnership between Florida-based Kayne Anderson Capital Advisors LP and Alabama-based Capstone Collegiate Communities. The loan carried a floating interest rate, seven-year term and a 65 percent loan-to-value structure.
HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two acquisition loans totaling $17.1 million for a pair of apartment properties in the Houston area. In the first transaction, Brandon Brown of LMI Capital arranged an $8.7 million bridge loan for a 170-unit property in Brazoria County. In the second deal, Jamie Mullin of LMI Capital placed an $8.4 million loan for a 100-unit asset in Galveston County. The property names and borrowers were not disclosed.
FORT LAUDERDALE, FLA. — New York Life Real Estate Investors has provided a $34.4 million acquisition loan for Trade Centre South, a 10-story, 216,038-square-foot office property in Fort Lauderdale. The floating-rate loan has a four-year term plus an extension option with interest-only payments. The asset is situated about six miles north of downtown Fort Lauderdale, HFF arranged the loan on behalf of the borrower, a joint venture between Cardinal Point Management and Halstatt Real Estate Partners.