SALEM, MASS. — MassHousing has provided $22 million in financing for two affordable housing redevelopment projects in Salem, located north of Boston. The borrower, North Shore Community Development Coalition, will convert two former school buildings near the downtown area into affordable housing complexes that will add 61 units to the local supply. The building at 160 Federal St. will have 32 age-restricted units that will come in studio, one- and two-bedroom floor plans and will be reserved for renters earning between 30 and 60 percent of the area median income (AMI). The building at 13 Hawthorne Blvd. will house 29 units in the same formats that will be earmarked for households earning between 30 and 80 percent of AMI. ICON Architecture is leading design of the redevelopments, which will be known as Residences at St. James Place and Hawthorne Lofts, respectively. NEI General Contracting is leading construction, which is slated for a late 2025 completion.
REDLANDS, CALIF. — Majestic Realty Co. Capital Markets has secured loans totaling $118.9 million for the refinancing of two shopping centers located in Redlands. Situated within a 100-acre mixed-use development, the properties — Mountain Grove Shopping Center and Citrus Plaza Shopping Center — together comprise roughly 1 million square feet. A life insurance company provided first trust deed loans of $62.4 million and $56.5 million, respectively, for the centers, which Majestic Realty Co. and affiliates developed and manage. Tenants at the properties include Target, Harkins Theaters, Aldi, Nordstrom Rack, Kohl’s, Hobby Lobby, T.J. Maxx, HomeGoods, Ross Dress for Less, Ulta Beauty, Nike and Barnes & Noble.
SAN JOSE, CALIF. — JLL Capital Markets has arranged $30.2 million in refinancing for Monte Alban Apartments, an affordable housing complex in San Jose. The borrower, The John Stewart Co., received a 35-year, fixed-rate HUD 223(f) cash-out refinancing loan. The refinancing allows for $47,000 per unit in property renovations and upgrades. Located at 1324 Santee Drive, Monte Alban Apartments was built in 1970 and renovated in 2006. The property offers 192 garden-style one-, two-, three- and four-bedroom apartments spread across 12 buildings. Amenities include a community room, laundry facilities, an exercise room, basketball court, two swimming pools and two playgrounds. The community maintains 100 percent occupancy with many long-term tenants and provides rents 40 percent to 60 percent below market rates. Anson Snyder led the JLL Capital Market’s Debt Advisory team in the refinancing.
DETROIT — PACE Loan Group has provided a $3.3 million C-PACE loan for the renovation of the Samaritan Center in Detroit. The four-building business complex features more than 525,000 square feet. The loan covers 60 percent of the energy-efficiency project’s $5.5 million renovation, which will update the main building and is expected to reduce annual repair expenses and utility costs. Redeveloped from a former hospital, Samaritan Center was founded to help spur redevelopment on the east side of Detroit and is owned by SER Metro-Detroit. At least 65 percent of the space is leased to nonprofits, which aim to promote education and physical and mental well-being in the community. Currently, the property is used for medical services, senior living, education, social services and office space. The C-PACE proceeds will be used to finance qualifying energy-efficiency improvements, including LED lighting, HVAC, chillers and boilers, upgraded building control systems and new elevators. These improvements are expected to save $328,370 annually in energy costs and reduce annual maintenance costs by $250,000. SER Metro-Detroit also received a $2 million grant from the State of Michigan to update the building façade, replace large sections of the roof and rebuild air handlers.
SANDY SPRINGS, GA. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $30.2 million acquisition loan for Aqua at Sandy Springs, a 219-unit apartment community located at 100 Greyfield Lane in Sandy Springs, a northern suburb of Atlanta. The borrower and buyer is New York-based T30 Capital. Blake Cohen and Reed McGarity of CBRE’s Atlanta office arranged the loan through Equitrust. Aqua at Sandy Springs was built in two phases in 1985 and 2000 and features one-, two- and three-bedroom apartments, as well as an outdoor pool.
JACKSONVILLE, FLA. — Redfearn Capital has secured an $18.7 million acquisition loan for a 363,000-square-foot industrial facility located at 12751 Gran Bay Parkway in south Jacksonville. South Point Capital Management provided the loan. Redfearn Capital acquired the property from Brookfield for $27.2 million. The property was fully leased at the time of financing to Saddle Creek Logistics, an omnichannel supply chain provider. Constructed in 1997, the facility features 24-foot clear heights and 30 dock doors.
TUCSON, ARIZ. — BWE has secured a $425 million credit-tenant lease to provide construction financing for Phase I of Mosaic Quarter, a planned sports destination spanning 90 acres and 1 million square feet in Tucson. Brian Boland of BWE originated the credit-tenant lease financing from CTL Capital on behalf of Mosaic Quarter Development LLC, an affiliate of Knott Development. The property was underwritten based on the credit of Pima County, Ariz., the future lessee, enabling the borrower to secure more favorable terms with higher leverage due to the property’s guaranteed future cash flow over the term of the 30-year lease. Mosaic Quarter’s Phase I will feature the 137,000-square-foot MQ Field House, the 200,000-square-foot MQ Iceplex, a central utility plant and onsite civil and sitework improvements, as well as offsite infrastructure improvements necessary to support the larger project, including parking. MQ Field House will include interchangeable wood, turf and specialty flooring systems on two floors of athletic space, including eight basketball courts, six volleyball courts, four indoor soccer fields, 24 pickleball courts, two 7-on-7 football fields, 32 badminton courts, two party rooms and a rooftop event patio. MQ Field House will offer fitness programming that will be taught by University of Arizona …
LIBERTY, MO. — Colliers has arranged the recapitalization of a 467,708-square-foot industrial asset in Liberty, a northeast suburb of Kansas City. The Class A heavy manufacturing facility is located in Heartland Meadows Industrial Park. Alex Cantu and Alex Davenport of Colliers arranged the joint venture between the property’s developer, Becknell Industrial, and investment funds managed by Morgan Stanley Real Estate Investing. LMV Automotive Systems, a division of Magna International Inc., has fully occupied the property since its completion in February 2023. The building features a clear height of 32 feet, 61 docks, 12,892 square feet of office space and 494 auto parking spaces.
MONTVALE, N.J. — Mesa West Capital has provided a $57 million loan for the refinancing of Thrive at Montvale, a 203-unit seniors housing community in Northern New Jersey. Thrive at Montvale features 88 independent living, 83 assisted living and 32 memory care units. Amenities include resident lounges, a beauty salon, multiple dining rooms, courtyards, a fitness center, physician’s office, theater and a pickleball court. The loan carried a five-year term and a floating interest rate. The borrower is a joint venture between AEW Capital Management, Atlanta-based owner-operator Thrive Senior Living and New Jersey-based Pike Construction.
WILMER, TEXAS — Cushman & Wakefield has arranged $99.8 million loan for the refinancing of Core45, a 1.6 million-square-foot industrial campus located in the southern Dallas suburb of Wilmer. The development was completed earlier this year and comprises two buildings totaling approximately 1 million and 616,000 square feet on an 88.4-acre site. Building features include cross-dock configurations, 40-foot clear heights, 900 car parking spots, ESFR sprinkler systems and speculative office space. In addition, roofing, insulation and composite materials provider Owens Corning has already signed a 292,680-square-foot lease at Core45. Rob Rubano, Brian Share, Michael Zelin, Max Schafer, Billy Coyle and Nikola Kretschman of Cushman & Wakefield arranged the loan on behalf of the borrower, a joint venture between Grandview Partners and TRG Development. Benefit Street Partners provided the loan, which retires existing construction debt.