DALLAS — Kennedy Funding, a New Jersey-based direct private lender, has provided a $2 million acquisition loan for a 62.7-acre residential development site located at 2700 Simpson Stuart Road in South Dallas. The borrower, an entity doing business as The Beach Dallas LLC, is under contract to buy the site for $3 million. Specific plans for the future development were not disclosed.
NEW YORK CITY — Affinius Capital has funded a $46 million loan for the refinancing of The Dome at 210 Greenpoint, a 70-unit apartment building in Brooklyn. The property offers studio, one-, two- and three-bedroom units along with 6,200 square feet of retail space. According to StreetEasy, amenities include a fitness center, rooftop deck, bike room, package room and onsite laundry facilities. Henry Bodek of Galaxy Capital arranged the loan on behalf of the borrower, New York-based developer The Jay Group, which will also use proceeds to fund leasing costs.
NEW YORK CITY — Greystone has provided $30 million in Freddie Mac financing for Sloane Chelsea, a 266-unit apartment building in Manhattan. Originally built in 1930 and renovated in 1996, Sloane Chelsea offers a mix of studio, one-, two- and three-bedroom units and amenities such as a fitness center, laundry facilities and private storage space. Recent upgrades to the property include renovations to 180 units and a planned elevator modernization. Robert Meehan led the transaction for Greystone. The borrower was not disclosed.
IRVINE, CALIF. — JLL Capital Markets has arranged an $820 million refinancing for a 6.1 million-square-foot industrial portfolio comprising 42 shallow-bay properties across six markets. JLL arranged the CMBS financing on behalf of the borrower, a joint venture between affiliates of CIP Real Estate LLC and Almanac Realty Investors. Wells Fargo led the floating-rate, single-asset single-borrower (SASB) refinancing, with J.P. Morgan and Goldman Sachs also originating portions of the loan. The properties span major industrial markets, including Atlanta, Dallas-Fort Worth, Charlotte, Tampa and California’s East Bay and Inland Empire. As of September, the portfolio was 91 percent leased to more than 950 tenants. The buildings feature average clear heights of 19 feet, an average office finish of 33 percent and range in size from 16,176 to 944,655 square feet. The average property size is 145,925 square feet. Many tenants are logistics, e-commerce and distribution users, including last-mile operators and small- to medium-sized businesses. CIP plans to continue its growth strategy in the shallow-bay industrial sector, where it sees opportunity to serve the evolving needs of logistics, e-commerce and distribution tenants, according to CEO Eric Smyth. JLL’s Kevin MacKenzie, Peter Thompson, Christopher Pratt, Kyle White, Anthony Scaglione and Nick Englhard led …
HYATTSVILLE, MD. — Walker & Dunlop has secured $40.5 million in debt and equity for the construction of The Highlands, an affordable seniors housing development in Hyattsville, about seven miles east of downtown Washington, D.C. The borrower is a partnership between Community Housing Initiative Inc. and First Baptist Church of Highland Park. P.J. McDevitt of Walker & Dunlop originated the debt, which comprised an unfunded forward Freddie Mac TEL that Walker & Dunlop will service. The permanent loan is structured as a 30-month forward commitment with a 15-year term and 40-year amortization schedule. Macy Kisilinsky of Walker & Dunlop arranged the debt placement and equity syndication, a $12.3 million 4 percent LIHTC equity investment with United Bank. Prince George’s County Housing Investment Trust Fund and the Maryland Department of Housing and Community Development will provide additional subordinate financing. Situated on the First Baptist Church of Highland Park campus, The Highlands will feature one- and two-bedroom apartments that will be restricted to tenants age 62 and older. Five units will be reserved for households at 50 percent of the area median income (AMI) while the remaining 132 units will be restricted at 60 percent of AMI. Planned amenities include a dog …
CHANDLER, ARIZ. — JLL Capital Markets has arranged $73.2 million in permanent financing for the Chandler Shopping Center Portfolio, a two-property retail portfolio in Chandler. JLL represented the borrower, a joint venture managed by a real estate investment trust, in securing the five-year, fixed-rate loans through a national bank. The financing was structured as one loan secured by two mortgages: $51 million for Chandler Festival and $22.2 million for Chandler Gateway. The portfolio encompasses 616,639 square feet of retail space along Chandler Boulevard. TJ Maxx, Ross Dress for Less, Nordstrom Rack and PetSmart are tenants at the 354,548-square-foot Chandler Festival. The 262,091-square-foot Chandler Gateway is anchored by Walmart and Hobby Lobby. Kevin MacKenzie, Jon Mikula, Jason Carlos, Quin Madden and Tyler Naughten of JLL represented the borrower in the financing.
CHICAGO — Walker & Dunlop Inc. has arranged a $92 million loan for the refinancing of the Hiltons at McCormick Place, a tri-branded hotel connected to the McCormick Place Convention Center in Chicago. The 23-story, 466-room property is the first and only tri-branded Hilton select-service hotel in the United States, combining Hilton Garden Inn, Hampton Inn and Home2 Suites offerings. The concept unites two of Hilton’s upscale select-service brands with an extended-stay concept. Guests have access to two hotel-operated food and beverage outlets, three ground-floor food and beverage offerings, an indoor pool, fitness center and attached skybridge. Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Jordan Casella and Cole Grims of Walker & Dunlop arranged the loan on behalf of McHugh Enterprises Inc. and First Investors LLC. Access Point Financial Inc. provided the floating-rate loan, which features interest-only payments.
HOUSTON — Gantry, a commercial mortgage banking firm based in San Francisco, has arranged a $9.3 million loan for the refinancing of a 112-unit apartment building located at 5400 Memorial Drive, just west of downtown Houston. Known as Memorial Tower, the nine-story building offers studio, one- and two-bedroom units and amenities such as a pool, clubhouse, speakeasy lounge, fitness center, pickle ball court and a dog park. A regional bank provided the 10-year loan to a private investor, with both parties requesting anonymity. Jeff Matlock and Claire Jones led the transaction for Gantry.
HOUSTON — Colliers has brokered the sale of a 6.9-acre industrial outdoor storage facility in northwest Houston. The facility at 14333 Sommermeyer St. features 80,295 square feet across two buildings as well as additional outdoor storage space. Jason Tangen and Barrett Gibson of Colliers represented the undisclosed seller in the deal. C.W. Sheehan, Jack Britton, Peyton Ackerman and Nate Henderson of JLL arranged acquisition financing on behalf of the buyer, Apricus Realty Capital, which was represented by Paul Dominique of Colliers.
NEW YORK CITY — Värde Partners, a Minneapolis-based lender, has provided a $125 million loan for the refinancing of an industrial building in Brooklyn. According to LoopNet Inc. the building at 630 Flushing Ave., which sits on a 7.8-acre, three-parcel site, totals roughly 575,000 square feet. The building was originally constructed in 1849 as the headquarters of Pfizer and was 88 percent leased at the time of the loan closing. Jason Gaccione and Jake Salkovitz of CBRE arranged the three-year, floating-rate loan on behalf of the owner, an affiliate of Acumen Capital Partners LLC.