Wednesday, June 17, 2026
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DevelopmentIndustrialLoansTexas

IPA Arranges $29M in Construction Financing for Northwest Houston Industrial Project

by Taylor Williams

THE WOODLANDS, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $29 million in construction financing for an industrial project in northwest Houston. The square footage was not disclosed, but the development will have 84 condo-style units. Known as Lifestyle Industrial, the project is designed to incorporate elements of office, retail and entertainment. Adam Mengacci, Travis Headapohl and Matt Polci of IPA arranged the loan on behalf of the developer, X Space Group. The direct lender was also not disclosed.

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AcquisitionsCaliforniaLoansMultifamilyWestern

CBRE Negotiates $34.5M Sale of Multifamily Community in Sacramento

by Amy Works

SACRAMENTO, CALIF. — CBRE has negotiated the sale and acquisition financing of 16 Powerhouse, an apartment community in Sacramento. Oakmont Properties acquired the asset from Demmon Partners for $34.5 million. Marc Ross, Joe McNamara and Claire Holt of CBRE represented the seller in the deal. Andrew Behrens and Jesse Weber of CBRE secured acquisition financing for the buyer. Located at 1606 P St., the six-story 16 Powerhouse features 73 one- and two-bedroom floor plans and ground-floor retail space, currently occupied by Orchid Thai, Magpie and Temple Coffee. Built in 2015 and renovated with an addition in 2024, the community features a clubhouse and lounge, spa deck, an outdoor lounge, a rooftop deck and an outdoor kitchen.

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DevelopmentLoansMidwestMultifamilyOfficeWisconsin

Dwight Capital Provides $114M HUD-Insured Loan for Office-to-Apartment Conversion in Milwaukee

by Kristin Harlow

MILWAUKEE — Dwight Capital has provided a $114 million HUD 221(d)(4) substantial rehabilitation loan for the conversion of 100 East Wisconsin, a 34-story office building in Milwaukee, into a 373-unit luxury apartment community. Positioned at the heart of the city’s central business district along the Milwaukee River, 100 East Wisconsin is currently the state’s third-tallest building and will become the tallest residential building upon completion, according to Dwight. Units will come in studio, one-, two- and three-bedroom layouts. Amenities will include a fitness center, yoga studio, spa, coworking space, conference room, pet lounge, bike storage, multiple lounge and bar areas, a game room with a sports simulator and a rooftop deck with swimming pool. At 35 years old, 100 East Wisconsin is among the newest buildings ever added to the National Register of Historic Places, having been designated in January 2025 in recognition of its architectural and historic significance. The distinction qualified the project for federal and state historic tax credits. The City of Milwaukee further supported the project with a tax-increment financing package of up to $16.6 million through a newly established tax-increment district. The HUD loan was the largest multifamily HUD loan ever closed in Wisconsin; the largest …

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LoansMultifamilyNew YorkNortheast

Black Bear Capital Arranges $39M Loan for Refinancing of Long Island Apartment Complex

by Taylor Williams

CENTRAL ISLIP, N.Y. — Black Bear Capital Partners (BBCP) has arranged a $39 million loan for the refinancing of Villas at Eastview, a 100-unit apartment complex located in the Long Island community of Central Islip. The property consists of 11 buildings on an 8.6-acre site. Units exclusively come in two-bedroom floor plans and have an average size of 1,295 square feet. Emil DePasquale and Robert Serra of BBCP arranged the loan, which carries a seven-year term, fixed interest rate and a 60 percent loan-to-value ratio, through New York Life Insurance on behalf of the owner, The Crest Group.

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LoansNew YorkNortheastRetail

Cronheim Arranges $75M in Financing for Retail Power Center in Middletown, New York

by Taylor Williams

MIDDLETOWN, N.Y. — New Jersey-based financial intermediary Cronheim Mortgage has arranged $75 million in financing for Orange Plaza, an 811,272-square-foot retail power center in Middletown, about 70 miles northwest of New York City. Orange Plaza was 94 percent leased at the time of sale to tenants such as Walmart, Home Depot, Kohl’s, Burlington, Ross Dress for Less, Marshalls, Staples and Old Navy. Brandon Szwalbenest, Andrew Stewart and Dev Morris of Cronheim arranged the financing through an undisclosed life insurance company on behalf of the borrower, National Realty & Development. The seven-year loan features a 30-year amortization schedule.

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LoansMultifamilyNew YorkNortheast

Dwight Capital Provides $54M HUD-Insured Loan for Refinancing of Queens Apartment Building

by Taylor Williams

NEW YORK CITY — New York City-based Dwight Capital has provided a $54 million HUD-insured loan for the refinancing of The Amara, a 92-unit apartment building located in the Astoria neighborhood of Queens. Completed in 2024, the six-story building houses studio, one-, and two-bedroom units in addition to 13,790 square feet of ground-floor retail space that is leased to Spear Physical Therapy, restaurant The French Workshop, pizzeria Freddy’s Since 1961 and food hall Wonder Astoria. Keith Hoffman and Jack Tawil of Dwight originated the loan through HUD’s 223(f) program on behalf of the locally based borrower, Tsilo Group.

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FloridaLoansMultifamilySoutheast

Madison Realty Capital Originates $91.8M Construction Loan for Multifamily Project in South Miami

by Abby Cox

SOUTH MIAMI, FLA. — Madison Realty Capital has originated a $91.8 million construction loan for the development of Alta Sunset, a 314-unit apartment complex located in South Miami. Henry Bodek of Galaxy Capital arranged the financing on behalf of the borrower, Alta Developers. Situated adjacent to Larkin Community Hospital and Baptist Health South Florida, Alta Sunset will rise 10 stories and feature one- and two-bedroom apartments. Amenities at the property will include a health and wellness club, swimming pool and deck, fitness center, dedicated spa and recovery area, coworking spaces with private offices and a resident lounge, along with 5,444 square feet of ground-floor retail space.

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LoansMultifamilySeniors HousingTexas

CRC Provides $6.1M HUD-Insured Loan for Refinancing of Metro Dallas Memory Care Facility

by Taylor Williams

KELLER, TEXAS — Cambridge Realty Capital (CRC) has provided a $6.1 million HUD-insured loan for the refinancing of a 50-bed memory care facility in Keller, located north of Fort Worth. Avalon Memory Care Keller is a standalone facility for patients with Alzheimer’s and dementia. Brent Holman-Gomez of CRC originated the financing through HUD’s 223(f) program on behalf of the owner, an undisclosed limited liability company.

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CaliforniaLoansRetailWestern

PSRS Arranges $24M Refinancing for Retail Building in San Diego

by Amy Works

SAN DIEGO — PSRS has secured $24 million in refinancing for a retail asset in San Diego. Located in the historic Gaslamp Quarter, the property offers 54,650 square feet of retail space. Tony Messiah of PSRS arranged the financing through one of the firm’s correspondent life insurance companies. The loan features a five-year term and a 25-year amortization.

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AcquisitionsIllinoisLoansMidwestMultifamily

Eastern Union Secures $125.3M Acquisition Loan for Chicago Apartment Property

by Kristin Harlow

CHICAGO — Eastern Union has arranged a $125.3 million loan for the acquisition of The Pavilion, a 15-story, 1,115-unit apartment property located at 5441 N. East River Road in Chicago. The transaction is believed to be the largest apartment building sale in Chicago on a year-to-date basis, according to Eastern Union. Michael Muller and Mike Orlik of Eastern Union secured the financing. The five-building complex was built between 1968 and 1972. Amenities include a club building, pool, spa, sauna, fitness center and barbecue area. The property was 96 percent occupied at the time of the loan closing. The borrower was Chicago-based R.I.G. Capital. Elizabeth Gagliardi, Chuck Johanns and Susan Lawson of Newmark represented the seller, Brookfield Asset Management. Stephen York of Arbor Realty Trust originated the agency financing. The sales price was $167 million. The loan featured a 75 percent loan-to-cost ratio, and payments will be based on a 30-year amortization. The transaction represents the first time that the property has traded hands in several decades.

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