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DevelopmentFloridaIndustrialLoansSoutheast

Bridge Development Receives $75M Construction Loan for 2.1 MSF Industrial Project in South Florida

by Camren Skelton

MIAMI GARDENS, FLA. — Bridge Development Partners has received a $75 million construction loan to develop Bridge Point Commerce Center, a planned 2.1 million-square-foot industrial project in Miami Gardens. Steve Roth of CBRE arranged the loan through CIBC Bank U.S. and Hartford Investment Management Co. The first phase of the project, which will include three Class A buildings totaling 1.1 million square feet, is expected to deliver in the second quarter of 2019. The first two buildings will feature 32-foot clear heights and the third building will feature 36-foot clear heights. Located at 3900 N.W 215th St., Bridge Point Commerce Center is equidistant to Miami International Airport and Fort Lauderdale International Airport. Bridge Development is an active industrial developer in the South Florida region. In April, the Chicago-based firm received a $32.1 million loan to develop Bridge Point Powerline Road, a 467,832-square-foot facility in Pompano Beach.

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FloridaLoansMultifamilySoutheast

Love Funding Arranges $40.6M HUD Loan for New Apartment Community in Southwest Florida

by Camren Skelton

FORT MYERS, FLA. — Love Funding has arranged a $40.6 million loan for the construction and permanent financing of Grand Central Apartments, a 280-unit multifamily community in Fort Myers. Tammy Tate of Love Funding arranged the loan through the U.S. Department of Housing and Urban Development (HUD)’s 221 (d)(4) program on behalf of the developer, Tampa-based Aileron Investment Management. The loan provides non-recourse financing for the construction of the property, followed by a 40-year permanent loan. The community will feature one- and two-bedroom apartment units housed within two four-story and two three-story buildings. Aileron Investment Management is aiming for Grand Central Apartments to earn Bronze Level Green/Energy Efficient mortgage insurance premiums (MIP) through the National Green Building Standard Program. MHK Architecture & Planning is the architect for the project, and Brooks & Freund is the general contractor. ZRS Management LLC will manage the community upon completion. Aileron Investment Management expects to start leasing the first building in 12 months.

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LoansMidwestMinnesotaMultifamily

Dougherty Provides $8.5M HUD Loan for Rehabilitation of Apartment Property in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Dougherty Mortgage LLC has provided an $8.5 million HUD 221(d)(4) loan for the rehabilitation of Albright Townhomes in Minneapolis. The affordable housing property includes 89 rental units. Originally constructed in 1977, the property underwent renovations in 2000 and 2006. All units are restricted to residents earning 60 percent or less of the area median income. The fully amortized loan features a 40-year term. Albright LP was the borrower.

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LoansMassachusettsMultifamilyNortheast

Cornerstone Realty Capital Arranges $14.3M Acquisition Loan for Apartment Complex in Amesbury

by David Cohen

AMESBURY, MASS. — Cornerstone Realty Capital has arranged $14.3 million in acquisition financing for the Residences at Riverwalk at 1 River Court in Amesbury, 40 miles north of Boston. The borrower was undisclosed. The complex features two buildings that were originally part of a mill built in 1918, but converted into apartments in 2006. Combined there are 87 units averaging around 1,041 square feet each. Amenities include a fitness center, shared library and great room with entertainment space. A local bank provided the fixed-rate financing with two years of interest-only payments followed by a 30-year amortization.

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HospitalityIllinoisLoansMidwest

CBRE Arranges $32.9M Acquisition Financing for Hyatt Regency Hotel in Deerfield, Illinois

by Kristin Harlow

DEERFIELD, ILL. — CBRE Capital Markets has arranged a $32.9 million loan for the acquisition of the Hyatt Regency Deerfield. The 301-room hotel is located at 1750 Lake Cook Road near I-94 and I-294. Bill Howe and Jonathan Rice of CBRE arranged the loan on behalf of the borrower, Phoenix Development Partners. A debt fund provided the loan.

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IndustrialLoansMidwestMinnesota

Grandbridge Arranges $2.8M Refinancing for Flex Building in Edina, Minnesota

by Kristin Harlow

EDINA, MINN. — Grandbridge Real Estate Capital has arranged a $2.8 million loan for the refinancing of a 74,595-square-foot office and warehouse building in Edina. A life insurance company provided the 10-year loan, which features a 20-year amortization schedule. Tony Carlson and Brett Olson of Grandbridge arranged the loan. The borrower was not disclosed.

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LoansMixed-UseNew YorkNortheastOffice

Avison Young Arranges $120.3M Loan for Acquisition, Redevelopment of Office Complex in White Plains

by David Cohen

WHITE PLAINS, N.Y. — Avison Young has arranged a $120.3 million financing package for the acquisition and redevelopment of the Westchester Financial Center in White Plains. Bridge Investment Group provided the financing. The 571,000-square-foot office complex is located at 50 Main St. and 1-11 Martine Ave. The buyers, a joint venture of Ginsburg Development Cos. and Robert Martin Co., plan to reposition the complex as a pedestrian-friendly, mixed-use development comprised of offices, retail shops, restaurants and luxury residences. The new development will be called City Square. Mack Cali Realty Corp. sold the property. David Krasnoff of Avison Young secured the financing, which will cover the purchase price, residential conversion costs, tenant improvements, capital expenditures, closing fees and other financing costs.

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LoansMixed-UseNew YorkNortheast

Madison Realty Capital Provides $35M Loan for Mixed-Use Development in Queens

by David Cohen

NEW YORK CITY — Madison Realty Capital has provided a $35 million first mortgage loan for the development of a mixed-use project at 90-75 Sutphin Boulevard in Jamaica, Queens. The site currently houses a vacant, six-story 92,000-square-foot commercial building. The borrower, a Queens-based developer, plans to expand the property into a 19-story, 206,197-square-foot development that will include a 181-room hotel, 28,103 square feet of office space and 3,729 square feet of retail space. The loan proceeds will be used to refinance the existing debt, fund an interest reserve and cover costs. Construction on the project is expected to take place over the next 24 months.

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Affordable HousingLoansMultifamilyNorth CarolinaSoutheast

SunTrust Provides $11.4M Financing for New Affordable Housing Community Near Charlotte

by Camren Skelton

DALLAS, N.C. —SunTrust Community Capital, a division of SunTrust Banks, has provided $11.4 million in financing for Long Creek Apartments II, an 80-unit affordable housing community in Dallas, roughly 25 miles west of Charlotte. SunTrust Community Capital invested $4.7 million of equity into the project and provided a $6.7 million construction loan. In addition, Centrant Community Capital provided a $4.4 million permanent loan, and the North Carolina Housing Finance Agency provided a $509,000 loan. Long Creek will feature onsite management, a business center, computer lab, clubhouse, playground, picnic area and community rooms. All of the units will be reserved for residents earning 60 percent or less of the area median income (AMI). Mills Construction Co., the project’s general contractor, plans to break ground on the community this month, and wrap up construction in May 2019.

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