SAN DIEGO — Max Benjamin Partners has secured a $16.5 million loan for the construction of 10th & Robinson, a multifamily community in San Diego’s Hillcrest neighborhood. Jason Moyal and Max B. Mellman of Max Benjamin Partners arranged the loan for the undisclosed investor. The development will offer 70 apartments and, along with its sister building, will feature a pool, co-working space, gym and high-end finishes.
FORT WORTH, TEXAS — Generation Housing Partners will develop Heights at Crowley, a 96-unit affordable housing project in Fort Worth. The garden-style complex will house one-, two- and three-bedroom units and amenities such as a pool, playground, dog park, daycare facility and a nature trail. Ten units will be designated for renters earning 30 percent or less of the area median income (AMI); 18 will be set aside for residents at 50 percent or less of AMI; and 52 will be earmarked for residents earning 60 percent or less of AMI. The remaining 16 units will be rented at market rates. Financing for the project includes a $9.3 million Freddie Mac 9 Percent Forward Commitment, which was secured by BWE, and Low-Income Housing Tax Credits issued by the Texas Department of Housing & Community Affairs.
ROCHELLE PARK, N.J. — JLL has arranged a $44 million loan for the refinancing of The Delford, a 160-unit apartment complex in the Northern New Jersey community of Rochelle Park. The Delford is a newly constructed property that offers one-, two- and three-bedroom units, 24 of which are subject to income restrictions. Amenities include an outdoor pool, grilling and dining areas, coworking lounge and a fitness center. Michael Klein, Jon Mikula and Ryan Carroll of JLL arranged the five-year, fixed-rate loan through Nuveen Real Estate on behalf of the borrower, Tulfra Real Estate.
NEW YORK CITY — Greystone has provided an $11.3 million Fannie Mae loan for the refinancing of The Duke, a 28-unit apartment building located at 521 W. 134th St. in Harlem. The midrise building features a virtual doorman and a rooftop terrace. Avi Kozlowski of Greystone originated the loan, which was structured with a fixed interest rate, 30-year amortization schedule and interest-only payments for the first two years of the five-year term. The borrower was Haussmann Development.
HUNTSVILLE, ALA. — CBRE has arranged a $16.5 million loan for the refinancing of Westbury Square, a 117,689-square-foot shopping center in south Huntsville. Richard Henry, Mike Ryan, Brian Linnihan, and Taylor Crowder of CBRE arranged the financing through Delta Community Credit Union on behalf of the borrower, Branch Properties, which acquired the property in March 2018. Situated on 11.5 acres about 10 miles south of downtown Huntsville, Westbury Square was 98.5 percent leased at the time of financing to 20 tenants, including T.J. Maxx, Ross Dress for Less and pOpshelf.
RIVERSIDE AND SAN BERNARDINO, CALIF. — PSRS has arranged a $5 million loan for the refinancing of six non-contiguous retail properties, totaling 38,000 square feet in Riverside and San Bernardino counties. The portfolio loan enabled the undisclosed borrower to cash out and restructure high-interest-rate private financing. Michael Warner of PSRS secured the financing, which features five years of interest-only payments, a 30-year amortization and no prepayment penalties. A credit union is providing the capital.
CITY OF INDUSTRY, CALIF. — A joint venture between RCB Equities and Real Estate Development Associates (REDA) has received a $115 million loan for the acquisition of Puente Hills Mall in City of Industry. Located at 1600 S. Azusa Ave., the 56.4-acre Puente Hills Mall is a redevelopment opportunity. The buyers plan to work closely with the City of Industry to formulate a redevelopment plan for the property. Mark Wintner of JLL Capital Markets Debt Advisory obtained the non-recourse, three-year, floating-rate loan through Hankey Capital on behalf of the borrower.
WOODINVILLE, WASH. — MainStreet Property Group and HAL Real Estate have received $77 million in refinancing for The Schoolhouse District, a mixed-use asset in downtown Woodinville, a suburb of Seattle. Located at 17409 133rd Ave. NE, The Schoolhouse District consists of four separate buildings, including District Flats offering 254 one-, two- and three-bedroom apartments, and 44,800 square feet of retail space. Apartments offer keyless entry, a balcony or patio, wine storage, vaulted ceilings, oversized windows, open kitchens with premium appliances, in-unit laundry, AC ports and custom-built home office spaces. Amenities at District Flats include a 24-hour fitness center, work-from-home spaces, a grocery delivery room, private access to sporting events, a game room, cafeteria lounge, an enclosed dog park, controlled-access garage and electric vehicle charging stations. The retail section features a YMCA, beauty spa, dining options and Wine Walk Row tasting rooms. Seth Heikkila and Steve Petrie of JLL Capital Market’s Debt Advisory team secured the fixed-rate loan through AXA IM Alts., acting on behalf of its client, for the borrowers.
BROOKLYN PARK, MINN. — Colliers Mortgage has provided an $8.9 million Fannie Mae loan for the acquisition of The Groves of Brooklyn Park Apartment Homes. The 120-unit multifamily property is situated in the Minneapolis suburb of Brooklyn Park. Tony Carlson of Colliers originated the nonrecourse loan, which features a five-year term. The borrower was undisclosed.
CLARKSVILLE, TENN. — Colliers Mortgage has provided an $8.1 million Fannie Mae loan for the acquisition of East Johnson Apartments, an 86-unit market-rate community in Clarksville, about 50 miles northwest of Nashville. Zach Shope of Colliers Mortgage’s Atlanta office originated the five-year loan on behalf of the borrower, an entity doing business as East Johnson LLC. Built in 2023, East Johnson Apartments features amenities including electric vehicle charging stations and a dog park.
