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Loans

Ritz-Carlton-Dallas-Las-Colinas
HospitalityLoansTexas

JLL Arranges $210M Loan for Refinancing of Ritz-Carlton Dallas Las Colinas Hotel

by Taylor Williams

IRVING, TEXAS — JLL has arranged a $210 million loan for the refinancing of the 427-room Ritz-Carlton Dallas Las Colinas Hotel in Irving. The hotel sits on a 16.7-acre site and was previously known as the Four Seasons Resort & Club Dallas at Las Colinas. The sponsor, a joint venture between Partners Group and funds managed by Trinity Investments, acquired the hotel in May 2022 and subsequently implemented a renovation and rebrand. Today, the hotel offers 80,000 square feet of meeting and event space, five food-and-beverage venues, a pool, spa, golf course, fitness center and squash, tennis and racquetball courts. Kevin Davis, Mark Fisher, De’On Collins and Caleigh O’Connell of JLL arranged the loan through Marathon Asset Management.

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Westlake-Apts-Sacramento-CA
CaliforniaLoansMultifamilyWestern

Dwight Capital Provides $32.6M HUD Refinancing for Westlake Apartments in Sacramento

by Amy Works

SACRAMENTO, CALIF. — Dwight Capital has provided a $32.6 million HUD 223(f) refinance for Westlake Apartments, a lakeside multifamily complex in Sacramento. The borrower, Tesseract Capital Group, will use proceeds from the loan to retire existing debt and complete property enhancements. The financing also benefited from a Green Mortgage Insurance Premium (MIP) Reduction to 25 basis points, as Westlake Apartments holds a National Green Building Standard Bronze certification. Situated on 5.9 acres, Westlake Apartments offers 13 two-story residential buildings with 148 renovated one- and two-bedroom units and three amenity buildings. Community amenities include a fitness center, pool, spa and resident-only access to a private beach on Lake Greenhaven.

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Renaissance-III-Las-Vegas-NV
AcquisitionsLoansNevadaRetailWestern

CommCap Advisors Arranges $23M Acquisition Loan for Las Vegas Shopping Center

by Amy Works

LAS VEGAS — CommCap Advisors has arranged a $23 million bridge loan for the acquisition of Renaissance III, a retail property in Las Vegas, on behalf of an entity doing business as Aspen NV LLC. Situated on 23 acres at 3220-3370 E. Flamingo Road, Renaissance III offers 39 retail units totaling 225,748 square feet. Specific tenants were not released. Provided by Symetra Financial, the loan features a three-year, interest-only term at 8.89 percent. The financing was structured to accommodate the borrower’s plans for property renovations to enhance leasing opportunities.

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DevelopmentLoansMidwestMinnesotaMultifamily

Associated Bank Provides $55M Construction Loan for Apartment Complex in Suburban Minneapolis

by Kristin Harlow

MINNETONKA, MINN. — Associated Bank has provided a $55 million construction financing package for a 269-unit apartment complex in the Minneapolis suburb of Minnetonka. Greystar is developing the project, which is named Marlowe Opus Station. Amenities will include a pool, courtyard, fitness room, clubroom, sauna, pet wash, private work-from-home offices, bike storage, structured parking, electric vehicle charging stations and storage units. Demolition is currently underway on the vacant office building on the site. Completion is slated for fall 2026. The project is within the 550-acre Opus 2 Parkway, which comprises a mixture of office, industrial, commercial and residential uses. Edward Notz of Associated Bank originated the loan.

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IllinoisIndustrialLoansMidwestTop Stories

JLL Arranges $577.6M in CMBS Financing for National Industrial Portfolio for LBA Logistics

by John Nelson

CHICAGO — JLL’s Capital Markets group has arranged a $577.6 million CMBS loan for a national industrial portfolio owned by LBA Logistics, an industrial owner-operator based in Irvine, Calif. The portfolio comprises 25 properties in 10 states totaling a little more than 7 million square feet. The properties are located in infill submarkets across California, New Jersey, Utah, Washington, Florida, Georgia, Nevada, Ohio, Kentucky and Tennessee. The portfolio includes assets in core submarkets of major cities including Los Angeles and Orlando. The properties were fully leased at the time of sale to a tenant mix spanning various industries, including web services, food-and-beverage, building materials and logistics. Kevin MacKenzie, Brian Torp and Christopher Pratt of JLL secured the floating-rate loan with a five-year term through a syndicate led by J.P. Morgan. Bank of America and Wells Fargo served as joint bookrunners in the transaction. The final pricing for the loan was approximately 195 basis points over the secured overnight financing rate (SOFR). The date of the financing was not disclosed, but the SOFR rate closed on Monday, Sept. 30 at 4.96 percent. The loan falls under the single-asset, single-borrower (SASB) category of CMBS despite the financing involving multiple assets. “This is …

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ViVa-Center-Houston
Data CentersIndustrialLoansTexas

Lone Star PACE Provides $40M in C-PACE Financing for Houston Data Center Facility

by Taylor Williams

HOUSTON — Lone Star PACE has provided $40 million in C-PACE financing for a 774,000-square-foot data center facility in Houston. The facility is located within ViVa Center, a 2.3 million-square-foot technology hub that originally housed the headquarters of Compaq Computer and was later acquired by Hewlett-Packard Enterprise. Lone Star PACE partnered with lender Nuveen Green Capital to administer the financing. Proceeds will be used to install sustainable building components to Phase I of the data center development, including energy-efficient windows, LED lighting, advanced HVAC systems and high-efficiency plumbing upgrades.

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Silva-Apts-Los-Angeles-CA
CaliforniaLoansMultifamilyWestern

Berkadia Secures Acquisition Financing for 221-Unit Silva Apartments in Los Angeles

by Amy Works

LOS ANGELES — Berkadia has secured acquisition financing on behalf of a joint venture between California-based Cityview and New York-based Wafra for the purchase of Silva, a mid-rise multifamily community in Los Angeles. Allan Freedman, Ben Harris, Charlie Haggard, Kevin Mignogna and Michael Beach of Berkadia arranged the floating-rate loan through 3650 REIT. Patrick McGlohn and Brian Gould of Berkadia also assisted with the financing. The loan facilitated the acquisition of Silva at the receipt of Temporary Certificate of Occupancy (TCO). Cityview and Wafra began lease-up of the community following closing. Located at 235 N. Hoover St. on the city’s northwest side, Silva features 221 apartments with floor-to-ceiling windows, condo-quality finishes and an average unit size of 1,000 square feet.

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Astor-on-Third-II-Queens
LoansMultifamilyNew YorkNortheast

Goose Property Management Receives $68M Loan for Refinancing of Queens Apartment Building

by Taylor Williams

NEW YORK CITY — New York-based developer Goose Property Management has received a $68 million loan for the refinancing of Astor on Third II, a 137-unit apartment building located in the Astoria neighborhood of Queens. Astor on Third II is a newly built property that offers studio, one- and two-bedroom floor plans, as well as 17,900 square feet of retail space. Amenities include a rooftop deck, children’s playroom, fitness center, screening room, package room and resident’s lounge with a pool table, board games and kitchenette. Henry Bodek of Galaxy Capital originated the loan through Affinius Capital. Goose Management will use a portion of the proceeds to fund additional leasing costs to stabilize the property.

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DevelopmentLoansMultifamilyNew JerseyNortheast

Procida Funding Provides $20M Construction Loan for Northern New Jersey Multifamily Project

by Taylor Williams

KEARNY, N.J. — Locally based direct lender Procida Funding has provided a $20 million construction loan for The Helio, a 69-unit multifamily project that will be located in the Northern New Jersey community of Kearny. The property will house 15 studios, 38 one-bedroom units and 16 two-bedroom apartments, as well as a 130-space parking garage, a fitness center, lounge and a rooftop deck. The borrower is an affiliate of New York City-based HA Capital Corp.

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LoansMassachusettsNortheastRetail

Cronheim Mortgage Arranges $7.4M Refinancing of Shopping Center in Pittsfield, Massachusetts

by Taylor Williams

PITTSFIELD, MASS. — New Jersey-based intermediary Cronheim Mortgage has arranged a $7.4 million refinancing of Merrill Road Retail Plaza in the western Massachusetts city of Pittsfield. Built in 1971, the property was fully leased at the time of the loan closing to tenants such as T.J. Maxx, HomeGoods, Harbor Freight, Aspen Dental, Sally Beauty Supply and Planet Fitness. Andrew Stewart, Dev Morris and Brandon Szwalbenest of Cronheim arranged the 10-year loan on behalf of the borrower, Phoenix Realty Management.

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