FARMERS BRANCH AND DALLAS — Locally based financial intermediary ARZ Realty Capital has arranged the refinancing of two office buildings totaling roughly 400,000 square feet in the northern Dallas metro area. The Meridian is a 10-story, 227,000-square-foot building located along the LBJ Freeway in Farmers Branch. The other building is located at 12005 Ford Road in northwest Dallas and is known as NorthPointe Center. Ari Raskas of ARZ Realty Capital arranged the refinancings through two separate lenders on behalf of the buildings’ owner, Maitland Management.
LOS ANGELES — A partnership between the City of Los Angeles, the Port of Los Angeles, Jerico Development and The Ratkovich Co. has received $61.5 million for the recapitalization of West Harbor, a waterfront retail development at 612-1422 S. Harbor Blvd. in Los Angeles’ San Pedro neighborhood. The recapitalization will fund the completion and stabilization of the dining, entertainment and retail project, which is adjacent to the Port of Los Angeles and more than 80 percent pre-leased. Spanning 42 acres, West Harbor offers over one mile of water frontage, 117,205 square feet of leasable building area and 204,000 square feet of ground area, as well as a proposed 6,200-seat amphitheater. West Harbor is slated to open in phases beginning in late 2025. Bill Fishel, Wyatt Strahan, Alethia Halamandaris, Broderick Flagg and Anna Sporrong of Newmark arranged the financing that was structured with both a senior loan and subordinate C-PACE financing, which will fund sequentially behind the existing C-PACE lender. The new lender for the project is Oceanview Life and Annuity Co., an affiliate of Bayview Asset Management.
ARCADIA, IND. — BWE has secured a $6.3 million USDA RHS 538 GRRHP loan to provide construction and permanent financing for the renovation of Hamilton Place, a 54-unit affordable housing property in Arcadia, about 45 miles north of Indianapolis. Lundat Kassa and Bob Morton of BWE arranged the loan with a 38-year term and 40-year amortization. The property’s units are spread across three single-story garden homes, two two-story townhomes and one apartment building, all of which are set to be renovated. The units are reserved for tenants earning up to 60 percent of the area median income. Renovated amenities will include a community room, computer center, playground, basketball court, exercise room and walking path. The project received additional financing through the use of 9 percent Low-Income Housing Tax Credits provided by the Indiana Housing and Community Development Authority.
FORT WORTH, TEXAS — Los Angeles-based PCCP LLC has provided a $72.4 million acquisition loan for a pair of industrial buildings totaling roughly 1.1 million square feet in North Fort Worth. The structures, which were constructed in 2021 within the Elizabeth Creek Gateway development, are known as Buildings D and E and feature 36-foot clear heights in addition to excess trailer parking. The buildings were both fully leased at the time of the loan closing to three total tenants. The sponsor is an affiliate of Minneapolis-based WPT Capital Advisors. Trent Agnew, Senior Director Tom Weber, Director Pauli Kerr and Analyst Andrew Griffin. Trent Agnew, Tom Weber, Pauli Kerr and Andrew Griffin of JLL represented the undisclosed seller in the disposition of the buildings.
LOS ANGELES — JLL Capital Markets has secured a $32 million senior loan for Crenshaw Plaza, a shopping center located at 3210 W. Slauson Ave. in Los Angeles. The borrower is a joint venture between the principals of 21 Alpha Group and Intelligent Design Real Estate. Originally built in 1967 and renovated in 2004, Crenshaw Plaza offers 146,901 square feet of retail space. The asset is currently 97 percent leased and anchored by a new 15-year lease with Vallarta Supermarkets. Additional tenants include Planet Fitness, Foot Locker and AutoZone. Spencer Bergthold, Charles Halladay and Daniel Skerrett of JLL Capital Markets Debt Advisory arranged the three-year, floating-rate loan through Forbright Bank. Loan proceeds will be used to refinance the existing loan, cover closing costs and fund future leasing expenses.
SURPRISE, ARIZ. — Common Bond Development Group has received $16.5 million in senior financing for Sterling Grove Shopping Center, a grocery-anchored retail property located at 17124 W. Peoria Ave. in Surprise. Developed by the borrower in 2023, Sterling Grove is fully occupied by a mix of national and regional tenants, including Safeway as anchor tenant. Other tenants include a Safeway Fuel station, McDonald’s, Starbucks Coffee and Taco Bell. Jason Carlos of JLL Capital Markets led the Debt Advisory team in securing the permanent financing through a correspondent relationship with Nationwide on behalf of the borrower.
CHANHASSEN, MINN. — BWE has arranged a $20 million loan to provide permanent financing for Lake Place, a 110-unit luxury active adult community in Chanhassen within metro Minneapolis. Lundat Kassa of BWE originated the financing through Freddie Mac on behalf of the borrower, Silver Creek Equity, a Minnesota-based developer. The 10-year loan features a 35-year amortization period and five years of interest-only payments. The loan replaces a high-interest rate, floating-rate construction loan. Lake Place was built in 2023 and completed lease-up during the loan underwriting. The property is reserved for residents age 55 or older, and 50 of the units are set aside for those who earn 60 percent or less of the area median income. Amenities include a clubhouse, fitness center, pickleball court, pet wash, bike room, library, creative arts studio and storage units.
MEDFORD, N.Y. — New Jersey-based intermediary Cronheim Mortgage has arranged $3 million in financing for a 69,350-square-foot shopping center in the Long Island community of Medford. The name of the property was not disclosed. Pool supplies retailer Island Recreational anchors the center, which was originally built in 1968 and has a roster of 15 tenants, including Dollar Tree and Dunkin’. Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the debt. The borrower and direct lender were not disclosed.
PORTLAND, TEXAS — Seattle-based lender Avatar Financial Group has provided a $4.3 million bridge loan for the 95-room hotel Portland, located outside of Corpus Christi. The four-story, newly built hotel is operated by Avid, which is part of the InterContinental Hotel Group (IHG) family of brands. The sponsor is a joint venture between Viriginia-based Loudoun Hospitality Management and Atlanta-based fund manager Octave Acquisitions.
SANTA CLARITA, CALIF. — Gantry has arranged $46.5 million in permanent loans for the refinancing of The Plaza at Golden Valley, a regional power center in Santa Clarita, a northern suburb of Los Angeles. Located at 19001-19415 Golden Valley Road, the property offers more than 600,000 square feet of total leasable space. Current tenants include Trader Joe’s, Staples, BevMo!, TJ Maxx, Panera Bread, Chili’s, PetSmart, Popeyes, McDonald’s, Chipotle, Bath & Body Works, Daiso, The Habit Burger and The Kebab Shop. The asset is shadow anchored by Target, Lowe’s Home Improvement and Kohl’s. Tony Kaufmann, Alex Poulos and Joe Foley of Gantry represented the borrower, a single private real estate investor, in the financing. The 10-year, fixed-rate loans were placed with two of Gantry’s insurance company correspondents and feature interest-only introductory periods, nonrecourse terms and 30-year amortizations. Gantry will service the loans.