WYCKOFF, N.J. — City National Bank has provided a $14.5 million loan for the refinancing of a 115,084-square-foot industrial facility located at 500 W. Main St. in the Northern New Jersey community of Wyckoff. Built in 1966, the shallow-bay property features a clear height of 21 feet, six dock doors, nine drive-in doors and 115 parking spaces. Michael Klein, Max Custer and Christian Badalamenti of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, The STRO Cos. At the time of the loan closing, the facility was fully leased to 12 tenants across manufacturing, distribution and service industries.
WETHERSFIELD, CONN. — New Jersey-based financial intermediary Cronheim Mortgage has arranged $6.2 million in financing for a 40,000-square-foot medical office building in Wethersfield, located just south of Hartford. The building at 1210 Silas Deane Highway was developed in 2022 as a build-to-suit for Starling Physicians, Connecticut’s largest physician-led multispecialty medical group. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the 25-year loan through an undisclosed local bank. The sponsor is an affiliate of Connecticut-based Phoenix Realty Management.
LOS ANGELES — Live Oak Bank has provided a $25 million bridge-to-sale loan to finance a community located near Los Angeles. An entity doing business as Harbert Seniors Housing Fund I LP is the borrower. The financing features a three-year initial term, 36 months of interest-only payments and $2.8 million in potential future earnout proceeds. The property totals 97 units, with independent, assisted living and memory care residences.
COLUMBUS, OHIO — ACRES Capital Corp. has provided a $72.5 million bridge loan for the refinancing of 4th & 5th Apartments, a 311-unit apartment complex in Columbus. The Class A property features a 557-space parking garage and two retail suites totaling 5,492 square feet. Amenities include a clubhouse, courtyard, fitness center, rooftop area and swimming pool. The community is located on the southern edge of the city’s Weinland Park neighborhood, which is directly east of the Short North Arts District. Loan terms and the borrower were not provided.
DORAL, FLA. — Codina Partners has obtained a $38.8 million construction loan for the third phase of Downtown Doral’s retail expansion. Ocean Bank provided the loan. Downtown Doral is a 250-acre mixed-use district in South Florida, and the third phase will add nearly 25,000 square feet of retail space along 87th Avenue, with 932 dedicated garage parking spaces for retail visitors. UHealth – University of Miami Health System has leased 11,243 square feet on the north end of the expansion for UHealth Way, which will include comprehensive eye care from the Bascom Palmer Eye Institute and physical therapy services, such as hand therapy and pelvic floor rehabilitation. The south portion of the expansion includes 13,644 square feet of retail space divided into nine customizable units — seven on the ground floor and two on the second floor. The expansion project is scheduled to break ground in the second quarter, with an estimated completion in 2026.
BOSTON — JLL has arranged a $650 million loan for the refinancing of One Congress, a 43-story, 1 million-square-foot office tower in downtown Boston. Designed by Pelli Clarke & Partners, One Congress was completed in 2023 within Bulfinch Crossing, which is a redevelopment of the former Government Center Garage. The building offers amenities such as a full-floor center with food and beverage service, a 15,000-square-foot rooftop terrace, a 7,000-square-foot fitness center and a triple-height lobby with a coffee bar and seating. Financial services company State Street Corp. (510,000 square feet) and data management services provider InterSystems Corp. (420,000 square feet) are the anchor tenants. Riaz Cassum, Coleman Benedict, Jim Meisel, Mike Shepard and Hugh Doherty of JLL arranged the loan through Bank of America and Wells Fargo on behalf of the borrower, a partnership between Carr Properties and National Real Estate Advisors.
AVONDALE, ARIZ. — Gantry has secured a $9 million construction loan for the development of Phase IV of Park 10 at Avondale, a mixed-use development located in the West Valley Phoenix suburb of Avondale. Situated on 8 acres, Phase IV will include a build-to-suit restaurant for Cooper’s Hawk, as well as a second building that offers inline restaurant space for 85C Bakery and an unannounced third tenant. Adam Parker and Chad Metzger of Gantry’s Phoenix office represented the borrower, Parkland Development, in the transaction. A regional bank provided the three-year, interest-only loan. Owned and developed by Park Development, Park 10 at Avondale is a 43-acre master-planned project that will offer 424,000 square feet of entertainment, hotel, restaurant, retail and medical office space upon completion, according to AZ Big Media.
IRVINE, CALIF. — PSRS has arranged $4.5 million in refinancing for Armstrong Industrial in Irvine. The fully occupied, 32,055-square-foot industrial property is located within the Irvine Business District. Michael Tanner and George Gianoukakis of PSRS secured the financing through one of PSRS’ correspondent life insurance companies. The nonrecourse loan features a five-year term and 30-year amortization.
CLAYTON, MO. — 3650 Capital has originated a $55 million loan to refinance Shaw Park Plaza, a 15-story, 278,000-square-foot office building in Clayton near St. Louis. The loan carries a five-year term. The borrower, Tryperion Holdings, has owned the property since July 2021. Since that time, the firm has executed a value-add business plan, investing $12.6 million in leasing expenditures and resulting in a 125 percent increase in net operating income. The building’s occupancy sits at nearly 97 percent. Proceeds from the loan were used to refinance the existing $52.7 million floating-rate debt and fund closing costs.
WISCONSIN DELLS, WIS. — HALL Structured Finance (HSF) has provided a first lien construction loan totaling $41.1 million for the Dellshire Resort in Wisconsin Dells, a city in southern Wisconsin. HSF partnered with Nuveen Green Capital, which provided an additional $27.8 million in C-PACE financing. Adrienne Andrews and Jeffrey Bucaro of JLL arranged the financing on behalf of the borrower, Uphoff Ventures LLC. Dellshire Resort will be a 208-room Medieval-themed hotel and represents the initial phase of a 40-acre master-planned resort and attraction development. The four-story hotel will feature a 222-seat restaurant, six pools, a swim-up pool bar, 9,500-square-foot arcade and family entertainment center, ATV rentals and approximately 6,500 square feet of meeting and event space. A 60-foot-tall fire-breathing dragon sculpture will mark the hotel’s entrance, complemented by costumed knights and dragon-themed interactions throughout the property. Located approximately 55 miles northwest of Madison, Wisconsin Dells is known as the “Waterpark Capital of the World,” boasting the highest concentration of indoor and outdoor waterparks globally, according to HSF. The local economy is heavily tourism-driven, drawing more than 4 million visitors annually. Completion of the Dellshire Resort is slated for the second quarter of 2026. Pyramid Global Hospitality will manage the asset. …