Friday, July 18, 2025
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DevelopmentLoansMultifamilyNorth CarolinaSoutheast

Madison Capital Obtains $34.3M Construction Financing for Apartment Development Near Raleigh

by John Nelson

APEX, N.C. — Madison Capital Group has obtained $34.3 million in construction financing for a new apartment development in the metro Raleigh-Durham area. Affiliate firm Madison Communities is planning the 218-unit community, which will be named Madison Aquiline and will be located in Apex. Warren Johnson and Travis Anderson of JLL arranged the loan through Centennial Bank on behalf of Madison Capital. Madison Aquiline will feature an integrated clubhouse with a fitness center and a resort-style pool and pool deck with grilling stations and a fire pit. Other amenities will include a café island with a wet bar, cyber lounge, flexible workspaces and a coffee bar. The construction timeline was not disclosed.

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261-315-Grand-Concourse-Bronx
DevelopmentLoansMultifamilyNew YorkNortheast

SCALE Lending Provides $135M Construction Loan for Bronx Multifamily Projects

by Taylor Williams

NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $135 million construction loan for 261 Grand Concourse and 315 Grand Concourse, two adjacent multifamily projects that will be located in the Mott Haven area of The Bronx. The two buildings will rise 14 stories and house 405 units between them. Residences will come in studio, one- and two-bedroom floor plans, and the development will also include 136 parking spaces and a 5,100-square-foot shared recreation space. Landstone Capital arranged the 24-month loan on behalf of the developer, Beitel Group, which acquired the sites in April 2022 and subsequently demolished existing structures. Completion is slated for late 2025.

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IndustrialLoansMichiganMidwest

District Capital Arranges $20M Loan for Refinancing of Flex Industrial Building in Southeast Michigan

by Kristin Harlow

MICHIGAN — District Capital has arranged a $20 million loan for the refinancing of a 240,000-square-foot flex industrial building in Southeast Michigan. Dave Dismondy of District Capital arranged the loan through a life insurance company. The nonrecourse loan allows for a further relaxed amortization if the lease is extended during the loan term.

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Fremont-Brewing-Building-Seattle-WA
IndustrialLoansMultifamilyOfficeRetailWashingtonWestern

Gantry Secures $34.3M in Loans Across Four Seattle Region Assets

by Amy Works

SEATTLE — Gantry has secured a total of $34.3 million of loans to refinance four Seattle-area assets owned by different and unaffiliated entities. Each transaction was placed with one of Gantry’s life company correspondent lenders and each structure provided the borrowers with non-recourse, fixed-rate loans. Mike Wood of Gantry represented three of the borrowers. The financings included:

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CaliforniaLoansMultifamilyWalker & DunlopWestern

Walker & Dunlop Arranges $66M Refinancing for Apartment Community in Chula Vista, California

by Amy Works

CHULA VISTA, CALIF. — Walker & Dunlop has arranged $66 million for the refinancing of Boardwalk at Millenia, a multifamily property in Chula Vista. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Mo Beler, Michael Ianno and William Herring of Walker & Dunlop’s New York Capital Markets team arranged the transaction on behalf of the borrower, Barings Core Property Fund. The team also identified the lender, Kohlberg Kravis Roberts & Co. LP. Located at 1660 Metro Ave., Boardwalk at Millenia offers 309 apartments, a resort-style pool and spa, outdoor fireplaces and lounges, upscale fitness studio, children’s play area and coworking spaces with private conference rooms. The property was built in 2018. In 2019, Barings purchased the property from Trammell Crow Residential and recently secured the new financing, a five-year, floating-rate loan, to refinance the previous loan.

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LoansMultifamilySeniors HousingUtahWestern

EBSC Lending Closes $14.5M Refinancing for Seniors Housing Property in Bountiful, Utah

by Amy Works

BOUNTIFUL, UTAH — EBSC Lending has arranged the closing of a $14.5 million loan to refinance an assisted living and memory care community in Bountiful, a suburban community between Salt Lake City and Ogden, Utah. The undisclosed sponsor acquired the facility in 2019 and has expanded the property’s memory care capacity to capture more of the market demand for high-quality memory care and increased the allowable density by obtaining a zoning amendment allowing up to 73 beds. The sponsor increased occupancy, improved operations and hired a new management company to oversee the property. Additional amenities offered at the property include personalized care, healthcare coordination, chef-prepared meals, housekeeping and secure courtyards.

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LoansMultifamilyNorth CarolinaSoutheast

Northmarq Arranges $55M Refinancing for Lincoln at Dilworth Multifamily Property in Charlotte

by John Nelson

CHARLOTTE, N.C. — Northmarq has arranged $55 million for the refinancing of Lincoln at Dilworth, a 379-unit multifamily property located at 905 Kenilworth Ave. near Uptown Charlotte. Ernest DesRochers and Dylan Hamer of Northmarq’s New York office secured the four-year loan through Lincoln Financial Group on behalf of the borrower, Lincoln Ventures. Lincoln at Dilworth features apartments in studio, one- and two-bedroom layouts. Amenities at the community include a rooftop lounge; swimming pool; fitness center; pet spa and bark yard; game room; outdoor kitchen, bar and lounge area; bike racks and a bike repair shop; concierge services; covered parking; and a parking concierge.

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IllinoisLoansMidwestOffice

American Street Capital Arranges $10.6M Loan for Refinancing of Flex Office Property in Chicago

by Kristin Harlow

CHICAGO — American Street Capital (ASC) has arranged a $10.6 million loan for the refinancing of a flex office property in Chicago’s Fulton Market neighborhood. The 90,000-square-foot building features office, warehouse and showroom spaces as well as more than 170 parking spaces. The property was extensively renovated in 2020, and includes a common area roof space, tenant lounge, one passenger and two freight elevators, multiple secure loading docks and a gated parking lot. Igor Zhizhin of ASC arranged the 10-year loan through a commercial bank.

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DevelopmentIndustrialLoansMichiganMidwestSelf-Storage

PACE Loan Group Provides $1.5M C-PACE Loan for Construction of Self-Storage Project in Romulus, Michigan

by Kristin Harlow

ROMULUS, MICH. — PACE Loan Group has provided a $1.5 million C-PACE loan for a 475-unit self-storage project under construction in Romulus. The 25-year loan, which closed out the $9 million capital stack, will be used for the building envelope, Energy Star windows, high-efficiency HVAC, plumbing and LED lighting. The property, located adjacent to the Detroit Metropolitan Wayne County Airport, will consist of seven one-story buildings with a mix of 298 climate-controlled units and 177 drive-up units. Completion is slated for summer 2025. Extra Space Storage will manage the property. The renewable and energy conservation measures are expected to save $57,616 annually in a payback period of 8.5 years. A local bank provided a senior loan of $5.5 million.

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CaliforniaDevelopmentLoansSeniors HousingWestern

EBSC Arranges $31.2M in Construction Financing for Luxury Los Angeles Seniors Housing Facility

by Amy Works

LOS ANGELES — EBSC Lending has arranged $31.2 million in construction financing for a new luxury senior living community under development in Los Angeles. The undisclosed borrower operates senior living facilities in the Southeast, with a primary focus on Florida. Brian Stark, manager of information technology at EBSC Lending, led the transaction. The 172,163-square-foot facility will offer a total of 198 catered living, assisted living and memory care units in three buildings spread over a 7.8-acre campus. It will also feature gourmet restaurant-style dining, boutique hotel décor and a variety of luxury amenities. “This deal had tremendous headwinds, given the rising interest rates,” says David Palmer, vice president, special assets at EBSC Lending. “Working together with the sponsor, we were able to structure the deal with favorable terms and sizing parameters that allowed us to preserve millions of dollars. We regard healthcare as highly strategic. We are committed to the future of this growing sector and to supporting our healthcare clients.” Based in Irvine, Calif., EBSC is a private lender that offers customized solutions to real estate investors and developers. The company has emerged as a provider of senior financing to alternative real estate bridge lenders.

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