PEARLAND, TEXAS — JLL has arranged financing for the construction of a new, 91,590-square-foot self-storage development in Pearland, a southern suburb of Houston. The five-year, non-recourse, floating-rate loan for the 726-unit facility, located at the intersection of Broadway and Kirby drives, was secured on behalf of SurePoint Self Storage. Griffin Guthneck of JLL led the effort for the financing, which originated from an undisclosed regional bank.
SOUTH BEND, IND. — Dougherty Mortgage LLC has arranged a $6.3 million Fannie Mae loan for the refinancing of Legacy Village at Notre Dame. The 14-unit student housing property is located in South Bend. The 12-year loan features a 30-year amortization schedule and was arranged through a partnership with Old Capital Lending. RWD Campus Developments LLC was the borrower.
STOCKBRIDGE, GA. — KeyBank Real Estate Capital has arranged a $14.9 million acquisition loan for North Park at Eagle’s Landing, a 244-unit apartment community in Stockbridge, roughly 20 miles south of Atlanta. Built in 1999, the property designates 67 units for tenants earning roughly 80 percent of the area median income. Caleb Marten of KeyBank arranged the seven-year Fannie Mae loan with one year of interest-only payments and a 30-year amortization schedule.
CROMWELL, CONN. – CBRE Capital Markets’ debt and structured finance team has secured $21.3 million in bridge financing for Cromwell Square, a 218,000-square-foot shopping center currently anchored by a 100,000-square-foot Kmart in Cromwell. Mark Fisher, Michael Riccio and Alex Furnary of CBRE facilitated the loan on behalf of the borrower, Greenwich-based developer/owner/operator HB Nitkin. The 10-year, fixed-rate bridge loan includes two years of interest-only payments and a 25-year amortization schedule. The loan will be used replace an existing $12.1 million loan and provide additional funds for the buyout of an existing Kmart lease. The store will be replaced with a 65,000-square-foot ShopRite grocery store and other tenants. The redevelopment is anticipated to take 18 months. The property is located at 51 Shunpike Road in Middlesex County, immediately west of Route 9 and 1.5 miles east of I-91 on the northwest corner of Shunpike Road and Route 372.
CHICAGO — Fifield Cos. and F & F Realty, in a joint venture equity partnership with Ares Management LP, has received $117.8 million in construction financing for the development of 727 West Madison, a 46-story apartment project in Chicago’s West Loop. Upon completion in late 2018, the project will comprise 492 apartment units averaging 783 square feet and approximately 10,000 square feet of retail space. Units will feature a mix of studio to three-bedroom floor plans. Designed by FitzGerald Associates Architects, the building will include amenities such as a swimming pool, yoga room, game room, resident lounge with coffee bar, movie theater, dog park and car wash area. Matthew Lawton and Danny Kaufman of HFF represented the developer by arranging joint venture equity and securing the construction financing. Bank of the Ozarks provided the loan.
CHULA VISTA, CALIF. — NorthMarq Capital has arranged a $38 million refinancing for a 374,645-square-foot retail property in Chula Vista. Mike Dobbins of NorthMarq secured the 15-year loan, which features a 25-year amortization schedule, for the undisclosed borrower.
CINCINNATI — NorthMarq Capital has arranged $24.6 million in acquisition financing for a 250-unit apartment property in Cincinnati. The 10-year loan includes a 25-year amortization schedule. NorthMarq arranged the financing for the undisclosed borrower through Freddie Mac.
PHILADELPHIA — National Real Estate Development has secured a $57 million loan to finance the construction of a second residential tower within the East Market project in Philadelphia’s Center City. Wells Fargo & Co. provided the loan. Located at 1199 Ludlow St., the 20-story, 240-unit tower will be built above a two-story retail base. The 233,000-square-foot tower will feature one- and two-bedroom apartments, a lap pool, gym and on-demand fitness studio, an indoor playroom and outdoor play area for children, a dog run, library, conference center, lounge, screening room, billiards room, indoor/outdoor climate-controlled loggia, demo kitchen, community vegetable gardens, grilling stations and fire pits. Morris Adjmi Architects and Bower Lewis Thrower Architects are designing the tower, and Clemens Construction is serving as general contractor. National Real Estate Advisors, Joss Realty Partners, Young Capital and SSH Real Estate own the East Market project, which includes the 322-unit The Ludlow and 175,000 square feet of modern warehouse office space as well as 130,000 square feet of retail and restaurant space.
SHREWSBURY, N.J. — Cronheim Mortgage has arranged $30 million in financing for Shrewsbury Plaza, a community retail center located along Route 33 in Shrewsbury. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim Mortgage originated the loan for the undisclosed borrower. The loan self-liquidates over a 30-year period and was funded by American General Life Insurance Co. Totaling 223,000 square feet, the property features five multi-tenant buildings and two freestanding outparcels. Marshalls, Saks Off-5th, Visionworks, Jo-Ann Fabrics, Massage Envy, CVS/pharmacy, Great Clips, Jersey Mike’s Subs, Petvalu and Verizon Wireless are tenants at the center. Additionally, HomeGoods is slated to open at the property later this year.
BOSTON — Transwestern has arranged $28 million in refinancing for Boston | Dedham Commerce Park, a five-building industrial park located at 63, 65, 67, 75-101 and 91 Sprague St. in Boston. Chris Skeffington and Andrew Stone of Transwestern arranged the financing through East Boston Savings Bank for the borrower, First Highland Management and Development Corp. The 654,050-square-foot park was 82 percent leased to more than 30 tenants, including RR Donnelly, Dancing Deer Baking Co. and Sky Zone Boston, at the time of financing.
