Friday, November 21, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Loans

CityLine-East-Jersey-City
LoansMultifamilyNew JerseyNortheastNorthmarq

Northmarq Arranges Four Loans Totaling $68.5M for Refinancing of Two Jersey City Apartment Complexes

by Taylor Williams

JERSEY CITY, N.J. — Northmarq has arranged four loans totaling $68.5 million for the refinancing of CityLine East and West, two apartment complexes totaling 342 units in Jersey City. For CityLine East, which was built in 2021 and totals 198 units, Northmarq arranged a $34 million senior loan and an $8 million mezzanine loan. For CityLine West, which was completed in 2019 and totals 144 units, Northmarq placed a $21.5 million senior loan and a $5 million mezzanine loan. Both properties offer studio, one- and two-bedroom units. All loans carried fixed interest rates. John Banas and Kris Wood of Northmarq arranged the debt on behalf of the borrower, The PRC Group. The direct lenders were not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentLoansMidwestMultifamilyOhio

KeyBank Provides $23M in Construction Financing for Affordable Housing Property in Trotwood, Ohio

by Kristin Harlow

TROTWOOD, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $9.8 million construction loan, a $3.7 million permanent loan and $9.4 million in low-income housing tax credit financing for the construction of Jalen Lofts in Trotwood, a suburb of Dayton. The 66-unit workforce and affordable housing community will be designated for families who earn between 30 and 80 percent of the area median income. The project marks a co-developer, co-owner partnership between Pivotal Housing Partners and The Trotwood Community Improvement Corp. Jalen Lofts marks a significant milestone in the community’s efforts to rejuvenate areas adversely impacted by the 2019 Dayton tornadoes, according to KeyBank. The City of Trotwood received a most impacted and distressed (MID) area designation by HUD because of the tornado damage and was allocated $10.5 million in Community Development Block Grant Disaster Recovery funds to help rebuild rental developments. Derek Reed and David Lacki of KeyBank CDLI structured the financing.

Continue Reading
FacebookTwitterLinkedinEmail
HospitalityLoansNew YorkNortheastTop Stories

Benefit Street Partners Provides $135M in Financing for Empire Hotel in Manhattan

by Kristin Harlow

NEW YORK CITY — Benefit Street Partners (BSP) has provided $135 million in financing for the 427-room Empire Hotel in Manhattan. The financing consists of a $120 million senior loan and a $15 million mezzanine loan. Specific loan terms were not disclosed. The name of the borrower and hotel owner was also not released, but multiple media outlets report that the Chetrit Group owns the hotel. BSP allocated the loans across its commercial real estate platform, including a portion to Franklin BSP Realty Trust Inc.  Completed in 1901 and renovated in 2013, the hotel is located at 44 W. 63rd St., about two miles from the Empire State Building and at the nexus of the borough’s Midtown and Upper West Side districts. The pet-friendly hotel offers a mix of traditional accommodations, including two- and three-bedroom suites, that are furnished with flatscreen TVs and mini refrigerators. Amenities include a rooftop pool and bar/lounge, as well as a fitness center. “The Empire Hotel represents a strategic addition to our commercial real estate portfolio, showcasing the flexibility and value that our platform delivers to borrowers,” says Brian Buffone, head of real estate operations at BSP. BSP, a wholly owned subsidiary of Franklin Templeton, …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentLoansMultifamilyTexas

David B. Norton Arranges $35.4M in Construction Financing for Multifamily Project Near San Antonio

by Taylor Williams

UNIVERSAL CITY, TEXAS — Capital advisory firm David B. Norton Inc. has arranged $35.4 million in construction financing for a 268-unit multifamily project in Universal City, a northeastern suburb of San Antonio. The development will consist of 10 buildings on a 14-acre site. The financing, which represents about 77 percent of the total project capitalization, includes both debt from an undisclosed regional bank and preferred equity from an undisclosed institutional investor. The name of the developer was also not released.

Continue Reading
FacebookTwitterLinkedinEmail
Asante-Trails-Surprise-AZ
DevelopmentLoansMixed-UseRestaurantRetailWestern

SimonCRE Receives Financing, Invests $50M for Mixed-Use Project in Surprise, Arizona

by Amy Works

SURPRISE, ARIZ. — SimonCRE has closed on the purchase of the first phase of Asante Trails, a 12.4-acre retail project in Surprise, approximately 35 miles outside Phoenix. SimonCRE has announced a $50 million investment for the acquisition of Asante Trails. According to the Phoenix Business Journal, the seller was a partnership between SimonCRE and Jim Stockwell J. of Clyde Capital LLC, which acquired the land in 2023. The project will be part of a larger 90-acre mixed-use project that will anchor the Asante master-planned community. Phase I of Asante Trails will feature retail tenants including Farmer Boys, Jimmy John’s, Baskin-Robbins, Circle K and Clean Freak Car Wash. Roughly 19,000 square feet is available for lease.

Continue Reading
FacebookTwitterLinkedinEmail
CaliforniaLoansMultifamilyWestern

Gantry Secures $27.8M in Acquisition Financing for Multifamily Portfolio in Oakland, California

by Amy Works

OAKLAND, CALIF. — Gantry has secured $27.8 million in financing on behalf of a private real estate investor for the purchase of a portfolio of eight multifamily properties in Oakland. The portfolio includes 225 apartments and three commercial units at one of the properties. Jeff Wilcox and Erinn Cooke of Gantry represented the borrower. The financing was structured as a three-year, variable rate acquisition loan provided by a single institutional debt fund. The instrument included prepayment flexibility and extension options.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentLoansMidwestMultifamilyOhio

KeyBank Provides $36.4M in Financing for Construction of Affordable Housing Project in Toledo, Ohio

by Kristin Harlow

TOLEDO, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $15.5 million construction loan, a $3.2 million permanent loan and $17.7 million in low-income housing tax credits to finance the construction of The Grand and The Glen, a scattered two-site affordable housing project in Toledo. The development will bring 70 units to a vacant city-owned parcel and underutilized parking lot. The project will be designated for families who earn between 50 and 70 percent of the area median income. The Glen will comprise a four-story building with 50 units at the Southland Shopping Plaza. The Grand will feature 20 townhomes at the corner of Detroit and Grand avenues. The project will offer a mix of one- and two-bedroom apartments and three- and four-bedroom townhomes. Derek Reed and David Lacki of KeyBank CDLI structured the financing on behalf of the borrower, Pivotal Housing Partners.

Continue Reading
FacebookTwitterLinkedinEmail
250-W.-49th-St.-Manhattan
DevelopmentLoansNew YorkNortheast

S3 Capital Provides $79M Construction Loan for Midtown Manhattan Multifamily Project

by Taylor Williams

NEW YORK CITY — S3 Capital, the lending arm of locally based investment firm Spruce Capital Partners, has provided a $79 million construction loan for a multifamily project in Midtown Manhattan. The building at 250 W. 49th St. will rise 28 stories and house 138 units and 5,000 square feet of retail space. Amenities will include an art room, music room, golf simulator, library, screening room, fitness center, tenant lounge, billiards area, outdoor lounge, bocce court, zen garden, rooftop lounge and an outdoor cinema. The borrower and developer is Chess Builders.

Continue Reading
FacebookTwitterLinkedinEmail
FloridaLoansMultifamilySoutheast

Neology Development Receives $84.5M Loan for Julia Apartments in Miami

by John Nelson

MIAMI — Neology Development Group has received an $84.5 million loan for The Julia Residences, a 14-story apartment tower that recently delivered in Miami’s Allapattah neighborhood. Affiliates of Apollo provided the permanent loan. The borrower obtained its TCO for the development last May and stabilized the community at 97 percent occupancy by October. Named after historic Miami businesswoman Julia Tuttle, the $140 million Julia Residences features 323 apartments and 13,000 square feet of retail space on the ground level. The property is located at 1625 N.W. 20th St., within walking distance of Jackson Memorial Hospital and the Civic Center Metrorail Station.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentFloridaLoansMultifamilySoutheast

Northmarq Arranges $43.9M Construction Loan for Gibsonia Gardens Apartments in Lakeland, Florida

by John Nelson

LAKELAND, FLA. — Northmarq has arranged a $43.9 million construction loan for Gibsonia Gardens, a 276-unit apartment community underway at 6508 US Highway 98 N in Lakeland. Bob Hernandez of Northmarq arranged the three-year loan on behalf of the borrower, a repeat client, through a correspondent lender. The sponsor and direct lender were not disclosed. The apartment community is set for completion in 2026.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts