GRAND PRAIRIE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $19.1 million construction loan for Villas at Bardin, a build-to-rent residential community that will be located in the central metroplex city of Grand Prairie. Homes will feature a mix of unit types and will be furnished with quartz countertops, stainless steel appliances, walk-in closets and full-size washers and dryers, as well as two-car garages and individual yards. The borrower is Dallas-based Republic Property Group. The number of units and a tentative completion date were not disclosed.
REVERE, MASS. — Tremont Realty Capital, a division of locally based investment firm RMR Group, has provided a $40 million loan for the refinancing of SpringHill Suites by Marriott Boston Logan Airport Revere Beach hotel. The 168-room hotel is located on the eastern outskirts of the city near the Wonderland MBTA public transit station. HREC Investment Advisors arranged the loan, which carried a two-year initial term with three one-year extensions. The borrower was not disclosed.
MONTGOMERY, N.Y. — JLL has arranged a $10 million permanent loan for an 80,260-square-foot warehouse and distribution building in Montgomery, about 75 miles north of Manhattan. The facility at 18 Leonards Drive, which was completed earlier this year and was fully leased at the time of the loan closing, features a clear height of 36 feet, 16 loading docks, two drive-in doors and parking for 50 cars and 14 trailers. Michael Klein and Max Custer of JLL originated the fixed-rate debt on behalf of the borrower, Frassetto Cos. An undisclosed life insurance company provided the loan.
MINNEAPOLIS — Colliers Mortgage has provided two Fannie Mae loans for the refinancing of three multifamily properties at West Lake Quarter in Minneapolis. The assets include The Mezz, The Gateway and The Original. The 98-unit Mezz and 151-unit Gateway were built between 2022 and 2023, while the 113-unit Original was built in 1962 and renovated in 2022. All three properties feature amenities such as outdoor TV lounges, poolside cabanas, bocce courts, outdoor grill stations, business centers and fitness centers. Both loans carry 10-year terms. Fritz Waldvogel, Murray Kornberg and Mox Gunderson originated the loans on behalf of the borrower, Bader.
WEST LAFAYETTE, IND. — The U.S. Department of Commerce, which works with businesses and universities to promote job creation and economic growth, has agreed to a preliminary memorandum of terms (PMT) with semiconductor manufacturer SK hynix for its new $3.9 billion manufacturing plant in Indiana. The manufacturer, part of South Korean-based SK Group, announced in April that its advanced packaging and research-and-development (R&D) facility was coming to Purdue Research Park, an office and industrial research park adjacent to the campus of Purdue University in West Lafayette. The PMT includes $450 million in direct funding under the CHIPS and Science Act and an additional loan of up to $500 million. The funding will contribute to SK hynix’s production of high-bandwidth-memory (HBM) semiconductors (or computer chips) for AI supply chain security technology in the United States. These new-generation HBM chips will be mass-produced and packaged onsite and will have more processing power than SK hynix’s current chips, which process 1.18 terabytes of data per second. “We are excited about the Department of Commerce’s support, through the CHIPS and Science Act, of the largest semiconductor production facility located at a university in the United States,” says Mung Chiang, president of Purdue University. “This …
FARRAGUT, TENN. — BWE has arranged a $19.8 million loan for the refinancing of Lanesborough, a multifamily community located in Farragut, roughly 20 miles southwest of Knoxville. Paul Harbor of BWE secured the Fannie Mae financing on behalf of the undisclosed borrower, with support from BWE colleagues J.R. Bertram, Libby Davis and John Segrest. Totaling 208 units, Lanesborough was 99 percent occupied at the time of sale. Amenities at the community, which was originally constructed in 1997, include a swimming pool, spa, clubhouse, community pond, fitness center, car wash station, garage parking, storage space, gated access and basketball, volleyball and tennis courts.
MEMPHIS, TENN. — Eastern Union has secured a $13 million loan for the refinancing of Garden View Apartments, a multifamily community located at 1033 and 1087 Whitaker Drive in Memphis. Bellco Federal Credit Union provided the 30-year loan, which carries a 7.3 percent interest rate, to the undisclosed borrower. Built in 1963, Garden View Apartments totals 156 units across 15 buildings spanning 131,000 rentable square feet. The community features 60 one-bedroom units and 96 two-bedroom units. Motti Blau and Mendy Pfeifer of Eastern Union arranged the financing on behalf of the borrower. Dov Bakon of Eastern Union served as the underwriter for the transaction.
NEW YORK CITY — LoanCore Capital, a Connecticut-based asset management firm, has provided an $85 million loan for the refinancing of an industrial condo in the Jamaica area of Queens. The space in question comprises the first two floors of Terminal Logistics Center, a newly built, five-story facility located at 130-02 S. Conduit Ave. Max Herzog, Marko Kazanjian, Max Hulsh and Andrew Cohen of Institutional Property Advisors, a division of Marcus & Millichap, originated the loan. The borrower is a partnership between New York-based investment and development firm Triangle Equities and Goldman Sachs Urban Investment Group. Triangle Equities acquired the site in 2018, broke ground in 2020 and recapitalized the property with $61 million in equity from Goldman Sachs in spring 2023.
WORCESTER, MASS. — Eastern Union has arranged a $13.3 million construction loan for a 931-unit self-storage facility that will be located in the central Massachusetts city of Worcester. The four-story facility will consist of 93,186 net rentable square feet of climate- and non-climate-controlled space across units with an average size of 100 square feet. Marc Tropp of Eastern Union arranged the loan, which was structured with a 36-month term, 65 percent loan-to-value ratio and an interest rate that is equivalent to 300 basis points over SOFR over the construction and lease-up period. CubeSmart will operate the facility. The lender was an undisclosed local bank, and the borrower was also not disclosed.
BOSTON — Locally based investment firm Tremont Asset Management has received a loan for the refinancing of a multifamily property located at 1955-1963 Commonwealth Ave. in the Brighton area of Boston. The amount was not disclosed, but the financing was originated in conjunction with a loan for a condo property in Nashua, N.H. The total value of the refinancings of those properties, which total more than 80 units combined, is $11 million. Patrick Boyle and Rose Liu of Colliers originated both loans through a balance sheet lender and a regional bank.