AUBURN, ALA. — BWE has provided a $42.3 million Fannie Mae loan for The Glenn, a 270-unit garden-style apartment community located at 2568 E. Glenn Ave. in Auburn. The property comprises 14 residential buildings and offers studio, one-, two- and three-bedroom apartments, as well as a fitness center, beach-entry pool, grilling areas, pet park and a business center. Paul Harbor, Caleb Carter and Libby Davis of BWE originated the loan on behalf of the borrower, an undisclosed development firm based in Georgia. The borrower will use proceeds of the 10-year loan, which features a 35-year amortization schedule, to pay off construction debt obtained before The Glenn opened in 2022.
EUGENE AND SPRINGFIELD, ORE. — JLL Capital Markets has arranged $40 million in acquisition financing for a portfolio comprising three seniors housing communities in Oregon. Totaling 344 units, the properties are located in Eugene and Springfield. Built between 1996 and 2006 and renovated in 2021, the communities include Evergreen Senior Living in Eugene and Timber Pointe and Woodside Senior Living in Springfield. Together, the properties offer 43 independent living, 245 assisted living and 56 memory care residences. Amenities at the communities include onsite dining, complimentary transportation, television lounges, libraries, beauty salons and barber shops, game rooms, movie and theater rooms and a billiards lounge. Alanna Ellis and Alex Sheaffer of JLL secured the three-year, floating-rate bridge financing on behalf of the undisclosed borrower.
BRECKSVILLE AND VERMILION, OHIO — Browns Gibbons Lang & Co. (BGL) Real Estate Advisors has arranged development financing for Valor Acres in Brecksville, a southern suburb of Cleveland, and The Bluffs at WaterWood Resort in Vermilion, about 42 miles west of Cleveland. The borrower was DiGeronimo Cos. Fifth Third Bank & First Commonwealth Bank provided the financing for Valor Acres, a mixed-use development incorporating 44,000 square feet of Class A office space, 221 luxury apartment units, 70,000 square feet of retail and entertainment space, an onsite safety station and 700-space parking garage. The project is being developed on the former site of the U.S. Department of Veterans Affairs Brecksville hospital. Valor Acres is also home to the new Sherwin-Williams Research and Development Center and the DiGeronimo corporate headquarters. DiGeronimo closed on Phase I of the project, which included a multifamily building as well as for-rent townhomes, in December 2021. The developer closed on the for-sale townhomes, attached loft homes, memorial park and clubhouse in June 2023. BGL also served as the financial advisor for those transactions. In addition to senior construction debt from Fifth Third Bank, the project received transformational mixed-use development tax credits, Cleveland-Cuyahoga County Port Authority incentives and …
DENVER — Trammell Crow Residential and Cigna have obtained $75 million in refinancing for One Seven at Belleview Station, a multifamily community in Denver. The refinancing will retire the original bank construction loan. Leon McBroom and Mark Erland of JLL Capital Market’s Debt Advisory team arranged the three-year, floating-rate loan through a national life insurance company for the borrowers. Located at 4882 S. Newport St., One Seven at Belleview Station offers 250 one-, two- and three-bedroom units with wood vinyl plank flooring, Bluetooth-enabled entry doors, roller shades, stainless steel appliances, quartz countertops and private balconies. Community amenities include a rooftop pool deck, remote work center, clubroom, wellness center, bike storage, pet spa and theater rooms. The property also offers 7,062 square feet of fully leased retail space.
LOS ANGELES — Keystone Mortgage Corp. has arranged $73.1 million in fixed-rate permanent loans to refinance a portfolio of industrial properties totaling 1.1 million square feet in Southern California. Situated on a combined 52.9 acres, the portfolio features nine concrete tilt-up buildings. Nick Viscount of Keystone’s Orange County, Calif., production office secured the financing on behalf of the borrower, a private real estate investor. Keystone arranged the loans through a life insurance company lender, which provided the nonrecourse loans, each featuring a 10-year fixed-rate and full-term interest-only payments.
CALIFORNIA — Wilmington, N.C.-based Live Oak Bank has provided a $40 million loan to finance the ground-up construction of a new seniors housing community in California. Upon completion, the property will feature 140 assisted living and memory care units. Additional details about the property were not released. Live Oak Bank provided the financing, which features a five-year term and 42 months of interest-only payments, in conjunction with a $39.6 million C-PACE loan provided by Nuveen Green Capital. A joint venture between Harbert Seniors Housing Fund II and Harbert South Bay Partners was the borrower.
HOBOKEN, N.J. — CBRE has arranged a $17 million loan for the refinancing of a 46-unit apartment building located at 600 Harrison St. in Hoboken. New York City-based The Daten Group developed the property in 2017. According to Apartments.com, the building offers one- and two-bedroom units with an average size of 895 square feet and amenities such as a zen garden, package handling service, resident lounge and grilling and dining stations. Jason Gaccione, Shawn Rosenthal, Jake Salkovitz, Fahri Ozturk, Richard Gatto and Zach McHale of CBRE originated the loan on behalf of Daten Group. The direct lender was not disclosed.
BOSTON — Tremont Realty Capital, a division of locally based investment firm RMR Group, has provided a $45 million bridge loan for the acquisition of the 178-room Club Quarters Hotel in Boston. The hotel is located at 161 Devonshire St. in the downtown area and offers a mix of traditional guestrooms and suites, as well as meeting and event space and onsite dining options. JLL arranged the loan, which carries a floating interest rate and a three-year initial term with two one-year extension options, on behalf of the borrower, an entity doing business as Arch & Devonshire LLC.
COCOA BEACH, FLA. — Bayview PACE has provided $137 million in C-PACE financing for the development of Westin Cocoa Beach Resort & Spa, a $420 million hospitality development located at 100 N. Atlantic Ave. in Cocoa Beach. Coral Gables, Fla.-based Driftwood Capital is the borrower and developer behind the 502-room development, which is slated to open in early 2027. In addition to the C-PACE loan, Driftwood Capital obtained $70 million in construction financing from City National Bank of Florida and a $50 million credit facility from Amerant Bank, bringing the new capital infusion to a combined $257 million. Construction is currently underway on the Marriott-branded project, which will feature 11 food-and-beverage venues and 123,700 square feet of indoor/outdoor meeting space in addition to the hotel rooms and wellness features. The transaction represents the largest C-PACE deal in Florida and the third-largest hospitality C-PACE loan in the United States, according to Bayview PACE. Commercial property assessed clean energy financing (C-PACE) has become a viable financing method for developers as the loan becomes an assessment that borrowers pay with their tax bill. These loans also pay for energy and water upgrades in new construction and rehabilitation projects, including retroactively.
THOUSAND OAKS, CALIF. — Marathon Asset Management has provided a $164 million mortgage loan for the acquisition of The Oaks, a shopping mall located in Thousand Oaks, roughly 38 miles west of Los Angeles. Stockdale Capital Partners was the borrower. Nordstrom, Dick’s Sporting Goods and AMC Theatres anchor the 1.2 million-square-foot property, which is situated on 85 acres. Other tenants at the center include Apple, Anthropologie, Zara, H&M and Arhaus. Joseph Griffin of Marathon originated the loan. Greg Stampley and Jessica Henning of Eastdil Secured arranged the financing on behalf of Stockdale.