Loans

BWE Secures $425M in Construction Financing for Mosaic Quarter Sports Complex in Tucson

by Amy Works October 30, 2024

TUCSON, ARIZ. — BWE has secured a $425 million credit-tenant lease to provide construction financing for Phase I of Mosaic Quarter, a planned sports destination spanning 90 acres and 1 million square feet in Tucson. Brian Boland of BWE originated the credit-tenant lease financing from CTL Capital on behalf of Mosaic Quarter Development LLC, an affiliate of Knott Development. The property was underwritten based on the credit of Pima County, Ariz., the future lessee, enabling the borrower to secure more favorable terms with higher leverage due to the property’s guaranteed future cash flow over the term of the 30-year lease. Mosaic Quarter’s Phase I will feature the 137,000-square-foot MQ Field House, the 200,000-square-foot MQ Iceplex, a central utility plant and onsite civil and sitework improvements, as well as offsite infrastructure improvements necessary to support the larger project, including parking. MQ Field House will include interchangeable wood, turf and specialty flooring systems on two floors of athletic space, including eight basketball courts, six volleyball courts, four indoor soccer fields, 24 pickleball courts, two 7-on-7 football fields, 32 badminton courts, two party rooms and a rooftop event patio. MQ Field House will offer fitness programming that will be taught by University of Arizona …

October 30, 2024

Industrial Loans Midwest Missouri

Colliers Arranges Recapitalization of 467,708 SF Industrial Asset in Suburban Kansas City

by Kristin Harlow October 30, 2024

LIBERTY, MO. — Colliers has arranged the recapitalization of a 467,708-square-foot industrial asset in Liberty, a northeast suburb of Kansas City. The Class A heavy manufacturing facility is located in Heartland Meadows Industrial Park. Alex Cantu and Alex Davenport of Colliers arranged the joint venture between the property’s developer, Becknell Industrial, and investment funds managed by Morgan Stanley Real Estate Investing. LMV Automotive Systems, a division of Magna International Inc., has fully occupied the property since its completion in February 2023. The building features a clear height of 32 feet, 61 docks, 12,892 square feet of office space and 494 auto parking spaces.

October 30, 2024

Loans Multifamily New Jersey Northeast Seniors Housing

Mesa West Capital Provides $57M Loan for Refinancing of Seniors Housing Property in Montvale, New Jersey

by Taylor Williams October 30, 2024

MONTVALE, N.J. — Mesa West Capital has provided a $57 million loan for the refinancing of Thrive at Montvale, a 203-unit seniors housing community in Northern New Jersey. Thrive at Montvale features 88 independent living, 83 assisted living and 32 memory care units. Amenities include resident lounges, a beauty salon, multiple dining rooms, courtyards, a fitness center, physician’s office, theater and a pickleball court. The loan carried a five-year term and a floating interest rate. The borrower is a joint venture between AEW Capital Management, Atlanta-based owner-operator Thrive Senior Living and New Jersey-based Pike Construction.

October 30, 2024

Industrial Loans Texas

Cushman & Wakefield Arranges $99.8M Loan for Refinancing of Metro Dallas Industrial Campus

by Taylor Williams October 29, 2024

WILMER, TEXAS — Cushman & Wakefield has arranged $99.8 million loan for the refinancing of Core45, a 1.6 million-square-foot industrial campus located in the southern Dallas suburb of Wilmer. The development was completed earlier this year and comprises two buildings totaling approximately 1 million and 616,000 square feet on an 88.4-acre site. Building features include cross-dock configurations, 40-foot clear heights, 900 car parking spots, ESFR sprinkler systems and speculative office space. In addition, roofing, insulation and composite materials provider Owens Corning has already signed a 292,680-square-foot lease at Core45. Rob Rubano, Brian Share, Michael Zelin, Max Schafer, Billy Coyle and Nikola Kretschman of Cushman & Wakefield arranged the loan on behalf of the borrower, a joint venture between Grandview Partners and TRG Development. Benefit Street Partners provided the loan, which retires existing construction debt.

October 29, 2024

Development Loans Multifamily New Mexico Western

Dwight Mortgage Trust Finances $56.3M Loan for Madera Apartments in Santa Fe

by Amy Works October 29, 2024

SANTA FE, N.M. — Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has provided $56.3 million in bridge financing for Madera Apartments in Santa Fe. Proceeds of the loan will be used to retire the sponsor’s existing construction debt and provide the borrower, Thrive Development, with capital to complete construction and lease-up of the property. Upon completion, Madera Apartments will offer 218 one-, two- and three-bedroom townhome-style apartments with patios or balconies, in-unit washers and dryers, smart home technology and walk-in closets. The community will consist of 20 two-story residential buildings, a communal clubhouse, swimming pool, pickleball court, yoga studio, fitness center, dog wash station, playground and garage parking with electric vehicle charging stations.

October 29, 2024

Florida Loans Multifamily Southeast

CBRE Arranges Refinancing for Three Multifamily Properties in Florida Totaling $99.7M

by John Nelson October 29, 2024

LYNN HAVEN AND TALLAHASSEE, FLA. — CBRE Capital Markets’ Debt & Structured Finance team has arranged three loans totaling $99.7 million for the refinancing for two apartment communities in Lynn Haven and one property in Tallahassee. David Borge of CBRE’s Orlando office secured three 10-year, fixed-rate, non-recourse loans on behalf of the borrower, Tallahassee-based Arbor Properties Inc. The loans included a Fannie Mae loan for Arbor Trace Apartment Homes, a 336-unit multifamily community in Lynn Haven that was built in 2007; a Fannie Mae loan for Arbor Crossing at Buck Lake, a 208-unit multifamily community in Tallahassee that was built in 2017; and a Freddie Mac loan for the construction loan take-out for Arbor Landing at Mill Bayou, a new 178-unit property in Lynn Haven. The loans had full-term interest-only payments and fixed interest rates in the mid-5s, according to CBRE.

October 29, 2024

Loans Maryland Multifamily Southeast

Colliers Secures $24.5M Refinancing for Milford Station Multifamily Community in Metro Baltimore

by John Nelson October 29, 2024

PIKESVILLE, MD. — Colliers has secured a $24.5 million loan for the refinancing of Milford Station, a multifamily community located at 19 Warren Park Drive in Pikesville, approximately 15 miles northwest of Baltimore. Bob Beckman of Colliers arranged the non-recourse financing, which features a 30-year term and fixed interest rate of 5.1 percent, on behalf of the borrowers, Gelfund RE Opportunities and GY Properties. Milford Station totals 199 apartments within controlled-access buildings and features complimentary parking.

October 29, 2024

Illinois Industrial Loans Midwest

JLL Arranges $63M Loan for Refinancing of Industrial Portfolio in Metro Chicago

by Kristin Harlow October 29, 2024

CHICAGO, BUFFALO GROVE AND MOKENA, ILL. — JLL Capital Markets has arranged a $63 million loan for the refinancing of a five-building industrial portfolio in metro Chicago. The portfolio comprises the following properties: Asbury Drive, a 157,000-square-foot building in Buffalo Grove; Rockwell Logistics Center, a 174,262-square-foot property in Chicago; Mokena Logistics I and II, two buildings totaling 268,226 square feet in Mokena; and Halsted Pershing Business Center, a 104,008-square-foot asset in the Stockyards submarket of Chicago. The properties total 703,996 square feet with suites ranging from 25,100 to 174,262 square feet. The portfolio is home to 10 tenants spanning industries such as IT, electronics manufacturing, healthcare, construction, food distribution and government agencies. Colby Mueck, Brian Walsh and Tara Hagerty of JLL arranged the five-year, fixed-rate loan on behalf of the owner, Stream Realty Partners.

October 29, 2024

Loans Multifamily Texas

JLL Arranges $55.5M Loan for Refinancing of Urban East Apartments in Austin

by Taylor Williams October 28, 2024

AUSTIN, TEXAS — JLL has arranged a $55.5 million loan for the refinancing of Urban East, a 381-unit apartment community in Austin. The newly built property, which includes an affordable housing component, is located southeast of the downtown area near Austin-Bergstrom International Airport. Urban East offers studio, one-, two- and three-bedroom residences that are furnished with stainless steel appliances, tile backsplashes, granite countertops, walk-in closets, individual washers and dryers and private patios/balconies. Amenities include two pools, a fitness center, private conference rooms, a rooftop lounge, resident clubhouse and kitchen, dog park and a game room with a bowling alley. JLL arranged the floating-rate debt on behalf of the owner, a partnership between Battery Global Advisors, the Housing Authority of the City of Austin, River City Capital Partners and LDG Development. The direct lender was Goldman Sachs Alternatives.

October 28, 2024

Arizona Build-to-Rent Loans Single-Family Rental Western

Greystone Secures $14M in Refinancing for New Build-to-Rent Community in Tucson

by Amy Works October 28, 2024

TUCSON, ARIZ. — Greystone has arranged a $14 million debt placement for the refinancing of Linda Vista Luxury Rentals, a build-to-rent residential community in Tucson. Completed in 2024, Linda Vista features 64 residences, a pool and spa/hot tub. Shana Daby and Rebecca Reich of Greystone sourced the transaction, while Thomas Wayda and Dante DiStefano of Greystone handled the debt placement. The financing, which includes a 36-month term, was provided by an undisclosed lender.

October 28, 2024

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