SAN DIEGO — PSRS has arranged a $10 million loan for the refinancing of Mercy Medical, a medical office building in San Diego. Built in 1979 and renovated in 2017, the seven-story, multi-tenant building features 86,288 rentable square feet. James Mulvihill, Kevin Mulvihill and Alexander Santulis of PSRS secured a nonrecourse, interest-only loan with flexible prepayment terms through one of PSRS’ correspondent life insurance company lenders for the undisclosed borrower.
DELAWARE — Largo Capital, a financial intermediary based in upstate New York, has arranged a $14.5 million CMBS permanent loan for a portfolio of three manufactured housing properties totaling 342 sites in Delaware. The names and addresses of the properties, which collectively span more than 100 acres and were 94 percent occupied at the time of loan closing, were not disclosed. Jack Phillips of Largo Capital originated the nonrecourse, interest-only loan. The borrower and direct lender were also not disclosed.
BATON ROUGE, LA. — Trademark Property Co. has recapitalized Perkins Rowe, a 518,830-square-foot mixed-use town center in Baton Rouge, with Dallas-based real estate investment manager TriGate Capital LLC. Terms of the recapitalization structure were not released. The property comprises 384,171 square feet of retail space and 134,659 square feet of Class A office space. Trademark and TriGate plan to refresh and revitalize Perkins Rowe with improvements to the public spaces, updated signage, modernized office common areas, fresh paint, landscaping and other placemaking enhancements. Trademark, which has operated Perkins Rowe since 2016, has recently attracted tenants such as Free People, Drago’s, Tacos del Cartel and Tecovas to the development, as well as extended leases with anchor tenants including The Fresh Market and Cinemark Theatres.
HOPKINTON, MASS. — JLL has arranged the refinancing of a 198,336-square-foot manufacturing facility in the western Massachusetts suburb of Hopkinton. The loan amount was not disclosed. The two-building facility sits on 19 acres at 68-78 Elm St. and was fully leased at the time of the loan closing to life sciences and diagnostics company Revvity. Andrew Gray, Ryan Parker and Brooke Howard of JLL arranged the loan through an undisclosed commercial bank on behalf of the borrower, locally based investment firm NorthBridge Partners.
ORLANDO, FLA. — JLL and HJ Sims have arranged $134.3 million in tax-exempt bond financing for a seniors housing development currently underway in Orlando. Dubbed Millenia Moments Orlando, the community will feature 151 independent living, 78 assisted living and 32 memory care units. Trinity Community Development Foundation, a nonprofit formed by Trinity Broadcasting Network (TBN), is the developer and borrower. Completion of the facility, which will total 316,900 square feet, is scheduled for 2027. The community will feature floorplans in one- and two-bedroom layouts. Memory care residences will include 26 private and six companion units. Amenities at the community will include a fitness center, theater, library, business center, art studio, dog park, game rooms, a beauty salon and an outdoor pool area. Vitality Senior Living will operate the community. JLL Securities and HJ Sims, in collaboration with JLL Capital Markets’ seniors housing team, acted as co-underwriters and arranged the fixed-rate financing, which comprises tax-exempt senior series 2025A bonds with a final maturity of 40 years.
SAN JOSE, CALIF. — Slatt Capital has arranged a $19.7 million loan for the refinancing of Sun Garden Retail Center, a 107,899-square-foot retail property located in San Jose. Slatt Capital secured the fixed-rate, 12-year loan through a life insurance company on behalf of the borrower. Walmart anchors Sun Garden Retail Center, which occupies the former site of the Sun Garden Packing Co., a legacy cannery connected to San Jose’s agricultural roots. Other tenants at the property include Big 5 Sporting Goods, Chipotle Mexican Grill, Starbucks Coffee, Chevron and Jack in the Box.
FORT MILL, S.C. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $6.5 million loan for the refinancing of Society Lane Industrial Park in Fort Mill, a South Carolina suburb of Charlotte. The 11-building property was fully leased at the time of financing to 13 tenants. Duke Dennis of MMCC’s Dallas office arranged the five-year loan through an undisclosed bank on behalf of the owner, Phoenix Industrial Redevelopment. The loan was structured at 250 basis points above the 5-year Treasury yield, with a 25-year amortization schedule and stepdown prepayment options.
DEARBORN, MICH. — District Capital has secured a $25.1 million first mortgage loan for a 622-bed student housing community at the University of Michigan – Dearborn. Mike Lemon of District Capital arranged the nonrecourse loan through a bank. The loan features a five-year term, fixed interest rate, one year of interest-only payments and a 30-year amortization.
CHICAGO — Walker & Dunlop Inc. has arranged $22.6 million in equity for Parkside 5, the fifth and final phase of the Parkside at Old Town development, a 99-unit community located on the former Cabrini-Green public housing site in Chicago’s Near North Side. Jennifer Erixon led the Walker & Dunlop team that syndicated Low-Income Housing Tax Credits and Illinois Donation Tax Credits on behalf of the borrower, Holsten Real Estate Development Corp. Walker & Dunlop Affordable Equity syndicated the equity to JP Morgan, resulting in $22.6 million of equity to support the development. In addition to syndicating the credits, JP Morgan is also providing a construction loan. The funding will support the construction of a mix of market-rate and affordable units, with 37 of the units benefitting from a 20-year Section 8 Housing Assistance Payment contract. The affordable units will be reserved for households earning between 50 and 60 percent of the area median income. Parkside 5 will feature three three-story, walk-up buildings and an eight-story mid-rise structure with townhome units at its base. Planned amenities include a community room, fitness center and onsite social services for residents. A playground and dog park will be open to the community.
SURFSIDE BEACH, S.C. — Cronheim Hotel Capital has arranged a $23.6 million loan for the refinancing of Holiday Inn Resort, a 206-room, beachfront hotel in Surfside Beach, a city in the Myrtle Beach metropolitan area. The borrowers, Innisfree Hotels and RREAF Holdings, purchased the 11-story property as an independent hotel in late 2023 and invested capital to convert the asset to a Holiday Inn Resort. The direct lender was an undisclosed regional bank. According to the property website, the hotel features an onsite restaurant, fitness center, pool and a kids splash pad.
