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Loans

EastVillage-Austin
LoansMixed-UseTexas

Cottonwood Group Provides $284M in Financing for East Austin Mixed-Use Development

by Taylor Williams

AUSTIN, TEXAS — Cottonwood Group, a real estate private equity firm with offices in Boston, Los Angeles and New York, has provided $284 million in financing for EastVillage, a 425-acre mixed-use development that is underway in East Austin. The senior bridge loan supports the recapitalization of a 312-unit multifamily property known as The Vaughan; an under-construction mixed-use multifamily and retail complex known as The Janis; 19 entitled land parcels; and the remaining unsold luxury units at The Linden Residences. Buffalo-based Reger Holdings is the master developer of EastVillage, which also recently added several new retailers to its tenant roster. Newmark arranged the debt.

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Palladium-Lewisville
Affordable HousingDevelopmentLoansMultifamilyTexas

Palladium USA Breaks Ground on $30M Mixed-Income Multifamily Project in Lewisville, Texas

by Taylor Williams

LEWISVILLE, TEXAS — Locally based developer Palladium USA has broken ground on a $30 million mixed-income multifamily project in the northern Dallas suburb of Lewisville. Palladium Lewisville will total 90 units in one-, two- and three-bedroom floor plans, and amenities will include a pool, fitness center, business center, children’s play area and a clubroom with a communal kitchen. The first units are expected to be available for occupancy before the end of the year. PNC Bank provided $10.8 million in long-term debt and $13.3 million in equity as part of the financing of the project.

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IndustrialLoansSelf-StorageSoutheastVirginia

Cohen Investment Group Obtains $51.5M Financing for Industrial Complex in Virginia Beach

by John Nelson

VIRGINIA BEACH, VA. — Cohen Investment Group has obtained a $51.5 million financing package for the refinancing of Castleton Commerce Center, a 470,618-square-foot industrial complex in Virginia Beach. Eastern Union arranged the financing through Bank of America, which refinanced a $58.2 million bridge loan that Eastern Union originated when Cohen Investment Group purchased the property in 2021. Castleton Commerce Center features 409 self-storage units, 375 warehouse units totaling nearly 330,000 rentable square feet and 190 boat and RV parking spaces.

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FloridaLoansOfficeSoutheast

CBRE Arranges $30.2M Loan for Cornerstone One Office Property in Plantation, Florida

by John Nelson

PLANTATION, FLA. — CBRE has arranged a $30.2 million loan for Cornerstone One, a nearly 170,000-square-foot office building located at 1200 S. Pine Island Road in the Fort Lauderdale suburb of Plantation. Amy Julian and Andrew Chilgren of CBRE arranged the bank balance sheet loan. The names of the borrower and direct lender were not disclosed, but multiple media outlets report that The Brookdale Group purchased the property in 2023. Julian says that the owner has executed nearly 90,000 square feet of leasing activity at Cornerstone One over the past two years. The landlord also plans to overhaul the office building’s lobby, upgrade the patios and install move-in ready spec suites.

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IndustrialLoansTexas

JLL Arranges Acquisition Loan for Industrial Outdoor Storage Facility in Cedar Hill, Texas

by Taylor Williams

CEDAR HILL, TEXAS —JLL has arranged an acquisition loan of an undisclosed amount for a 7.5-acre industrial outdoor storage (IOS) facility in Cedar Hill, located southwest of Dallas. Built in 2015, the facility houses a 15,023-square-foot service building with office space and was fully leased at the time of the loan closing to an undisclosed provider of traffic equipment and services. C.W. Sheehan, Kristi Leonard, Peyton Ackerman and Nate Henderson of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, Apricus  Realty Capital, which acquired the property via sale-leaseback. The direct lender was not disclosed.

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AcquisitionsLoansMultifamilySoutheastTennessee

Colliers Mortgage Provides Agency Loan for 193-Unit Canyon and Knox Landing Apartments in Knoxville

by John Nelson

KNOXVILLE, TENN. — Colliers Mortgage has provided a seven-year Fannie Mae loan for the acquisition of Canyon and Knox Landing Apartments, a 193-unit multifamily community in Knoxville. The borrower and loan amount were not disclosed. Built in 1974, Canyon and Knox Landing features a mix of studio, one- and two-bedroom apartments ranging in size from 228 to 864 square feet, as well as a fitness center, laundry facilities, pet play area, picnic area, pool, tennis court and a volleyball court.

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IllinoisLoansMidwestMultifamily

JLL Originates $113.7M Loan for Refinancing of Chicago Apartment Tower

by Kristin Harlow

CHICAGO — JLL Capital Markets has originated a $113.7 million Freddie Mac loan for the refinancing of K2 Apartments, a 34-story apartment tower in Chicago’s Fulton Market district. The 496-unit property is located at 365 N. Halsted St. just west of the Chicago River. Constructed in 2013, K2 Apartments features a range of units from studios to three-bedroom layouts. Amenities include a pool, terrace lounge, movie theater room, 24-hour concierge service, a dog park and indoor basketball court. Danny Kaufman, Medina Spiodic and Rebecca Brielmaier of JLL arranged the seven-year, fixed-rate loan on behalf of the borrower, Georgetown Co.

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AcquisitionsIllinoisLoansMidwestOffice

Northwind Group Provides $62.5M Acquisition Loan for Office Building in Chicago’s East Loop

by Kristin Harlow

CHICAGO — Northwind Group has provided a $62.5 million first mortgage, senior secured acquisition and lease-up loan collateralized by 303 East Wacker Drive, a 30-story office building in Chicago. The property totals more than 1 million square feet and includes a 282-space parking garage. Situated on the Chicago River in the East Loop submarket, the building was roughly 75 percent occupied at the time of loan closing. A joint venture between 601W Cos. and David Werner Real Estate Investments was the buyer. The financing facilitated the acquisition from the existing lender via a deed-in-lieu of foreclosure from prior ownership, Beacon Capital Partners. The building has been recently renovated and modernized with over $32 million of upgrades and tenant-focused improvements. A new amenity center on the entire 30th floor overlooks Lake Michigan. John Vavas of Polsinelli Law Firm represented Northwind.

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1800-Broadway-San-Antonio
AcquisitionsLoansMultifamilyTexas

IPA Brokers Sale of 230-Unit Multifamily Property in San Antonio

by Taylor Williams

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a 230-unit multifamily property located in San Antonio’s Lower Broadway area. Built in 2013, 1800 Broadway offers studio, one- and two-bedroom units with an average size of 897 square feet. Residences are furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, business center, coffee bar and outdoor grilling and dining stations. Drew Garza and Will Balthrope of IPA represented the undisclosed seller in the transaction. Marko Kazanjian and Andrew Cohen, also with IPA, arranged $31.8 million in acquisition financing through Prime Finance on behalf of the buyer, a joint venture between Austin-based OTH Capital and Chicago-based Pearlmark.

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FloridaLoansSeniors HousingSoutheast

BWE Secures $76M Refinancing for Carlisle Naples Seniors Housing Community in Southwest Florida

by John Nelson

NAPLES, FLA. — BWE has secured a $76 million loan for the refinancing of The Carlisle Naples, a Class A seniors housing community in Naples. Operated by Senior Resource Group (SRG), the 18-acre community features 257 independent living apartments and 93 assisted living units. Ryan Stoll and Taylor Mokris of BWE arranged the financing on behalf of the borrower, a joint venture between Harbert Management Co. and SRG. The sponsors recently completed a capital improvement program at The Carlisle Naples.

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