WELLINGTON, FLA. — Aztec Group has arranged $28.3 million in construction financing for the completion of The Square at Lotis Wellington, the retail phase of the larger 120-acre Lotis Wellington mixed-use development in Wellington, about 16 miles west of West Palm Beach. Boca Raton-based JKM Developers launched the development with its in-house general contractor and now has secured financing from Amerant Bank. Sean Harrington of Aztec Group arranged the financing on behalf of JKM. According to the South Florida Business Journal, the loan will cover nearly 100,000 square feet of two inline retail buildings that will include offices, restaurant outparcels, a daycare and early learning center, as well as a three-level parking garage. The overall mixed-use development of Lotis Wellington is scheduled for completion in the second quarter of this year. Additional phases of the development comprise 372 multifamily units and two medical offices totaling 60,000 square feet.
LAWRENCEVILLE, GA. — Marcus & Millichap has arranged the $3.7 million sale of a net-leased Walgreens retail property in Lawrenceville, roughly 30 miles northeast of downtown Atlanta. Built in 2004, the freestanding property is situated on 1.2 acres. Walgreens has just under 10 years remaining on its corporate-guaranteed, absolute-net lease with options to renew. Ashish Vakhariya, Darin Gross and Seth Haron of Marcus & Millichap’s Detroit office marketed the property on behalf of the undisclosed seller and procured the buyer, a local private investor, in the transaction. John Leonard is the firm’s broker of record in Georgia. Additionally, Luke Lamoreaux of Marcus & Millichap Capital Corp. (MMCC), a subsidiary of Marcus & Millichap, secured acquisition financing for the asset.
NEWARK, N.J. — Eastern Union has arranged an $11 million loan for the refinancing of The BLVD, a 71,000-square-foot mixed-use building in Newark. The BLVD is an adaptive reuse of a former office building and is currently under construction. The borrower, Mid-Atlantic Investment Alliance, is converting the property into a 40-unit multifamily building with ground-floor commercial space, with eight units to be designated as affordable housing. Residential amenities will include a rooftop deck, party and game room and a fitness center. Chaim Greenfield, Joseph Sasson and Alex Jaffa of Eastdil Secured arranged the 24-month loan through an undisclosed lender.
IPA Arranges $60.9M in Redevelopment Financing for Mixed-Use Project in Huntington Beach, California
HUNTINGTON BEACH, CALIF. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $60.9 million in financing for a 28.9-acre oceanfront redevelopment project in Huntington Beach. Gary Mozer of IPA Capital Markets secured the 18-month, nonrecourse loan on behalf of a California-based investment and development firm. The borrower plans to develop a residential and hospitality property, which was approved by the Huntington Beach City Council, on the parcel. The residential plan includes more than 200 for-sale, single-family detached and attached homes and a 50-unit affordable housing community with 25 units to be rented to hotel workers employed onsite and nearby. The hospitality component will include a 215-room boutique hotel with 19,000 square feet of retail space. Additionally, the project plan includes 2.8 acres of coastal conservation and 4.4 acres of public parks. The project is currently in predevelopment with construction slated to commence near the end of the year.
SAN ANTONIO — California-based mortgage banking firm Slatt Capital has arranged an $11.2 million bridge loan for Villas at Bella Vista, a 43-unit, newly constructed build-to-rent project in San Antonio. The property is located on the city’s west side and offers three- and four-bedroom townhomes with an average size of 1,840 square feet that also feature private backyards and attached garages. Rents at the property start at $2,380 per month. John Darrow and Dominic Sestito of Slatt Capital arranged the loan through Los Angeles-based lender Arixa Capital. The undisclosed borrower will use the proceeds to retire construction debt and fund lease-up costs.
ENGLEWOOD, COLO. — CrossHarbor Capital Partners has provided $21.5 million in capital to a joint venture between CenterSquare Investment Management and Quannah Partners. Loan proceeds will go to refinancing The Point, a two-building Class A industrial park in Englewood. Developed by Quannah Partners and CenterSquare in 2024, The Point features 195,000 square feet spread across two buildings on 15 acres at 8039 Chambers St. in Englewood.
FORT MYERS, FLA. — Berkadia has arranged a $65 million bridge loan for the refinancing of The Orchard at Portofino Vineyards, a newly built, 264-unit, garden-style multifamily property located at 9920 Portofino Vineyards Drive in Fort Myers. Brad Williamson, Kyle Ryan, Mitch Sinberg, Scott Wadler and Matt Robbins of Berkadia secured the loan through MF1 Capital on behalf of the owner, Prime Group. The Hollywood, Fla.-based borrower will use proceeds from the two-year, floating-rate loan to pay off a $49.5 million construction loan. Prime Group received its final temporary certificate of occupancy (TCO) for The Orchard at Portofino Vineyards in January. The property was 28 percent occupied at the time of financing.
WAKEFIELD, MASS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.6 million loan for the refinancing of Lofts at 27 Water Street, a 46-unit apartment complex located north of Boston in Wakefield. The complex spans two buildings and includes 13,000 square feet of commercial space. Robert Bhat of MMCC arranged the five-year, nonrecourse loan, which carried an interest rate of 5.86 percent and a 65 percent loan-to-value ratio, through an undisclosed agency lender. The borrower is Pasciuto Properties.
CHARLOTTE, N.C. — A joint venture between MRP Realty, Asana Partners and Rockefeller Group has received construction financing for Brooklyn & Church, an adaptive reuse project in Charlotte. The project will convert the former Duke Energy headquarters, located at 526 S. Church St., into a 460-unit apartment community with 57,000 square feet of retail space. The financing amount and construction timeline were not disclosed. The Duke Energy headquarters was originally built in 1975. MRP Realty and Asana Partners acquired the building in 2022. The building’s core and shell will be preserved, but the façade will be reskinned with new windows and balconies. Once converted, Brooklyn & Church will comprise 800,000 square feet across 13 stories, with amenities including a rooftop deck and pool with grilling stations, fitness center and spa space, coworking space, bike room and a dog run with pet spa. The property’s loft-style apartments will have 13.6-foot, exposed ceilings. In addition to the apartments and ground-floor retail space, the property will offer a new three-story, 30,000-square-foot retail building at the corner of Church Street and Brooklyn Village Avenue that will be connected to the main building via a 60-foot walkway.
IRVING, TEXAS — A joint venture between LaTerra Development and Platinum Storage has received a $21 million loan for a self-storage redevelopment project in Irving. The site at 2488 Market Place Blvd. formerly supported retail use and is adjacent to an existing Home Depot store and a future H-E-B grocery store. The project will transform the former retail site into a 195,000-square-foot facility. The number of units was not disclosed, but the facility will feature climate-controlled space and RV storage capabilities. An affiliate of New York City-based Andover Properties provided the loan.