Loans

JLL Arranges Financing for 38,900 SF Dignity Health Micro-Hospital in Phoenix

by Amy Works August 8, 2024

PHOENIX — JLL Capital Markets has arranged an undisclosed amount of financing for Dignity Health Micro-Hospital, a 38,900-square-foot multi-specialty hospital with an emergency room and imaging center in Phoenix. The borrower is HPA Exchange LLC, a healthcare real estate investment company created by the executive team of Healthcare Property Advisors. John Chun and Daniel Digerness of JLL Capital Markets secured the five-year, fixed-rate acquisition loan through a national healthcare lender. Located at 7171 S. 51st Drive, Dignity Health Micro-Hospital consists of 24/7 emergency department, 16 patient beds, 10 emergency room beds, two advanced operating suites for surgical procedures, a full onsite lab, a full radiology suite with CT scan, X-ray and ultrasound capabilities, a pharmacy and a cafeteria. The asset was built to suit for Dignity Health, which leases the entire facility on a long-term, absolute net-lease basis. The property was built in 2014.

August 8, 2024

Loans Michigan Midwest Multifamily

Dwight Mortgage Trust Provides $51.3M Bridge Loan for Southgate Apartments in Michigan

by Kristin Harlow August 7, 2024

SOUTHGATE, MICH. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $51.3 million bridge loan for the refinancing of Southgate Apartments, a 624-unit garden-style multifamily property in the Detroit suburb of Southgate. The asset consists of 12 buildings with studio, one- and two-bedroom units across more than 21 acres. Amenities include a fitness center, pet grooming station, dog park, clubhouse, pool and barbecue area. The loan proceeds will retire existing debt and finance community improvements. David Scheer of Dwight originated the loan on behalf of the borrower, Pepper Pike Capital Partners.

August 7, 2024

Loans Multifamily Texas

Greystone Provides $74.6M Agency Loan for Refinancing of New Multifamily Property in Burleson, Texas

by Taylor Williams August 7, 2024

BURLESON, TEXAS — Greystone has provided a $74.6 million Fannie Mae loan for the refinancing of Shannon Creek Apartments, a 672-unit multifamily property located south of Fort Worth in Burleson. Completed in 2023, the 24-building community offers one- and two-bedroom units and amenities such as pool, fitness center, business center, game/media room, clubhouse, outdoor grilling and dining stations, sports court and a dog park. Avi Kozlowski of Greystone originated the nonrecourse, fixed-rate loan, which carries a five-year term, a 30-year amortization schedule and full-term interest-only payments. The borrower was not disclosed.

August 7, 2024

Hospitality Loans Texas

DC Partners Receives $42M Refinancing for Thompson San Antonio Hotel

by Taylor Williams August 7, 2024

SAN ANTONIO — Houston-based development and investment firm DC Partners has received a $42 million refinancing for the Thompson San Antonio Hotel. Completed in late 2020, the hotel is part of a 20-story mixed-use building and features 162 rooms, two restaurants, a spa, fitness center and 5,000 square feet of conference facilities. The financing consists of a $27.3 million loan provided by South Florida-based REIT Sunrise Realty Trust and a $14.7 million loan provided by Southern Realty Trust, both of which are business units of Tannenbaum Capital Group. Thompson is part of the Hyatt Hotels (NYSE: H) family of brands, and the building also houses 59 for-sale residences.

August 7, 2024

Acquisitions Healthcare Kentucky Loans Southeast

Cushman & Wakefield Arranges $15M Acquisition Financing for Two Medical Office Buildings in Paducah, Kentucky

by John Nelson August 7, 2024

PADUCAH, KY. — Cushman & Wakefield has arranged $15 million in acquisition financing for a pair of medical office buildings in Paducah, a Western Kentucky city situated along the Ohio River. The properties are located at 100 and 200 Clint Hill Blvd. and total nearly 62,000 square feet. Mercy Health-Lourdes Hospital LLC, an orthopedics affiliate of Bon Secours Mercy Health, fully occupy both properties. Tyler Morss of Cushman & Wakefield’s Healthcare Capital Market Team arranged the financing on behalf of the borrower, Montecito Medical Real Estate. The direct lender and seller were not disclosed, though Cushman & Wakefield stated the lender was a bank.

August 7, 2024

California Development Loans Mixed-Use Retail Western

Colliers Arranges $33M Financing for Bayfair Mall Redevelopment in San Leandro, California

by Amy Works August 7, 2024

SAN LEANDRO, CALIF. — Colliers Mortgage’s California structured finance group has arranged a $33 million bridge loan on behalf of B3 & Gaw to refinance the Bayfair Mall in the Bay Area city of San Leandro. The 715,000-square-foot property is being redeveloped into a mixed-use retail power center and R&D campus in San Leandro. The borrower’s multi-phase business plan includes closing the indoor corridors of the mall, renewing leases for existing retail tenants and filling vacancies with more suitable tenants for the market. Additionally, B3 & Gaw is transforming a one third of the property into an R&D campus. Shahin Yazdi, Jonathan Lee, Tommy Adelson and William Hyatt of Colliers arranged the financing, which includes a 36-month term with optional extensions. The loan features a fully nonrecourse structure with no interest, carry or completion guarantees.

August 7, 2024

Connecticut Industrial Loans Massachusetts Northeast

JLL Arranges $27.3M in Acquisition Financing for New England Industrial Portfolio

by Taylor Williams August 7, 2024

BOSTON — JLL has arranged $27.3 million in acquisition financing for a portfolio of two industrial buildings totaling approximately 315,000 square feet in New England. The addresses were not disclosed, but the buildings are located in Central Massachusetts and the greater Hartford area. Andrew Gray and Ryan Parker of JLL originated the nonrecourse financing through an undisclosed life insurance company. The borrower was locally based investment firm Northbridge Partners. Both buildings are leased to tenants on long-term deals.

August 7, 2024

Acquisitions Loans Mixed-Use Office Retail Washington Western

BH Properties Receives $3M Bridge Loan for Acquisition of Olympic Block Mixed-Use Complex in Seattle

by Amy Works August 7, 2024

SEATTLE — Gantry has arranged a $3 million bridge loan to finance the acquisition and repositioning of Olympic Block, a downtown Seattle mixed-use complex. The borrower is BH Properties. Located at 101 Yesler Way, the 75,000-square-foot property offers creative office space and ground-floor retail space. Acquired through a deed in lieu of foreclosure, the financing was based on a reset 2024 valuation, recognizing current vacancy and related cash flow challenges. Mark Ritchie and Alicia Sabanero of Gantry secured the three-year, fixed-rate loan through one of Gantry’s correspondent insurance company lenders. The financing features interest-only payments for the entirety of its duration.

August 7, 2024

Industrial Loans Northeast Pennsylvania

Tremont Realty Capital Provides $27M Loan for Refinancing of Industrial Property in Wayne, Pennsylvania

by Taylor Williams August 7, 2024

WAYNE, PA. — Tremont Realty Capital, a division of metro Boston-based investment firm RMR Group, has provided a $27 million loan for the refinancing of a 138,065-square-foot industrial property in Wayne, a northwestern suburb of Philadelphia. The building at 400 Devon Park Drive was originally constructed in 1969 and features clear heights of 20 to 24 feet. JLL arranged the loan, which was structured with a three-year initial term with two one-year extension options. The borrower was a joint venture between Mainstreet Capital Partners and Contrarian Capital Management.

August 7, 2024

Build-to-Rent Development Loans Single-Family Rental Texas

IPA Arranges $19.1M Construction Loan for Build-to-Rent Residential Project in Grand Prairie, Texas

by Taylor Williams August 6, 2024

GRAND PRAIRIE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $19.1 million construction loan for Villas at Bardin, a build-to-rent residential community that will be located in the central metroplex city of Grand Prairie. Homes will feature a mix of unit types and will be furnished with quartz countertops, stainless steel appliances, walk-in closets and full-size washers and dryers, as well as two-car garages and individual yards. The borrower is Dallas-based Republic Property Group. The number of units and a tentative completion date were not disclosed.

August 6, 2024

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