NEW YORK CITY — Northmarq has provided a $12.9 million Fannie Mae loan for the refinancing of a 35-unit apartment building located at 49 Ludlow St. in Manhattan’s Lower East Side that was originally constructed in 2000. According to Apartments.com, the elevator-served building offers two- and three-bedroom units, with private terraces available in select residences, as well as onsite laundry facilities. Tom Peloquin led the Northmarq team that originated the 10-year loan on behalf of the borrower, an entity doing business as The Downtown Apartments LLC.
RENO, NEV. — JLL Capital Markets has arranged refinancing for HERE Reno, a student housing community serving the University of Nevada, Reno. JLL represented the borrower, Article Student Living, in facilitating the three-year, floating-rate financing with PPM America Inc. Located at 920 Evans Ave., HERE Reno offers 636 beds in studio, one-, two-, three-, four- and five-bedroom, fully furnished apartments, a 24-hour fitness center, a study lounge with private rooms, hot tub and sundeck, coffee and breakfast bar, clubroom with kitchen and gaming zones and a club lounge. The asset was built in 2022.
GRESHAM, ORE. — PH Development has obtained $15.9 million in financing for Woodland Flats, a hotel-to-multifamily conversion project in Gresham. Tom Wilson, Steve Petrie and Jake Davidson of JLL Capital Markets Debt Advisory secured the two-year bridge loan through AGP Capital for the borrower. PH Development plans to convert an existing hotel, located at 2752 NE Hogan Drive, into Woodland Flats, a 120-unit multifamily property with 6,400 square feet of ground-floor retail space. The community will offer a mix of studios, one- and two-bedroom units, with rents ranging from $1,200 to $1,600 per month. Community amenities will include a swimming pool, fitness center and exterior courtyard. The project will require $6.1 million in capital improvements and is slated to take 10 months to complete.
NEW YORK CITY — Northmarq has provided a $50 million Fannie Mae loan for the refinancing of Tompkins Square Plaza, a 124-unit apartment building located at 190 E. 7th St. in Manhattan’s East Village area. The transit-served, doorman-equipped building was originally constructed in 1998 and offers two- and three-bedroom units, as well as a fitness center and rooftop terrace. Tom Peloquin led the Northmarq team that originated the 10-year loan on behalf of the borrower, The Downtown Apartments LLC.
HOUSTON — Newmark has arranged a $450 million loan for the refinancing of Texas Tower, a 47-story office building in downtown Houston. Located at 845 Texas Ave. on the former site of the Houston Chronicle newspaper, the tower comprises 1.2 million square feet. A partnership between locally based real estate giant Hines and Ivanhoé Cambridge delivered the property in 2021. Jordan Roeschlaub, Jonathan Firestone, Clint Frease, Blake Thompson, Travis Bailey, Peter Mavredakis and Tim Polglase of Newmark arranged the loan on behalf of Hines and Ivanhoé Cambridge. Wells Fargo and Morgan Stanley provided the CMBS single-asset single-borrower (SASB) loan. “The refinancing for this property was particularly notable as it marked the first time in two years that a multi-tenant office tower outside of New York City was financed in the CMBS single-asset, single-borrower market,” said Firestone. Texas Tower was 95 percent leased at the time of refinancing. Newmark stated that more than 500,000 square feet of leasing has taken place over the past year. Tenants at the property currently include McGuireWoods, Vinson & Elkins, Morgan Stanley, Cheniere Energy Inc. and Clifford Chance. Texas Tower also serves as Hines’ global headquarters. The skyscraper offers amenities such as a lobby, green spaces, …
JERSEY CITY, N.J. — New York-based developer Alpine Residential has received $142.7 million in financing for Scholars Village, a 500-unit multifamily project that will be located in Jersey City. The financing consists of a four-year, floating-rate construction loan from Bank OZK and a preferred equity investment from EOS Residential Investors. Scholars Village will comprise two 12-story buildings with studio, one-, two- and three-bedroom units, as well as 4,101 square feet of ground-floor commercial space. Thomas Didio, Thomas Didio Jr. and Michael Mataras of JLL arranged the debt and equity on behalf of Alpine Residential.
SCHENECTADY, N.Y. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $12.9 million loan for the refinancing of Crosstown Plaza, a 210,515-square-foot grocery-anchored shopping center in Schenectady, located just north of Albany. According to LoopNet Inc., Crosstown Plaza was built in 1978 and renovated in 2018). Tenants include grocer Price Rite, Harbor Freight Tools and Ocean State Job Lot. Steven Rock of MMCC arranged the loan, which carried a three-year term and a 25-year amortization schedule, through an undisclosed bank. The sponsor was also not disclosed.
VAN NUYS, NORTH HILLS, PANORAMA CITY AND GARDENA, CALIF. — Northmarq has arranged $64.6 million in financing for the acquisition of a 596-unit, seven-property multifamily portfolio in the San Fernando Valley. The borrower is a Moorpark, Calif.-based private owner. Zalmi Klyne of Northmarq’s Los Angeles office secured the 76 percent loan-to-value acquisition financing through numerous correspondent relationships with banks. The fixed-rate transaction was priced in the high 5 percent range and structured with interest-only payments. The portfolio includes:
INDIANAPOLIS — Cronheim Hotel Capital has provided a $30 million loan to finance the recently converted 128-room Aloft Indianapolis Downtown hotel. The borrower, Everwood Hospitality Partners, converted the historic Stock Yards Bank & Trust Co. office building into the hotel. Beau Williams of Cronheim originated the loan. The asset is within walking distance of the Indiana Convention Center, Lucas Oil Stadium, Gainbridge Field and Monument Circle.
SANDUSKY, MICH. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.3 million loan for the refinancing of a multifamily portfolio comprised of 112 units across four properties in Michigan’s “Thumb Region.” Luke Lamoreaux of MMCC arranged the loan with a Michigan-based bank on behalf of the private borrower. The three-year loan featured a 6.9 percent interest rate with 12 months of interest-only payments followed by a 25-year amortization. The portfolio features a mix of studio to three-bedroom units and is located near the Lake Huron shoreline.