CBRE Places $32.5M in Financing for Seattle South Lake Union Office Building

SEATTLE — CBRE, on behalf of Swift Real Estate Partners, has placed $32.5 million in financing for 425 Pontius, an office building located in Seattle’s South Lake Union neighborhood. The borrower acquired the property in March 2022.Swift Real Estate Partners will use the financing for the acquisition and renovation of the four-story, 75,000-square-foot office building. The property features four stories of office space, surface parking and two levels of underground parking. The building …

May 24, 2022Loans, Office, Washington, Western

MassHousing Provides $205M in Financing for 10 Affordable Seniors Housing Communities

BOSTON — MassHousing has provided $205 million in financing for 10 affordable seniors housing communities totaling 931 units that are located in various parts of Massachusetts. The borrower, Providence Realty Investment LLC, will use the proceeds to refinance existing debt and preserve affordability. Providence Realty Investment previously utilized $125 million from MassHousing to purchase the communities in 2011. At that time, nearly a third of the 931 apartments involved were at risk of …

May 23, 2022Affordable Housing, Loans, Massachusetts, Multifamily, Northeast, Seniors Housing

JLL Arranges $54M Loan for Refinancing of Retail Portfolio in Denver, Fort Collins Areas

ARVADA, AURORA, DENVER AND FORT COLLINS, COLO. — JLL has arranged a $54 million loan for the refinancing of a four-property, 436,055-square-foot retail portfolio in Denver and Fort Collins. The borrower is Denver-based Gart Properties.Eric Tupler of JLL placed the 10-year, fixed-rate loan with an undisclosed life insurance company. Gart used the proceeds from the nonrecourse loan to retire existing debt and to realize significant value that has been created through the renovation and …

May 20, 2022Colorado, Loans, Retail, Western

3650 REIT Provides $85M Loan for Refinancing of Office Building in Wilmington, Delaware

WILMINGTON, DEL. — 3650 REIT, a Miami-based direct lender, has provided an $85 million loan for the refinancing of WSFS Bank Center, a 371,000-square-foot office building in Wilmington, about 30 miles south of Philadelphia. Developed by Buccini/Pollin Group in 2006, the property serves as the corporate headquarters of WSFS Bank. David Strongwater of Lantern Real Estate placed the loan, which carries a 120-month term, with 3650 REIT on behalf of

May 20, 2022Delaware, Loans, Northeast, Office

JLL Arranges $43M Loan for Office, Retail Redevelopment Project in Metro Philadelphia

DREXEL HILL, PA. — JLL has arranged a $43 million loan for Drexeline Town Center, an office and retail redevelopment project located on the western outskirts of Philadelphia. The 18.5-acre site currently houses five retail and office buildings that were originally constructed between the early 1950s and 2000s. The borrower, a partnership between Baltimore-based MCB Real Estate and New Jersey-based Hampshire Cos., plans to redevelop the center into a mixed-use destination. Initial plans call …

May 19, 2022Development, Loans, Mixed-Use, Northeast, Pennsylvania

CBRE Arranges $75M Loan for Shoreway Innovation Center in Belmont, California

BELMONT, CALIF. — CBRE has arranged a $75 million loan for the acquisition and redevelopment of Shoreway Innovation Center in Belmont. The property will be redeveloped into a new life sciences campus. The borrower is Four Corners Properties.Mike Walker and Brad Zampa with CBRE Capital Markets’ Debt & Structured Finance group arranged and secured the three-year, floating-rate financing through a private equity firm. The nonrecourse loan carried two extension options.Four Corners …

May 19, 2022California, Life Sciences, Loans, Office, Western

Newmark Arranges $70.5M Construction Loan for Pittsburgh Multifamily Project

PITTSBURGH — Newmark has arranged a $70.5 million construction loan for The Park at Southside Works, a 247-unit multifamily project in Pittsburgh. The five-story property will be situated within SomeraRoad’s Southside Works mixed-use development, about 1.5 miles outside the downtown area. Units will be available in studio, one- and two-bedroom floor plans, as well as in townhome-style formats, and will be furnished with stainless steel appliances, quartz countertops and individual washers …

May 13, 2022Development, Loans, Multifamily, Northeast, Pennsylvania

CBRE Provides Agency Loan for Refinancing of Central Texas Multifamily Portfolio

AUSTIN AND SAN ANTONIO — CBRE has provided a $62.1 million Fannie Mae loan for the refinancing of a portfolio of six multifamily properties totaling 1,632 units, the majority of which are located in Central Texas. Specifically, the portfolio comprises Canyon Point, Oak Springs and Deer Oaks in San Antonio and Churchill Crossing in Austin, as well as two properties in Charleston, S.C. Nate Sittema and Kristen Reilley of CBRE originated the 10-year, interest-only loan on behalf of the borrower, …

May 11, 2022Loans, Multifamily, Texas

Partnership Receives $100M in Financing for Affordable Housing Project in The Bronx

NEW YORK CITY — A partnership between multifamily owner-operator Asland Capital Partners and locally based investment firm Pembroke Residential Holdings has received $100 million in financing for the development of a 154-unit affordable housing project in the Soundview neighborhood of The Bronx. Residences will be reserved for renters age 62 and above with income levels that represent various percentages of the area median income. In addition, 30 percent of the units will be set aside for …

May 10, 2022Affordable Housing, Development, Loans, Multifamily, New York, Northeast, Seniors Housing

JLL Arranges $21.5M Loan for Refinancing of Northern New Jersey Shopping Center

SPARTA, N.J. — JLL has arranged a $21.5 million loan for the refinancing of Sparta Town Center, an 87,984-square-foot shopping center in Northern New Jersey. Anchored by grocer Stop & Shop, Sparta Town Center was fully leased at the time of the loan closing. Other tenants include Lakeland Bank, Supercuts, Sports Care Institute, Spavia, Mathnasium and Anthony Franco’s Pizza. Thomas Didio, Thomas Didio Jr. and Salvatore Buzzerio of JLL arranged the 10-year, fixed-rate loan through Aegon …

May 9, 2022Loans, New Jersey, Northeast, Retail

CBRE Places $32.5M in Financing for Seattle South Lake Union Office Building

MassHousing Provides $205M in Financing for 10 Affordable Seniors Housing Communities

JLL Arranges $54M Loan for Refinancing of Retail Portfolio in Denver, Fort Collins Areas

3650 REIT Provides $85M Loan for Refinancing of Office Building in Wilmington, Delaware

JLL Arranges $43M Loan for Office, Retail Redevelopment Project in Metro Philadelphia

CBRE Arranges $75M Loan for Shoreway Innovation Center in Belmont, California

Newmark Arranges $70.5M Construction Loan for Pittsburgh Multifamily Project

CBRE Provides Agency Loan for Refinancing of Central Texas Multifamily Portfolio

Partnership Receives $100M in Financing for Affordable Housing Project in The Bronx

JLL Arranges $21.5M Loan for Refinancing of Northern New Jersey Shopping Center

Recent Features

Rising Interest Rates and Inflation to Fuel Change in Property Markets

Build-to-Rent Planning and Entitlements: How to Avoid Challenges

Student Housing is Growing on Institutional Investors’ Radars, Say InterFace Panelists

Retail Real Estate is All About Creating the ‘Place to Be’

SIOR: Minimal Availability, Rising Construction Costs Dampen Industrial Brokers’ Confidence

Recent Market Reports

Residential Development Nears Cyclical Peak Across RGV Markets

Atlanta Multifamily Sales Market Downshifts from ‘White Hot’ to ‘Hot’

Mixed-Use Owners in Northeast Face Retail Tenancy Dilemma

Office Designs, Layouts Look Different in Post-Pandemic Marketplace

Rio Grande Valley Retail Market Sees No Shortage of Demand from National Brands

Finance Insight 2022

Factors Compressing Affordable Housing Pipeline in 2021 Likely to Resolve in 2022

Web-Based Appraisal Tool Supports Massive Increase in Demand for Multifamily Valuations

Multifamily Investment to Expand into Secondary, Tertiary Markets in 2022

Multifamily Financing Outlook Positive Despite Volatility, Interest Rates

Growth of Affordable Housing Delayed by Approval Process Slowdowns, Supply Chain

Web-Based Multifamily Valuation Enhances Speed, Builds Better Predictions

Investment, Financing in Seniors Housing Driven by Property Performance

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