CAMBRIDGE, MASS. — Square Mile Capital Management LLC has provided a $433.8 million construction loan for the next phase of Cambridge Crossing, a mixed-use development in the Boston area. The loan will fund construction of a nine-story, 479,000-square-foot life sciences and tech building with ground-floor retail space and below-grade parking. The borrower was DivcoWest, a developer with five offices around the country. Cambridge Crossing will ultimately feature 2.1 million square feet of life …
BOSTON — Citizens Commercial Banking has provided a $53 million construction loan for 7INK, a 180-unit multifamily project in Boston. The property will be located within Ink Block, a mixed-use development at the former site of The Boston Herald in the city’s South End neighborhood. Floor plans will include fully furnished studios, one-bedroom residences and shared suites. The borrower was Massachusetts-based National
NEW YORK CITY — Berkadia has arranged a $32 million senior loan with a mezzanine loan component for a 60-unit residential project at 433 W. 53rd St. in Midtown Manhattan. Proceeds will be used to stabilize the community, construction of which was recently completed. Keysite Capital Partners provided the loan to the borrower, Emmut Properties. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia handled the
HOUSTON — East West Bank has provided a $20 million loan for the refinancing of Sam Houston Crossing II, a 160,000-square-foot office building in Houston. Built in 2013, the three-story property is situated on 8.5 acres along the Sam Houston Tollway and was fully leased at the time of sale. John Ream and Laura Sellingsloh of JLL arranged the loan, which was structured with a five-year term and a 4 percent interest rate, through East West Bank on behalf of the borrower, Buchanan Street …
SUGAR LAND, TEXAS — CBRE has arranged a $28.2 million bridge loan for the refinancing of Overture Sugar Land, a 200-unit active adult community in the Houston suburb of Sugar Land. The community opened in 2017 and features a coffee bar and bistro, pool, yoga studio and access to nature trails. Aron Will, Austin Sacco and Adam Mincberg of CBRE arranged the nonrecourse, floating-rate loan with 18 months of interest-only payments on behalf of the borrower, Greystar. The lender was MF1 Capital, …
HOUSTON — PGIM Real Estate Finance has provided $48 million in Freddie Mac permanent financing for Red Line Station, a 300-unit affordable housing project in Houston. The borrower, San Antonio-based The NRP Group, will use a majority of the funds to retire construction debt. The loan was structured with a 10-year term and a 35-year amortization schedule. At least 50 percent of the units will be reserved for renters earning up to or less than 80 percent of the area median
SAN ANTONIO — Hunt Real Estate Capital has provided a $45 million bridge loan for the refinancing of a portfolio of 645 multifamily units in San Antonio and nearby Universal City. The sponsor was LYND Co., a locally based investment and development firm. The portfolio includes the 224-unit Auburn Creek in San Antonio; the 205-unit Fairways 5 in San Antonio; and the 216-unit Meadows Apartments in Universal City, all of which were built in the mid-1970s. LYND will use a portion of the proceeds …
SEASIDE HEIGHTS, N.J. — Procida Funding has provided a $10 million construction loan to The Mabie Group to finance the reconstruction of the Belle-Freeman Amusement Pier in Seaside Heights. The coastal city is located about 65 miles east of Philadelphia. Dating back to the early 1920s, the pier was previously home to a number of small eateries, arcades, amusement games and rides but was ravaged by Superstorm Sandy in 2012 and finally destroyed by a fire in 2013. Proposed plans call for the …
DALLAS — Truist Financial Corp., the entity formed by the merger of BB&T and SunTrust, has provided a $39.1 million Fannie Mae acquisition loan for Reserve at White Rock, a 312-unit apartment community in Dallas. The Class A property was built in 2000 in multiple phases and offers one-, two- and three-bedroom units. Amenities include a pool, fitness center, social area with a lounge and kitchen, theater room, business center, outdoor grilling stations, conference room and a jogging trail. …
HALTOM CITY, TEXAS — Chicago-based NXT Capital has provided a $37.8 million acquisition loan for an undisclosed, 312-unit apartment community in Haltom City, about eight miles north of downtown Fort Worth. The property features a pool, fitness center, business center, playground, outdoor grilling station, game room and a sport court. Alex Inman of Walker & Dunlop placed the loan with NXT Capital on behalf of the undisclosed
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