TOBYHANNA, PA. — Cushman & Wakefield has arranged a $45 million loan for the refinancing of Arcadia North, a 1 million-square-foot industrial facility located in the Eastern Pennsylvania community of Tobyhanna. The property was built in 2020 and was fully leased to Lowe’s Home Center at the time of the loan closing. Building features include a clear height of 36 feet, four drive-in doors, 105 dock doors, 316 car parking spaces, 469 trailer parking stalls and an ESFR sprinkler system. Steve Kohn, John Alascio, Alex Hernandez, Aaron Graves, T.J. Sullivan and Jason Blankfein of Cushman & Wakefield arranged the loan through Northwestern Mutual on behalf of the borrower, institutional investors advised by J.P. Morgan Global Alternatives.
Cronheim Mortgage Arranges $50M Permanent Loan for Northern New Jersey Shopping Center
WOODCLIFF LAKE, N.J. — Locally based financial intermediary Cronheim Mortgage has arranged a $50 million permanent loan for Tice’s Corner, a 120,000-square-foot shopping center in the Northern New Jersey community of Woodcliff Lake. The two-building center was constructed on 13.4 acres in 2001 and was fully leased at the time of the loan closing. Tenants include Apple, Anthropologie, Free People, GAP, J. Crew, Panera Bread, Pottery Barn, Madewell, Nike and Williams-Sonoma. Dev Morris, Andrew Stewart and Allison Villamagna of Cronheim Mortgage arranged the loan on behalf of the borrower, an affiliate of Connecticut-based David Adam Realty. The direct lender was not disclosed.
Dwight Capital Provides $38.3M HUD-Insured Construction Loan for Delaware Multifamily Project
BRIDGEVILLE, DEL. — New York City-based Dwight Capital has provided a $38.3 million HUD-insured construction loan for Villas at Bridgeville, a 152-unit multifamily project in Delaware. The project will consist of 34 townhome and duplex buildings and one amenity building on a 23-acre site. Units will have private patios/balconies and two-car garages, and amenities will include a pool, fitness center, playground and walking trails. Daniel Malka and Jacob Gauptman of Dwight Capital originated the financing on behalf of the borrower, Allen & Rocks Inc. A construction timeline was not disclosed.
Greystone Provides $32.2M Agency Loan for Refinancing of Metro Houston Apartments
HUMBLE, TEXAS — Greystone has provided a $32.2 million Fannie Mae loan for the refinancing of The Villas at Foxbrick, a 412-unit apartment community located in the northern Houston suburb of Humble. Built in 2004, the property offers one- and two-bedroom units. According to Apartments.com, amenities include a pool, fitness center, courtyard and package locker service. Anthony Cristi of Greystone originated the financing. Gregory Vassilakos of Cosmos Capital Group served as the loan arranger and correspondent. The borrower was not disclosed.
Largo Capital Arranges $15M Refinancing of Multifamily Property in Norristown, Pennsylvania
NORRISTOWN, PA. — Largo Capital, a commercial intermediary based in upstate New York, has arranged a $15 million loan for the refinancing of a multifamily property in Norristown, a northwestern suburb of Philadelphia. The unnamed property consists of 17 buildings totaling 328 units that were 99 percent occupied at the time of the loan closing. Neal Colligan of Largo Capital originated the financing. The direct lender and borrower were not disclosed.
Partnership Receives $334M in Financing for Bronx Industrial Facility
NEW YORK CITY — A partnership between locally based developer Innovo Property Group and Affinius Capital, which is a partnership between USAA Real Estate and Square Mile Capital Management, has received $334 million in financing for an industrial facility in The Bronx. The financing consists of $250 million in debt from the existing construction lender, Bank OZK, and an $84 million mezzanine loan from PIMCO. The two-story, 1 million-square-foot property at 2505 Bruckner Ave. was delivered in 2022 and features clear heights of 28 to 32 feet, 106 loading doors and 664 interior parking spaces. At the time of the loan closings, the facility was 53 percent leased to an undisclosed, global e-commerce firm.
Bellwether Enterprise Arranges $26.6M Loan for Refinancing of Long Island Seniors Housing Community
LEVITTOWN, N.Y. — Bellwether Enterprise Real Estate Capital (BWE) has arranged a $26.6 million loan for the refinancing of Village Green, a 103-unit seniors housing property located in the Long Island community of Levittown. Built in late 2020, Village Green offers assisted living and memory care services. Taylor Mokris and Ryan Stoll of BWE originated the financing through a regional bank on behalf of the borrower, an undisclosed regional owner-operator. The loan carried a three-year term, 30-year amortization schedule and 24 months of interest-only payments. The direct lender was an undisclosed regional bank.
Breakthrough Properties Receives $130M Construction Loan for Philadelphia Life Sciences Project
PHILADELPHIA — Breakthrough Properties, which is a joint venture between New York City-based Tishman Speyer and biotechnology investment firm Bellco Capital, has received a $130 million construction loan for a life sciences project in Philadelphia. The site at 2300 Market St. in the Center City District is adjacent to both the University of Pennsylvania and Drexel University and will house an eight-story, 223,000-square-foot building. Amenities will include a café and lounge, fitness center and elevated terraces. D2 Capital Advisors arranged the loan through Corebridge Financial on behalf of Breakthrough Properties. Construction of the building shell is expected to be complete by next summer, at which point tenant build-outs will commence.
JLL Arranges $350M in Construction Debt, Equity for Queens Multifamily Project
NEW YORK CITY — JLL has arranged a total of $350 million in construction debt and joint venture equity for The Italic, a 363-unit multifamily project that will be located in the Long Island City area of Queens. The Italic will house 254 market-rate units and 109 affordable housing units, as well as 10,000 square feet of retail and restaurant space. Residences will come in studio, one- and two-bedroom floor plans and have an average size of 770 square feet. Amenities will include a fitness center, basketball court, resident lounge, coworking space, rooftop terrace and a golf simulator. Christopher Peck, Alex Staikos, Rob Hinckley, Steven Rutman and Nicco Lupo of JLL placed the debt through an undisclosed lender and structured the joint venture between the locally based developer, Fetner Properties, and its partner, The Lions Group. A tentative completion date was not disclosed.
Walker & Dunlop Arranges $81.7M in Financing for Affordable Housing Projects in The Bronx
NEW YORK CITY — Walker & Dunlop has arranged $81.7 million in financing for the development of three affordable housing projects totaling 179 units in The Bronx. The financing consists of $50.8 million in construction debt that was provided by CIT and $30.9 million in limited partnership equity with CBRE Investment Management. Aaron Appel, Mo Beler, Jonathan Schwartz, Adam Schwartz, Keith Kurland and Michael Ianno of Walker & Dunlop arranged the financing on behalf of the borrower, a partnership between Spaxel LLC and Atalaya Capital Management. Information on specific income restrictions and a construction schedule were not disclosed.