loans

TD Bank Provides $72.5M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams October 9, 2023

NEW YORK CITY — TD Bank has provided a $72.5 million construction loan for a 133-unit multifamily project in the Gowanus area of Brooklyn. The property at 544 Carroll St. will be a 17-story building that will feature an average unit size of 973 square feet and amenities such as a rooftop lounge, fitness center and event space. A quarter of the units will be earmarked as affordable housing. Christopher Peck and Peter Rotchford of JLL arranged the loan on behalf of the borrower, a joint venture between Avery Hall, Declaration Partners and Bridge Investment Group. Delivery is slated for late 2025.

October 9, 2023

Loans Multifamily New York Northeast

JLL Arranges $33M Loan for Refinancing of Manhattan Apartment Building

by Taylor Williams October 5, 2023

NEW YORK CITY — JLL has arranged a $33 million loan for the refinancing of 640 Broadway, a 21-unit luxury apartment building that occupies a full city block in Manhattan’s NoHo neighborhood. The nine-story, pre-war building was originally designed and constructed in 1896 and houses 4,241 square feet of retail space that is fully leased. Residential amenities include a fitness center and a rooftop terrace. Stephen Van Leer led the JLL team that arranged the loan through Bridge Investment Group on behalf of the borrower, Acadia Realty Trust.

October 5, 2023

Loans Multifamily Oklahoma Texas

RRA Capital Provides $20.6M Acquisition Loan for Oklahoma City Apartments

by Taylor Williams October 3, 2023

OKLAHOMA CITY — RRA Capital, a commercial bridge lender with offices in Phoenix and New York City, has provided a $20.6 million acquisition loan for a 252-unit apartment community in Oklahoma City. The property at 11239 Pennsylvania Ave. was built in the 1970s and offers one- and two-bedroom units. The borrower, GreenLite Holdings, plans to implement a value-add program that will upgrade the pool and clubhouse and install new appliances, flooring, lighting, plumbing and windows in the unit interiors. Bryan Liu and Bryan Mummaw of Northmarq arranged the debt.

October 3, 2023

Connecticut Loans Multifamily Northeast

Eastern Union Arranges $19.6M Construction Loan For Multifamily Conversion Project in Bridgeport, Connecticut

by Taylor Williams October 3, 2023

BRIDGEPORT, CONN. — Eastern Union has arranged a $19.6 million construction loan for the conversion of a former healthcare facility in Bridgeport, located in southern coastal Connecticut, into a 150-unit multifamily complex. The healthcare complex was originally built in 1971 on a 15-acre site at 600 Bond St. in the North Bridgeport section of the city. The facility will undergo a gut renovation into a two-story apartment building that will include a 7,069-square-foot fitness center. Motti Blau, Mendy Pfeifer and Hershy Fried of Eastern Union arranged the debt. The borrower and direct lender were not disclosed.

October 3, 2023

Loans Massachusetts Northeast Office

JLL Arranges $27M Loan for Refinancing of Metro Boston Office Building

by Taylor Williams October 2, 2023

QUINCY, MASS. — JLL has arranged a $27 million loan for the refinancing of One Heritage Drive, a 172,849-square-foot office building located in the southern Boston suburb of Quincy. The building is fully leased to Granite Telecommunications. Jonathan Schneider led the JLL team that arranged the five-year, fixed-rate loan through Metro Credit Union on behalf of the borrower, regional development and investment firm FoxRock Properties. A portion of the proceeds will be used to fund capital improvements.

October 2, 2023

Loans Lument Multifamily Seniors Housing Texas

Lument Provides $13.4M Agency Loan for Refinancing of Seniors Housing Complex in Metro Houston

by Taylor Williams September 29, 2023

HUMBLE, TEXAS — New York City-based Lument has provided a $13.4 million Fannie Mae loan for the refinancing of The Fordham at Eagle Springs, a 137-unit seniors housing complex in Humble, a northern suburb of Houston. The six-building, age-restricted community was built in 2020 within the Eagle Springs master-planned development and offers a pool, salon and a coffee bar. Tom Dixon of Lument originated the financing, which was structured with a 10-year term (four years of which are interest-only), fixed interest rate and a 30-year amortization schedule. The borrower was not disclosed.

September 29, 2023

Development Industrial Loans Northeast Pennsylvania

CIT Provides $44M Construction Loan for Northeast Philadelphia Industrial Project

by Taylor Williams September 29, 2023

PHILADELPHIA — CIT, a division of First Citizens Bank, has provided a $44 million construction loan for a 287,218-square-foot industrial project that will be located at 2121 Wheatsheaf Lane in northeast Philadelphia. The facility will feature a clear height of 40 feet, 36 dock doors, two drive-in doors and parking for 65 trailers and 258 cars. The borrower and developer, Greek Real Estate Partners, acquired the site in spring 2021 and subsequently demolished the existing structure. Delivery of the new facility is slated for the first quarter of 2025. JLL has been tapped as the leasing agent.

September 29, 2023

Hospitality Loans New York Northeast

Cronheim Mortgage Arranges $43.6M Loan for Refinancing of Queens Hotel

by Taylor Williams September 21, 2023

NEW YORK CITY — New Jersey-based financial intermediary Cronheim Mortgage has arranged a $43.6 million loan for the refinancing of a 220-room Hampton Inn hotel located near LaGuardia Airport in Queens. The hotel originally opened in September 2009 and offers a business center, fitness center and meeting rooms. David Turley led the Cronheim team that originated the loan through an undisclosed national debt fund. The borrower, Synergy Hospitality Management, will use a portion of the proceeds to fund capital improvements.

September 21, 2023

Loans Multifamily Texas Walker & Dunlop

Nova Capital Arranges $55.8M in Acquisition Financing for Multifamily Property in Weatherford, Texas

by Taylor Williams September 20, 2023

WEATHERFORD, TEXAS — Los Angeles-based Nova Capital has arranged $55.8 million in acquisition financing for The Mark at Weatherford, a 355-unit multifamily property located on the western outskirts of Fort Worth. The financing consists of a $37.8 million Fannie Mae senior loan provided by Walker & Dunlop and $18 million in preferred equity from Los Angeles-based Tryperion Holdings. The complex was constructed on an 11.5-acre site in 2021 and was 94 percent occupied at the time of sale. The Mark at Weatherford offers a mix of one-, two-and three-bedroom floor plans and amenities including a pool, outdoor grilling and dining stations, business center, dog park and a fitness center. Steven Yazdani of Nova Capital arranged the debt on behalf of the borrower, Darwin German Real Estate.

September 20, 2023

Loans New York Northeast Retail

Newmark Arranges $90M Loan for Refinancing of Brooklyn Shopping Center

by Taylor Williams September 13, 2023

NEW YORK CITY — Newmark has arranged a $90 million loan for the refinancing of a 181,000-square-foot shopping center located at 240 Bedford Ave. in Brooklyn’s Williamsburg neighborhood. The center is home to tenants such as Whole Foods Market, Equinox, Chipotle, Citibank and T-Mobile. Dustin Stolly, Jordan Roeschlaub, Daniel Fromm, Benjamin Kroll and Alexander Saslove of Newmark arranged the loan through Apollo Global Management. The borrower was a joint venture between Aurora Capital Associates, Midtown Equities and ACHS Management.

September 13, 2023

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