HOUSTON — Affinius Capital, which is a joint venture between San Antonio-based USAA Real Estate and New York-based Square Mile Capital Management, has provided a $90.6 million acquisition loan for an industrial park in Houston. The four-building, 1 million-square-foot development is located on Fairbanks North Houston Road near U.S. Highway 290 and Beltway 8. Building features include 32-foot clear heights and 180- to 185-foot truck court depths. The borrower was Dallas-based Dalfen Industrial.
JERSEY CITY, N.J. — The lending arm of New York City-based development and investment firm Slate Property Group has provided a $160 million bridge loan for 618 Pavonia Avenue, a 27-story apartment building in Jersey City. Located in the Journal Square area, the building comprises 432 apartments, 21,000 square feet of office space and 10,000 square feet of retail space. Units come in studio, one-, two- and three-bedroom floor plans, and amenities include a bowling alley, rooftop lounge, game room and a fitness center. The borrower, New York-based Namdar Group, will use the proceeds to retire $120 million in existing construction debt and fund lease-up costs. Drew Fletcher and Bryan Grover of Greystone arranged the loan.
PITTSBURGH — KeyBank has provided $21.6 million in financing for a project that will convert a former school in Pittsburgh into a 46-unit affordable housing complex. The sponsor, Beacon Communities, is adaptively reusing the former Letsche School and constructing several new buildings from the ground up on adjacent parcels. The unit mix includes 27 one-bedroom apartments, 12 two-bedroom units, and seven three-bedroom residences that will be reserved for renters earning 60 percent or less of the area median income. Amenities will include a community room, courtyard and picnic area, laundry room and a playground, and the property will have a resident services coordinator who will develop onsite educational, recreational and cultural enhancement programs. Eric Steinberg, Seaver Rickert and Anna Belanger of KeyBank originated the financing, which consisted of a $9.8 million construction loan and $11.8 million in Low-Income Housing Tax Credit equity.
NORTH BRUNSWICK, N.J. — JLL has arranged a $47 million loan for the refinancing of Amaranth at North Brunswick, a 222-unit active adult community in Northern New Jersey. The newly constructed, age-restricted property features one- and two-bedroom units and amenities such as a pool, dog park, fitness center, package room, outdoor grilling and dining stations, putting green and a demonstration kitchen. Michael Klein, Matthew Pizzolato and Michael Meisner of JLL arranged the seven-year, fixed-rate loan through Nuveen Real Estate on behalf of the borrower, The Kaplan Cos.
DALLAS — JLL has arranged a $255 million credit facility for SimplyHome, a developer of single-family rental properties whose holdings encompass more than 10,000 units across 100 submarkets. Colby Mueck, Matthew Putterman, Laura Brown and Davis Burnett of JLL secured the credit facility though Churchill Real Estate. Upon close, the facility refinanced an initial portfolio of homes located in the Houston, Dallas-Fort Worth, San Antonio and Bryan/College Station markets.
MYSTIC, CONN. — New York City-based Dwight Capital has provided a $34 million HUD-insured construction loan for the second phase of Harbor Heights, a 123-unit multifamily project in Mystic, located in southern coastal Connecticut. Harbor Heights II will feature one four-story building with one-, two- and three-bedroom units on a 5.8-acre site. Amenities will include a pool, fitness center, business center, dog park and outdoor grilling and dining stations. Daniel Malka and Jacob Gauptman of Dwight Capital originated the debt, which was structured with a 40-year term and a fixed interest rate, through HUD’s 221(d)(4) program. The borrower was not disclosed.
NEW YORK CITY — Locally based financial intermediary Eastern Union has arranged a $62.2 million construction loan for a 162,000-square-foot mixed-use project that will be located in the Prospect Lefferts Gardens neighborhood of Brooklyn. The site at 1730 Bedford Ave. is two blocks from Prospect Park. Plans for the project currently call for 57 apartments and more than 60,000 square feet of retail/commercial space. German discount grocer Lidl has already committed to the project with a 33,000-square-foot store. Invictus Real Estate Partners provided the loan. The borrower is Seventh Street Development Group. Abraham Bergman and Yossi Orzel of Eastern Union originated the financing.
BOGOTA, N.J. — Los Angeles-based Thorofare Capital has provided a $26.6 million loan for the refinancing of a 220,000-square-foot industrial property in the Northern New Jersey community of Bogota. According to LoopNet Inc., the property at 24 River Road was originally constructed on 10 acres in 1910. David Perlman, Edward Prosser and Henry Johnson of Thorofare Capital originated the debt on behalf of the undisclosed borrower, which will use a portion of the proceeds to fund capital improvements.
NEW YORK CITY — BHI, a full-service commercial bank that is the U.S. division of Israel’s Bank Hapoalim, has provided a $65.3 million construction loan for a 121-unit multifamily project that will be located in the Astoria neighborhood of Queens. The nine-story, waterfront building will include two retail spaces, a community center and onsite parking. The borrower and developer is NuVerse Advisors LLC. Units will come in studio, one-, two- and three-bedroom floor plans. Construction is expected to last about 30 months, putting the project on track for a late 2025 or early 2026 delivery.
SEGUIN, TEXAS — A joint venture between Periscope Capital Investment and Verdot Capital has received a $32.1 million construction loan for The Virginia, a 198-unit development in the western San Antonio suburb of Seguin. The Virginia will rise three stories and offer one-, two- and three-bedroom units. Alanna Ellis, Jeff Lepley and Alex Sheaffer of JLL arranged the 15-year, floating-rate loan through an undisclosed regional bank on behalf of the development team. The first phase of the project is slated for a 2024 completion. A second phase is set to deliver in 2025, bringing the total units at the community to 424.
