NEW YORK CITY — A partnership between Tishman Speyer and Silverstein Properties has received a $330 million loan for the refinancing of 11 West 42nd Street, a 960,000-square-foot office building in Midtown Manhattan. Originally constructed in 1927, the 32-story building was 99 percent leased at the time of the loan closing. Tenants include Michael Kors, Citizen’s Bank & Trust, New York University and Kohn Pederson Fox. Bank of America served as the senior lender, and Taconic Capital provided mezzanine financing. Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer, Issa Abbassi and Holden Witkoff of Newmark arranged the debt, which was structured with a five-year term and a fixed interest rate, on behalf of ownership.
SPRINGFIELD, MASS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $24 million loan for the refinancing of Marriott Springfield Downtown, a 266-room hotel that overlooks the Connecticut River in western Massachusetts. Robert Damigella of MMCC originated the five-year loan, which was structured with an interest rate of 6.25 percent, 25-year amortization schedule and a 47 percent loan-to-value ratio. The borrower and direct lender were not disclosed.
DESOTO, TEXAS — Colliers Mortgage has provided a $29 million HUD-insured loan for the refinancing of The Beacon on Westmoreland, a 194-unit multifamily property in DeSoto, a southern suburb of Dallas. The complex was completed in 2021 and consists of seven residential buildings and a leasing office/clubhouse. Amenities include a pool, fitness center, dog park and walking trails. Fritz Waldvogel of Colliers Mortgage originated the 35-year loan through a partnership with Old Capital Lending. The borrower was not disclosed.
LIVINGSTON, N.J. — JLL has arranged a $49.7 million construction loan for Highgate at Livingston, a 169-unit multifamily project that will be located in Northern New Jersey. The complex will offer one, two- and three-bedroom units that will be furnished with stainless steel appliances, walk-in closets and individual washers and dryers. Amenities will include a pool, fitness center, clubhouse, coworking lounge, outdoor grilling and dining areas and a dog run. Michael Gigliotti, Matthew Pizzolato, Michael Lachs and Benjamin Morgenthal of JLL arranged the floating-rate loan through Truist Bank on behalf of the borrower, Continental Properties.
SHELTON, CONN. — Los Angeles-based GreenLake Asset Management has provided $34.4 million in financing for Fountain Square, a shopping center that is under development in Shelton, located in Connecticut’s Fairfield County. The undisclosed sponsor will use the proceeds to refinance the property’s existing debt, including more than 60 liens from vendors, as well as to buy out the existing ownership and resume construction. Tenants that have already committed to Fountain Square include Chick-fil-A, Panera Bread and Taco Bell.
EDINBURG, TEXAS — New Jersey-based Cronheim Mortgage has arranged an $18.3 million construction loan for Las Vilitas, a 200-unit multifamily project that will be located in the Rio Grande Valley city of Edinburg. An undisclosed regional bank provided the loan, which was structured with three years of interest-only payments followed by a 12-year term. The sponsor is locally based developer Verturo Interests. David Poncia led the transaction for Cronheim Mortgage.
NEW YORK CITY — Black Bear Capital Partners has arranged a $58 million loan for the refinancing of 503-511 Broadway, a five-story office building in Manhattan’s SoHo district. Built in the early 1900s, the property includes 111,164 square feet of office space and 10,000 square feet of ground-floor retail space, with the remainder consisting of storage space. The building was fully leased at the time of the loan closing. Bryan Manz, Emil DePasquale and George Pektor of Black Bear Capital Partners arranged the five-year, fixed-rate loan through Morgan Stanley on behalf of the borrower, HSR Corp.
AUSTIN, TEXAS — CBRE has arranged a $67.1 million acquisition loan for a portfolio of 12 office buildings and one retail building totaling 547,395 square feet in Austin. The buildings are situated on a combined 42 acres within Braker Business Park. Bill Chiles, Scott Peterson, Colby Matzke and Brian Cruz of CBRE arranged the five-year, nonrecourse loan on behalf of the borrower, California-based M.I.G. Capital. The direct lender was not disclosed. The buyer previously purchased three other buildings within Braker Business Park in 2016.
NEW YORK CITY — Locally based investment and development firm Innovo Property Group has received $354 million in financing for a 720,000-square-foot industrial project located at 28-90 Review Ave. in the Long Island City area of Queens. Innovo received construction financing from Axos Bank and Cerberus Capital Management and equity from Goldman Sachs Asset Management. The breakdown of each component within the capital stack was not disclosed. Completion of the project is slated for 2025. Christopher Peck, Peter Rotchford, Tyler Peck and Nicco Lupo of JLL arranged the financing.
PENNSVILLE TOWNSHIP, N.J. — 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 $180 million construction loan for Garden State Logistics Center, a 1.7 million-square-foot industrial development in Pennsville Township. The 282-acre site is located in the southern part of the Garden State along I-295 and adjacent to the Delaware Memorial Bridge. The development will feature separate 1.2 million-square-foot and 500,000-square-foot distribution buildings, both of which will feature 40-foot clear heights and a total of 2,568 car and trailer parking stalls and 276 dock doors. The borrower and developer is a joint venture between PGIM Real Estate and CTR Partners. Delivery is slated for the fourth quarter.