loans

Prestige Group Arranges $42M Refinancing of Shopping Center Near Philadelphia

by Taylor Williams June 12, 2023

HUNTINGDON VALLEY, PA. — Pennsylvania-based finance and advisory firm Prestige Group has arranged $42 million for the refinancing of The Marketplace at Huntingdon Valley, a 259,000-square-foot shopping center located on the northwestern outskirts of Philadelphia. Grocer Weis Markets and LA Fitness anchor the center, which was built on 49 acres in 1993. Other tenants include Starbucks, Fine Wine & Good Spirits, Bertucci’s, Rite Aid, Dunkin,’ GNC and Hair Cuttery. Bob Cohen of Prestige Group arranged the financing, which consisted of a $25 million senior loan and a $17 million junior loan, through two undisclosed regional banks. The borrower was also not disclosed.

June 12, 2023

Loans Multifamily Northeast Pennsylvania

Berkadia Provides $26.3M Agency Loan for Refinancing of Multifamily Asset in Allentown, Pennsylvania

by Taylor Williams June 9, 2023

ALLENTOWN, PA. — Berkadia has provided a $26.3 million Freddie Mac loan for the refinancing of Terrain on the Parkway, a 160-unit multifamily property located north of Philadelphia in Allentown. The property was built in 2022 and offers studio, one- and two-bedroom units. Robert Falese of Berkadia originated the loan, which carried an 11-year term, on behalf of the borrower, Scully CO. & Serfass Construction.

June 9, 2023

Development Loans Multifamily New Jersey Northeast

JLL Arranges $64.3M Construction Loan for Spec Industrial Project in Newark

by Taylor Williams June 8, 2023

NEWARK, N.J. — JLL has arranged a $64.3 million construction loan for Bridge Point 15E, a 211,388-square-foot speculative industrial project in Newark. The site is located less than three miles from the city’s airport and seaport facilities. Michael Klein, Jon Mikula and Michael Lachs of JLL arranged the three-year loan through global investment management firm Heitman LLC on behalf of the borrower, Bridge Industrial. A tentative completion date was not disclosed.

June 8, 2023

Connecticut Loans Multifamily Northeast

Greystone Provides $35M Agency Loan for Multifamily Property in Brookfield, Connecticut

by Taylor Williams June 7, 2023

BROOKFIELD, CONN. — Greystone has provided a $35 million Fannie Mae loan for the refinancing of Barnbeck Place Apartments, a 165-unit multifamily property located in southern Connecticut’s Fairfield County. Built in 2015, the property offers studio, one- and two-bedroom units and amenities such as a fitness center and a clubhouse. Twenty percent of the units are reserved for households earning 80 percent or less of the area median income. Dan Sacks and Avi Kozlowski of Greystone originated the financing, which was structured with a fixed interest rate and a five-year term, on behalf of the undisclosed borrower. Barnbeck Place was 98 percent occupied at the time of the loan closing.

June 7, 2023

Loans Massachusetts Northeast Retail Top Stories

JLL Arranges $190M Refinancing for Legacy Place Shopping Center in Dedham, Massachusetts

by Taylor Williams June 5, 2023

DEDHAM, MASS. — JLL has arranged a $190 million loan for the refinancing of Legacy Place, a 675,000-square-foot shopping center in Dedham, a southwestern suburb of Boston. Whole Foods Market, The Apple Store, L.L. Bean and Showcase Cinemas anchor the center, which was built in phases between 2008 and 2009 and renovated between 2020 and 2022. Other tenants include Nike, Athleta, Industrious, Shake Shack, Lululemon, Sephora, Sweetgreen and Yard House. The property sits on a 37-acre site at the corner of I-95 and U.S. Route 1 within a trade area that totals more than 1.3 million people. A syndicate of lenders consisting of Wells Fargo and Truist provided the financing to the borrower, a partnership between Boston-based WS Development and Nuveen Real Estate. Brett Paulsrud, Henry Schaffer, Hugh Doherty, Chris Angelone and Zach Nitsche of JLL arranged the debt. Specific loan terms were not disclosed. According to the capital markets team that worked on the deal, Whole Foods is the most highly trafficked store in Massachusetts for the Austin-based grocer, and Legacy Place as a whole is the most visited lifestyle center in New England. “This transaction further proves that in spite of macroeconomic headwinds, large-format retail properties in premier …

June 5, 2023

Loans Multifamily New Jersey Northeast

Pearlmark Provides $10M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams June 2, 2023

ELIZABETH, N.J. — Chicago-based lender and investment firm Pearlmark has provided a $10 million mezzanine loan for the refinancing of Vinty Apartments, a 267-unit multifamily property located in the Northern New Jersey community of Elizabeth. The five-story building includes 27,000 square feet of retail space that is 68 percent leased. The property offers studio, one- and two-bedroom units and amenities such as a game room, fitness center and a juice bar. Michael Klein and Steven Klein of JLL arranged the debt on behalf of the sponsor, a partnership between LeCesse Development Corp. and MAS Development Group. Vinty Apartments was 85 percent occupied at the time of the loan closing. Argentic Investment Management provided the senior loan, which totaled $97.2 million.

June 2, 2023

Industrial Loans Northeast Pennsylvania

Cushman & Wakefield Arranges $45M Loan for Refinancing of Eastern Pennsylvania Industrial Facility

by Taylor Williams May 26, 2023

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.

May 26, 2023

Loans New Jersey Northeast Retail

Cronheim Mortgage Arranges $50M Permanent Loan for Northern New Jersey Shopping Center

by Taylor Williams May 24, 2023

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.

May 24, 2023

Delaware Development Loans Multifamily Northeast

Dwight Capital Provides $38.3M HUD-Insured Construction Loan for Delaware Multifamily Project

by Taylor Williams May 17, 2023

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.

May 17, 2023

Loans Multifamily Texas

Greystone Provides $32.2M Agency Loan for Refinancing of Metro Houston Apartments

by Taylor Williams May 12, 2023

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.

May 12, 2023

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