loans

NEW YORK CITY — Locally based investment firm Williams Equities has received a $155 million CMBS loan for the refinancing of 28-40 West 23rd Street, a 578,105-square-foot mixed-use property in Manhattan. The two-building complex, which originally housed the Ladies Mile department store, is located between Fifth and Sixth avenues in the Flatiron District. Home Depot serves as the property’s longtime retail anchor tenant and recently signed a renewal. Office tenants include digital credit card company Ramp and Estee Lauder brand Aramis. Citi Real Estate Funding provided the five-year loan, and Williams Equities will use a portion of the proceeds to fund capital improvements.

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Emblem-120-Woburn

WOBURN, MASS. —Mesa West Capital has provided an $81 million loan for the refinancing of Emblem 120, a 289-unit apartment complex in the northern Boston suburb of Woburn. Developed by a joint venture between Toll Brothers and Carlyle Group in 2022, Emblem 120 rises six stories and offers studio, one-, two- and three-bedroom floor plans. Amenities include a central courtyard, work-from-home space, rooftop terrace and lounge, pool with cabanas and a fitness center. The property also includes 9,390 square feet of street-level retail space. David Douvadjian, Timothy O’Donnell and David Douvadjian Jr. of Newmark arranged the debt through an undisclosed direct lender on behalf of the joint venture. 

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120-E.-144th-St.-Bronx

NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $150 million construction loan for a 450-unit multifamily project that will be located at 120 E. 144th St. in the Mott Haven area of The Bronx. The 13-story building will offer studio, one- and two-bedroom units and amenities such as an outdoor courtyard and garden, a fitness center with yoga studio, business lounge, conference room, music room, coworking space and a rooftop lounge. Leah Paskus of Landstone Capital Group arranged the debt on behalf of the borrower, Beitel Group, which purchased the site in 2022 and demolished the original structure. Construction is slated for a mid-2025 completion.

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681-Main-St.Belleville-New-Jersey

BELLEVILLE, N.J. — Cushman & Wakefield has arranged a $53.5 million construction loan for a 204,407-square-foot industrial project in the Northern New Jersey community of Belleville. The site at 681 Main St. spans 15.3 acres, and the building will feature a clear height of 36 feet, 33 loading docks, four drive-in doors and parking for 160 cars and 43 trailers. John Alascio, Chuck Kohaut, T.J. Sullivan and Jason Blankfein of Cushman & Wakefield arranged the loan through Los Angeles-based PCCP on behalf of the borrower, Lincoln Equities Group.

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135-E.-47th-St.-Manhattan

NEW YORK CITY — JLL has arranged $185 million in condo inventory financing for Monogram, a 181-unit tower located at 135 E. 47th St. in Manhattan’s Midtown East neighborhood. Monogram consists of studio, one- and two-bedroom condos, four penthouses, 9,200 square feet of amenity space, including a 3,500-square-foot rooftop lounge, and 2,435 square feet of commercial space. Scott Aiese led the JLL team that arranged the financing through New York-based Kriss Capital on behalf of the borrower, Navigation Capital Partners.

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NORTH BERGEN, N.J. — Locally based investment firm Faropoint has received a $90 million loan for the refinancing of a portfolio of 10 industrial buildings totaling 770,000 square feet in North Bergen, located across the Hudson River from New York City. The buildings are all located within two industrial parks and were fully occupied at the time of sale. New York Life Real Estate Investors provided the loan, specific terms of which were not disclosed, to Faropoint.

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HOUSTON — Houston-based Silver Star Properties REIT has received $135 million in financing to facilitate the liquidation of its 4.2 million-square-foot portfolio of office assets in Texas. Silver Star intends to sell all 27 properties in the portfolio, which includes two industrial assets and one retail asset, and to use the proceeds to exclusively acquire self-storage facilities. The financing consists of a $120 million floating-rate senior loan from New York City-based Benefit Street Partners and a $15 million co-terminus second mortgage loan from California-based boutique lender RWBC. Raymond James Financial advised Silver Star, which has already sold the 139,069-square-foot Bent Treen Green office building in North Dallas, on the transaction.

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975-Nostrand-Ave.-Brooklyn

NEW YORK CITY — Cushman & Wakefield has arranged a $135 million construction loan for a 328-unit multifamily project that will be located at 975 Nostrand Ave. in Brooklyn. The site is at the intersection of the Crown Heights and Prospect Leffert Gardens neighborhoods. About 30 percent (99 units) of the nine-story building’s residences will be reserved as affordable housing, and the amenity package will feature a rooftop terrace, landscaped courtyard, fitness center, karaoke room and a pet spa. A 21,000-square-foot FRESH supermarket will anchor the project’s retail component, which will include an additional 4,200 square feet of small-shop space. Construction is slated for a fourth-quarter 2025 completion. Gideon Gil, Zachary Kraft and Sebastian Sanchez of Cushman & Wakefield arranged the loan through Santander Bank and Related Cos. on behalf of the borrower, Hudson Cos.

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AUSTIN, TEXAS — California-based EBSC Lending has provided a $59 million construction loan for a 201,821-square-foot mixed-use project in northwest Austin. The undisclosed project is located near Apple’s campus and will consist of three buildings that will house for-rent and for-sale residential units, as well as retail and restaurant space. Completion is slated for 2025. The undisclosed, locally based borrower will use the proceeds to retire existing debt and fund additional construction and lease-up costs. 

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The-Shoreline-Brooklyn

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of locally based lender Dwight Capital, has provided a $108.1 million bridge loan for The Shoreline, a 248-unit multifamily project located near Brooklyn’s Bath Beach neighborhood. Designed by Hill West Architects and developed by NY Developers & Management, the 31-story building houses studio, one- and two-bedroom units and 28,610 square feet of commercial space. Amenities include a pool, fitness center, business center and an outdoor lounge. The borrowers will use the proceeds to retire existing debt and fund additional construction and lease-up costs. Construction is slated for completion by the end of April.

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