loans

Newmark Places $90M Loan With German Bank for Refinancing of Manhattan Office Building

by Taylor Williams March 14, 2023

NEW YORK CITY — Newmark has placed a $90 million loan for the refinancing of 1245 Broadway, a 23-story, 200,000-square-foot office building in Manhattan’s NoMad district. German bank Deutsche Pfandbriefbank AG provided the loan to the borrower and developer, a partnership between Swedish developer Corem Property Group AB and locally based firm GDS Development LLC. Jordan Roeschlaub, Dustin Stolly and Nick Scribani of Newmark originated the debt. Ownership will use a portion of the proceeds to fund capital improvements.

March 14, 2023

Development Multifamily New Jersey Northeast

Hall Structured Finance Provides $52.5M Construction Loan for Northern New Jersey Multifamily Project

by Taylor Williams March 9, 2023

NORTH BERGEN, N.J. — Hall Structured Finance, a Dallas-based lender, has provided a $52.5 million construction loan for The Braddock Apartments, a 135-unit multifamily project located across the Hudson River from Midtown Manhattan in North Bergen. New York City-based Sanz Management is developing the 10-story building, which will also house 2,400 square feet of retail space. Units will come in studio, one- and two-bedroom floor plans and will be furnished with stainless steel appliances, walk-in closets and individual washers and dryers. Private balconies/patios will also be available in select residences. Amenities will include a fitness center, coworking lounge and a rooftop terrace. Peter Nicoletti, Dylan Kane and Zach Redding of Colliers arranged the loan. Construction is slated for a summer 2025 completion.

March 9, 2023

Development Loans New Jersey Northeast

Progress Capital Arranges $14.9M Construction Loan for Northern New Jersey Multifamily Redevelopment

by Taylor Williams March 8, 2023

ROSELLE PARK, N.J. — Locally based financial intermediary Progress Capital has arranged a $14.9 million construction loan for Hunter Lofts, a 57-unit multifamily redevelopment project in the Northern New Jersey community of Roselle Park. The site formerly housed the operations of H&H Building Supply. Six of the units will be reserved as affordable housing, and the new development will include 4,000 square feet of retail space. Kathy Anderson and Caillin Boles of Progress Capital arranged the loan through Columbia Bank on behalf of the developer, The Kontos Group.

March 8, 2023

Development Industrial Loans New Jersey Northeast

Cushman & Wakefield Arranges $17M Acquisition Loan for Northern New Jersey Industrial Site

by Taylor Williams March 2, 2023

BELLEVILLE, N.J. — Cushman & Wakefield has arranged a $17 million acquisition loan for a 15.3-acre industrial development site in the Northern New Jersey community of Belleville. The borrower, a partnership between Lincoln Equities Group and The Carlyle Group, plans to demolish the site’s existing structures and build two Class A warehouses totaling 204,550 square feet. John Alascio, Chuck Kohaut, T.J. Sullivan and Jason Blankfein of Cushman & Wakefield arranged the loan through ConnectOne Bank on behalf of the developer. A construction timeline was not disclosed.

March 2, 2023

Industrial Loans New Jersey Northeast

Greek Development Receives $50M Permanent Loan for Southern New Jersey Industrial Facility

by Taylor Williams February 24, 2023

LOGAN TOWNSHIP, N.J. — Greek Development has received a $50 million permanent loan for Logan North Industrial Park, a 3.2 million-square-foot development in Southern New Jersey. Greek Development, which partnered with Advance Realty Investors on Logan North Industrial Park, is currently underway on the third phase of construction. The transaction allows Greek Development to apply long-term debt to Buildings A and F, which are leased to SEKO Logistics and LaserShip Logistics, respectively. An undisclosed life insurance company provided the financing, which retires the original construction loan from Wells Fargo. Michael Klein, Jim Cadranell, Gregory Nalbandian and Ryan Carroll of JLL arranged the debt.

February 24, 2023

Loans New York Northeast Retail

Berkshire Bank Provides $36.1M in Financing for Shopping Center in Poughkeepsie, New York

by Taylor Williams February 21, 2023

POUGHKEEPSIE, N.Y. — Berkshire Bank has provided $36.1 million in financing for The Shoppes at South Hills, a 512,218-square-foot shopping center located north of New York City in Poughkeepsie. Tenants at the property include grocer ShopRite, At Home, Ashley Furniture, Hobby Lobby and Christmas Tree Shops. The borrower, a partnership between Acadia Realty Trust and DLC Management, will use the proceeds to refinance and reposition the center. The nonrecourse loan carried a five-year term and a fixed interest rate. Mike Tepedino and Stephen Van Leer of JLL arranged the financing.

February 21, 2023

Affordable Housing Loans Multifamily New York Northeast

Partnership Receives $100M Loan for Refinancing of Brooklyn Affordable Housing Complex

by Taylor Williams February 17, 2023

NEW YORK CITY — A partnership between The Community Preservation Corp. and Proto Property Services has received a $100 million loan for the refinancing of Riverdale Osborne Towers, a 525-unit affordable housing complex in Brooklyn. The property comprises four nine-story buildings, a preschool and 10,500 square feet of retail space. The partnership originally acquired the property in 2007 and immediately implemented a $39 million capital improvement program. A portion of the proceeds of this loan, which was originated by Rockport Mortgage Corp. through HUD’s 223(f) program, will also be used to fund renovations of kitchens and bathrooms and preserve the property’s affordability status.

February 17, 2023

Development Loans Multifamily Northeast Pennsylvania

JLL Arranges $77.5M Construction Loan for Philadelphia Multifamily Project

by Taylor Williams February 17, 2023

PHILADELPHIA — JLL has arranged a $77.5 million construction loan for a 466-unit multifamily project in Philadelphia’s Northern Liberties neighborhood. Phase I of the development will deliver 279 units, a parking garage and 8,450 square feet of retail space. Amenities will include a pool, fitness center, theater, coworking space, dog run and a convenience mart. Michael Klein, Tom Didio and Ryan Ade of JLL arranged the loan through an undisclosed life insurance company on behalf of the borrower and developer, Saxum Real Estate. A construction timeline was not disclosed.

February 17, 2023

Connecticut Development Loans Multifamily Northeast Northmarq

Northmarq Arranges $37.5M in Financing for Multifamily Project in Newington, Connecticut

by Taylor Williams February 16, 2023

NEWINGTON, CONN. — Northmarq has arranged $37.5 million in financing for The Pike, a 151-unit multifamily project in Newington, located in Hartford County. The financing, which represents about 85 percent of the total project cost, consists of a $25 million construction loan from an undisclosed bank and $12.5 million in private equity from an undisclosed partner. The Pike will offer 65 one-bedroom and 86 two-bedroom units, with 10 percent of the residences to be designated as workforce or affordable housing. Amenities will include a fitness center, community room and an outdoor recreation area. The borrower and developer is Florida-based Smith & Henzy. Construction is expected to last about 24 months.

February 16, 2023

Loans New Jersey Northeast Retail

JLL Arranges $43.2M Loan for Refinancing of Northern New Jersey Shopping Center

by Taylor Williams February 14, 2023

WOODBRIDGE, N.J. — JLL has arranged a $43.2 million loan for the refinancing of St. Georges Crossing, a 343,423-square-foot shopping center located in the Northern New Jersey community of Woodbridge. Grocer ShopRite, which recently renewed its lease, anchors the center, which was fully leased at the time of sale. Other tenants include P.C. Richard & Son, PetSmart and T.J. Maxx. Jim Cadranell, Greg Nalbandian and Salvatore Buzzerio arranged the 12-year, fixed-rate loan through PGIM Real Estate on behalf of the borrower, Levin Properties LP.

February 14, 2023

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