loans

JLL Arranges $20M Construction Loan for Northern New Jersey Multifamily Project

by Taylor Williams January 5, 2023

MILLBURN, N.J. — JLL has arranged a $20 million construction loan for a 53-unit multifamily project in the Northern New Jersey community of Millburn. Units will come in one- and two-bedroom floor plans and will be furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities will include a fitness center, private event room and a clubhouse with a wet bar. Jon Mikula and Salvatore Buzzerio of JLL arranged the three-year, floating-rate loan through Provident Bank. The borrower was a partnership between Eagle Cliff Real Estate Partners and MRY Associates. Completion is slated for early 2024.

January 5, 2023

Development Industrial Loans Self-Storage Texas

Cronheim Mortgage Arranges $12.9M Construction Loan for El Paso Self-Storage Project

by Taylor Williams January 4, 2023

EL PASO, TEXAS — New Jersey-based Cronheim Mortgage has arranged a $12.9 million construction loan for a self-storage project in El Paso. The facility will span 151,000 net rentable square feet across approximately 1,200 units with both climate- and non-climate-controlled space. The borrower and developer, Verturo Interests, will operate the facility under its Just A Closet brand. David Poncia of Cronheim Mortgage originated the financing, which was structured with a fixed interest rate and a 75 percent loan-to-cost ratio, through a local bank. Completion is slate for the fourth quarter.

January 4, 2023

Hospitality Loans New York Northeast

Taconic Capital Advisors Provides $95M Loan for Refinancing of Manhattan Hotel

by Taylor Williams January 3, 2023

NEW YORK CITY — Taconic Capital Advisors has provided a $95 million loan for the refinancing of Martinique New York on Broadway, a 531-room hotel in Midtown Manhattan. The hotel, which is part of Curio Collection by Hilton family of brands, originally opened in 1897 and is a member of the Historic Hotels of America club. Martinique New York on Broadway houses 10 meeting and event spaces that can accommodate more than 400 guests, as well as a fitness center and multiple food-and-beverage establishments. The borrower, Oklahoma City-based Burnett Equities, which acquired the hotel in 2021, plans to use a portion of the proceeds to fund capital improvements.

January 3, 2023

Loans Multifamily New York Northeast

Bank of America Provides $53M Permanent Loan for Brooklyn Apartment Building

by Taylor Williams December 23, 2022

NEW YORK CITY — Bank of America has provided a $53 million permanent loan for Kent House, a 96-unit apartment building in Brooklyn’s North Williamsburg area. The building, which houses one- and two-bedroom units, includes 140 parking spots and 31,000 square feet of retail space. Leah Paskus of Landstone Capital Group arranged the loan, which retires the property’s original construction debt, on behalf of the borrower, locally based developer CW Realty, which holds the leasehold interest in the property.

December 23, 2022

Loans Multifamily Texas

Lightstone Capital Provides $28.5M Loan for Refinancing of Dallas Apartment Community

by Taylor Williams December 22, 2022

DALLAS — New York City-based Lightstone Capital has provided a $28.5 million loan for the refinancing of The Azul Apartments, a 362-unit multifamily community located in the Lake Highlands area of Dallas. Built on 9.3 acres in 1983, the property comprises 324 one-bedroom units and 34 two-bedroom units across 20 three-story buildings. About 35 percent (130) of the units have been recently renovated. Amenities include multiple pools, a business center, clubhouse and a dog park. Thomas Wayda, Dan Sacks and Harrison Drucker of Greystone arranged the loan. The borrower was an entity doing business as Azul Multifamily DE LLC.

December 22, 2022

The-Village-at-Laurel-Creek-Lindenwold-New-Jersey

Loans Multifamily New Jersey Northeast

Eastern Union Arranges $78.6M Loan for Refinancing of Northern New Jersey Multifamily Portfolio

by Taylor Williams December 16, 2022

NEW YORK CITY — Eastern Union has arranged a $78.6 million loan for the refinancing of a portfolio of 12 multifamily properties totaling 1,017 units that are predominantly located throughout Northern New Jersey. The portfolio also includes one property in The Bronx. Alex Jaffa of Eastern Union arranged the loan, which carries a fixed interest rate of 4.25 percent and a 10-year term, through Kearny Bank. The undisclosed borrower was a New Jersey-based investment firm that operates the properties through a variety of affiliated limited liability companies.

December 16, 2022

Loans New York Northeast Office

Sapir Organization Receives $326M Refinancing for Midtown Manhattan Office Buildings

by Taylor Williams December 15, 2022

NEW YORK CITY — Locally based development and investment firm The Sapir Organization has received $326 million for the refinancing of 260 and 261 Madison Avenue, a pair of office buildings located across the street from one another in Midtown Manhattan. Combined, the buildings total more than 1 million square feet and are home to tenants such as Hanesbrands, Epix, Regus, Marcus & Millichap and McLaughlin & Stern LLP. James Millon, Tom Traynor and Lawrence Britvan of CBRE arranged the debt, which was structured with a 65 percent loan-to-value ratio. According to Bloomberg, J.P. Morgan and Mack Real Estate Group provided the financing. The Sapir Organization, which also operates its headquarters out of 261 Madison Avenue, acquired the buildings in 1997.

December 15, 2022

Loans Massachusetts Multifamily Northeast Seniors Housing

MassHousing Provides $31M in Financing for Affordable Seniors Housing Complex in Metro Boston

by Taylor Williams December 12, 2022

CHARLESTOWN, MASS. — MassHousing has provided $31 million in financing for City Square Elderly Housing, a 120-unit affordable seniors housing complex in Charlestown, a northern suburb of Boston. The complex was originally constructed in 1900 and renovated in 1985. Units come in studio and one-bedroom floor plans. The borrower, CSI Support & Development Services, will use the proceeds to refinance existing debt, fund capital improvements and preserve the property’s affordability status. The loan carried a 35-year term and a fixed interest rate.

December 12, 2022

Affordable Housing Loans Massachusetts Multifamily Northeast

Partnership Receives $93M Construction Loan for Multifamily Redevelopment in Metro Boston

by Taylor Williams December 8, 2022

CHELSEA, MASS. — A partnership between developers John M. Corcoran & Co. and Joseph J. Corcoran Co. and private equity firm Marcus Partners has received $93 million in construction financing for the redevelopment of the Innes Apartments in Chelsea, a northeastern suburb of Boston. The project will convert an eight-building complex that was originally constructed in the 1950s into a mixed-income community with street-level retail space. A syndicate of lenders led by Cambridge Savings Bank provided the debt. A timeline for completion was not disclosed.

December 8, 2022

Industrial Loans Northeast Pennsylvania

JLL Arranges $49M Loan for Refinancing of Lehigh Valley Industrial Portfolio

by Taylor Williams December 7, 2022

BERKS COUNTY, PA. — JLL has arranged a $49 million loan for the refinancing of a portfolio of three industrial buildings totaling 597,704 square feet in Berks County, located in the Lehigh Valley region. Berks 61 is a 270,000-square-foot manufacturing facility that was delivered in 2021 and houses a bottle-to-bottle recycling plant. Berks 222 is a two-building logistics park totaling 327,704 square feet that is home to three tenants, including National Coatings & Supplies Inc. Chad Orcutt, Ryan Ade and Blaine Fleming of JLL arranged the loan through Empower Annuity Insurance Co. of America on behalf of the borrower, Radnor-based Endurance Real Estate Group.

December 7, 2022

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