BORDENTOWN, N.J. — JLL has arranged a $40 million acquisition loan for a 274,197-square-foot warehouse located at 201 Elizabeth St. in the Northern New Jersey community of Bordentown. The facility sits on 34 acres and features clear heights of 22 to 24 feet, 16 dock-high doors, 215-foot truck court depths, 116 car parking spaces and 67 trailer parking spaces. Michael Klein, Max Custer and Ryan Carroll of JLL arranged the three-year, floating-rate loan through First Citizens Bank on behalf of the borrower, an affiliate of Connecticut-based Penwood Real Estate Investment Management. The new ownership plans to implement a value-add program.
OCEAN COUNTY, N.J. — JLL has provided a $47.5 million Fannie Mae loan for the refinancing of an undisclosed multifamily property in Ocean County, located in the southern coastal part of the Garden State. Thomas Didio, Thomas Didio Jr., Gerard Quinn and Michael Mataras of JLL originated the loan, which carried a fixed interest rate and a 10-year term, on behalf of the undisclosed borrower. JLL will also act as the servicer of the interest-only loan.
MELVILLE, N.Y. — Northmarq has arranged a $32 million loan for the refinancing of a 273,103-square-foot office building located on the Long Island community of Melville. The four-story building at 445 Broadhollow Road was constructed in 1981 and renovated in 2021. Ernest DesRochers, Charles Cotsalas and Robert Delitsky of Northmarq arranged the 10-year, nonrecourse loan, which carried a fixed interest rate and a 25-year amortization schedule, on behalf of the undisclosed borrower. The direct lender was also not disclosed.
SAN ANTONIO — Capital advisory firm David B. Norton Inc. has arranged $56 million in construction debt and joint venture equity for a 350-unit multifamily project that will be located roughly 17 miles northwest of downtown San Antonio. The property will comprise 17 buildings that will house an array of floor plans and Class A amenities. A regional bank provided the loan. The borrower was a joint venture between a locally based developer and an institutional investment firm with offices in New York and Florida. All of these parties requested anonymity.
NEW YORK CITY — Newmark has arranged a $150 million loan for the refinancing of 295 Fifth Avenue, a 19-story, 710,000-square-foot office building in Midtown Manhattan. Dustin Stolly, Jordan Roeschlaub, Christopher Kramer, Nick Scribani, Ben Kroll and Holden Witkoff of Newmark arranged the financing on behalf of the borrower, a partnership between Tribeca Investment Group, Meadow Partners and PGIM Real Estate. Deutsche Bank provided the loan. The sponsor will use a portion of the proceeds to fund capital improvements such as a remodel of the lobby and an overhaul of the building’s windows, elevators and HVAC systems.
NEW YORK CITY — Walker & Dunlop has arranged a $204 million loan for the refinancing of The Axel, a 29-story apartment building in Brooklyn. Designed by Morris Adjmi Architects, The Axel features 284 units in studio, one-, two- and three-bedroom units. Amenities include a pool with a sundeck, fitness center with yoga and Pilates studios, a golf simulator, dining and entertainment terrace, conference rooms, game lounge and an executive meeting room. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz and Sean Bastian of Walker & Dunlop arranged the loan through MF1 Capital on behalf of the sponsor, Hope Street Capital.
YONKERS, N.Y. — Los Angeles-based CIT Group has provided a $34 million construction loan for Lionsgate Warburton Studio, a 73,000-square-foot entertainment production facility that will be located north of New York City in Yonkers. The facility represents the latest addition to the Great Point Studio Campus, which is anchored by film producer Lionsgate and houses support areas, a café, lounge and outdoor garden terraces. The borrower was a joint venture between i.Park and Great Point Media.
AUSTIN, TEXAS — JLL has arranged a $39.7 million loan for the refinancing of Bridgepoint Plaza, a 178,061-square-foot office complex in North Austin. The property comprises two buildings on an 8.8-acre site. The amenity package consists of a fitness center, basketball court, pickleball court, outdoor seating and dining areas, a conference facility and structured parking for 580 vehicles. Wally Reid and Jayme Nelson of JLL arranged the loan through Argentic on behalf of the borrower, Spire Real Estate Partners. Bridgepoint Plaza was 78 percent leased at the time of the loan closing.
LEBANON, N.H. — Colliers has arranged $79.9 million in construction debt and joint venture equity for The Marek at Lebanon, a 250-unit multifamily project that will be located near the Vermont-New Hampshire border. The property will comprise two residential buildings housing one- and two-bedroom units that will be connected by a 10,000-square-foot amenity building, all on a 17.7-acre site. The general contractor is DEW Construction Corp., with design by Market Square Architects and engineering by VHB Inc. A syndicate led by Brookline Bank provided the fixed-rate senior construction loan to the borrower, Massachusetts-based Saxon Partners. Jeff Black, Kevin Phelan, Sean Burke and Bryan Koop of Colliers placed the debt and arranged the joint venture equity partnership with Tritower Financial Group.
NEWARK, N.J. — Greystone has provided $39.1 million in Freddie Mac Small Balance Loans for the refinancing of a portfolio of 10 multifamily properties totaling 287 units in Northern New Jersey. Nine of the properties are located in Newark, and the 10th is located in nearby Irvington. Eight of the properties were refinanced with five-year, fixed-rate loans, and the existing debt on the other two properties was restructured with 10-year, fixed-rate loans that carried three years of interest-only payments. Hope Curtis of Greystone originated the financing. The borrower was not disclosed.