Parkview Financial Funds $28.5M Loan for Apartment Project in Metro Orlando

KISSIMMEE, FLA. — Parkview Financial has provided a $28.5 million loan to CS-ICM 5 LLC for the firm to convert a former 436-room hotel and resort property into a 351-unit apartment complex with retail and restaurant space in Kissimmee. The loan has an 18-month term and is non-recourse.Located at 8660 W. Irlo Bronson Highway, the property will be situated near employment centers, including Disney World, which is 5.8 miles away. Construction is underway, with completion slated for summer …

Trez Capital Funds $21.5M in Construction Financing for Condominium Project in Clearwater Beach, Florida

CLEARWATER BEACH, FLA. — Trez Capital has funded a $21.5 million construction loan for Azure, a 46-unit bayside condominium project in Clearwater Beach. Construction is now underway on the project, and is slated for completion by the second quarter of 2023.Located on a 1.4-acre waterfront parcel at 415 Island Way, Azure will feature residences with prices ranging from the $600,000 to $1.1 million. The four-story building is approximately 70 percent sold. The property will offer three- and …

Walker & Dunlop Arranges $164M in Financing for Goodtime Hotel in Miami Beach

MIAMI BEACH, FLA. — Walker & Dunlop has secured $164 million in financing for The Goodtime Hotel in Miami Beach. Groot Hospitality opened the hotel in April 2021.The Goodtime Hotel has 266 rooms, two restaurants, a 30,000-square-foot pool club, 45,000 square feet of ground-floor retail, a gym, library and 242 parking spaces.Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Ari Hirt and Sean Bastian of Walker & Dunlop arranged the financing. JP Morgan is the lender …

PGIM Real Estate Provides $250M Acquisition Financing for Five-State Core Logistics Portfolio

SANTA MONICA, CALIF. — PGIM Real Estate has provided $250 million in fixed-rate debt to Santa Monica-based GLP Capital Partners LP. The funds will be used to acquire a five-property core logistics portfolio located across Atlanta, Dallas-Fort Worth, Chicago, Memphis and California’s Central Valley.All five of the properties were acquired on behalf of GLP Capital Partners IV, a closed-end, discretionary private equity fund. The portfolio is fully leased to four nationally recognized …

Electra Capital Funds $16.9M Acquisition Loan for Apartment Complex in Charleston

CHARLESTON, S.C. — Electra Capital has provided a $16.9 million bridge loan for the acquisition of Avalon at North Charleston III, a 145-unit apartment complex in Charleston.Carolina Multifamily Investments, a privately held real estate investment firm based in Chalfont, Penn., acquired the garden-style apartment community for $22.4 million. The seller was not disclosed.Located at 7604-7749 Warsaw Road, Avalon at North Charleston III is a newly renovated townhome community offering …

PCCP Funds $70.7M Acquisition Loan for Houston Apartment Community

HOUSTON — Los Angeles-based PCCP LLC has funded a $70.7 million acquisition loan for Millennium High Street, a 340-unit apartment community in the River Oaks area of Houston. Built in 2013, the property consists of four residential buildings, a parking garage and 26,304 square feet of retail space on a 6.3-acre site. The unit mix comprises 229 one-bedroom residences, 91 two-bedroom apartments and 20 three-bedroom units with an average size of 901 square feet. Units feature stainless steel …

Lightstone Capital Provides $20.1M Acquisition Loan for Houston Multifamily Property

HOUSTON — Lightstone Capital has provided a $20.1 million acquisition loan for Normandy Woods, a 268-unit multifamily property located on the eastern outskirts of Houston. The property was built in the early 1980s and offers one- and two-bedroom units ranging in size from 634 to 942 square feet, according to The borrower was Dallas-based Performance Properties. Cutt Ableson of Berkadia arranged the loan. Performance Properties has maintained an average minimum occupancy rate …

Cottonwood Group Provides $105M Loan for Refinancing of Manhattan Office Building

NEW YORK CITY — Cottonwood Group, a Los Angeles-based private equity real estate firm, has provided a $105 million bridge loan for the refinancing of The Six, a newly constructed office building located at 106 W. 56th St. in Manhattan. The 79,214-square-foot building offers a tenant lounge, conference facility and views of Central Park. The borrower was locally based developer Savanna. The transaction is the seventh investment to date through the Cottonwood Real Estate Founders Fund that …

Cushman & Wakefield Secures $73M in Acquisition Financing for Two Student Housing Properties in Arkansas, Florida

FAYETTEVILLE, ARK. AND TALLAHASSEE, FLA. — Cushman & Wakefield has secured $73 million in acquisition financing for two student housing properties in Arkansas and Florida. The borrowers, GFH Financial Group and Student Quarters, received the fixed-rate financing for VOX in Tallahassee and The Avenue in Fayetteville. Guardian Life Insurance provided the seven-year financing.VOX is a 602-bed student housing property serving Florida State University. Completed in 2020, the property …

Berkadia Arranges Acquisition Financing for 1,275-Unit Multifamily Portfolio in Houston

HOUSTON — Berkadia has arranged an undisclosed amount of acquisition financing for a portfolio of five multifamily properties totaling 1,275 units in the Westwood and Braeswood/Fondren submarkets in southwest Houston. The properties — Airport Crossing, The Townhomes, Terrace at West Sam Houston, Casa Grande and Plaza at Hobby Airport — were all built between 1976 and 1983. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia arranged the financing through Voya Investment …

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