loans

J.P. Morgan Provides $415M in Financing for 3 Times Square Office Building

by Taylor Williams June 28, 2022

NEW YORK CITY — A consortium of lenders led by J.P. Morgan and including Bank of America and M&T Bank has provided $415 million in financing for 3 Times Square, a 30-story office building in Midtown Manhattan. The borrower, The Rudin Family, launched a renovation program last spring that added new tenant amenities and health and wellness features. In addition to consolidating existing debt, a portion of the proceeds will be used to advance the repositioning, specifically to modernize the lobby and building systems, as well as to activate the outdoor amenity space and fund leasing costs. The 885,000-square-foot building was originally constructed in 2001 as the North American headquarters of Reuters. In addition, earlier this year, Rudin signed Touro College to a 243,305-square-foot lease for a new campus within 3 Times Square.

June 28, 2022

Loans Office Texas

PGIM Real Estate Provides $77M Acquisition Loan for New Austin Office Building

by Taylor Williams June 24, 2022

AUSTIN, TEXAS — PGIM Real Estate has provided a $77 million acquisition loan for Centro South, a 164,976-square-foot, newly constructed office building in Austin. Centro South represents Phase II of a larger development, and the sister building, Centro North, will be complete later this summer. At the time of the loan closing, Centro South was 96 percent leased, with Australian software developer Atlassian serving as the anchor tenant. The borrower, AEW Capital Management LP, acquired the five-story building from the developer, Riverside Resources, which will retain management responsibilities.

June 24, 2022

Loans Multifamily Texas

NewPoint Provides $14M Acquisition Loan for Dallas Apartment Complex

by Taylor Williams June 17, 2022

DALLAS — NewPoint Real Estate Capital has provided a $14 million bridge loan for the acquisition of Chesapeake Apartments, a 127-unit multifamily complex in northeast Dallas that was built in 1982. The property offers one- and two-bedroom units, two pools and a business center. The interest-only loan carries a floating interest rate and an initial two-year term with three one-year extension options. Vincent Langan of NewPoint originated the financing, which John Brickson of McKinney Realty Capital arranged. The borrower, a partnership between GBB Multifamily, Admirable Group and Prime Investment Holdings, will use a portion of the proceeds to fund capital improvements.

June 17, 2022

Development Industrial Loans Massachusetts Northeast

Middlesex Savings Bank Provides $39.1M Construction Loan for Metro Boston Industrial Project

by Taylor Williams June 17, 2022

WILMINGTON, MASS. — Middlesex Savings Bank has provided a $39.1 million construction loan for a 214,440-square-foot industrial project in Wilmington, a northern suburb of Boston. The two-building development is scheduled for a January 2023 completion and will feature a clear height of 32 feet, ESFR sprinkler systems and ample car and trailer parking. Brett Paulsrud and Jonathan Schneider of JLL, working with Middlesex’s Nick Giberson, arranged the loan on behalf of the borrower, Boston-based Davis Cos.

June 17, 2022

Loans New York Northeast Office

Deutsche Bank Provides $285M Loan for Refinancing of Offices at Essex Crossing in Manhattan

by Taylor Williams June 15, 2022

NEW YORK CITY — Deutsche Bank has provided a $285 million loan for the refinancing of The Offices at Essex Crossing, located on Manhattan’s Lower East Side. The 350,000-square-foot complex is part of the 2 million-square-foot Essex Crossing mixed-use development and is 50 percent leased following a 140,000-square-foot commitment from Verizon last winter. The borrower is Delancey Street Associates, which is a joint venture of Taconic Partners, L+M Development Partners, BFC Partners, The Prusik Group and Goldman Sachs Asset Management. JLL and Walker & Dunlop arranged the financing on behalf of Delancey Street Associates.

June 15, 2022

Loans Multifamily New York Northeast

JLL Arranges $105M Loan for Refinancing of Apartment Building in New Rochelle, New York

by Taylor Williams June 14, 2022

NEW ROCHELLE, N.Y. — JLL has arranged a $105 million loan for the refinancing of 360 Huguenot, a 28-story apartment building located in the downtown area of New Rochelle, a northern suburb of New York City. Built in 2019, the property comprises 252 market-rate apartments, 28 affordable housing units that are reserved for renters earning 80 percent or less of the area median income and 13,538 square feet of retail space. Amenities include a fitness center with a yoga studio, a private indoor/outdoor resident lounge and a valet parking garage. Mike Tepedino, Michael Gigliotti, Kelly Gaines, Jillian Mariutti, Phil Cadorette and Joy Dracos of JLL arranged the loan through Miami-based Rialto Capital Management on behalf of the borrower, New York-based RXR Realty.

June 14, 2022

Loans Multifamily Texas

Natixis Provides $50.7M Acquisition Loan for Metro Houston Apartment Community

by Taylor Williams June 10, 2022

FRIENDSWOOD, TEXAS — French lending institution Natixis has provided a $50.7 million acquisition loan for The Grayson at Baybrook, a 322-unit apartment community located in the southern Houston suburb of Friendswood. The property features one- and two-bedroom units and amenities such as a pool, fitness center, resident clubhouse and a sand volleyball court. Tucker Knight and Carl Rasmussen of Berkadia placed the loan on behalf of the borrower, SRJ Real Estate Investments, which will use a portion of the proceeds to fund capital improvements.

June 10, 2022

Industrial Loans New Jersey Northeast

PGIM Provides $350M Acquisition Loan for Southern New Jersey Industrial Portfolio

by Taylor Williams June 8, 2022

NEW JERSEY — PGIM Real Estate, in conjunction with global asset management firm AXA IM Alts, has provided a $350 million acquisition loan for a portfolio of 29 industrial properties totaling roughly 4.9 million square feet in Southern New Jersey. The specific names and locations of the properties were not disclosed, but the assets are located in Burlington and Gloucester counties. The borrower was an undisclosed institutional investor.

June 8, 2022

Acquisitions Affordable Housing Multifamily New Jersey Northeast

Greystone Provides $74.3M in Agency Financing for Newark Affordable Housing Portfolio

by Taylor Williams June 6, 2022

NEWARK, N.J. — Greystone has provided $74.3 million in Fannie Mae financing for a portfolio of 17 affordable housing properties totaling 574 units in Newark. The financing comprises five separate loans, all of which carry 10-year terms and 30-year amortization schedules. The properties range in size from nine to 108 units. Some of the assets are reserved for renters earning 60 percent or less of the area median income (AMI), while others feature an income restriction threshold of 80 percent of AMI. Hope Curtis of Greystone originated the financing. The borrower(s) were not disclosed.

June 6, 2022

Industrial Loans New York Northeast

JLL Arranges $35M Loan for Refinancing of Long Island Industrial Facility

by Taylor Williams May 27, 2022

MELVILLE, N.Y. — JLL has arranged a $35 million loan for the refinancing of a 309,314-square-foot industrial facility located in the Long Island community of Melville. The property comprises a 213,914-square-foot warehouse and a 96,000-square-foot warehouse that are both undergoing capital improvements and were recently leased to an undisclosed national online retailer. Thomas Didio Jr., Matthew Pizzolato and Max Custer of JLL arranged the 10-year, fixed-rate loan through Provident Bank on behalf of the borrower, an undisclosed private investor.

May 27, 2022

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