loans

JLL Arranges $105M Loan for Refinancing of Jersey City Apartment Community

by Taylor Williams April 4, 2022

JERSEY CITY, N.J. — JLL has arranged a $105 million loan for the refinancing of a two-building, 362-unit apartment community in Jersey City. The buildings, which are branded Rivet and Rivet 26, feature studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Both buildings offer amenities such as fitness centers with yoga studios, indoor and outdoor lounges, pet spas and cybercafés. Jon Mikula, Michael Klein and Gerard Quinn of JLL arranged the nonrecourse loan through Franklin BSP Realty Trust Inc. on behalf of the borrower, a joint venture between The Hampshire Cos., Claremont Development and Circle Squared Alternative Investments. The loan carried a two-year term and a floating interest rate. Electra Capital provided a $19 million mezzanine loan for the deal to supplement the $86 million senior loan.

April 4, 2022

Development Florida Industrial Loans Southeast

Berkadia Secures $20M Construction Loan for Warehouse Project in Miami

by Julia Sanders March 31, 2022

MIAMI — Berkadia has secured $20 million in construction financing for HRP Medley, an upcoming warehouse project in Miami’s Medley submarket totaling 174,348 square feet. Charles Foschini and Christopher Apone of Berkadia secured the financing on behalf of the owners, Chicago-based Hilco Redevelopment Partners and New York-based Edge Principal Advisors. CIBC provided the three-year, interest-only non-recourse loan with two 12-month extension options and a 65 percent loan-to-cost ratio. HRP Medley will be a front-load, Class A warehouse with features including 32-foot clear heights, bay sizes of 54 feet by 43 feet, 42 exterior doors, four drive-in doors, emergency egress lighting, supervisor fire alarm, ESFR fire sprinkler system, warehouse air ventilation and 157 parking spaces. Construction is slated to begin this summer. Located at 11002 NW South River Drive on 8.5 acres, HRP Medley will offer access to Palmetto Expressway, Florida Turnpike and Interstate 75. The property will also be 17.3 miles from downtown Miami.

March 31, 2022

Loans Massachusetts Multifamily Northeast Seniors Housing

Greystone Provides $24.8M Agency Refinancing for Seniors Housing Community on Cape Cod

by Taylor Williams March 31, 2022

MASHPEE, MASS. — Greystone has provided a $24.8 million Freddie Mac Optigo loan for the refinancing of a 70-unit seniors housing property in Mashpee, a town on Cape Cod. Built in 2018, Laurentide at Mashpee Commons includes studio, one- and two-bedroom units and offers assisted living and memory care services. Approximately 10 percent of the units are designated as affordable housing by the Cape Cod Housing Authority. Shailini Nehra of Greystone arranged the transaction on behalf of the owner-operator, Northbridge Cos. The fixed-rate, nonrecourse loan carries a 10-year term and 30-year amortization schedule.

March 31, 2022

Development Florida Loans Mixed-Use Southeast

LV Lending Provides $24M Refinancing for Mixed-Use Development in Wellington, Florida

by Julia Sanders March 30, 2022

WELLINGTON, FLA. — Miami-based LV Lending has provided a $24 million loan for the refinancing of Lotis Wellington, a 64-acre mixed-use development underway in Wellington. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending worked with Sean Harrington of The Aztec Group to originate the loan on behalf of Lotis Wellington LLC, an affiliate of Lotis LLC and owned by JKM Wellington Capital LLC. The loan terms were not disclosed. The borrower acquired the Lotis Wellington site for $14.3 million in January 2019. The approved master-planned, mixed-use project features 191 apartments, 23,810 square feet of retail space, 17,203 square feet of professional office space, two signature restaurants, 40,000 square feet of medical offices, an early learning center and two senior living facilities. Construction began in January 2022 with the first restaurants scheduled to open in late 2022. Located at 1351-1381 South State Road 7, the property is situated adjacent to Wellington Regional Hospital.

March 30, 2022

Loans Multifamily Texas

New York Life Provides $40.7M Loan for Refinancing of Austin Multifamily Property

by Taylor Williams March 30, 2022

AUSTIN, TEXAS — New York Life Real Estate Investors has provided a $40.7 million loan for the refinancing of Cypress McKinney Falls, a 264-unit multifamily property in Austin. The property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, custom cabinetry and individual washers and dryers. Amenities include a pool, pet park, outdoor grilling area, a game lawn, fitness center, package locker service and a coffee bar. The loan was structured with a 10-year term and a fixed interest rate. The borrower was not disclosed.

March 30, 2022

Loans Multifamily New York Northeast

J.P. Morgan Provides $99.8M Acquisition Loan for Manhattan Multifamily Portfolio

by Taylor Williams March 30, 2022

NEW YORK CITY — J.P. Morgan has provided a $99.8 million acquisition loan for a portfolio of 11 multifamily properties totaling 361 units in Manhattan. The properties total 208,917 square feet. Gideon Gil, Lauren Kaufman, Zachary Kraft and Sebastian Sanchez of Cushman & Wakefield arranged the financing on behalf of the borrower, HUBB NYC Properties. Adam Spies, Doug Harmon and Adam Doneger, also of Cushman & Wakefield, brokered the sale of the portfolio. The seller was not disclosed.

March 30, 2022

Florida Loans Retail Southeast

Concord Summit Capital Secures $16M Refinancing for Shopping Center in Delray Beach, Florida

by Julia Sanders March 29, 2022

DELRAY BEACH, FLA. — Concord Summit Capital LLC has secured a $16 million loan for the refinancing of Bed Bath & Beyond Plaza, a shopping center in Delray Beach. The Florida-based sponsor, Berta Management, will use the bridge loan to construct a new Starbucks store, provide for capital improvements and pay off existing debt. Massachusetts-based Seven Hills Realty Trust provided the non-recourse loan. Justin Neelis and Daniel Rojo of Concord Summit Capital LLC sourced the financing on Berta Management’s behalf. Bed Bath & Beyond Plaza was 86 percent leased at the time of financing to a newly renovated Bed Bath & Beyond and a CVS/pharmacy, which was built in 2018. The property also features tenants including Enterprise, Marios Market, Agapi Gourmet, Jack’s Pizza, Philly Grill, USPS, JN Nails and Celebrity Dry Cleaning. The Starbucks will be built as an outparcel facing Atlantic Avenue. Site work is underway, and once construction is completed, the shopping center will total 86,043 square feet of leasable space. Built in 1981 at 14802 S. Military Trail, the shopping center is situated seven miles from Boca Raton and Boca Raton Airport.

March 29, 2022

Acquisitions Development Life Sciences Loans Massachusetts Northeast

JLL Arranges $542.5M in Financing for Spec Life Sciences Project in Boston’s Seaport District

by Taylor Williams March 29, 2022

BOSTON — On behalf of Boston Global Investors, JLL has arranged $542.5 million in financing for 10 World Trade, a 555,250-square-foot speculative life sciences project in Boston’s Seaport District. The financing package consists of a $382.5 million construction loan from an undisclosed life insurance company and $160 million in joint venture equity contributions from PGIM Real Estate and Wheelock Street Capital. Designed by Sasaki, the 17-story building will house office and life sciences users on floors three through 17, while the ground floor will feature a two-story public atrium with a 45-foot domed ceiling, a food hall and a garden lounge. Sitework began recently, and completion of the project is slated for late 2024. Anthony Cutone and Andrew Gray of JLL structured the financing on behalf of the borrower. JLL has also been retained to lease the building.

March 29, 2022

Georgia Loans Multifamily Southeast

Mesa West Capital Provides $92.5M in Bridge Financing for Apartment Community in Atlanta

by Julia Sanders March 25, 2022

ATLANTA — Mesa West Capital has provided $92.5 million in bridge financing for the acquisition and repositioning of Magnolia Vinings, a 400-unit multifamily property in Atlanta’s Vinings district. Michael Riccio of CBRE Capital Markets Debt & Equity Finance arranged the financing on behalf of an undisclosed institutional real estate private equity fund. The four-year loan included interest-only payments and a floating interest rate. A portion of the loan proceeds will be used by the sponsor to continue the renovation program started by the seller, focusing largely on the interiors of 177 apartment homes that have not been significantly updated since the property was built in 1996. Magnolia Vinings is a garden-style apartment building that was 98 percent occupied at the time of the financing. The property offers one-, two- and three-bedroom units across five different floorplans, ranging in size from 572 to 1,408 square feet. Each unit offers nine-foot ceilings, walk-in closets and stainless steel appliances. Renovated units feature quartz countertops, vaulted ceilings, vinyl plank flooring, framed mirrors and a wood-burning fireplace. Community amenities include a resort-style swimming pool, clubhouse, fitness center, cyber lounge and a bocce ball court. Located at 2151 Cumberland Way on 21.6 acres, the property is …

March 25, 2022

Georgia Loans Multifamily Southeast

Cushman & Wakefield Secures $90M Refinancing for Multifamily Property in Atlanta

by Julia Sanders March 25, 2022

ATLANTA — Cushman & Wakefield has secured $90 million in refinancing on behalf of Arya Peachtree, a 282-unit multifamily property in Atlanta. Mike Ryan, Brian Linnihan, Blake Cohen, Richard Henry and Taylor Crowder of Cushman & Wakefield secured the refinancing loan on behalf of the borrower, Perennial Properties Inc. Arya Peachtree offers studio, one-, two- and three-bedroom floorplans. Unit features include quartz countertops, stainless steel appliances, full-size washers and dryers and floor-to-ceiling windows. Community amenities include a pool, grills, fitness center, sport lawn, fire pit, putting green, dog spa, flexible workspace stations, bike room and controlled access parking. Additionally, the newly constructed 12-story building has 16,346 square feet of office and retail space on the first two floors. Located at 1777 Peachtree St. NE, the property is situated between Buckhead to the north and Midtown to the south with access to the Interstate 75-85 Connector.

March 25, 2022

Newer Posts

Older Posts