PLANO, TEXAS — CIM Group, a Los Angeles-based lender and owner-operator, has provided a $73 million loan for the refinancing of Legacy Commons, a 287,044-square-foot office campus located north of Dallas in Plano. The property, which was originally constructed in 1998 as the headquarters for Dr. Pepper, comprises three buildings and an undeveloped 5.3-acre site within the Legacy master-planned development. The borrower, a partnership between Taconic Capital Advisors and Champion Partners, acquired Legacy Commons in 2019 and subsequently implemented $10 million in capital improvements. The campus now features a renovated lobby and main entrance, as well as an outdoor courtyard and amphitheater, lounge and meeting area and a fitness center.
LAGRANGE, GA. — Berkadia has secured an acquisition loan for Exchange at 1105, a new 280-unit garden-style multifamily property in LaGrange. Scott Wadler and Matt Nihan of Berkadia’s Miami office arranged the financing through AllianceBernstein on behalf of the borrower, Coral Gables, Fla.-based Beacon Real Estate Group. The loan amount was not disclosed. The first phase of Exchange at 1105 was completed in 2021 and includes 198 units. Phase I was 97 percent occupied at the time of sale. The second phase is under construction and slated for delivery by the fourth quarter. The property offers one-, two- and three-bedroom floorplans. Unit features include smart lock entry, stainless steel appliances, granite kitchen countertops, soaking bathtubs and walk-in closets. Community amenities include a clubhouse, fitness facility, resident lounge with pool table, Wi-Fi enabled clubhouse with business center, dog park with pet spa and designer pool with sun deck. Located at 1105 and 1195 S. Davis Road, the property is located near Interstates 85 and 185.
SAN ANTONIO — Lument has provided two acquisition loans totaling $32 million for a pair of multifamily assets in San Antonio. In the first transaction, Lument originated a $17.5 million loan for Auburn Creek, a 224-unit community that was originally built in 1976 and was 91 percent occupied at the time of the loan closing. In the second deal, Lument funded a $14.5 million loan for Fairways, a 205-unit complex that was initially constructed in 1973 and had an occupancy rate of 95 percent when the loan closed. Marc Suarez led the transactions for Lument. The borrower was locally based multifamily investment firm Lynd Group.
NEW YORK CITY — Avison Young has placed a $210 million loan for the refinancing of a 396-unit apartment building located in the Long Island City area of Queens. The borrower, locally based multifamily developer Rockrose, built the 31-story property in 2007. Amenities include an indoor pool, sauna, fitness center and a game room. Andy Singer and Kathleen McSharry of Avison Young placed the debt through Metlife Investment Management.
AVENTURA, FLA. — Dallas-based Hall Structured Finance (HSF) has provided a $29.4 million loan for the refinancing of Serena Hotel, a Tapestry Collection Hotel by Hilton in Aventura. Locally-based Rieber Developments is the owner and developer of the hotel, and Driftwood Hospitality Management is the property manager. Dmitry Levkov and Jeffrey Donnelly of Colliers sourced the financing for the project. Built in 2021, Serena Hotel is a 100-room hotel that features 12-foot ceilings, luxury interior finishes and 34 extended stay guestrooms. Onsite amenities include a restaurant and lounge with a Michelin-rated chef, rooftop bar, outdoor pool and bar, meeting spaces, fitness center and lobby workstations. Additionally, the property is LEED Gold certified. Located at 2820 NE 214th St., the hotel is situated 13.7 miles from Fort Lauderdale, 8.8 miles from Fort Lauderdale-Hollywood International Airport and 21.9 miles from Miami Beach. The property is also located in the Aventura medical district within a mixed-use development including medical offices, ground-level retail and structured parking. HSF’s bridge loan financing program targets existing hotel properties and serves to complement its hotel and multifamily construction loan programs. HSF expects to close over $600 million in new loans in 2022, through a combination of new hotel …
GAITHERSBURG, MD. — PCCP LLC has provided a $83.9 million senior loan to WRS Inc. for the acquisition and renovation of Lakeforest Mall, a 102-acre retail development in Gaithersburg. The loan terms were not disclosed. Lakeforest Mall features tenants including Aeropostale, Bath & Body Works, Macy’s, T-Mobile, The Jewel Box, Waldin Jewelers, The Bridal at Lakeforest and Unique Eyebrows. The site also offers about 5,700 parking spaces. Mount Pleasant, S.C.-based WRS originally acquired the mall’s inner core in 2019, and now will purchase the four big-box department anchors with the loan that PCCP provided. With a simultaneous closing of the four anchor properties, WRS now controls the entirety of the site. The developer plans to renovate the mall into a mixed-use concept featuring residential, commercial and green space. The construction timeline for the redevelopment project was not disclosed. Located at 701 Russell Ave., the property’s infill site is located within Montgomery County and is approximately 24 miles northwest of Washington, D.C.
MARIETTA, GA. — CBRE has secured $38 million in acquisition financing for Crestmont Apartments, a 228-unit, garden-style apartment community in Marietta. Robert Kadoori and C.J. Kelly of CBRE arranged the loan on behalf of the borrower, TerraCap Management. The floating-rate loan has an initial term of four years, can extend up to one additional year and features future funding to finance the sponsor’s business plan. Built in 1986, Crestmont offers one- and two-bedroom unit floorplans. Unit features include nine-foot ceilings, stainless steel appliances, walk-in closets and washers and dryers in select units. Community amenities include a swimming pool with a sundeck, playground, picnic area with grilling stations, clubhouse, pet spa and a dog park. Located at 500 Williams Drive, the property is close to Interstates 75 and 575 and Atlanta’s Cumberland/Galleria office submarket, which includes 20 million square feet of office space. The property is also 5.3 miles from Kennesaw State University, 10.7 miles from Battery Atlanta and 2.9 miles from Town Center at Cobb.
MIAMI — JLL Capital Markets has arranged $60 million in construction financing for The Kavista, a 282-unit, eight-story multifamily development in Miami. Melissa Rose and Michael DiCosimo of JLL represented the borrower, Miami-based Barrington Brothers LLC, to secure the 2.5-year construction loan through Trez Capital. The Kavista will feature one-, two- and three-bedroom floorplans. Community amenities will include a pool and deck, barbeque grilling area with outdoor seating, coworking lounge, theater, fitness center and electric vehicle charging stations. Located at 495 N.E. 83rd St. in Miami’s El Portal neighborhood, The Kavista is situated close to Biscayne Boulevard, State Road 934 and Interstate 95. The property is also located close to Biscayne Medical, Miami Beach and The Citadel, which features 15 restaurants, a rooftop bar and walkable retail frontage totaling 62,000 square feet of active commercial uses.
FRANKLIN TOWNSHIP, N.J. — Boutique commercial finance and advisory firm Axiom Capital Corp. has arranged a $25 million loan for the refinancing of a 113,204-square-foot retail center in Franklin Township, about 40 miles south of Manhattan. Grocer ShopRite anchors the three-building property, with Wells Fargo occupying the other standalone structure. The nonrecourse loan carried a 10-year term and fixed interest rate. The borrower was not disclosed.
SAN ANTONIO — Miami-based direct lender 3650 REIT has provided a $38 million loan for the refinancing of Thompson San Antonio — RiverWalk, a 162-room luxury hotel and residential building near the city’s downtown area. Thompson, which is part of the Hyatt family of brands, opened the hotel in February 2021. The property includes 59 for-sale residences, all but one of which have been sold. Lawrence Britvan and Dylan Brandt of Hodges Ward Elliott arranged the financing through 3650 REIT on behalf of the developer and borrower, Houston-based DC Partners. Michael Fleischer, Joel Thompson and Noah Moghavem led the transaction for 3650 REIT. The loan carries a term of 30 months and two six-month extension options.