NEW YORK CITY — Locally based developer Lightstone Group has received $130 million in construction financing for Lightstone Moxy, a 303-room hotel that will be located on Manhattan’s Lower East Side. MSD Partners LP, an affiliate of the private investment firm of tech magnate Michael Dell, provided a $90 million senior loan for the 16-story project. Lionheart Strategic Management LLC, an affiliate of Fisher Brothers, provided a $40 million mezzanine loan. Tao Hospitality Group will manage the hotel, which will feature multiple food and beverage concepts. Drew Anderman and Benjamin Nevid of Meridian Capital Group arranged the financing.
NEW YORK CITY — Criterion Real Estate Capital has provided a $125 million loan for the refinancing of 817 Broadway, a 140,000-square-foot office building in Manhattan’s Union Square neighborhood. The property was originally built in 1895 and features a 4,000-square-foot rooftop terrace. The borrower, Taconic Partners, which acquired the asset in 2016 in partnership with Nuveen Real Estate, will use a portion of the proceeds to fund tenant improvements and leasing costs.
BETHESDA, MD. — Talonvest Capital Inc. has secured a $45.5 million construction loan to fund the ground-up development of a self-storage facility in Bethesda. Upon completion, the self-storage facility will feature a 131,559 net rentable square feet of climate-controlled space in approximately 1,560 units across nine levels. The project is expected to be completed in 2022. The loan features a low interest rate, a three-year term with an extension option and prepayment flexibility. Jim Davies, Erich Pryor, Mason Brusseau and Tom Sherlock of Talonvest secured the loan on behalf of the borrower, 1784 Capital Holdings, which is a self-storage developer based in Scottsdale, Arizona. Talonvest Capital is an Irvine, Calif.-based real estate firm that provides advisory services to self-storage and commercial real estate investors, owners and developers nationally.
AUSTIN, TEXAS — Alliant Credit Union has funded a $39 million acquisition loan for a newly built, 451-unit student housing tower located two blocks from the University of Texas at Austin’s campus. The 18-story building, the name of which was not disclosed, offers amenities such as a rooftop pool, fitness center and various study areas. Alliant provided the loan, which was structured with a period of interest-only payments and flexible exit options, to the borrower, Versity Investments. Josh Perew of Walker & Dunlop arranged the financing.
MAUMELLE, ARK. — Colliers Mortgage has provided two separate Fannie Mae Loans for the refinancing of Bay Pointe Apartments and Millwood Apartments, two multifamily communities located about 16.6 miles north of Little Rock in Maumelle. Together, the two loans totaled $2.4 million. The borrower(s) for the two refinancing transactions was not disclosed. Built in 1986, Bay Pointe Apartments includes 65 units located throughout four two-story apartment buildings, as well as a one-story residential building. Bay Pointe is located at 400 Valencia Drive and has one- or two-bedroom options. Community amenities include a business center, pool, parking and community room. Located at 200 Millwood Circle, Millwood Apartments was constructed in 1980 and includes 96 units located throughout eight two-story apartment buildings. The apartments include one-, two- and three-bedroom unit options. Community amenities include parking, a business center, community room and a pool. The Fannie Mae loan provided for Bay Pointe Apartments was a little more than $1 million and carries a 15-year term and 30-year amortization schedule. The loan provided for Millwood Apartments totaled $1.4 million. The refinancing loan carried a 15-year term and 30-year amortization schedule.
NEW YORK CITY — Black Bear Capital Partners (BBCP) has arranged a $22.6 million Fannie Mae loan for the refinancing of two multifamily assets totaling 140 units in The Bronx. Bryan Manz, Emil DePasquale and George Pektor of BBCP arranged the financing, which featured a fixed interest rate of 3.37 percent for 12 years with five years of interest-only payments and a 30-year amortization schedule, through PGIM Real Estate. The borrower was Finkelstein Timberger East Real Estate.
EAST ORANGE, N.J. — Progress Capital has arranged a $53 million loan for the refinancing of LOTUS 315, a 180-unit multifamily building located in the Northern New Jersey community of East Orange. The property also houses 33,151 square feet of ground-floor commercial space. The borrower, locally based developer Blackstone 360, delivered the eight-story building in 2019. Units feature stainless steel appliances and individual washers and dryers, and amenities include an outdoor garden with a lounge, private garden terraces, a fitness center and shuttle service to Newark Penn Station. Brad Domenico of Progress Capital arranged the nonrecourse loan through Arbor Commercial Mortgage.
MIAMI — Berkadia has secured a $52 million bridge loan to refinance Pier 19 Residences & Marina, a 199-unit apartment community along Miami River. Charles Foschini and Christopher Apone of Berkadia secured the financing on behalf of the sponsor, Neology Life Development Group, a Miami-based residential and commercial real estate firm. LoanCore Capital originated the two-year, floating-rate loan with three 12-month extension options at a 72 percent loan-to-value ratio. Suzanne Amaducci-Adams and Alexandra Lehson of Bilzin Sumberg were the legal team representing the venture in the refinancing and initial financing. Located at 1951 NW S River Drive, Pier 19 Residences & Marina is located 3.8 miles from downtown Miami and 4.9 miles from Miami International Airport. The property was originally built in 2011 as condominiums. In 2018, Neology purchased the 21-story property and invested more than $2 million to transform the property into a lifestyle-driven residential community. Pier 19 offers one-, two- and three-bedroom units ranging from 720 to over 1,200 square feet. Individual units feature granite countertops, marble and ceramic flooring, stainless steel kitchen appliances, walk-in closets, in-unit washer/dryer and balconies. Community amenities include a marina with 10 slips, a pool deck with pool and hot tub, a dog …
SOUTHAVEN, MISS. — Knighthead Funding LLC has provided a $12.1 million first mortgage loan to refinance two adjacent Marriott-branded hotels in the Memphis submarket of Southaven. The undisclosed borrower will use proceeds from the three-year, non-recourse loan to take out a maturing CMBS loan. The properties include a 78-room Residence Inn by Marriott located at 7165 Sleepy Hollow Drive and an 85-room Courtyard by Marriott located at 7225 Sleepy Hollow Drive. Located along Interstate 55, both properties are within 15 miles of Memphis International Airport, approximately 8.3 miles from Graceland and 15 miles from FedEx Forum. Both hotels have been updated, including renovations to guestrooms, lobbies and restaurants. Knighthead Funding LLC is a national real estate finance company based in New York.
WHITE PLAINS, N.Y. — Black Bear Capital Partners (BBCP) has arranged a $24 million CMBS permanent loan for a 160,000-square-foot office building in White Plains, located north of New York City. Morgan Stanley provided the loan, which featured a fixed interest rate of 3.85 percent for 10 years with full-term, interest-only payments. The borrower, Caspi Development, has invested almost $3 million in capital improvements to the building over the last three years. Bryan Manz, Emil DePasquale and George Pektor of BBCP arranged the financing.