loans

Greystone Arranges $94M Construction Loan for Newark Multifamily Project

by Taylor Williams June 29, 2021

NEWARK, N.J. — Greystone has arranged a $94 million construction loan for a 403-unit multifamily project that will be located at 55 Union St. in downtown Newark. The project will include 3,000 square feet of retail space and a 196-space parking garage. The amenity package will consist of a rooftop garden and entertainment area, an outdoor courtyard with grills, fire pits and lounge space and a fitness center. Drew Fletcher, Matthew Hirsch and Steven Deck of Greystone placed the debt on behalf of the developer, J&L Cos. Inc. A four-bank syndicate led by Valley National Bank and including Bank Hapoalim, Abanca USA and TriState Capital Bank provided the loan.

June 29, 2021

Acquisitions Loans Multifamily Southeast Virginia

Berkadia Secures $100.2M in Financing for Student Housing Portfolio Near Virginia Tech

by Julia Sanders June 28, 2021

BLACKSBURG, VA. — Berkadia has secured $100.2 million in financing and arranged the sale of a three-property student housing portfolio in Blacksburg. The properties in the portfolio include Hunters Ridge, Maple Ridge Townhomes and Collegiate Suites of Blacksburg and are approximately 1.3 to 2.1 miles from Virginia Tech. The student housing communities are also located close to the shops and restaurants along North Main Street. David Hudgins of Berkadia’s Newport News office represented the undisclosed seller and the buyer, California-based Reliant Group, in the transaction. John Richards of Berkadia’s Richmond office secured the acquisition financing for the portfolio. Pacific Life Insurance provided the five-year, interest-only loan, which features a 30-year amortization schedule and a fixed 2.66 percent interest rate. Hunters Ridge is a 72-unit property located at 1401 and 1441 Seneca Drive. The student housing community features four-bedroom floor plans with balconies or patios, in-unit washers and dryers and full appliance packages. Community amenities include a clubhouse, coffee bar, gaming area with a pool table, grilling stations, full-sized basketball court, fitness center and a tanning salon. Maple Ridge Townhomes is located at 344 Red Maple Drive. The 314-unit property features two-, three- and four-bedroom floor plans with in-unit washers and …

June 28, 2021

Loans Multifamily Texas

CBRE Arranges $100.2M Loan for Refinancing of Houston Multifamily Portfolio

by Taylor Williams June 28, 2021

HOUSTON — CBRE has arranged a $100.2 million loan for the refinancing of a portfolio of four multifamily properties located in Houston’s Westchase neighborhood totaling 1,330 units. Derek Fasulo and Frances Rogers of CBRE arranged the nonrecourse, floating-rate loan through an undisclosed bridge lender on behalf of the borrower, a joint venture doing business as Westchase Houston LLC. The loan was structured with a five-year term and 60 months of interest-only payments. The names of the properties were not disclosed.

June 28, 2021

Loans Office Texas

Bank of America Provides $95M Loan for Refinancing of Irving Office Complex

by Taylor Williams June 28, 2021

IRVING, TEXAS — Bank of America has provided a $95 million loan for the refinancing of Urban Towers, an 850,000-square-foot office complex located on 11.2 acres in Irving. Built in 1982 and 1984, the property consists of a 22-story tower and a 17-story building with five- and seven-story parking structures, respectively. David Milestone of Newmark arranged the five-year loan on behalf of the borrower, San Diego-based Parallel Capital Partners Inc. At the time of the loan closing, Urban Towers was 82 percent leased to tenants such as The Pasha Group, Celanese, MultiPlan Inc. and Hyundai Merchant Marine.

June 28, 2021

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Arranges $12.2M Loan for Refinancing of Massachusetts Apartment Building

by Taylor Williams June 25, 2021

JAMAICA PLAIN, MASS. — Cornerstone Realty Capital has arranged a $12.2 million loan for the refinancing of a five-story apartment building in the Egleston Square neighborhood of Jamaica Plain near Boston. Completed in 2020, the property houses 39 apartment units and retail space on the ground floor. Units range in size from 515 to 1,320 square feet. Cornerstone arranged a fixed-rate loan with 12 months of interest-only payments followed by a 30-year amortization schedule. The borrower and direct lender were not disclosed.

June 25, 2021

Development Florida Loans Mixed-Use Southeast

Thorofare Capital Provides $43.7M in Financing for 16000 Pines Market Retail Development in South Florida

by Julia Sanders June 24, 2021

PEMBROKE PINES, FLA. — Thorofare Capital Inc. has provided $43.7 million in senior mortgage financing to an entity managed by Miami-based Terra for 16000 Pines Market, a 135,000-square-foot mixed-use development nearing completion in Pembroke Pines. Keith Kurland, Jackson Sastri and Ian Hawk of Walker & Dunlop arranged the financing. Terra will utilize the loan proceeds to finish construction, capitalize the tenant improvements/leasing commissions and carry the project until it’s stabilized. The first phase of construction for 16000 Pines Market was completed earlier this year, with construction of Phase II now underway and slated to deliver in 2022. 16000 Pines Market is situated on 13.2 acres with visibility along Pines Boulevard and Dykes Road. The shopping center is anchored by Publix as well as Burlington and Crunch Fitness. Additional tenants include Verizon Wireless, Regions Bank, a United States Postal Service branch, Jersey Mike’s Subs, Vivo Pizza & Pasta, FirstWatch Café, Cheddar’s and MD Now. Thorofare Capital Inc. is a commercial real estate debt fund manager and affiliate of Thorofare LLC. Terra is a real estate development and investment company.

June 24, 2021

Loans Multifamily New York Northeast Retail

Columbia Pacific Provides $39.1M Bridge Loan for SoHo Multifamily, Retail Building

by Taylor Williams June 24, 2021

NEW YORK CITY — Columbia Pacific Advisors has provided a $39.1 million bridge loan for an eight-story multifamily and retail building located at 68-70 Spring St. in Manhattan’s SoHo neighborhood. The 24,357-square-foot property totals 10 residential units in two- and three-bedroom formats. The undisclosed borrower will use the proceeds from the 36-month loan to fund capital improvements and lease-up costs.

June 24, 2021

Loans Office Texas

Barings Provides Loan for Refinancing of 504,750 SF Office Tower in Dallas

by Taylor Williams June 23, 2021

DALLAS — Barings Real Estate has provided a loan for the refinancing of PwC Tower at Park District, a 504,750-square-foot office tower in Uptown Dallas. The amount of the loan was not disclosed, but the Dallas Morning News reports that it was $225 million. Built in 2018, the building consists of 20 stories of office space above a four-story parking garage. Onsite amenities include three restaurants, a tenant lounge, conference center and a 7,000-square-foot health club. Jim Curtin of JLL arranged the loan, which was structured with a 10-year term and a fixed interest rate, on behalf of the borrower, MetLife Investment Management. PwC Tower at Park District, which bears the name of its anchor tenant, PricewaterhouseCoopers, was approximately 93 percent leased at the time of the loan closing.

June 23, 2021

Florida Loans Office Southeast

Cushman & Wakefield Secures $33.8M in Financing for Two Harbour Place Office Building in Downtown Tampa

by Julia Sanders June 23, 2021

TAMPA, FLA. — Cushman & Wakefield has secured $33.8 million in financing for Two Harbour Place, a Class A office building located in downtown Tampa. Cushman & Wakefield also arranged the sale for the property. Mike Davis, Rick Brugge, Rick Colon, Zachary Eicholtz and Dominic Montazemi of Cushman & Wakefield represented the seller, a joint venture between CP Group and CenterSquare Investment Management, in the transaction. Farley White Interests, a Boston-based commercial real estate owner, acquired the property for an undisclosed price. Jason Hochman, Brian Linnihan, Mike Ryan and Ron Granite of Cushman & Wakefield secured the long-term, fixed-rate acquisition loan through Metropolitan Life Insurance Co. Located at 302 Knights Run Avenue, the 12-story building was 92 percent leased at the time of sale. Property amenities include 3.7 per 1,000-square-foot parking ratio via an attached structured garage, as well as an onsite coffeehouse, concierge services, a full-time day porter, auto detailing and dry-cleaning pick-up and delivery. CP Group, formerly Crocker Partners, is a Boca Raton, Fla.-based owner, operator and developer of office and mixed-use projects throughout the Southeast and Southwest United States. CenterSquare is a global investment manager based in Philadelphia.

June 23, 2021

Healthcare Life Sciences Loans New Jersey Northeast Office

Newmark Arranges $76M Acquisition Loan for Life Sciences Campus in Hopewell, New Jersey

by Taylor Williams June 23, 2021

HOPEWELL, N.J. — Newmark has arranged a $76 million acquisition loan for Princeton West Innovation Campus, a 1.1 million-square-foot life sciences property in Hopewell, about 55 miles southwest of New York City. The property, which formerly served as the global R&D headquarters of pharmaceutical giant Bristol Myers Squibb, is located less than 10 miles from its namesake university’s main campus. Amenities include a full-service cafeteria, an 8,000-square-foot fitness center, a 28,000-square-foot child development center and multiple conference areas. The borrower was a partnership between H.I.G. Realty Partners and Lincoln Equities Group. Dustin Stolly and Jordan Roeschlaub of Newmark placed the debt through Denver-based ArrowMark Partners. The new ownership will use a portion of the proceeds to fund capital improvements and speculative leasing costs.

June 23, 2021

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