NEW YORK CITY — New York City-based development and investment firm Innovo Property Group (IPG) has received a $155 million construction loan for a 900,000-square-foot industrial project in the Long Island City area of Queens. The site previously housed the warehouse of online grocer FreshDirect. Innovo will redevelop the property to function as a last-mile distribution facility with elevated truck courts and a vertical parking structure. An affiliate of Starwood Property Trust provided the loan. IPG acquired the asset in January 2019 with Atalaya Capital Management and Nan Fung Group for $75 million. Since then, the partnership has demolished the existing warehouse.
HACKENSACK, N.J. — JLL has arranged a $60 million loan for the refinancing of Excelsior II, a 267-unit apartment building located just outside of New York City in Hackensack. According to Apartments.com, the property was built in 1999, features one-, two- and three-bedroom units and offers amenities such as a pool, spa and a fitness center. Greg Nalbandian and Michael Lachs of JLL arranged the 30-year, fixed-rate loan through John Hancock Investment Management on behalf of the borrower, Tidewater Real Estate Co.
PHILADELPHIA — Cushman & Wakefield has arranged a $69.5 million acquisition loan for the Crossings Industrial Portfolio, a collection of 25 light industrial buildings totaling 1.2 million square feet in the Philadelphia area. John Alascio, Sridhar Vankayala, Chuck Kohaut, T.J. Sullivan and Meredith Donovan of Cushman & Wakefield arranged the floating-rate loan through Natixis on behalf of the borrower, Camber Real Estate Partners.
WALL TOWNSHIP, N.J. — Ziegler has arranged $114.8 million in bond financing for Springpoint Senior Living, located near the Jersey Shore in Wall Township. Springpoint operates eight continuing care retirement communities (CCRCs) in New Jersey and Delaware, 19 affordable housing communities, a home care agency and a continuing care at home program. In addition to refinancing all of the outstanding debt of the previous obligated group, the refinancing also reimbursed Springpoint for approximately $25 million in recent capital expenditures. The fixed-rate, tax-exempt bonds were underwritten simultaneously with $85 million of taxable bank financings with two regional banks. Marathon Capital Strategies LLC provided municipal advisory services to Springpoint in connection with the transaction.
WEEHAWKEN, N.J. — Los Angeles-based Parkview Financial has provided $61 million to fund the predevelopment and entitlement process for 1400 and 1900 Avenue at Port Imperial in Weehawken, located across the Hudson River from Midtown Manhattan. The project will consist of an eight-story, 282-unit condominium building with 4,601 square feet of retail space and a 346-space parking garage. Residential amenities will include a lounge, indoor pool, spa, fitness center, basketball court, multi-media room, game room, library and coworking space. Outdoor amenities will include a pool, dining and kitchen stations, sun deck, fire pit and lounge seating. The development team expects the entitlement process to last about six months.
BROKEN ARROW, OKLA. — Berkadia has provided a $46.1 million HUD loan for the refinancing of Creekside Apartments I and II, a 380-unit multifamily property located in the Tulsa suburb of Broken Arrow. The property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, childcare area, business center and a dog park. Jennifer Quigley of Berkadia originated the loan through HUD’s 223(f) program on behalf of the borrower, Montana-based BlackRidge Cos. The program insures loans used to acquire or refinance existing multifamily properties that may have been originally financed with conventional or FHA-insured mortgages.
NEW YORK CITY — Los Angeles-based PCCP LLC has provided a $32.7 million loan for the refinancing of the leasehold interest of Renoir House, a 151-unit apartment building located at 225 E. 63rd St. on Manhattan’s Upper East Side. An investment fund sponsored by San Francisco-based Carmel Partners acquired the leasehold interest in the property, which was built in 1962, in November 2011. Since that time, the firm has upgraded the property by renovating units, installing and improving amenity spaces and modernizing common areas. Specific loan terms were not disclosed.
HAMILTON TOWNSHIP, N.J. — JLL has arranged a $12.6 million construction loan for 130 Commerce Center, a 171,000-square-foot speculative industrial project that is a redevelopment of a retail strip center in Central New Jersey’s Hamilton Township. Slated for a third-quarter completion, the property will feature 36-foot clear heights and 50 trailer parking stalls. Michael Klein and Max Custer of JLL arranged the floating-rate financing through an undisclosed lender on behalf of the borrower, a partnership between Penwood Real Estate Investment Management LLC and Metrix Real Estate Services LLC.
HOUSTON — Los Angeles-based PCCP LLC has provided an $86.3 million loan for the acquisition and renovation of two apartment communities totaling 620 units that are located within the 37-acre CityCentre mixed-use development in Houston’s Memorial City district. The properties, both of which offer Class A amenities, are branded Domain at CityCentre and Lofts at CityCentre. Domain features 370 units averaging 975 square feet in one-, two- and three-bedroom floor plans. Lofts totals 250 units averaging 958 square feet with a similar unit mix. The borrower was Lubbock-based Madera Residential, which purchased the assets from J.P Morgan.
CAMBRIDGE, MASS. — Cornerstone Realty Capital has arranged a $6.5 million loan for the refinancing of a 26-unit apartment building in Cambridge. Originally built in 1903, the property consists of 25 three-bedroom units and one two-bedroom unit that have been renovated in phases over the last several years. Cornerstone arranged the nonrecourse loan, which was structured with a 10-year term, fixed interest rate and 24 months of interest-only payments. The borrower was locally based management firm The Micozzi Companies.