NEW JERSEY — G.S. Wilcox & Co., a locally based mortgage banking firm, has arranged a $21 million loan for the refinancing of a 236,000-square-foot industrial property in Northern New Jersey. Gretchen Wilcox, Albert Raymond and Wesley Wilcox of G.S. Wilcox arranged the 20-year loan through Mutual of Omaha on behalf of the undisclosed borrower. The property name and location were also not disclosed.
NEW YORK CITY — Greystone has provided a $6.5 million Fannie Mae loan for the refinancing of Madrid Towers, a 58-unit multifamily asset located in the Astoria neighborhood of Queens. The nonrecourse loan was structured with a 10-year term and a fixed interest rate. Jason Yuen of Greystone originated the financing on behalf of the borrower, a family that has owned the six-story property for 35 years, with George Eliopoulos of Velios Capital acting as correspondent.
FRISCO, TEXAS — JPI has received construction financing for Jefferson at The Grove, a 424-unit apartment community in Frisco. Jefferson at The Grove is part of a larger residential and commercial master plan in Frisco that will consist of more than 17 acres of open space, five planned parks and more than four miles of trails. Units will feature 10-foot ceilings, glass-enclosed showers and large bathtubs, walk-in closets, private yards and balconies, granite countertops, hardwood-style flooring, designer cabinetry, stainless steel appliances and full-sized washers and dryers in all units. Amenities will include a pool with cabanas, fitness center with a spin studio, private courtyards and a dog park. The opening is scheduled for spring 2022.
PHOENIXVILLE, PA. — JLL has provided a Freddie Mac loan of an undisclosed amount for the refinancing of Westridge Gardens, a 136-unit multifamily asset in Phoenixville, a northwestern suburb of Philadelphia. Renovated in 2017, the property consists of 15 buildings housing one-, two- and three-bedroom units on a 13-acre site. The average unit size is 986 square feet, and each residence offers in-unit washers and dryers and outdoor patio space. Communal amenities include a pool, sport court and a playground. Ryan Ade, Jamie Leachman and Travis Hess originated a 10-year, fixed-rate loan for the acquisition on behalf of the borrower, Relative Properties LLC.
NEW YORK CITY — JLL has arranged a $27.5 million loan for the refinancing of a 44-unit apartment building located at 812-814 Amsterdam Ave. on Manhattan’s Upper West Side. The 15-story building was completed in March and houses 12,302 square feet of retail space. Units come in studio, one- and two-bedroom formats and range in size from 414 to 1,167 square feet. Scott Aiese, Peter Rotchford, Alex Staikos and Andrew Cohen of JLL arranged the loan through MetLife on behalf of the borrower, a partnership between Invictus Real Estate Partners LLC and MJM Associate Contracting LLC. Proceeds were used to retire the original construction loan and mezzanine financing.
SAN ANTONIO — NorthMarq has provided a $24.6 million Fannie Mae acquisition loan for The Park on Wurzbach, a 264-unit multifamily asset in San Antonio. Built in 2018, the property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, tile backsplashes and individual washers and dryers. Amenities include a pool and a fitness center with yoga and spin studios, as well as a clubhouse with a kitchen, billiards table and TVs. Faron Thompson, Ali Meek and Matthew Bronstein of NorthMarq originated the 10-year loan on behalf of the borrower, Houston-based Venterra Realty. Martin Bronstein, Ralph Howard and Bryan Tran, along with Scott LeMontagne, Moses Siller and Zar Haro of NorthMarq, negotiated the transaction on behalf of the seller, a partnership between BHW Capital and Gray Street Partners.
BOSTON — MassHousing has provided $67.4 million in acquisition financing for Blue Mountain Apartments, a 217-unit historic affordable housing property located in the Roxbury neighborhood of Boston. The borrower, NHP Foundation, will use a portion of the proceeds to rehabilitate the property and preserve its affordability through 2045. Blue Mountain Apartments consists of 105 one-bedroom apartments, 73 two-bedroom apartments, 18 three-bedroom apartments, 16 four-bedroom apartments and five five-bedroom apartments. Among the improvements planned for the property are concrete and masonry repairs, roof repairs, fire system upgrades, exterior door and window replacements, kitchen and bathroom upgrades and upgrades to the buildings’ HVAC, plumbing and electrical systems.
DOVER, N.H. — Boston-based mortgage banking firm Fantini & Gorga has arranged two loans totaling $10.8 million for the refinancing of a pair of commercial assets in Dover, located near the Maine-New Hampshire border. The first property is a 32-unit apartment building with 9,000 square feet of commercial space that was built in 2015. The second asset is a historic building constructed in the late 1800s that features 24 commercial units and 21 residential units. Derek Columbe and Lindsay Feig of Fantini & Gorga placed the loans through a regional bank on behalf of the undisclosed borrower.
PATERSON, N.J. — KeyBank’s Community Development Lending and Investment (CDLI) team has provided $5 million in acquisition financing for Rosa Parks Apartments, a 50-unit affordable housing property for seniors in Paterson. The borrower was Radiant Property Management LLC, a Newark-based real estate services company that will also manage the property following the acquisition. Eric Steinberg of KeyBank’s CDLI team structured the financing.
AUSTIN, TEXAS — JLL has arranged a $27.1 million acquisition loan for Cannon Oaks Apartments, a 230-unit multifamily community in south Austin. Built in 2001, the property consists of 12 residential buildings that are situated on 18 acres and offer two-, three- and four-bedroom floor plans. Amenities include a recently renovated clubhouse, pool and fitness center. Marko Kazanjian, Chris McColpin, Rob Hinckley, Jackson Finch and Andrew Cohen of JLL arranged the loan through Prime Finance on behalf of the borrower, Old Three Hundred Capital. Kelly Witherspoon, Michael Gonzalez and Justin Cole of Berkadia represented the seller, Arizona-based Sterling Real Estate Partners, in the transaction.