Tuesday, November 26, 2024
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Finance

465 N. Park Dr. in Chicago
FinanceIllinoisMidwestNews

JLL Capital Markets Arranges $127 Million Refinancing for 444-Unit Community in Chicago

by Channing Hamilton

CHICAGO — JLL Capital Markets has arranged the $127 million refinancing of 465 N. Park Dr., a 48-story asset in the Streeterville neighborhood of downtown Chicago. The borrower was a joint venture between MetLife Investment Management and Allstate Investments. JLL represented the borrower to secure the five-year loan through The Northwestern Mutual Life Insurance Co. Danny Kaufman, Mary Dooley, Medina Spiodic, Tara Hagerty and Rebecca Brielmaier led the JLL Capital Markets Debt Advisory team. 465 N. Park Dr. was built in 2018. The property offers 444 units in studio, one-, two- …

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ArizonaBerkadiaFinanceInvestment SalesNewsWestern

Berkadia Brokers Sale, Financing of 174-Unit Cambriain Gilbert, Arizona

by Channing Hamilton

GILBERT, ARIZ. — Berkadia has negotiated the sale of and financing for Cambria, a garden-style community located in the Phoenix suburb of Gilbert. Cambria comprises 174 units that average 1,022 square feet in size. The property offers direct-access attached garages, nine-foot ceilings and side-by-side washers and dryers. Bridge Investment Group Holdings sold the asset to a California-based private investor for an undisclosed price. Mark Forrester, Ric Holway, Dan Cheyne and Andrew Curtis of Berkadia Phoenix represented the seller in the deal. Vincent Punzi and Lowell Takahashi of Berkadia’s Irvine, California …

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DevelopmentFinanceGeorgiaNewsSoutheast

BWE Secures $31 Million to Construct Imperium Suwanee in Atlanta Suburb

by Channing Hamilton

SUWANEE — BWE has secured a $31 million loan to finance the construction of Imperium Suwanee, a 212-unit development in the Atlanta suburb of Suwanee. The community will offer amenities such as a fitness center, rooftop clubhouse, EV chargers, cybercafé with a coffee bar, pool, outdoor kitchen and bar, bike storage and repair station, courtyard, dog spa and a business center with a conference room. Thomas Wiedeman, Alan Tapie, Brad Walker and Hanley Long of BWE’s Atlanta office originated the loan through two community bank lenders. The borrower was Imperium …

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120 East 144th Street in New York City
FinanceNew YorkNewsNortheast

SCALE Lending Provides $150 Million Construction Loan for Residential Tower in the Bronx

by Channing Hamilton

NEW YORK CITY — SCALE Lending has provided a $150 million construction loan for a 13-story development located at 120 East 144th Street in the Mott Haven neighborhood of the Bronx. The borrower, The Beitel Group, will use the funds to complete the construction of the building. Leah Paskus of Landstone Capital Group arranged the loan. Prestige Construction NY will serve as the general contractor for the project. S. Wieder Architect PC is the architect. The Beitel Group originally purchased the site in 2022. The existing building on the property was …

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Emblem 120 in Woburn, Massachusetts
FinanceMassachusettsNewsNortheast

Mesa West Capital Provides $81 Million Refinancing for Emblem 120 in Boston Suburb

by Channing Hamilton

WOBURN, MASS. — Mesa West Capital has provided an $81 million loan to refinance Emblem 120, a 289-unit property in the Boston suburb of Woburn. The borrower was a joint venture between affiliates of Toll Brothers Inc. and Carlyle. Newmark’s Boston Debt & Structured Finance team of David Douvadjian, Timothy O’Donnell and David Douvadjian arranged the financing. Emblem 120 was developed by Toll Brothers Apartment Living. The property was completed in 2022. Emblem 120 rises six stories and offers studio, one-, two- and three-bedroom floor plans. Amenities include a central …

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Brooklyn Crossing in New York City
FinanceNew YorkNewsNortheast

MT&T Realty Capital Provides $414.8 Million Refinancing for 51-Story Tower in Brooklyn

by Channing Hamilton

NEW YORK CITY — M&T Realty Capital Corp. has provided a $414.8 million Freddie Mac conventional loan to refinance debt on Brooklyn Crossing, a 51-story high-rise community in Brooklyn. M&T Realty Capital is a wholly owned subsidiary of M&T Bank (NYSE: MTB). The borrower was The Brodsky Organization. Brooklyn Crossing features 858 apartments in studio, one-, two- and three-bedroom layouts. Of the total unit count, 258 are dedicated as affordable. Income restrictions for these units were not disclosed. Community amenities include a screening room, rooftop terrace and lounge, fitness center …

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Alexan Pena Station in Denver
BerkadiaColoradoDevelopmentFinanceNewsWestern

Berkadia Arranges $81.2 Million in Joint Venture Equity for Alexan Pena Station in Denver

by Channing Hamilton

DENVER — Berkadia has negotiated $81.2 million in joint venture equity for the development of Alexan Pena Station, a 578-unit development in Denver. Trammel Crow Residential was the sponsor. Cody Kirkpatrick, Chinmay Bhatt and Noam Franklin of Berkadia JV Equity & Structured Capital arranged the joint venture equity partnership on behalf of the sponsor. Berkadia secured the equity through MBK Rental Living, a privately held real estate investment and development firm. Alexan Pena Station will comprise 12 buildings on a 20-acre site. The community will offer one-, two- and three-bedroom …

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Mason at Van Dorn in Alexandria, Virginia
BerkadiaFinanceInvestment SalesNewsSoutheastVirginia

Berkadia Provides $157 Million in Acquisition Financing for Mason at Van Dorn Apartments in Alexandria, Virginia

by Channing Hamilton

ALEXANDRIA, VA. — Berkadia has provided a $157 million Fannie Mae acquisition loan for Mason at Van Dorn, a 1,180-unit community in Alexandria. The borrower and purchaser was a partnership between Shoreham Capital and Bridge Investment Group. The seller was CIM Group, which acquired the asset in 2017. Walter Coker, Brian Crivella, Yalda Ghamarian and Bill Gribbin of Berkadia originated the financing on behalf of the buyers. Mason at Van Dorn was originally built in 1972. The complex consists of 14 buildings on a 30-acre site. Amenities include two pools, …

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Affordable HousingDevelopmentFinanceFloridaNewsSoutheast

CREI Holdings Secures $76 Million to Develop Affordable Housing Community Near Miami

by Channing Hamilton

SWEETWATER, FLA. — CREI Holdings has secured a $67 million construction loan for the development of Li’l Abner III, a 328-unit affordable and workforce housing community in the Miami suburb of Sweetwater. Centennial Bank provided the financing. Yuleisy Montalvo of Centennial Bank arranged the financing internally. Attorney Manny Diner represented CREI in the loan transaction, and attorney Richard Barbara represented Centennial Bank Li’l Abner III will comprise one eight-story building that will be situated adjacent to Li’l Abner I and II. Apartments will come in one- and two-bedroom layouts. Forty …

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A 323-unit community within Sand Canyon Plaza in Santa Clarita, California
CaliforniaDevelopmentFinanceNewsWestern

Kennedy Wilson Provides $95 Million Construction Loan for 259-Unit Development in Santa Clarita, California

by Channing Hamilton

SANTA CLARITA, CALIF. — Kennedy Wilson’s debt platform has provided a $95 million senior construction loan for the development of an apartment and build-to-rent project in Santa Clarita, approximately 33 miles northwest of Los Angeles. The borrower was a joint venture between Greystar Real Estate Partners and The Resmark Cos. Situated within the Sand Canyon Plaza master planned community, the project will comprise 259 apartments and 64 build-to-rent townhomes. Planned amenities include a clubroom, fitness center, courtyard, game lounge, co-working space, sky deck, pool and spa. The build-to-rent units will offer …

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