Finance

CityLine East in Jersey City, New Jersey
FinanceNew JerseyNewsNortheast

The PRC Group Receives $68.5 Million for Refinancing of Two Communities in Jersey City

by Channing Hamilton

JERSEY CITY, N.J. — The PRC Group has received four loans totaling $68.5 million for the refinancing of CityLine East and West, two communities totaling 342 units in Jersey City. John Banas and Kris Wood of Northmarq arranged the debt on behalf of the borrower. All loans carried fixed interest rates. The direct lenders were not disclosed. Northmarq arranged a $34 million senior loan and an $8 million mezzanine loan for CityLine East, which was completed in 2021 and comprises 198 apartments. Additionally, Northmarq placed a $21.5 million senior loan …

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One Seven at Belleview Station in Denver
ColoradoFinanceNewsWestern

TCR, Cigna Receive $75 Million Loan for Refinancing of Mixed-Use Asset in Denver

by Channing Hamilton

DENVER — A joint venture between Trammell Crow Residential (TCR) and Cigna has received a $75 million loan for the refinancing of One Seven at Belleview Station, a 250-unit mixed-use community located at 4882 S Newport St. in Denver. The borrowers will use the funds to retire the original bank construction loan. One Seven at Belleview Station consists of 215,526 square feet of residential space, as well as 7,062 square feet of fully leased retail space. The community offers a mix of studio, one-, two- and three-bedroom apartments with an …

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Fenton in Cary, North Carolina
DevelopmentFinanceNewsNorth CarolinaSoutheast

Partnership Receives $191 Million Loan for Mixed-Use Development in Cary, North Carolina

by Channing Hamilton

CARY, N.C. — A partnership consisting of Hines, Affinius Capital and Columbia Development has secured a $191 million senior mortgage for Fenton, a mixed-use development located in Cary, roughly 10 miles west of Raleigh, North Carolina. Chip Sykes and Kelsey Bawcombe of JLL arranged the loan through New York Life Real Estate Investors.  Fenton was built between 2022 and 2023. The project features an apartment community — The Allison at Fenton — comprising 367 multifamily units, as well as approximately 246,000 square feet of retail space and 183,000 square feet of office space.

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Avilla Gateway in Phoenix
Build-to-RentCaliforniaFinanceNewsWestern

NexMetro Refinances Four Denver and Phoenix Properties for $300 Million

by Channing Hamilton

PHOENIX AND DENVER — NexMetro Communities has recapitalized four build-to-rent (BTR) properties in Phoenix and Denver. Valued at about $300 million, the properties, comprising 849 units, are Avilla Gateway, Avilla Magnolia and Avilla Canyon, which are in Phoenix. The fourth property, Avilla Eastlake, is in Thornton, Colorado, 25 miles north of Denver. NexMetro has developed 60 projects nationwide since its founding in 2012. According to the company’s website, NexMetro’s current portfolio is made up of 43 properties. The financing structure includes $160 million in senior debt invested and managed by Blackstone. The …

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One Seven at Belleview Station in Denver
ColoradoFinanceNewsWestern

Trammell Crow, Cigna Secure $75 Million Refinance Loan for Denver Asset

by Lynn Peisner

DENVER — JLL Capital Markets has arranged a $75 million loan through a national life insurance company for Trammel Crow and Cigna. The joint-venture partnership will use the funds to pay off the original construction loan for One Seven at Belleview Station in Denver. The 250-unit, mixed-use property includes 7,062 square feet of retail. It opened in 2023 and is currently 69 percent leased. One Seven Belleview Station has a roof-top pool, remote work center, clubroom, wellness center, bike storage, pet spa and a theater room. Units are offered as …

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EastVillage in Austin, Texas
DevelopmentFinanceNewsTexas

Cottonwood Group Provides $284 Million for Mixed-Use Development in Austin

by Channing Hamilton

AUSTIN, TEXAS — Cottonwood Group has provided $284 million in financing for EastVillage, a 425-acre mixed-use development underway in Austin. The senior bridge loan supports the recapitalization of a 312-unit complex known as The Vaughan; a mixed-use multifamily and retail complex known as The Janis, which is currently under construction; 19 entitled land parcels; and the remaining unsold luxury units at The Linden Residences. Buffalo-based Reger Holdings is the master developer of EastVillage. Once completed, the project will feature roughly 2,000 apartments, as well as 810,000 square feet of office space; …

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Vive Luxe in San Diego, California
CaliforniaFinanceNewsWestern

Sunroad Enterprises Receives $188 Million for Vive Luxe in San Diego, California

by Channing Hamilton

SAN DIEGO, CALIF. — Sunroad Enterprises has secured $188 million loan for Vive Luxe, a 442-unit property in San Diego. Aldon Cole, Tim Wright and Bharat Madan of JLL Capital Markets represented the borrower in arranging the five-year, fixed-rate loan from accounts managed by global investment firm KKR. Built in 2021 at 4890 Sunroad Centrum Lane, Vive Luxe rises five stories. The community offers one-, two- and three-bedroom apartments ranging from 726 to 1,122 square feet. Of the total unit count, 23 have been set aside as affordable housing. Income …

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The Wimbledon in New York City
FinanceNew YorkNewsNortheast

KKR Provides $123 Million Loan for Refinancing of Manhattan Apartment Building

by Channing Hamilton

NEW YORK CITY — Global private equity firm KKR has provided a $123 million loan for the refinancing of The Wimbledon, a 214-unit complex located at 200 E. 82nd St. on Manhattan’s Upper East Side. The property offers one-, two- and three-bedroom units and includes 8,590 square feet of commercial space. Community amenities include a fitness center, outdoor theater, children’s playroom, package lockers and outdoor dining space. Jordan Roeschlaub and Chris Kramer of Newmark arranged the loan on behalf of the sponsor, Rockpoint Group.

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The Edison in Milwaukee
DevelopmentFinanceMidwestNewsWisconsin

The Neutral Project Breaks Ground in Milwaukee on $133.3 Million Mass Timber Building

by Channing Hamilton

MILWAUKEE — Madison, Wisconsin-based developer The Neutral Project has secured $133.3 million in construction financing for The Edison, a 378-unit project located at 1005 North Edison St. in Milwaukee. Mike Brady, Tara Hagerty and Merrick Evans of JLL Capital Markets arranged the senior financing through Bank OZK and the mezzanine financing through Pearlmark. The Edison will include 308,913 square feet of rentable residential space across 32 stories. The community will offer studio, one-, two- and three-bedroom apartments. Residents will have access to amenities such as a café, fitness center, pool …

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Waterstone at Cinco Ranch in Katy, Texas
FinanceNewsTexas

Northmarq Provides $25.2 Million Loan for Refinancing of Community Near Houston

by Channing Hamilton

KATY, TEXAS — Northmarq has provided a $25.2 million Freddie Mac loan for the refinancing of Waterstone at Cinco Ranch, a 206-unit complex located in Katy, roughly 30 miles west of downtown Houston. According to Apartments.com, the property was built in 2013 and offers one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, outdoor grilling and dining stations, game room and a car care center. Greg Duvall led the Northmarq team that originated the seven-year, fixed-rate loan. The borrower was not disclosed.

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