Finance

Grove Central in Miami
FinanceFloridaNewsSoutheast

Terra and Grass River Secure $245 Million for Grove Central Mixed-Use Development in Miami

by Channing Hamilton

MIAMI — Locally-based developers Terra and Grass River have secured $245 million in permanent financing for Grove Central, a recently completed mixed use project in Miami’s Coconut Grove neighborhood. The loan was issued by JP Morgan Chase & Co. Walker & Dunlop represented Terra and Grass River in arranging the financing, with Keith Kurland as the mortgage broker. The funds will be used to pay off the development’s existing construction loan, which was provided by Apollo Global Management in 2021, and to fund remaining public infrastructure improvements. Grove Central includes …

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FinanceInvestment SalesNewsTexas

BridgeCore Provides Acquisition Loan for 60-Unit Property in Brownsville, Texas

by Channing Hamilton

BROWNSVILLE, TEXAS — BridgeCore has provided an acquisition loan for an unnamed, 60-unit property in the South Texas city of Brownsville. The amount of the financing was not disclosed. However, the loan carries a two-year term with a six-month extension option and a 67 percent loan-to-value ratio. The undisclosed borrower, which acquired the property via a 1031 exchange, will use a portion of the proceeds to fund capital improvements.

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Legado at the Met in Santa Ana, California
CaliforniaDevelopmentFinanceNewsWestern

Gantry Arranges $128 Million Construction-to-Permanent Financing for Legado at the Met in Santa Ana, California

by Channing Hamilton

SANTA ANA, CALIF. — Gantry Inc. has negotiated $128 million in construction-to-permanent financing through three separate lenders for the development of Legado at the Met in Santa Ana, less than 10 miles southeast of Anaheim. The borrower was Legado Cos. Legado at the Met will comprise 258 market-rate apartments. The development will be situated at 200 E. First American Way. According to the City of Santa Ana’s government website, the community will rise six stories. Units will come in studio, one, two and three-bedroom layouts ranging from approximately 612 to …

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FinanceNewsTexas

Lument Provides $11.3 Million Loan to Refinance Easton Parc Apartments in Sherman, Texas

by Channing Hamilton

SHERMAN, TEXAS — Lument has provided an $11.3 million Freddie Mac loan for the refinancing of Easton Parc Apartments, a 232-unit community in Sherman, 64 miles north of Dallas. Sloan Stevens of Lument originated the 10-year loan. The financing is structured with five years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed. Easton Parc Apartments was built in 1986 and renovated in 2013. The property comprises 22 buildings on an approximately nine-acre site. Amenities include a pool, clubhouse, dog park and laundry facilities. 

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Avenues at Verdier Point in Charleston, South Carolina
FinanceGeorgiaNewsNorth CarolinaSouth CarolinaSoutheast

JLL Secures $149 Million to Refinance Three-Property Portfolio in the Southeast

by Channing Hamilton

ASHEVILLE, N.C., CHARLESTON, S.C. AND SAVANNAH, GA. — JLL has secured a $149 million loan to refinance a three-property portfolio the Southeastern U.S. Aldon Cole, Tim Wright and Bharat Madan of JLL’s San Diego office arranged the three-year, fixed-rate loan through a life insurance company on behalf of the borrower, Sunroad Enterprises. The portfolio includes: Verde Vista, a 313-unit community in Asheville; Avenues at Verdier Point, a 288-unit property in Charleston; and Adara at Godley Station, a 256-unit complex in Savannah. Sunroad Enterprises acquired the portfolio in 2021. The company …

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RB3 in West New York, New Jersey
DevelopmentFinanceNew JerseyNewsNortheast

JLL Arranges $150 Million Construction Loan for 426-Unit Development Near Manhattan

by Channing Hamilton

WEST NEW YORK, N.J. — JLL has arranged a $150 million loan to facilitate the construction of RB3, a 426-unit development to be located across the Hudson River from Manhattan in West New York. Jon Mikula, Jim Cadranell, Steven Klein and Ryan Carroll of JLL arranged the five-year, fixed-rate loan through Northwestern Mutual. The borrower was Canoe Brook Development. RB3 will rise 11 stories within the 200-acre Port Imperial master-planned development. The waterfront property will offer studio, one- and two-bedroom units. Planned amenities include a pool, fitness center, clubhouse, private …

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DevelopmentFinanceGeorgiaNewsSoutheast

BWE Secures $29.5 Million to Construct 229-Unit Oakwood Near Gainesville, Georgia

by Channing Hamilton

OAKWOOD, GA. — BWE has secured a $29.5 million loan to finance the construction of Imperium Oakwood, a 229-unit development in the Gainesville suburb of Oakwood. Thomas Wideman, Alan Tapie, Hanley Long and Brad Walker of BWE originated the floating-rate construction loan through a community bank on behalf of the borrower, Imperium Development. Imperium Oakwood will offer amenities such as a clubhouse with fitness and office rooms, a pool, fireplace, grill stations, covered lounge, game area, on-site parking, and a dog park with a wash station. Construction is anticipated to …

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2125 N Davidson in Charlotte, North Carolina
DevelopmentFinanceNewsNorth CarolinaSoutheast

JLL Arranges $132.9 Million in Financing for 389-Unit Development in Charlotte, North Carolina

by Channing Hamilton

CHARLOTTE, N.C — JLL has arranged a total of $132.9 million in construction financing for a 389-unit project located at 2125 N Davidson in Charlotte’s Mill District. Cory Fowler, Warren Johnson, Ryan Pride and Naoki Hasegawa of JLL brokered a $34.5 million equity placement with two institutional investors based in Japan on behalf of the developer, Space Craft. JLL also arranged a $98.4 million construction loan through an undisclosed direct lender.  2125 N Davidson will offer studio, one-, two- and three-bedroom units with an average size of 762 square feet. …

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FinanceInvestment SalesNew YorkNewsNortheast

Derby Copeland Provides $20.8 Million in Acquisition Loans for Two Buildings in Manhattan

by Channing Hamilton

NEW YORK CITY — Locally-based lending and investment company Derby Copeland Capital has provided two acquisition loans totaling $20.8 million for a pair of buildings in the New York City borough of Manhattan. The undisclosed borrower plans to use portions of the proceeds to fund capital improvements. In the first transaction, Derby Capital provided $17 million for a building comprising 31 units and ground-floor retail space in the East Village. In the second deal, the firm provided $3.8 million for a 20-unit building in Manhattan’s Rose Hill neighborhood.

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FinanceInvestment SalesNewsTexas

Marcus & Millichap Capital Corp. Arranges $23 Million Acquisition Loan for Maravilla in Dallas

by Channing Hamilton

DALLAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $23 million acquisition loan for Maravilla, a 310-unit community in northwest Dallas. Ralph Rader of MMCC arranged the 10-year, fixed-rate loan on behalf of the buyer, a partnership led by Granite Towers Equity Group. According to Apartments.com, the property was built in 1967 and offers studio, one-, two- and three-bedroom floor plans. Units range in size from 450 to 1,350 square feet. Amenities include multiple pools, a clubhouse, pet park, playground, soccer field and outdoor grilling and dining stations. …

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