Deal of the Week

Access Point Financial provided a total financing commitment on a fully funded loan amount of $126M to American Hotel Income Properties REIT LP (AHIP), a publicly traded REIT located in Canada. The money will be used to refinance, renovate and upgrade a portfolio of 12 premium-branded, select-service hotels totaling 1,233 rooms across the U.S. More

This was a refinance of a leasehold interest governed by a Government Property Lease Excise Tax (GPLET) structure, which provides 21 years of property tax abatement. That created complexity during underwriting but also presented a compelling economic story. The borrower also received cash-out proceeds, and the structure included a tailored seasonality reserve that allowed summer draws to be funded in installments instead of upfront. More

The Shops at the Cardinal retail center broke ground last month and will include retailers such as Swig, McDonald’s, Starbucks, Senor Taco, Nautical Bowls, Bonchon, Pacific Dental Services, Jeremiah’s Italian Ice and other inline tenants. Increasing costs required the reconsideration of the budget prior to the final GMAX GC contract, which led to some hurdles. However, Foothills Bank liked that the nine-acre project was 95% pre-leased with national tenants comprising many of the pads. More

Williams Village is a 9.66-acre redevelopment project located near the University of Colorado Boulder campus. The site, currently housing a 420,928-s.f. aging retail center with ground-leased tenants, is being transformed into a vibrant mixed-use district featuring student and multifamily housing, along with retail and green spaces. The borrower required a bridge loan that provided the flexibility to buy out two remaining long-term ground leases, complete entitlement work and facilitate three staggered parcel sales to developers during the various stages of Boulder’s approval for the project. More

Ridge Avenue Apartments was an 80% complete project where the construction lender stopped funding, and the borrower required a loan to complete and stabilize. The partially completed nature of the project and fact that the general contractor also had to be replaced posed challenges to the transaction. The Class B community was built in 2024 and includes 32 units.  More

The Doris is a 30,000-s.f. boutique office building in the Wynwood neighborhood of Miami. The fact that this was a speculative office project with no pre-leasing kept many lenders at bay. Construction costs and the cost of capital were also some hurdles. However, Amerant Bank was confident in the location, design and the borrower. The fact that this is a new build office building that boasts fully built-out suites — which will be move-in ready — made this deal unique.   More

Norterra West II is a 144,800-s.f. Class A office property built in 2020 that includes a parking ratio just under six spaces per 1,000 feet of rentable space. The hurdles were the building recapitalization with multiple parties in different continents coupled with lease increases and extensions all required to meet a deadline to defease a CMBS loan on a specific date. More

BLAK Cheyenne Industrial is a 56,000-s.f. Class A property built in 2024. This deal faced two significant challenges: The submarket is experiencing substantial expansion — with 8% of existing industrial inventory currently under construction — and the property had low in-place cash flow at the time of underwriting. RRA Capital overcame these hurdles by focusing on the property’s strong long-term potential, supported by its pro forma stabilized debt yield. The lender trusted that potential issues could be proactively mitigated by leveraging the sponsor’s deep market expertise. More

Thorofare Capital provided the floating-rate senior loan to refinance Avondale Logistics Center, a 2024-vintage 86,372-s.f. Class A warehouse/distribution building in Avondale, which is part of the South Goodyear submarket. The bridge loan was used to refinance the existing construction lender, as well as provide the sponsor with funds to complete construction and subsequently lease-up the asset. More

Watkins Real Estate Group of Atlanta sells a newly constructed Publix-anchored neighborhood shopping center for $25 million. The property is located in Gwinnett County, one of the fastest-growing submarkets of Atlanta. Hanley Investment Group represented the 1031 exchange buyer, a private investor based in San Diego. CBRE represented the seller. More

Calmwater Capital provided short-term first mortgage debt for the acquisition of Cathedral City Marketplace, a 195,000-s.f. grocery-anchored retail center in the greater Palms Springs area. The deal needed a quick close with recently signed leases requiring good news money and time to season the rent roll, which provided some hurdles. Calmwater also had to navigate due diligence and a loan closing as the buyer was completing their own due diligence and simultaneously finalizing their business plan and acquisition. The actual loan collateral evolved and Calmwater had to work hand-in-hand with the sponsor. More