Deal of the Week

Arden Townhomes is currently in lease-up. All transactions with less than stabilized occupancy carry lease-up risk, which can be mitigated by diligent underwriting and market knowledge. Given the strong demand drivers in Warrenville — top rated schools, high average median incomes and a close proximity to several employers — Pearlmark was comfortable with the lease-up risk. The lender believes this investment represents an attractive mezz loan opportunity to a well-capitalized sponsor with strong local knowledge and presence. More

This deal was unique because the asset is largely an office asset, which is challenging to finance. Additionally, the largest tenant in the asset, while having a credit-rated mothership, was unwilling to guarantee the lease with the mothership credit, further making the financing challenging. The 273,000-s.f. Class B property is 34 years old. More

This Class C Store-4-Less self-storage facility sits on roughly 2.25 acres in Ludowici. The current building boasts around 12,000 rentable square feet and was built in 2007. One major hurdle was that the borrower had to close in less than 45 days. The lender liked that this is a well-maintained facility that includes an electronic keypad entry gate, security cameras, exterior lighting and fencing. In addition to the amenities, there is ample room to expand for additional mini-storage buildings, as well as boat and RV parking. More

The Landing at Arroyo in Simi Valley traded for $95 million or $448,113 per unit. The property’s location between California State Route 118 and U.S. Highway 101 gives residents access to nearby employment in Warner Center, Thousand Oaks and Camarillo. Built in 2022 on 10 acres, The Landing at Arroyo property has seven buildings, a swimming pool and spa, game room, fitness center, co-working space and central package lockers for deliveries. More

Artes Capital provided bridge refinancing for a longtime sponsor on a newly completed industrial building in Baldwin Park. The subject property is a 20,847-s.f. building with 1,800 s.f. of office space, 28’ ceiling clearance, four drive-in bays and one dock-high door. The building currently exists as one space but could easily be demised into four units, each with its own office pod. The sponsor financed the initial ground-up construction with another lender with whom Artes maintains a friendly relationship. More

An active bridge lender issued a term sheet for this deal and later shut down their multifamily bridge platform. BMC Capital had to scramble to find a plan B lender for the two Class C multifamily properties. BMC had an alternative option, Edgewood Capital, waiting in the wings and closed the deal in four weeks. More

This is the first Peachtree Group C-PACE deal in Tennessee and was backed by a strong senior lender. The property, called The Pitch, is strategically located in an opportunity zone — presenting substantial potential for growth and development. The four-story, 75,000-s.f. office building is situated between Nashville’s CBD and the Wedgewood-Houston district. The office boasts an accessible location, just a short 15-minute drive from Nashville International Airport and within walking distance of numerous restaurants and bars. More

Barcelona on Chisholm Trail is a 17-building multifamily community spanning over 10 acres, built in 1982. Greystone arranged the deal, which includes $3.35M of pref equity and $19.5M in bridge financing provided by a debt fund. The major hurdles were the fact that this was replacing a current bridge loan with a new bridge loan, which means you are making a loan to the same sponsor on deal that needs more time to execute the business plan. More

Summer Pointe Village is a 252-unit, 64-building, build-to-rent community that will be situated on approximately 110 acres adjacent to a retirement community, The Villages. Nuveen Green Capital partnered with Huntington National Bank to provide a combined $40.5M for the new multifamily development project. By using C-PACE, the sponsor, Ezra Stark of Stark Enterprises, was able to complete the debt stack, while reducing the senior lender’s exposure. More

The 242-unit property is currently under construction and is scheduled for completion this fall. Thorofare liked the very desirable location in the NoDa neighborhood of Charlotte, as it is walkable to downtown, providing tenants access to various retail, restaurant and nightlight venues. The property’s location next to the light-rail station is considered a competitive advantage as tenants will be able to utilize the light rail, as well as the adjacent parking garage. More

Western Garden Commercial is a retail pad site equaling ~24.5 acres of land just a few miles south of the Cardinals Stadium. The subject is nestled among the Taylor Morrison and Fulton Homes SFR communities and the Algadoon Center being developed by Lennar. The borrower needed to refinance out of a private money deal and needed funding to complete pad delivery for a sale and/or ground lease delivery. More

Northpoint Shopping Center was built in 1987 and has 113,018 s.f. of net rentable area. The deal included a senior bridge loan with a construction draw. This loan funded the first of three acquisitions as a part of a 1031 exchange. While this property and the second of the three are in escrow and have certain closing dates, the third property has been a part of a litigation that may or may not be settled in time to qualify for the exchange. The solution was to put the equity component for the third property into the first property loan and make that money available for the third if and when it closes. More