SONNENBLICK-EICHNER COMPANY -- Sonnenblick-Eichner Company has arranged $22.6 mil of first mortgage leasehold financing on behalf of Valencia Hotel Group to refinance its Hotel Valencia Riverwalk, a 12-story, 213-room, full-service luxury hotel, on the River Walk in downtown San Antonio, TX. The AAA-rated, Four Diamond property, part of the Valencia Hotel Collection, features 9.8k sf of meeting and event space, a fitness center, an interior open-air courtyard and al fresco dining overlooking the San Antonio River. Food and beverage offerings include the highly acclaimed signature restaurant Dorrego’s, Naranja Tequilla and Mezcal Bar, and Café Naranja. The loan refinanced a maturing 10-year loan on the property. The five-year fixed-rate loan was sized to a low debt yield for a hotel encumbered by a ground lease
JLL CAPITAL MARKETS -- Brad Miner and Drew Lydon with JLL Capital Markets arranged a $22.6 million refi loan on Villas de la Montana, a 332-unit, Class B apartment community located in Tucson, in behalf of GDL Asset Management LLC. Built in 1988, Villas de la Montaña features a mix of studios, one-, two- and three-bedroom units with an average size of 676 sf. Since acquisition in August 2021, the sponsor has completed comprehensive renovations across the property. Unit upgrades include new cabinetry, plumbing fixtures, hardware, resurfaced countertops, vinyl plank flooring, fresh paint and stainless-steel appliances. Additionally, exterior renovations have enhanced common areas, pool areas, landscaping, signage and parking lots. Located at 4880 East 29th St in Tucson's Southeast submarket, the property offers residents amenities including a swimming pool, stadium-inspired soccer field, playground, resident laundry room, BBQ pits, courtyards, picnic areas, fitness center, basketball court and clubhouse. The community is strategically positioned less than one mile from Davis-Monthan Air Force Base and approximately six miles from the University of Arizona, which enrolls over 48,000 students. The fixed-rate, non-recourse loan was funded through Santander Bank N.A.
PRIORITY CAPITAL ADVISORY -- Priority Capital Advisory has arranged a $12 mil bridge loan for Hudson West, a newly delivered 50-unit, Class A multifamily property located at 2411 Broadway St in Vancouver, WA. The financing, arranged on behalf of Cascadia Development Partners, replaces a maturing construction loan, extending financial flexibility through lease-up and stabilization. Hudson West consists of 11 studios, 25 one-bedrooms, and 14 two-bedrooms in a Scandinavian-contemporary three-story building. Each unit features private balconies, gourmet kitchens, walk-in closets, and high-end finishes. On-site amenities include a coffee bar, multiple common areas, and 39 secured parking spaces. Strategically located in a charming historic district just off Main Street and five minutes from the $1.6 billion Vancouver Waterfront masterplan, Hudson West offers renters access to top-tier urban lifestyle amenities while avoiding Portland’s state income tax.
AVATAR FINANCIAL GROUP LLC -- Avatar Financial Group has provided $7.34 mil to refinance a pair of garden-style communities in Houston. The bridge loan carries a two-year term and an LTV of 70%. One of the properties, the 78-unit Donovan Village, is located at 601 West Donovan St in Northwest Houston’s Independence Heights neighborhood. The other property, the 60-unit Station Apartments, sits at 4411 Fulton St, within the Greater Heights area of Midtown Houston. The market-rate properties feature laundry facilities, onsite maintenance, and picnic areas with barbecues. The sponsor required expedited financing in order to qualify for a Texas property tax abatement program expected to sunset during this legislative session. The program would reduce the real estate tax burden on the properties by up to 90% annually. Avatar closed in under two weeks, allowing the borrower to meet the program’s deadline. With the tax savings in place, the sponsor plans to redevelop both sites and ultimately exit Avatar’s loan through construction take-out financing.
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