Hines Wraps 2023 With a $220M Construction Loan From OZK

Hines Wraps 2023 With a $220M Construction Loan From OZK This week, the holiday season didn’t slow down deal activity as several loans closed in late 2023, including $220 million in construction financing from Bank OZK for a mixed-use development in Fort Lauderdale. The Little Rock bank also lent $259 million on the Ritz-Carlton condo development in Pompano Beach, Fla., but was in good company with several other lenders tying a bow on 2023 with some last-minute financings to ring in 2024. Happy New Year from the Commercial Observer finance team, and (as they say in Scotland) “Lang may yer lum reek!” Bank OZK Provides $220M Construction Loan for FAT Village in Fort Lauderdale Hines and Florida-based Urban Street Development have secured $220 million in construction financing for the first phase of FAT Village, an 835,000-square-foot, master-planned, mixed-use development in Fort Lauderdale, Fla., Commercial Observer first reported. [Read More](   Top Deals Of The Week   - MetLife Refis [Fort Lauderdale]( Hotel Resort With $185M Loan - Valley National Bank [Refis]( Williamsburg Apartments With $85M Loan - Bank OZK Provide $259M to Build [Ritz-Carlton Condo]( Development in Pompano Beach - Monroe Capital, JPMorgan [Lend]( $173M for Mixed-Use Delray Beach Project - Freddie Mac Provides [$47M Loan]( to Finance $76M Sale of Chicago’s 3Eleven - Developers Secure $47M for Rare South of Fifth Office Building in [Miami Beach]( - UNCG Secures $25M Construction Loan for [Condo-Hotel]( in Brickell   Guest Columnist   What New York Lawmakers Can Do Now to Financially Aid Affordable Housing There is a series of steps Albany can take in January to provide much-needed financial assistance to important properties, writes Jolie Milstein, president and CEO of The New York State Association for Affordable Housing. [Read More]( Q&A   Why Clelia Peters Puts Proptech Investment Under Three Lenses The Era Ventures managing partner discusses the VC firm’s investment focus and why 2024 will be an important year for moving beyond “tourist interest in proptech.” [Read More](   Other Stories From This Week   Monday Properties Recapitalizes Nestlé HQ to Avoid Foreclosure Monday Properties recapitalized its debt on the Nestlé USA headquarters building in Arlington, Va., to avert a looming foreclosure auction scheduled for late December. [Read More]( How a Nashville Brokerage Expanded Its New York Reach Matthews Real Estate Investment Services targets Big Apple investment sales as it seeks to be a full-service shop. [Read More]( NYC Unveils Financing Program for 70% Affordable Developments The New York City Department of Housing Preservation and Development unveiled a new mixed-income financing program aimed at helping mostly-affordable projects secure city tax exemptions in an effort to jump-start the city’s moribund residential development market. [Read More]( Eagle Cliff Buys D.C. Office Building at Foreclosure Sale for $30M Eagle Cliff Real Estate Partners has acquired a Downtown Washington, D.C., office building through foreclosure at the bargain price of $30 million, according to the D.C. Recorder of Deeds. [Read More]( Distressed West L.A. Office Building Sells for Half Its Pre-COVID Price A roughly $60 million loan from JPMorgan was tied to the Westwood Terrace property, for which the previous owners could not make payments or secure refinancing, resulting in the lender taking control of the asset. [Read More]( What We're Reading This Week   - The [office market]( had it hard in 2023. Next year looks worse. [WSJ] - Small U.S. banks are increasingly at [risk]( in commercial property slump [Bloomberg] - 10-year Treasury yield [dips]( as investors weigh the 2024 outlook for interest rates [CNBC]   [View in Browser]( | [Advertise]( | [Forward to a Friend]( [Manage your email preferences or unsubscribe]( [Share your thoughts: Help us improve with our quick feedback survey!]( [Commercial Observer]( © Copyright 2023 [Observer Media]( 1 Whitehall Street, Floor 7, New York, NY 10004 This newsletter was published 12/28/2023