REBusinessOnline

VILLA ENCANTO IN PHOENIX RECEIVES $25.7M IN FINANCING

PHOENIX – The 385-unit Villa Encanto apartment complex in Phoenix has received $25.7 million in financing. The community is located at 4315 E. Thunderbird Road. The borrower was a company formed by CVG Properties. CBRE’s Bruce Francis, Dana Summers and Robert Ybarra arranged the financing from GS Commercial Real Estate, a limited partnership formed by Goldman Sachs &

PREFERRED APARTMENT COMMUNITIES TO ACQUIRE MULTIFAMILY PORTFOLIO FOR $182M

ATLANTA — Atlanta-based Preferred Apartment Communities Inc. has acquired four multifamily communities totaling 1,397 units in Nashville, Kansas City, Dallas and Houston. Preferred purchased the assets from four new wholly owned subsidiaries for roughly $182 million. The acquisitions were financed through separate Freddie Mac loans from KeyBank National Association totaling $119.9

Opus To Design, Construct Spec Industrial Building in Minnesota

SHAKOPEE, MINN. — The Opus Group has entered into a contract with Capp Industries Inc. to design and construct a 121,000-square-foot speculative warehouse and distribution facility in Shakopee. The building, located at 4551 12th Ave., will be adjacent to the first phase project built by Opus for Capp Industries in 1996. The facility will include a 32-foot clear height and 50-foot-deep structural bays. Construction will begin this fall and completion is slated for January 2015. Opus …

SIERRA RANCH APARTMENTS IN PHOENIX RECEIVES $21.5M LOAN

PHOENIX – The 582-unit Sierra Ranch Apartments in Phoenix has received a $21.5-million loan. The community is located at 4722 East Bell Road. The property is 95 percent occupied. The 10-year, fixed-rate loan was arranged by Charlie Williams of Berkadia Commercial Mortgage’s Phoenix office through a life company correspondent.

THOR EQUITIES TAKES 40-UNIT UPPER WEST SIDE RESIDENTIAL PROPERTY

NEW YORK CITY — Thor Equities has acquired a six-story pre-war residential property located at 840 West End Ave. in New York City’s Upper West Side. Built in 1910, the property features 40 residential units and close proximity to Riverside Park, a 330-acre landscaped, waterfront park. Mesa West Capital provided the acquisition loan. Steve Vegh of Westwood Realty Associates brokered the transaction. The seller and acquisition price were not

NAI MERTZ ARRANGES SALE OF TWO OFFICE BUILDINGS TOTALING 100,000 SF

MOUNT LAUREL, N.J. — NAI Mertz has arranged the sale of two office buildings totaling 100,000 square feet in Mount Laurel for an undisclosed price. Situated at 5000 and 7000 Atrium Way within Horizon Corporate Center, the bulidings each offer 50,000 square feet of Class A office space. Currently, 5000 Atrium Way is 100 percent lease and 7000 Atrium Way has one 12,000-square-foot unit available for lease. Rebecca Ting and Julie Kronfield of NAI Mertz represented the seller, Cherry Hill, …

HSBC Provides $284M Construction Loan for Miami-Area Condo Tower

SUNNY ISLES BEACH, FLA. — HSBC has provided a $284 construction loan for the development of Jade Signature, a luxury 57-story condominium tower in Sunny Isles Beach, 16 miles north of Miami. The developer, Fortune International Group, will use the proceeds of the loan to develop the 192-unit tower by 2017. The project team includes general contractor Suffolk Construction, architect Herzog & de Meuron, interior design firm PYR and landscape architect Raymond Jungles. Individual …

MOODY NATIONAL REIT I TO PURCHASE HOTEL IN AUSTIN

AUSTIN — Moody National REIT I Inc. is under contract to purchase the Hilton Garden Inn Austin NW/Arboretum for $29.3 million. The purchase price excludes acquisition costs and is subject to adjustments and prorations. The hotel is located north of downtown Austin just off Highway 183 near the Arboretum at Great Hills, the University of Texas, Sixth Street and Lake Travis. The 138-room hotel opened in 2002. Amenities include an indoor swimming pool and 1,400 square feet of meeting space. …

MARCUS & MILLICHAP BROKERS $2.9M RETAIL PROPERTY GROUND LEASE SALE

ALLISON PARK, PA. — Marcus & Millichap has brokered the sale of a ground-leased retail property located at 4849 William Flynn Highway. The 13,225-square-foot net-leased property sold for $2.9 million to an undisclosed buyer. The property is currently leased to CVS/pharmacy, which recently executed a 25-year absolute net-leased ground with 10 percent increases in the five-year option periods for the property. Michael Shover and Matthew Gorman of Marcus & Millichap’s Philadelphia …

GRAMERCY PROPERTY TRUST BUYS THREE INDUSTRIAL PROPERTIES FOR $39.2M

KENOSHA, WIS., BLOOMINGDALE, ILL., AND WORCESTER, MASS., — Gramercy Property Trust Inc. has acquired three industrial properties totaling approximately 555,000 square feet for $39.2 million. The properties, located in Kenosha, Wis., Bloomingdale, Ill., and Worcester, Mass., were acquired in separate all-cash transactions. The Kenosha property is a 160,000-square-foot manufacturing warehouse and distribution facility. The Bloomingdale property is an 110,000-square-foot fulfillment …

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