Property Type

Gantry Arranges $40M Refinancing for Mercer Apartments in Mercer Island, Washington

by Amy Works July 19, 2024

MERCER ISLAND, WASH. — Gantry has secured a $40 million permanent loan for the refinancing of Mercer Apartments on Mercer Island, a Puget Sound community between Seattle and Bellevue. Located at 7650 SE 27th St. and 2558 76th Ave. SE, Mercer Apartments features 235 apartments and 20,000 square feet of ground-floor retail space. The unit mix includes studio, one- and two-bedroom floorplans. Community amenities include barbecue areas, an outdoor heated pool and spa, community clubhouse, fitness facilities and concierge services. A restaurant, nail salon and interior design studio and showroom occupy the retail space. Mike Wood and Alicia Sabanero of Gantry secured the loan on behalf of the borrower, a private real estate investor. The 10-year, non-recourse loan features a fixed rate with full-term interest-only payments. A life insurance company provided the capital.

July 19, 2024

Acquisitions Loans Multifamily Washington Western

Graystoke Receives $16.9M Acquisition Loan for The Landing at Saddlerock Multifamily Property in Wenatchee, Washington

by Amy Works July 19, 2024

WENATCHEE, WASH. — Graystoke Capital Partners has received $16.9 million in acquisition financing for The Landing at Saddlerock, a garden-style apartment property located at 1105 Red Apple Road in Wenatchee, approximately midway between Seattle and Spokane. Tony Nargi and Brock Knapp of JLL’s debt advisory team originated the seven-year, fixed-rate, near-stabilization. Fannie Mae loan, which JLL Real Estate Capital will service. Formerly known as Eleven01 at Saddlerock, The Landing at Saddlerock features 84 one-, two- and three-bedroom units featuring quartz countertops, stainless appliances and nine-foot ceilings. Community amenities include a leasing office, dog run, gazebo, gas grills and access to local trail systems. At the time of sale, the property was 82 percent occupied and 85 percent leased. The community opened in December 2023. Fortified Property Solutions, Graystoke’s integrated property management company, will manage the asset. The seller and price were not disclosed.

July 19, 2024

Constitution-Logistics-Center-Piscataway

Development Industrial New Jersey Northeast

Rockefeller Group Sells 147,000 SF Industrial Property in Piscataway, New Jersey

by Taylor Williams July 19, 2024

PISCATAWAY, N.J. — New York City-basedRockefeller Group has sold Constitution Logistics Center, a 147,000-square-foot industrial property located in the Northern New Jersey community of Piscataway. The buyer was Bridge Industrial. Rockefeller Group acquired the 18-acre site in 2023 and demolished a 100,000-square-foot office building that was previously owned and occupied by WS Audiology/Sivantos Group. Building features include a clear height of 36 feet, 41 loading docks, 3,000 square feet of office space and parking for 123 cars and 57 trailers. Marc Petrella and Michael Kimmel of KBC Advisors represented Rockefeller Group in the transaction.

July 19, 2024

Acquisitions Illinois Industrial Midwest

Stream Realty Partners Acquires 599,988 SF Industrial Portfolio in Metro Chicago

by Kristin Harlow July 19, 2024

BUFFALO GROVE, CHICAGO AND MOKENA, ILL. — Stream Realty Partners has acquired a four-building industrial portfolio totaling 599,988 square feet of Class A space in metro Chicago for an undisclosed price. The assets include: Asbury Drive, a 157,000-square-foot building in Buffalo Grove; Rockwell Logistics Center, a 174,262-square-foot property in Chicago; and Mokena Logistics I and II, two buildings totaling 268,226 square feet in Mokena. The portfolio is fully leased to seven tenants. Patrick Russo, Mustafa Ali and Ben Harrison facilitated the acquisition for Stream on an internal basis. Ryan Bain, Michael Caprile, Zach Graham, Judd Welliver, Bentley Smith, Joe Horrigan and Victoria Gomez of CBRE brokered the sale. Local brokers Whit Heitman, Sam Badger, Larry Goldwasser and Terry Grapenthin assisted on the transaction.

July 19, 2024

Development Illinois Midwest Multifamily

Wingspan Development Begins Preleasing Efforts for The Dawson Apartment Complex in Suburban Chicago

by Kristin Harlow July 19, 2024

MOUNT PROSPECT, ILL. — Wingspan Development Group has begun pre-leasing efforts for The Dawson, a seven-story apartment complex in the Chicago suburb of Mount Prospect. The transit-oriented development is located across the street from the Mount Prospect Metra station as well as Wingspan’s Maple Street Lofts. The Dawson offers 64 units ranging in size from 668 to 1,217 square feet. Monthly rents start at $2,000. First residents are expected to move in later this summer. Amenities include a resident lounge with complimentary coffee station, community kitchen, package room, indoor parking, bike storage and a fitness center. A second-floor outdoor terrace includes a grilling area, fire pits and seating options. The design team included Studio 222 Architects, Eleni Interiors and Gold + Oak.

July 19, 2024

Acquisitions Midwest Retail Wisconsin

Mid-America Negotiates Sale of 63,750 SF Shopping Center in Germantown, Wisconsin

by Kristin Harlow July 19, 2024

GERMANTOWN, WIS. — Mid-America Real Estate Corp. has negotiated the sale of Germantown Plaza in the Milwaukee suburb of Germantown for an undisclosed price. The 63,750-square-foot shopping center is home to Aldi, Petco and Michaels, which have all operated at the property since 2003. Rick Drogosz, George Ghattas and Dan Rosenfeld of Mid-America represented the seller, Crown Group. HJ Development was the buyer.

July 19, 2024

Acquisitions Midwest Minnesota Retail

Marcus & Millichap Arranges $4.2M Sale of Retail Strip Center in Rochester, Minnesota

by Kristin Harlow July 19, 2024

ROCHESTER, MINN. — Marcus & Millichap has arranged the sale of a Target-shadowed retail strip center in Rochester for $4.2 million. Located at 3801 Marketplace Drive NW just off Highway 52, the 8,780-square-foot property is fully occupied by Spectrum, Potbelly Sandwich Shop, Leann Chin and Infinity Nails. Jared Shapiro, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the undisclosed buyer and seller.

July 19, 2024

Acquisitions Industrial Midwest Wisconsin

Transwestern Brokers Sale of Industrial Outdoor Storage Property in Hudson, Wisconsin

by Kristin Harlow July 19, 2024

HUDSON, WIS. — Transwestern Real Estate Services has brokered the sale of a 7.1-acre industrial outdoor storage property in Hudson, about 30 miles east of Minneapolis. The asset is located at 2310 O’Neil Road. Chris Weirens of Transwestern represented the seller, Rajean LLC. Interstate Development purchased the asset for an undisclosed price.

July 19, 2024

Affordable Housing Development Loans Multifamily Northeast Pennsylvania

Berkadia Arranges $12.8M in LIHTC Equity Financing for Affordable Housing Project in Annville, Pennsylvania

by Taylor Williams July 19, 2024

ANNVILLE, PA. — Berkadia has arranged $12.8 million in Low-Income Housing Tax Credit (LIHTC) equity financing for Carmany Place Apartments, a 48-unit affordable housing project in Annville, an eastern suburb of Harrisburg. The property will consist of three buildings with 30 two-bedroom units and 18 three-bedroom units that will be reserved for households earning between 20 and 80 percent of the area median income. Brian Blanchard of Berkadia secured the equity on behalf of the sponsor, Völker Development. Fulton Bank purchased the tax credits and also provided construction debt for the project.

July 19, 2024

Loans New York Northeast Retail

Red Oak Capital Holdings Funds $8.6M Acquisition Loan for Upstate New York Shopping Center

by Taylor Williams July 19, 2024

IRONDEQUOIT, N.Y. — Red Oak Capital Holdings has funded an $8.6 million bridge loan for the acquisition of Irondequoit Plaza, a 205,000-square-foot shopping center located near Rochester. Built on 21 acres in 1980 and last renovated in 2005, the center was roughly 95 percent leased at the time of sale to tenants such as Citizens Bank, Dollar Tree, Dunkin’ and Big Lots. Polaris Funding arranged the debt through Red Oak on behalf of the sponsor, Sky Capital Group, which also purchased the adjacent Wegmans supermarket. That property is not collateralized by the loan, which was structured with a three-year term and a 65.6 percent loan-to-value ratio. Michael Cleeman of Cleeman Realty Group represented Sky Capital Group in the purchase of the Wegmans store, which totals 102,337 square feet. Sam Seelenfreund, also with Cleeman Realty, represented the undisclosed seller in the Wegmans deal. The combined purchase price was $16.5 million.

July 19, 2024

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