BUFFALO, N.Y. — Locally based financial intermediary Largo Capital has arranged an $11.6 million construction loan for an 84-unit multifamily conversion project in Buffalo. The project will convert a former nursing home facility in the downtown area into a traditional apartment complex with 23 studios, 57 one-bedroom apartments and four two-bedroom units. Ned Perlman of Largo Capital originated the financing. The direct lender and borrower were not disclosed.
LYNN, MASS. — MassDevelopment has provided $7.5 million in tax-exempt bond financing for a project in the northeastern Boston suburb of Lynn that will convert the upper portion of a former commercial building into a 24-unit affordable housing complex. Units will be reserved for formerly homeless adults aged 18 to 24 that earn 30 percent or less of the area median income. Eastern Bank purchased the bond. The developer, nonprofit organization Harborlight Homes, will also utilize $6.4 million in federal Low-Income Housing Tax Credits to finance construction of the project.
SOMERSET, N.J. — Cushman & Wakefield has brokered the sale of a 49,172-square-foot industrial flex building in the Northern New Jersey community of Somerset. The building at 28 Worlds Fair Drive sits on 4.5 acres, features two side doors and 152 car parking spaces and was 40 percent leased to four tenants at the time of sale. Andrew Schwartz, Jordan Sobel, André Balthazard and Dan Bottiglieri of Cushman & Wakefield represented the undisclosed seller in the transaction and procured the buyer, SL Industrial Partners.
NEW YORK CITY — JLL has negotiated an 18,800-square-foot office lease in Midtown Manhattan. The tenant, private equity firm Christofferson, Robb & Co., will relocate from 720 Fifth Ave. to two full floors at the 27-story building located at 680 Fifth Ave. David Kleiner, Carlee Palmer and Margaux Kelleher of JLL represented the landlord, the family of Josef Buchmann, in the lease negotiations. David Falk and Eric Cagner of Newmark represented the tenant.
CHICAGO — The Michaels Organization and Brinshore Development have received approval from the Chicago Plan Commission for the sixth phase of the Legends South master-planned community in Chicago’s Grand Boulevard neighborhood. Located at 4520 S. State St., the development is a revitalization of the former site of the Robert Taylor Homes public housing towers. Designed by LBBA and Brook Architecture, the new apartment community will offer a mix of one-, two- and three-bedroom units across two separate buildings. The project will also include 3,600 square feet of ground-floor commercial space and various community amenities. Complementing the apartments will be a small plaza at the intersection of State and 45th streets designed to foster community gatherings and enhance the neighborhood’s public space. The development also includes 47 parking spaces. The $40 million project is being funded through a combination of tax credit equity, City of Chicago soft funds, private loans, Chicago Housing Authority loans and tax-increment financing. The other phases of Legends South, which Brinshore and Michaels began developing in 2005, include more than 600 mixed-income rental units.
JOLIET, ILL. — RJW Logistics Group has signed a 639,917-square-foot, full-building industrial lease at 275 W. Laraway Road in Joliet. Jeffrey Galante and Jeffrey Janda of Lee & Associates represented the owner, Pritzker Realty Group. Dominic Carbonari of JLL represented the tenant. PRG recently completed the property.
VERNON HILLS, ILL. — JLL Capital Markets has brokered the sale of Hawthorne Commons in the Chicago suburb of Vernon Hills for $18.7 million. Northwestern Medicine anchors the 48,942-square-foot retail and medical property. Completed in 2016, the two-story building is 88 percent leased to eight tenants and is located at 850 N. Milwaukee Ave. Alex Sharrin, Keely Polcyznski and Michael Nieder of JLL represented the seller, a joint venture between Centrum Realty and Hubbard Street Group. Elliott Bay Capital Trust, in a joint venture with Pantheon, purchased the asset.
PETOSKEY, MICH. — Hunt Capital Partners has provided $13 million in Low-Income Housing Tax Credit (LIHTC) financing for Victories Square, a 50-unit tribal housing development in Petoskey, a city on Michigan’s Lower Peninsula. Victories Square will provide a mix of studio, one- and two-bedroom units for households earning up to 80 percent of the area median income. Eight of the residences will be set aside for tribal members and supported by a 45-year project-based rental assistance contract from the tribe. Amenities will include a community room, bike racks, onsite management and Wi-Fi in all common areas. Community Housing Network Inc. is the project developer. MI-Oaks Construction LLC, a joint venture between Miller Diversified Construction and Oakwood Construction Co., is the general contractor. Dimension IV Madison Design Group is the architect, and KMG Prestige will provide property management services. Odawa Economic Development Management Inc., the economic development arm of the Little Traverse Bay Bands of Odawa Indians, provided a $5 million soft loan comprised of funds from the tribe, the Shakopee Mdewakanton Sioux Community and the Michigan State Housing Development Authority. The Federal Home Loan Bank of Indianapolis provided a $448,000 Affordable Housing Program grant. A timeline for construction was not …
SAN JOSE, CALIF. — JLL Capital Markets has arranged joint venture equity for the $95 million acquisition of The Plant, a regional power center located at 1 Curtner Ave. in San Jose. Geoff Tranchina, Gleb Lvovich, Eric Katherin, Daniel Tyner and Conor Quinn of JLL’s Investment and Sales Advisory team worked on behalf of the operator, Milan Capital Management, to arrange the equity investment through Arc Capital Partners. Spanning 35.5 acres in Silicon Valley, the 367,869-square-foot shopping center was built in 2008. At the time of sale, the property was 64 percent occupied. Current tenants include Best Buy, Ross Dress for Less, PetSmart, Ulta Beauty, Off Broadway, Starbucks Coffee, IHOP, McDonald’s, Panda Express, El Pollo Loco, Chase Bank and Five Guys.
SIMI VALLEY, CALIF. — USA Properties Funds has completed the disposition of The Landing at Arroyo, a multifamily property in the Los Angeles suburb of Simi Valley. A private multifamily investor purchased the 212-unit community for $95 million, or $448,113 per unit. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Built in 2022 on 10 acres, The Landing at Arroyo offers apartments spread across seven buildings, a swimming pool, spa, game room, fitness center, coworking space and central package lockers for deliveries. Apartments feature washers/dryers, stainless steel appliances, quartz countertops and designer plumbing and lighting fixtures.