MIAMI — Colliers’ Hospitality Practice Group has arranged the refinancing for EAST Miami Hotel, a 352-room hotel located in Miami’s Brickell district. The property is part of Swire Properties’ $1 billion Brickell City Centre development, which features more than 500,000 square feet of shops and restaurants. EAST Miami Hotel opened in 2016 and features meeting rooms, a fitness center, multiple pools and several dining options. Mark Owens of Colliers arranged the refinancing on behalf of the borrowers, Trinity Investments and Certares Management. The financing amount and capital source were not disclosed, but multiple media outlets report that Deutsche Bank and KSL Partners provided the debt totaling $185 million.
OPA-LOCKA, FLA. — The Integral Group has broken ground on Wellspring Apartments, an affordable seniors housing community in the Miami suburb of Opa-Locka. Wellspring Apartments will feature 99 units, 67 of which are reserved for residents earning below 50 percent of the area median income (AMI), and the remaining 32 units are for residents earning below 60 percent AMI. The 81,350-square-foot property will feature a computer and library room, fitness center, community center with a full kitchen, and covered terrace. The project is a public-private partnership between Integral, Miami-Dade County, the City of Opa-Locka and local businesses. PNC Bank is also a partner on the project, providing $13.4 million in equity through Low-Income Housing Tax Credit (LIHTC) funds.
D’IBERVILLE, MISS. — Red Oak Capital Holdings LLC has provided a $7.7 million loan for Ocean Shores Apartments, a 128-unit affordable housing community located at 10472 Gorenflo Road in D’Iberville, about three miles north of Biloxi. The fixed-rate loan is interest-only and carries a two-year term, with an all-in interest rate of 9.5 percent. Craig Hall of CBRE brought the opportunity to Red Oak Capital. Jeff Joyner, Hermann Wendorff and Jesus Martinez of Red Oak Capital originated the loan. The borrower, an entity doing business as Ocean Shores Property Owner LLC, will use the loan to acquire the garden-style property and complete renovations begun by the seller, including new flooring and paint, as well as HVAC maintenance, reglazing existing kitchen countertops and replacing appliances in most of the units. The property, which was 94 percent occupied at the time of financing, operates under a land use restrictive agreement (LURA) through 2047 that requires the units to be rented to households earning less than the area median income (AMI). After the renovations, the borrower plans to boost rental rates by using vouchers that allow for rents greater than those imposed by the LURA. Situated on 11 acres, Ocean Shores features one-, …
MALDEN, MASS. — The DSF Group, an investment firm with offices in Boston and Washington D.C., has sold Halstead Malden Square, a 195-unit apartment complex located on the northern outskirts of Boston. Built in 2015, the six-story, market-rate building houses studio, one- and two-bedroom units and amenities such as a pool, fitness center, golf simulator, game room, bocce ball court and outdoor grilling and dining stations. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented DSF Group in the transaction. The team also procured the buyer, an entity advised by Nuveen Real Estate.
FREMONT, CALIF. — A joint venture between Oaktree Capital Management and Hines Interests has broken ground on Milmont Industrial, an advanced manufacturing and distribution facility in the Bay Area city of Fremont. Located at 49000 Milmont Drive, Milmont Industrial will be redeveloped from three buildings into a 267,000-square-foot industrial building with high clear heights, heavy power, ample parking and loading docks. CBRE is marketing the facility for lease.
SAN JOSE, CALIF. — Community Preservation Partners (CPP) has purchased Corinthian House, an affordable seniors housing property in San Jose. CPP’s total development investment is approximately $38 million, which includes the purchase price of $21 million and an estimated per-unit renovation cost of $85,000. Built in 1982, Corinthian House comprises two elevator-served, three-story buildings on 1.7 acres. Located at 250 Budd Ave., the 102-unit property offers studio and one-bedroom layouts designated for seniors age 62 and older earning between 30 and 60 percent of the area median income. Planned renovations include vinyl plank flooring, cabinets and countertops, modern appliances, water-saving toilets, vanities and mirrors, and energy-smart lighting. Common-area renovations will include updates to the community room, laundry rooms, salon and leasing and management office. Additionally, the property will receive a new fitness center. Renovations are slated for completion by December. The property’s Housing Assistance Payment (HAP) Section 8 contract was set to expire, but with CPP’s involvement, the contract will be preserved for another 20 years. Partners on the project include California Tax Credit Allocation Committee, which issued 9 percent Low-Income Housing Tax Credits; Comerica Bank, which will provide the acquisition and rehabilitation loan; CitiBank, which will provide the permanent loan; …
CRAIG, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Timberglen Apartments, a multifamily building in Craig, a city of fewer than 10,000 residents in the northwestern quadrant of the state. The asset traded for $4.9 million. Located at 3465 Douglas St., Timberglen Apartments offers 54 residences. Michael Krebsbach and Kenny Clarke of Pinnacle Real Estate Advisors handled the transaction for the undisclosed buyer and seller in the deal.
TOLLESON, ARIZ. — Phoenix-based Haydon has broken ground on a Vanguard Truck Centers dealership in Tolleson, just west of Phoenix. The project team includes Impact Development Management as the real estate development management firm and Fitzgerald Associates as architect. Situated on 12 acres, the 60,000-square-foot facility will feature 26 service bays in an air-conditioned shop, a 24,000-square-foot parts warehouse, and a state-of-the-art showroom and office area with electric charging capabilities. The facility will also feature Volvo and Mack new truck sales, premium used truck sales, finance and insurance, Vanguard Truck Leasing and comprehensive parts and service offerings.
STOCKTON, CALIF. — Marcus & Millichap has brokered the $1.1 million sale of a retail building in Stockton, located in California’s Central Valley. Located at 3750 West Lane, the property features 14,000 square feet of retail space. Dominic Mazzoni and Edward Nelson of Marcus & Millichap represented the Idaho-based individual/personal trust seller, while Chris Sill of Lee & Associates procured the buyer, a private investor, in the deal.
PASSAIC, N.J. — BridgeInvest has provided a $34.5 million acquisition loan for The Pennington, a 147-unit apartment complex located in the Northern New Jersey community of Passaic. The Pennington is an adaptive reuse of the former St. Mary’s Hospital complex, a site that spans about 3.5 acres. Units come in one-, two- and three-bedroom floor plans. Amenities at the pet-friendly property include a fitness center, children’s play area and a community room. The borrower was locally based investment and development firm The Birch Group.