Property Type

Dwight Mortgage Trust Provides $67.5M Loan for Refinancing of Upstate New York Multifamily Property

by Taylor Williams June 21, 2024

SARATOGA SPRINGS, N.Y. — Dwight Mortgage Trust, an affiliate REIT of New York City-based Dwight Capital, has provided a $67.5 million bridge loan for the refinancing of Elements at Saratoga Lake, a 260-unit multifamily property located north of Albany in Saratoga Springs. The property consists of 26 residential buildings and a clubhouse. Units come in one- and two-bedroom floor plans, and amenities include indoor and outdoor pools, a fitness center, private lounge, community kitchen, business center, walking trails, a clubroom, grilling stations and a golf simulator. David Scheer and Joshua Klein of Dwight originated the financing on behalf of the borrower, Blue Iron Development.

June 21, 2024

Industrial Leasing Activity New Jersey Northeast

CBRE Arranges 285,362 SF Industrial Lease in Dayton, New Jersey

by Taylor Williams June 21, 2024

DAYTON, N.J. — CBRE has arranged a 285,362-square-foot industrial lease in Dayton, about 20 miles north of Trenton. The tenant, global logistics and fulfillment company Staci Group, is consolidating several locations into a single facility at 10 Sigle Lane. The newly constructed, single-tenant building features a clear height of 40 feet, 36 loading doors, an ESFR sprinkler system and 4,185 square feet of office space. Chad Hillyer, Kevin Dudley, Nicholas Klacik and Kate Granahan of CBRE represented Staci Group in the lease negotiations. Heller Industrial Parks Inc. owns the property.

June 21, 2024

Development Multifamily Northeast

NRP Group Breaks Ground on 200-Unit Multifamily Project in Harrison, New York

by Taylor Williams June 21, 2024

HARRISON, N.Y. — Cleveland-based developer The NRP Group has broken ground on a 200-unit multifamily project in Harrison, about 25 miles north of Manhattan. The five-story building will be situated on a 10-acre site, five acres of which will be set aside as public green space with walking trails, a dog park and a community garden. Units will come in studio, one- and two-bedroom floor plans, with 5 percent of residences to be reserved for households earning 80 percent or less of the area median income. Minno & Wasko Architects and Planners is designing the project, which NRP Group is developing in partnership with local owner-operator RPW Group. Completion is slated for 2026.

June 21, 2024

Acquisitions California Multifamily Western

Cityview Buys 130-Unit Tralee Village Apartments in Dublin, California

by Amy Works June 21, 2024

DUBLIN, CALIF. — Cityview has acquired Tralee Village Apartments, a multifamily property located at 6599 Dublin Blvd. in the East Bay city of Dublin. The price and seller were not disclosed. The three-story property offers 130 apartments and more than 30,000 square feet of ground-floor retail space, including eateries and service-focused shops. Originally built in 2011, the community offers one-, two- and three-bedroom floorplans featuring open-concept layouts, in-unit washers/dryers, granite countertops, USB outlet ports, modern custom-wood cabinetry in two styles, central heat and air, large closets, nine-foot ceiling heights and stainless steel appliances. Select units also feature vaulted ceilings, floor-to-ceiling windows and large balconies. Community amenities include ground-floor retail space, a resort-style pool and spa, high-end fitness center, clubhouse, business center, courtyard and barbecue areas, playground, parcel lockers, bike storage and ample garage parking. Cityview plans to implement a comprehensive renovation program for the community, including new unit flooring, lighting, kitchen and bathroom countertops and accessories. Jason Parr of Berkadia brokered the transaction. Westhome, an affiliate of Cityview, will serve as the property manager.

June 21, 2024

Acquisitions Industrial Nevada Western

Colliers Brokers $27.8M Acquisition of Industrial Facility in Henderson, Nevada

by Amy Works June 21, 2024

HENDERSON, NEV. — Colliers has negotiated the purchase of The Henderson Gateway Industrial Facility in Henderson, a suburb southeast of Las Vegas. An undisclosed buyer acquired the asset for $27.8 million. The name of the seller was not released. Brian Riffel and Tyler Jones of Colliers represented the buyer in the transaction. Located at 1735 Chaparral Road, the 98,023-square-foot property features 11 dock loading doors, two grade-access doors, an ESFR fire suppression system with a diesel pump, 91 surface parking spaces and 2,530 square feet of HVAC office space.

June 21, 2024

Leasing Activity Northeast Office Pennsylvania

PPR Capital Management Signs 12,800 SF Office Headquarters Lease in Wayne, Pennsylvania

by Taylor Williams June 21, 2024

WAYNE, PA. — Private equity real estate firm PPR Capital Management has signed a 12,800-square-foot office headquarters lease in Wayne, a northwestern suburb of Philadelphia. The company is relocating from a 7,000-square-foot space in nearby Berwyn. The new space is located within the CrossPoint complex and features 41 open-seat desks, eight dedicated offices, a boardroom, six conference rooms, three open huddle areas, a phone room and a podcast room. KBS Realty Advisors owns CrossPoint.

June 21, 2024

California Industrial Loans Western

Gantry Arranges $12.2M Refinancing for Industrial Property in Fremont, California

by Amy Works June 21, 2024

FREMONT, CALIF. — Gantry has placed a $12.2 million permanent loan for a private real estate investor to refinance an industrial building at 45541-45581 Northport Loop West in Fremont, located in the Bay Area. The 71,500-square-foot facility features 10 bay doors with 18-foot clear heights. At the time of financing, two long-term tenants fully occupied the property. Tony Kaufmann, Alex Poulos and Joe Foley of Gantry arranged the long-term, fixed-rate loan, which one of Gantry’s exclusive correspondent life company lenders provided.

June 21, 2024

Loans Multifamily Seniors Housing Washington Western

First Citizens Bank Provides Refinancing for 159-Unit GenCare Lifestyle Tacoma at Point Ruston

by Amy Works June 21, 2024

TACOMA, WASH. — First Citizens Bank, through its healthcare finance business, has provided a term loan to refinance GenCare Lifestyle Tacoma at Point Ruston, a 159-unit senior living facility in Tacoma. The borrower is a joint venture led by Harrison Street. The same joint venture with PMB LLC served as the facility’s original developer, with GenCare Lifestyle, another joint venture partner, as the facility operator. The amount of the financing was not disclosed.

June 21, 2024

Acquisitions Colorado Retail Western

Trevey Commercial Real Estate Negotiates Acquisition of 9,100 SF Retail Building in Pueblo, Colorado

by Amy Works June 21, 2024

PUEBLO, COLO. — Trevey Commercial Real Estate has negotiated the purchase of a freestanding retail building located at 609 S. Pueblo Blvd. in Pueblo, approximately midway between Denver and the New Mexico border. Mr Blue Sky LLC acquired asset from 609 Property LLC for $1.2 million. Dollar General occupies the 9,100-square-foot property. David Marulli and Mitch Trevey of Trevey Commercial Real Estate represented the buyer, while Ben Farthing and Logan Grant of CBRE represented the seller in the deal.

June 21, 2024

Acquisitions Iowa Midwest Multifamily Student Housing

ARTISAN, EOS Residential Acquire 537-Bed Student Housing Community Near Iowa State University

by Kristin Harlow June 21, 2024

AMES, IOWA— A joint venture between ARTISAN Capital Group and EOS Residential Investors has acquired Union on Lincoln Way, a 537-bed student housing community located near the Iowa State University campus in Ames. Built in 2018, the property offers 177 fully furnished units in studio through five-bedroom configurations. Shared amenities include a swimming pool, fitness center, business center and study rooms. The development also features 11,000 square feet of retail space. Haverkamp Properties has been tapped to manage the community, which will be rebranded 2700 Lincoln. Improvements to the property’s amenity and common spaces are planned by the new ownership. Peter Katz of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Greystar. The acquisition involved Freddie Mac financing.

June 21, 2024

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