ALLENTOWN, PA. — NAI Summit has brokered the sale of a 30,000-square-foot industrial building located in the Eastern Pennsylvania city of Allentown. The sales price was $2 million. The recently renovated building features multiple dock and drive-in doors and clear heights of 20 to 24 feet, and the site spans 9.5 acres with the capacity to support future expansion. Mike Adams and Sarah Finney Miller of NAI Summit represented the undisclosed seller in the transaction.
MINNEAPOLIS — Northmarq has provided a $21.7 million Freddie Mac loan for the refinancing of Oaks Minnehaha Longfellow, a 179-unit apartment community in Minneapolis. Built in 2020, the property is situated near Minnehaha Regional Park. Mike Padilla of Northmarq originated the five-year loan, which features three years of interest-only payments and a 35-year amortization schedule.
RALSTON, NEB. — The Mogharebi Group has arranged the sale of Fireside Village, a 180-unit apartment community in Ralston, a southern suburb of Omaha. The sales price was undisclosed. Built in 1972, the property is comprised of 11 buildings. About one-third of the units have been renovated. Amenities include a sauna, fitness center, playground, dog park, business center and laundry facilities. The community was 75 percent occupied at the time of sale. The Mogharebi Group represented the seller, a Colorado-based private investment group. The buyer, ARTISAN Capital Group, plans to rebrand the property as Wildewood Commons. The transaction represents the seller’s exit and the buyer’s entry into the Nebraska market. As part of the sale, the buyer assumed an agency loan with five years remaining on its term.
TAYLOR, MICH. — iBorrow has provided a $15.6 million loan for the refinancing of a 238,575-square-foot cold storage facility in Taylor, a southwest suburb of Detroit. The borrower, a national industrial real estate firm, acquired the asset in 2021 and made substantial improvements. The property, now fully occupied, features a clear height of 27 feet, 25 dock doors, two drive-in doors, parking for 100 cars, 40 trailer spaces and a new concrete parking lot. The borrower intends to make further improvements to the facility, which is situated near Norfolk Southern rail service, the Detroit Metropolitan Wayne County Airport and I-94.
KeyBank Structures $9.9M in LIHTC Equity for Affordable Seniors Housing Project in Cleveland Heights
CLEVELAND HEIGHTS, OHIO — KeyBank Community Development Lending and Investment has structured $9.9 million in Low Income Housing Tax Credit (LIHTC) equity to finance the conversion of the Margaret Wagner Senior Apartments in Cleveland Heights into 80 low-income seniors housing units. The project will create 20 new units through the adaptive reuse of the first floor of Margaret Wagner House and preserve 60 units on the upper floors. Built in 1960 as a nursing home by the Benjamin Rose Institute on Aging, the facility features a HUD 202 Project Rental Assistance Contract subsidy for all of its units. In addition to creating 20 new units, the project will also renovate existing units with updated kitchens and bathrooms, improved accessibility, central air conditioning, elevator modernization, new roofing and site improvements. The project’s total cost is $18.7 million. Additional funding comes from a HUD 202 Capital Advance, Cuyahoga County HOME and Affordable Housing Gap funding, Affordable Housing Program Grant funding through the Federal Home Loan Bank of Boston and seller financing. CHN Housing Partners and Benjamin Rose, both of which are Cleveland-based organizations, are co-developing the project. Derek Reed of KeyBank structured the LIHTC tax credit equity investment and Tara Miller served …
EAST RUTHERFORD, N.J. — Babies ‘R’ Us has opened its 10,000-square-foot flagship store at American Dream, a 3 million-square-foot entertainment destination in East Rutherford, roughly 13 miles outside New York City. The store features interactive experiences in addition to a baby registry lounge, nursery design center, learning center and comfort zone. This marks the return of the chain to the United States following WHP Global’s acquisition of both the Babies ‘R’ Us and Toys ‘R’ Us brands in 2021 and the launch of a new partnership between Toys ‘R’ Us and Macy’s last year.
DAYTON, MINN. — Kraus-Anderson has completed construction of a 17,200-square-foot rental store for Ziegler Cat at 18171 Territorial Road in Dayton, a far north suburb of Minneapolis. One of Caterpillar’s largest dealers in North America, Ziegler is expanding its equipment sales, rental and repair services in central Minnesota. Ziegler sells and services Cat construction, paving, forestry, mining equipment, trucks, generators and industrial engines. Designed by CNH Architects, the two-story property replaces a former building.
LOS ANGELES — Greystone Commercial Capital and Affinius Capital have arranged a $135 million mortgage loan for the refinance of Rise Koreatown, a high-rise apartment community in Los Angeles’ Koreatown neighborhood. Rise Koreatown comprises 363 units and 47,417 square feet of retail space on a 2.3-acre site. Greystone and Affinius Capital arranged a syndicated funding, which originates institutional structured commercial mortgage loans including subordinate debt for all major property types. Rescore Property Group, a private REIT and affiliate of Encore Capital Management, delivered the property in February 2023.
DALY CITY, CALIF. — BRIDGE Housing has acquired Eaves Daly City, a 195-unit community in Daly City, 10 miles south of San Francisco. The price and seller were not disclosed. Built in 1972, the property offers 11 two- and three-story buildings across 8.2 acres. Units come in studio, one-bedroom and two-bedroom layouts. Amenities include a pool, spa and fitness center. BRIDGE Housing plans to preserve at least half of the units in perpetuity for residents earning up to 80 percent of the area’s median income. Currently, the units have no income restrictions. BRIDGE Housing also plans to spend approximately $23 million on renovations to the apartments and community facilities.
RIALTO, CORONA AND REDLANDS, CALIF. — Marcus & Millichap has arranged the $53.4 million sale of a three-property multifamily portfolio in the Inland Empire region of Southern California. The portfolio includes Rialto Breeze Apartments, a 98-unit asset in Rialto; Parkview Manor Apartments, a 76-unit property in Corona; and 60-unit Staci Court Apartments in Redlands. Rialto Breeze Apartments was built in 1985 on five acres. The community includes amenities such as a pool and laundry facilities. Parkview Manor Apartments was constructed in 1987 on 3.5 acres. Amenities include a pool, fitness center and picnic area. Staci Court Apartments was constructed on 3.5 acres in 1987. The property is located in proximity to University of Redlands and downtown Redlands. Amenities include a swimming pool, spa and business center.Alexander Garcia and Bill Roblero represented the buyer, Clear Capital LLC.