NEWINGTON, CONN. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $7.3 million loan for the refinancing of a medical office complex in Newington, located just south of Hartford. The address and square footage of the property, which was built in 2005, were not disclosed. Gerald Kray of MMCC arranged the loan, which was structured with a five-year term, 7.5 percent interest rate and 65 percent loan-to-value ratio. The borrower and direct lender were also not disclosed.
COLUMBUS, OHIO — Steiner + Associates has unveiled the re-tenanting of the Fashion District at Easton Town Center in Columbus. Plans call for new and expanded national retailers, contemporary brands, and elevated food-and-beverage offerings. The re-tenanting of the Fashion District includes the transformation of approximately 100,000 square feet of retail and restaurant space. Noteworthy tenants include Louis Vuiton, Sephora, L’Occitane, Lululemon, Chanel Beauty, David Yurman, Golden Goose, BOSS, Alo Yoga, Jo Malone, Faherty, Buck Mason, Bluemercury, Tecovas and Breitling. Restaurant tenants include Mastro’s, PBR Cowboy Bar + Smokehouse and Cooper’s Hawk Winery & Restaurant. The Fashion District will be anchored by fine dining restaurant Del Mar, which is slated to open this spring. Easton Town Center is a shopping and dining destination that is home to more than 250 shops, restaurants and entertainment venues.
BMO Provides $70M in Bridge Financing for Three Senior Living Communities in Wisconsin, North Dakota
WISCONSIN AND NORTH DAKOTA — BMO’s Healthcare Real Estate Group has provided a $70 million bridge loan on behalf of a joint venture between New Perspective Senior Living, Boldt Capital and Fengate Asset Management. The financing is for three senior living communities totaling 435 units. Two of the properties are in suburban Milwaukee and the third is in West Fargo, N.D. Loan proceeds include capital for future improvements and value enhancement.
ILLINOIS — Alberici will build two utility-scale solar energy projects for Adapture Renewable Inc. (ARI) in central Illinois. The developments will be comprised of more than 232,000 solar panels each. Alberici is scheduled to break ground later this year, with commercial operation expected in early 2026. ARI anticipates that the projects will create more than 300 jobs during construction and over $250 million in economic impact to the local communities. Although the developments would include enough capacity to power more than 34,250 homes, the electricity generated by the solar plants will be procured by a social technology company through an Environmental Attributes Purchase Agreement. Coordination of the projects will be managed and executed by Alberici in conjunction with resources from its enterprise affiliate Flintco Renewable Energy.
MACHESNEY PARK, ILL. — Marcus & Millichap has brokered the $4.2 million sale of a 14,490-square-foot retail property net leased to Walgreens in Machesney Park, just north of Rockford. Constructed in 2008, the building is located at 1680 W. Lane Road. Joe Sparano, Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the seller, a limited liability company. Steven Weinstock of Marcus & Millichap assisted in closing the transaction. The asset sold to a local buyer completing a 1031 exchange.
GARDEN CITY, MICH. — Vera Bridal has signed an 1,800-square-foot retail lease in Garden City, a western suburb of Detroit. The storefront is located at the intersection of Ford and Middlebelt roads. Michael Murphy and Joel Karboske of Gerdom Realty & Investment represented the landlord, Garden City Holdings LLC.
ENGLEWOOD, N.J. — Regional operator Sportime Pickleball will open a 30,000-square-foot facility in the Northern New Jersey community of Englewood. The facility at 62 Route 4 E will feature 12 courts. Neil Seth, Jennifer Konefsky, Kenji Ota and Kathryn Cruz of Cushman & Wakefield represented Sportime Pickleball, which is also opening a 50,000-square-foot facility in nearby Wayne, in the lease negotiations. Andrew Somple of NAI James E. Hanson represented the undisclosed landlord. The opening is slated for early 2025.
LAKE LUZERNE, N.Y. — Locally based brokerage firm Muroff Hospitality Group has negotiated the sale of the Lamplight Inn Bed & Breakfast in Lake Luzerne, about 60 miles north of Albany. The property was built in 1890 and consists of 12 suites, a dining room and an owner’s apartment. Mitch Muroff of Muroff Hospitality Group represented the seller and procured the buyer, both of which were private investors, in the transaction. The sales price was approximately $1.2 million.
FALLS CHURCH, VA. — Mid-Atlantic development firm Hoffman & Associates has announced new details and branding for an apartment community coming to West Falls, a new mixed-use neighborhood in metro Washington, D.C. Located at W. Falls Station Blvd. in Falls Church, The Alder will feature 400 apartments, ground-level retail space and 26,000 square feet of indoor and outdoor amenities, including a fitness center, library lounge, pet spa, outdoor TV lounge and a resort-style pool. In addition to the eight-story multifamily property, plans for the West Falls neighborhood will include the recently announced Experience Senior Living residence, The Reserve at Falls Church, and more than 120,000 square feet of shops and restaurants. The neighborhood is home to a Home2 Suites by Hilton hotel, The Oak Condominiums and The Wellness Center, a medical office building.
CHARLOTTE, N.C. — Atlanta-based Portman has announced it is nearing completion of Vera at Savona Mill, a 319-unit midrise apartment community in Charlotte’s West End. First units are set to deliver in July. Vera at Savona Mill will offer one-, two- and three-bedroom options, as well as studios, lofts and townhomes. Amenities will include a resort-style pool with cabanas, a pet spa and dog park, fitness center with a yoga studio, game room and a coworking lounge. Portman plans to launch preleasing later this month. The multifamily property is the latest component of a mixed-use, adaptive reuse of a 105-year-old former textile mill that also includes retail space, creative offices, a community plaza and the expansion of the Stewart Creek Greenway that is set to open soon. The second phase of residential at Savona Mill is anticipated to break ground next summer and include 279 multifamily units and 40 townhouses.