DESOTO, TEXAS — A partnership between boutique multifamily investment firm RSN Property Group and Monday Properties, which has three East Coast offices, has acquired Ventura Landings, a 226-unit apartment complex located in the southern Dallas suburb of DeSoto. The newly renovated property offers one- and two-bedroom units and amenities such as a pool, clubhouse, basketball court and onsite laundry facilities. The new ownership plans to implement additional capital improvements and has already rebranded the property as Eagle Creek Landing. The seller and sales price were not disclosed.
FORNEY, TEXAS — TEKMAK Development, a locally based, full-service hospitality company, has opened an 87-room, Marriott-branded hotel in the eastern Dallas suburb of Forney. Located at 503 E. U.S. Highway 80, TownePlace Suites Forney is a pet-friendly hotel with suites that feature full kitchens and amenities that include a 24-hour fitness center, outdoor pool and complimentary breakfast. Atlanta-based Peachtree Group will operate the hotel on behalf of TEKMAK Development.
LAREDO, TEXAS — Provident Industrial, a division of Dallas-based investment firm Provident, has sold a 10,000-square-foot maintenance building located within Northpoint 35 Industrial Park in the South Texas city of Laredo. The building was constructed in 2024 on a 32-acre site at 1203 Reuthinger Parkway and represents Phase I of a larger project that includes a 238,000-square-foot building that was developed as Phase II. The buyer was Philadelphia-based Alterra IOS.
HAZLET, N.J. — CBRE has negotiated the $44 million sale of a 190,000-square-foot shopping center in Hazlet, about 40 miles south of New York City. German discount grocer Aldi anchors Hazlet Town Center, which is also home to tenants such as Burlington, Urban Air Adventure Park and Wawa, although the latter tenant’s outparcel building was not included in the sale. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller, an affiliate of Onyx Equities, in the transaction. An entity doing business as LJL Realty purchased Hazlet Town Center, which was approximately 90 percent leased at the time of sale, via a 1031 exchange.
BOSTON — Colliers has arranged a $34.3 million loan for the refinancing of the Custom House Block and Gardiner Building at Long Wharf, a pair of historic buildings totaling 83,824 square feet in Boston’s Seaport District. The Custom House Block was originally completed in 1848 and totals 74,783 square feet, while the 9,041-square-foot Gardiner Building was originally constructed in 1760 and once functioned as John Hancock’s counting house. Today, both buildings house office and retail uses and were 94 percent occupied at the time of the loan closing. Patrick Boyle and Kevin Phelan of Colliers arranged the fixed-rate loan through Grant Street Funding on behalf of the owner, Capital Street Properties, which completed the adaptive reuse of the buildings in 2021.
NEW YORK CITY — Marcus & Millichap has brokered the $4.8 million sale of a mixed-use building in Lower Manhattan. The building at 47 Bayard St. in Chinatown was originally constructed in 1910 and consists of a ground-floor retail space occupied by Nice One Bakery, two residential units and four commercial units across the second and third floors. Matt Fotis, Michael Weinstein and Colton Traynham of Marcus & Millichap represented the seller and procured the buyer, both of which were local private investors that requested anonymity, in the transaction.
TRURO, MASS. — The Community Builders (TCB) has broken ground on Cloverleaf, a 43-unit affordable housing project in Truro, located on Cape Cod. The majority (39) of residences will be restricted to households earning between 30 and 100 percent of the area median income, and the other four will be rented at market rates. Units will come in one-, two- and three-bedroom formats and will be spread across 10 buildings. TCB is developing Cloverleaf in partnership with Community Housing Resource Inc. and the Town of Truro.
PHILADELPHIA — Fine Wine & Good Spirits has opened an approximately 4,300-square-foot store at Schuylkill Yards, a mixed-use development in the University City area of Philadelphia. The store at 315 Market St. is the company’s 48th in Philadelphia. Tim Arizin and Larry Steinberg from Colliers represented the tenant in the lease negotiations. Brandywine Realty Trust owns Schuylkill Yards.
OVERLAND PARK, KAN. — Fiserv Inc. (NYSE: FI), a global technology company specializing in financial services and payments, has unveiled plans for the development of a $175 million fintech headquarters in the Kansas City suburb of Overland Park. The company will renovate two buildings on the Aspiria corporate campus — formerly the headquarters of telecom company Sprint that is now owned by Occidental Management — which houses 3.9 million square feet of office space across 20 buildings. The new office will join a growing list of innovation centers across the country for Fiserv, including locations in Alpharetta, Ga.; Milwaukee; Omaha, Neb.; Berkeley Heights, N.J.; and New York City. “The greater Kansas City metro area offers a dynamic environment with a growing population of tech talent, making it the ideal location for Fiserv’s next strategic fintech hub,” says Frank Bisignano, chairman and CEO of Fiserv. Situated at 6500 and 6550 Sprint Parkway, Fiserv’s new headquarters will span 427,000 square feet, marking the largest office recruitment in Kansas history, according to the office of Kansas Gov. Laura Kelly. Fiserv picked Overland Park for its central U.S. location, in addition to its proximity to the company’s Midwestern clients and the region’s affordability. The new …
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Looking to Finance Your Multifamily Property? Compare Fannie Mae, Freddie Mac Small Balance Loan Options
By Ann Atkinson, Regions Real Estate Capital Markets Finance options for owner/operators of multifamily properties are consistently available via Fannie Mae and Freddie Mac. Both government-sponsored entities (GSEs), are governed by the Federal Housing Finance Agency (FHFA) and share a clear mission to support the health of the country’s housing market and its existing multifamily supply by providing financing options to borrowers. Loans Accessible for Affordable, Workforce Properties The support provided by both Fannie Mae and Freddie Mac to multifamily housing notably extends beyond market-rate rental properties, with both agencies dedicated to the availability of affordable and workforce housing units to low-income renters. Thus, Fannie Mae and Freddie Mac offer good loan options to consider for owner/operators active in these multifamily subsets. Let’s compare their offerings specific to small balance loans, as these are often the appropriate solutions for this range of multifamily properties. Both Fannie Mae and Freddie Mac programs offer financing for the acquisition or refinance of stabilized multifamily properties. The properties must include five or more residential units and be stabilized. The agencies define stabilized as 90 percent occupancy for 90 days. In addition, both programs offer the following product features for small loans: Let’s now …