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Emblem-120-Woburn
LoansMassachusettsMultifamilyNortheast

Mesa West Capital Provides $81M Loan for Refinancing of Metro Boston Apartment Complex

by Taylor Williams

WOBURN, MASS. —Mesa West Capital has provided an $81 million loan for the refinancing of Emblem 120, a 289-unit apartment complex in the northern Boston suburb of Woburn. Developed by a joint venture between Toll Brothers and Carlyle Group in 2022, Emblem 120 rises six stories and offers studio, one-, two- and three-bedroom floor plans. Amenities include a central courtyard, work-from-home space, rooftop terrace and lounge, pool with cabanas and a fitness center. The property also includes 9,390 square feet of street-level retail space. David Douvadjian, Timothy O’Donnell and David Douvadjian Jr. of Newmark arranged the debt through an undisclosed direct lender on behalf of the joint venture. 

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La-Canada-Flintridge-Town-Center-LA-CA
CaliforniaLoansRetailWestern

CBRE Arranges $36.4M in Financing for La Canada Flintridge Town Center Retail Property in Los Angeles

by Amy Works

LOS ANGELES — CBRE has secured $36.4 million in post-acquisition financing for TRC to recapitalize the purchase of La Canada Flintridge Town Center in Los Angeles. Target anchors the 115,939-square-foot property. At the time of financing, the center was 96.7 percent occupied by a mix of tenants, including HomeGoods, Panera Bread, Habit Burger and Taylor’s. Shaun Moothart, Bruce Francis, Bob Ybarra, Doug Birrell, Nick Santangelo and Jim Korinek of CBRE’s Capital Markets Debt and Structured Finance assisted in securing the seven-year, full-term interest-only loan on behalf of TRC.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Brokers $13.2M Sale of Queens Apartment Building

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $13.2 million sale of a 76-unit apartment building in the Astoria neighborhood of Queens. The six-story building at 34-50 28th St. was originally constructed in 1930, according to StreetEasy.com. Units come in studio, one- and two-bedroom floor plans. Louis Zarif, Shaun Riney and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

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6645-Farmdale-Ave-North-Hollywood-CA
AcquisitionsCaliforniaMultifamilyWestern

Marcus & Millichap Arranges $1.7M Sale of Multifamily Building in North Hollywood

by Amy Works

LOS ANGELES — Rick Raymundo and Ben Savoy of Marcus & Millichap has brokered the sale of a six-unit apartment building, located at 6645 Farmdale Ave. in the North Hollywood neighborhood of Los Angeles. The asset traded for $1.7 million, or $283,333 per unit. Raymundo and Savoy represented the undisclosed buyer and undisclosed seller in the deal.

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DevelopmentMichiganMidwestMultifamily

Joint Venture to Open 200-Unit Forum Flats Luxury Apartment Complex in Troy, Michigan

by Kristin Harlow

TROY, MICH. — A joint venture between Cypress Partners and Douglas Capital Partners is slated to open Forum Flats in Troy this month. The luxury apartment complex is comprised of three buildings with 200 units. Amenities include a tenant lounge, pool, dog park and fitness center. The first of the three buildings involved the adaptive reuse of the 100,000-square-foot office space previously utilized by Kelly Services. The two additional ground-up buildings are set to open this summer. The project team included Krieger Klatt Architects and Tower Construction. Monthly rents start at $1,625. Individuals who apply or rent by April 15th will receive a $1,000 discount, which can be applied to their first initial payment. In addition, Forum Flats offers discounts for healthcare workers as part of their preferred employer program, which waives application fees, waives lease administration fees and offers a lower security deposit of $150 with approved credit. 

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AcquisitionsConnecticutMultifamilyNortheastSeniors Housing

Berkadia Arranges Sale of 85-Unit Seniors Housing Complex in Stamford, Connecticut

by Taylor Williams

STAMFORD, CONN. — Berkadia has arranged the sale of an 85-unit seniors housing complex in Stamford, approximately 30 miles northeast of Manhattan. The unnamed facility offers assisted living and memory care services. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders of Berkadia represented the seller, a publicly traded REIT. The undisclosed buyer is based in New England.  

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AcquisitionsIllinoisMidwestRetail

Mid-America Brokers Sale of 65,038 SF Village Green Shopping Center in Suburban Chicago

by Kristin Harlow

PARK RIDGE, ILL. — Mid-America Real Estate Corp. has brokered the sale of Village Green, a 65,038-square-foot shopping center in the Chicago suburb of Park Ridge. The property, which is 93 percent leased, is home to BMO, Lou Malnati’s, Goldfish Swim School, Wheel & Sprocket, Midwest Orthopedics, Westside Children’s Therapy, BFT, FedEx Office and Subway. Ben Wineman and Emily Gadomski of Mid-America represented the seller, a private investment group. A Dallas-based family office was the buyer.

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Leasing ActivityMidwestMinnesotaOffice

Saint Paul & Minnesota Foundation Signs 10,700 SF Office Lease in Downtown St. Paul

by Kristin Harlow

ST. PAUL, MINN. — The Saint Paul & Minnesota Foundation has signed a 10,700-square-foot office lease at Osborn370 in downtown St. Paul. The foundation will occupy the entire third floor of the building and expects to take occupancy in early 2025. Osborn370 features ample outdoor space, shared common areas, onsite catering and locally owned Hepcat Coffee housed in the lobby. Transwestern Real Estate Services handled the lease negotiations.

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AcquisitionsIllinoisIndustrialMidwest

Brown Commercial Group Arranges $1.5M Sale of Autobody Facility in Mount Prospect, Illinois

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Brown Commercial Group has arranged the $1.5 million sale of a 10,000-square-foot industrial building zoned for auto use in the Chicago suburb of Mount Prospect. The property is located at 3212 S. Nordic Road. Mason Hezner of Brown represented the seller, an owner of a Carstar autobody franchise. Matt Kotapka of Executive Realty Group LLC represented the buyer, 3212 S. Nordic LLC.  The sales price was $110,500 over the asking price.

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DevelopmentFloridaMultifamilySoutheastTop Stories

The Estate Cos. Completes 23-Story Soleste NoMi Beach Luxury Apartment Tower in North Miami Beach

by Kristin Harlow

NORTH MIAMI BEACH, FLA. — The Estate Cos. (EIG) has completed Soleste NoMi Beach, a 23-story luxury apartment tower located on Biscayne Bay in North Miami Beach. The 685,957-square-foot project consists of 367 units as well as 4,460 square feet of indoor and outdoor commercial space that will house Uma Cantina Peruana, a Peruvian fine dining restaurant. Residents have access to a ninth-floor, resort-style pool with a sundeck and cabanas as well as a waterfront promenade and putting green. Additional amenities include a 24-hour health club with a motion studio offering on-demand fitness classes, as well as the Zen Suite, which features a sauna, steam room, rain shower and massage therapy room. A tech lounge is equipped with coworking stations and conference spaces. Residents also have access to a social club, gaming lounge, sky lounge with grills, pet spa, toddler playroom, cinema room and podcast studio. Units come in one-, two- and three-bedroom layouts and range in size from approximately 700 to 1,230 square feet. There are also loft-style townhomes. Monthly rents start at $2,710. The 1.8-acre waterfront property is near beaches, the 1,043-acre Oleta River State Park, Aventura Mall and Bal Harbour Shops. EIG is also developing Soleste NoMi …

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