PROVIDENCE, R.I. — New York City-based Dwight Capital has provided a $19.5 million HUD-insured loan for the refinancing of 580 South Water, a 69-unit apartment complex in Providence. The riverfront property offers one- and two-bedroom units and amenities such as a fitness center, lounge area/workspace and a rooftop lounge. Josh Hoffman and Jonathan Pomper of Dwight Capital originated the financing through HUD’s 223(f) program. The borrower was not disclosed.
FARMINGTON, N.H. — Marcus & Millichap has brokered the sale of Farmington Self Storage, a 35-unit facility located near the New Hampshire-Maine border. The facility was built on 3.3 acres in 1995 and totals 7,647 net rentable square feet. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer, which was also undisclosed, plans to expand the facility by about 14,000 net rentable square feet. Occupancy was 100 percent at the time of sale.
PHILADELPHIA — Walker & Dunlop Inc. has arranged $40 million in limited partner equity and $135 million in construction financing for 5000 Richmond Street, a 750,000-square-foot, last-mile distribution facility in Philadelphia. The project will include two Class A buildings each with clear heights of 40 feet, a total of 112 loading dock doors, 206 trailer parking stalls and 759 car parking stalls. The site is within a Qualified Opportunity Zone and benefits from a long-term tax abatement from the city. The development will be situated six miles from Center City and offer immediate access to I-95, I-276 and I-476, which connect to New York City and Washington, D.C. Vacancy in the metro Philadelphia industrial market ticked up slightly in the first quarter to 4.4 percent, according to CBRE. But the market remains undersupplied, leading rents to gain upward momentum, states the brokerage. Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Mo Beler, Michael Diaz and Michael Ianno of Walker & Dunlop represented the borrower, DH Property Holdings LLC (DHPH). Barings provided the construction financing. “This multi-year effort began with our team sourcing limited partner capital to help DHPH acquire the land in the depths of COVID, and culminated in a …
DELRAY BEACH, FLA. — PEBB Enterprises and Banyan Development have started construction on Atlantic II, a 10-acre mixed-use project located at 8778 W. Atlantic Ave. in Delray Beach. Upon completion, which is scheduled for mid-2024, the development will feature a 10,000-square-foot, multi-tenant retail building, 100,000 square feet of self-storage space and a car wash outparcel. The outparcel is currently under contract for sale, and Paradise Grills has signed a lease to occupy 6,000 square feet in the retail building. Liberty Investment Properties, which develops self-storage properties, is partnering with the joint venture on the development.
SARASOTA, FLA. — Thompson Thrift has announced plans for the development of The Concord, a 257-unit apartment community to be constructed on 8.5 acres in Sarasota. Upon completion, the property will feature units in one-, two- and three-bedroom layouts. Amenities at the community will include a fitness center, heated swimming pool, outdoor entertainment and grilling areas, a dog run and pet spa, social hub and work-from-home suites. Completion of the development is scheduled for fall 2024.
BONITA SPRINGS, FLA. — Ashkenaz USA has purchased Beachway Professional Center, a 61,702-square-foot office building located on Bonita Beach Road Southwest in Bonita Springs. Rainer Filthaut of International Realty Corp. represented Ashkenaz in the $14.4 million transaction. Dave Wallace and David Wallace of CRE Consultants represented the undisclosed seller and will continue to manage leasing at the property, which was fully occupied at the time of sale.
RIVERSIDE, ALA. — Berkadia has arranged a $13 million loan for the refinancing of RiverHouse Apartments, a multifamily community located in Riverside. Located at 300 Riverhouse Loop, the property comprises 144 units and was recently renovated. Tom Genetti of Berkadia secured the financing through Fannie Mae on behalf of the borrower, Birmingham-based The Oakley Group.
HARVEY, LA. — Marcus & Millichap has brokered the $4.5 million sale of Travelodge by Wyndham – New Orleans, a 212-room hotel located in Harvey, roughly seven miles outside downtown New Orleans. Constructed in 1971 on 3.8 acres at 2200 Westbank Expressway, the hotel comprises 125,539 square feet. David Altman, Adam Sklaver and Philip Kates of Marcus & Millichap marketed the property, which sold in auction, on behalf of the seller, New York-based Hong Park.
CARROLLTON, TEXAS — Locally based investment and development firm Cawley Partners has purchased CP Frankford Trade Center, a 187,424-square-foot industrial property in the northern Dallas metro of Carrollton. At the time of sale, the property was fully leased to cosmetics provider Mary Kay, which has been a tenant since the facility was constructed in 2003. Jim Carpenter, Jud Clements, Robby Rieke, Taylor Starnes, Madeleine Supplee and Trevor Berry of Cushman & Wakefield represented the undisclosed seller in the transaction. The sales price was also not disclosed.
ENNIS, TEXAS — LanCarte Commercial, an investment and brokerage firm based in Fort Worth, has arranged the sale of a 143,596-square-foot industrial property in Ennis, located south of the metroplex. According to LoopNet Inc., the single-tenant property at 2708 NE Main St. was built on 8.9 acres in 1969, renovated in 2010 and features 30-foot clear heights. Sarah LanCarte, Parker LanCarte and Jenny Carlstrom of LanCarte Commercial represented the seller in the transaction. Justin Rubel of Converd Commercial represented the out-of-state buyer. Both parties requested anonymity.
