Property Type

CapRock-Central-Point-III-Buliding-1-Visalia-CA

CapRock Partners Breaks Ground on 1.27 MSF Industrial Warehouse in Visalia, California

by Amy Works August 25, 2023

VISALIA, CALIF. — CapRock Partners has broken ground on Building 1 at CapRock Central Point III, a 2.7 million-square-foot speculative industrial complex in the San Joaquin Valley city of Visalia. Upon completion in third-quarter 2024, Building 1 will add 1.27 million square feet of Class A logistics and distribution space to the Central Valley. Situated on 75 acres, the cross-dock Building 1 warehouse will feature 40-foot clear heights, 274 dock-high doors and two ground-level doors. Additionally, the facility will include 6,600 square feet of office space, ample power, ESFR sprinklers, 890 auto parking stalls, a fully secured fenced yard, drive-around access, a truck court depth of 185 feet, dedicated truck circulation and 542 excess trailer parking spaces. Located at 4001 N. Plaza Drive, the four-building CapRock Central Point III offers tenants the ability to reach more than 50 million customers with one-day ground shipping. Designs for CapRock Central Point III’s Buildings 2, 3 and 4 are complete and approved. CapRock plans to seek LEED certification for the project.

August 25, 2023

Affordable Housing Loans Multifamily New York Northeast

Merchants Capital Provides $320M for Renovation of Bronx Affordable Housing Complex

by Taylor Williams August 25, 2023

NEW YORK CITY — Merchants Capital has provided $320 million in financing for the renovation of Edenwald Houses, an affordable housing complex in The Bronx that was originally developed in the 1950s and is home to more than 5,000 residents. The property is the second-largest New York City Housing Authority property in the state and the largest in The Bronx. Merchants Capital secured a New York Housing Development Corp. Freddie Mac Risk Share Loan on behalf of the property developer, Camber Property Group. The funds will support an intensive, four-year construction period to fully rehabilitate the property.

August 25, 2023

Development Multifamily Seniors Housing Washington Western

Emerald Communities Starts $55M Assisted Living Expansion at Emerald Heights in Redmond, Washington

by Amy Works August 25, 2023

REDMOND, WASH. — Emerald Communities has broken ground on an assisted living expansion project in Redmond, approximately 10 miles east of Seattle. The development will add 54 one-bedroom units to Emerald Heights, a continuing care retirement community. The project also includes a dining space, activity rooms, an outdoor patio and a centralized courtyard across 67,55 square feet. Development costs are estimated at $55 million. Dean Kelly of the architecture firm Rice Fergus Miller is leading the design, and also recently managed Emerald Heights’ new 42-unit independent living building and earlier expansion projects, which were completed in 2014. GLY Construction has been named as the builder. The project is scheduled for completion in late 2024. Emerald Heights is situated on 38 acres in the Education Hill area of Redmond.

August 25, 2023

Acquisitions California Retail Western

Marcus & Millichap Brokers $28.2M Sale of Shopping Center in Escondido, California

by Amy Works August 25, 2023

ESCONDIDO, CALIF. — Marcus & Millichap has arranged the sale of a shopping center located at the junction of California State Route 78 and Interstate 15 in Escondido. The asset traded for $28.5 million. Lowe’s Home Improvement Warehouse anchors the 179,514-square-foot center. The sale includes a separately parceled Panda Express with a drive-thru and fee simple ownership of a three-tenant retail building anchored by San Diego Gas and Electric. Ron Duong and Joe Berkson of Marcus & Millichap represented the seller, a private investor, while Duong, Berkson and Adams Attia of Marcus & Millichap represented the undisclosed buyer in the deal.

August 25, 2023

Loans Multifamily New Jersey Northeast

Walker & Dunlop Arranges $36M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams August 25, 2023

BAYONNE, N.J. — Walker & Dunlop has arranged a $36 million loan for the refinancing of City Line Bayonne, a 162-unit apartment complex in Northern New Jersey. The property features 16 studios, 124 one-bedroom units and 22 two-bedroom residences, as well as amenities such as a rooftop deck, fitness center and a pet spa. John Banas, Kris Wood, John Wilson, Rhett Saltiel and Erik DiGirolamo of Walker & Dunlop originated the 10-year loan on behalf of the borrower, locally based developer The PRC Group. The direct lender was not disclosed.

August 25, 2023

Acquisitions Industrial Massachusetts Northeast

Marcus & Millichap Brokers $9.9M Sale of Industrial Building in Mattapoisett, Massachusetts

by Taylor Williams August 25, 2023

MATTAPOISETT, MASS. — Marcus & Millichap has brokered the $9.9 million sale of a 147,444-square-foot vacant industrial building in Mattapoisett, located in Plymouth County in the southern part of The Bay State. The building was constructed on 10.6 acres, a portion of which was sold separately at the time of closing, in 1985. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

August 25, 2023

Development Hospitality New Jersey Northeast

Hotels Unlimited Completes $7M Renovation of Hilton-Branded Hotel in Tinton Falls, New Jersey

by Taylor Williams August 25, 2023

TINTON FALLS, N.J. — Hotels Unlimited, an affiliate of New Jersey-based developer TFE Properties, has completed the $7 million renovation of the 178-room DoubleTree by Hilton hotel in Tinton Falls, located in Monmouth County. Renovations included a facelift of the lobby and overhaul of all guestrooms and suites. Other common areas, including ballrooms, meeting rooms, the outdoor pool, fitness center and onsite restaurant, were also upgraded, as were various elements of the building’s exterior.

August 25, 2023

Loans New York Northeast Office

Short Term Capital Funds $4.5M Acquisition Loan for Midtown Manhattan Office Building

by Taylor Williams August 25, 2023

NEW YORK CITY — Short Term Capital, a locally based family office, has funded a $4.5 million acquisition loan for a 13,000-square-foot, five-story office building located at 150 W. 36th St. in Midtown Manhattan. The borrower, an undisclosed private investor, is under contract to purchase the building, which includes ground-floor retail space, from Falcon Properties for $6.5 million.

August 25, 2023

Acquisitions Indiana Midwest Multifamily

Marcus & Millichap Brokers $51M Sale of Apartment Complex in Jeffersonville, Indiana

by Kristin Harlow August 25, 2023

JEFFERSONVILLE, IND. — Marcus & Millichap has brokered the $51 million sale of Villas of Jeffersonville, a 264-unit apartment complex in Jeffersonville, a city just north of Louisville, Ky. Built in 2020, the property is located at 3001 Peach Blossom Drive near I-65. David Badgett Jr. of Marcus & Millichap represented the seller and developer, Denton Floyd Real Estate Group, and procured the buyer, Peach Blossom LLC. Josh Caruana, Marcus & Millichap’s broker of record in Indiana, assisted in closing the transaction.

August 25, 2023

Affordable Housing Development Midwest Missouri Multifamily

TWG Underway on Development of $42.9M Affordable Housing Community in St. Peters, Missouri

by Kristin Harlow August 25, 2023

ST. PETERS, MO. — TWG is developing Reserve at Spencer, a $42.9 million affordable housing community in the St. Louis suburb of St. Peters. The community marks TWG’s third Low-Income Housing Tax Credit project in the state of Missouri. Located at 4000 Ryleigh Reserve Lane, Reserve at Spencer will feature 192 units in a four-story property with one-, two- and three-bedroom layouts. All units will be reserved for residents who earn up to 60 percent of the area median income. Amenities will include a lounge, community kitchenette, playground, dog park, coworking rooms, a fitness center and mail room. Project funding comes from CREA LLC, Merchants Bank, UMB Bank and the Missouri Housing Development Commission. The Industrial Revenue Authority of St. Charles County provided bond financing. Construction is underway, with completion slated for late 2024.

August 25, 2023

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