CORPUS CHRISTI, TEXAS — Northmarq has arranged the sale of Island Villas, a 336-unit multifamily property in Corpus Christi. The property was built in 2008 and features a pool, billiards room, fitness center, package room and a pet play area. Moses Siller of Northmarq represented the buyer and seller, both of which requested anonymity, in the transaction. Bryan Mummaw, Brandon Harrington, Bryan Liu and Tyler Woodard, also with Northmarq, originated an undisclosed amount of Freddie Mac acquisition financing for the deal. The financing was structured with a 10-year term and seven years of interest-only payments followed by a 30-year amortization schedule.
AUSTIN, TEXAS — HNTB, a Kansas City-based design-build firm focused on urban infrastructure projects, is underway on the renovation and expansion of Austin-Bergstrom International Airport. HTNB is working with global design firm Populous on the project, which will include updates to the existing Barbara Jordan terminal, a new below-grade passenger tunnel and a new Midfield Concourse with space for up to 30 gates. A tentative completion date for these pieces of the project was not disclosed.
DENTON, TEXAS — Lument has provided a $15.4 million bridge loan for the acquisition of Village on University, a 133-unit apartment complex located in the North Texas city of Denton. The 12-building property was built on 6.9 acres in 1968. John Sloot of Lument originated the financing, which was structured with interest-only payments throughout the entirety of the three-year term, as well as two 12-month extension options. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements.
NEW YORK CITY — JLL has arranged a $142 million construction loan for Majestic, a 255-unit multifamily project located within a Qualified Opportunity Zone in Brooklyn’s Gowanus neighborhood. Designed by Handel Architects, the 12-story building will include 18,000 square feet of commercial space, and 25 percent of the units will be reserved as affordable housing. Christopher Peck, Nicco Lupo, Jeff Julien, Rob Hinckley and Jonathan Faxon of JLL arranged the loan through U.S. Bank on behalf of the borrower, a partnership led by Domain Cos.
PASSAIC, N.J. — Seven Hills Realty Trust (NASDAQ: SEVN), an affiliate of The RMR Group, has provided a $47 million acquisition loan for a 330,000-square-foot industrial property located at 153 Linden St. in the Northern New Jersey community of Passaic. JLL arranged the financing on behalf of the borrower, Thor Equities, which will use a portion of the proceeds to fund capital improvements.
BOSTON — Colliers has brokered the $7.6 million sale of an 8,350-square-foot civic building located at 136 Newbury St. in Boston’s Back Bay neighborhood. Kendin Carr, Caleb Hudak and John Real of Colliers represented the seller, Modern School of Fashion, in the transaction. The undisclosed buyer plans to convert the building into a contemporary office space.
PEABODY, MASS. — Vantage Builders has completed a 26,000-square-foot medical office renovation project in Peabody, a northeastern suburb of Boston, that is a build-to-suit for North Shore Physicians Group. Shepley Bulfinch designed the project, which converted 17,000 square feet of ground-floor traditional office space into medical office space. Vantage also built out offices and training areas for administrators and medical office staff on the second floor as part of North Shore’s expansion plan and modified the plumbing, electrical and HVAC systems.
NEPTUNE, N.J. — KPOT Korean BBQ & Hot Pot has signed a 10,000-square-foot restaurant lease at Neptune Plaza Shopping Center in coastal New Jersey. The restaurant now has 10 locations throughout the Tri-State area. Kevin Pelio of Azarian Realty Co. represented the undisclosed landlord in the lease negotiations. Stephan Miller of Welco Realty represented the tenant.
OAK CREEK, WIS. — Thrive Foods, a manufacturer of freeze-dried products, has signed a 340,623-square-foot industrial lease at 9141 S. 13th St. in Oak Creek, just south of Milwaukee. The newly completed building, which is a build-to-suit manufacturing facility for Thrive, features LED lighting, 40 loading docks and 50 trailer parking stalls. Stephen Provancher of Newmark represented the tenant, while John Schlueter of Frontline Commercial Real Estate represented the undisclosed landlord.
KENOSHA, WIS. — Colliers Wisconsin has brokered the sale of a portfolio of eight light industrial buildings totaling 277,982 square feet in Kenosha for $33.2 million. The properties, constructed in phases between 1995 and 2007, are situated within the Business Park of Kenosha. The portfolio was 97 percent leased by 43 tenants at the time of sale. Some of the tenants include Sherwin-Williams, Fastenal, First Supply and Viking Electric. Tom Shepherd and Jennifer Huber-Bullock of Colliers represented the seller, an affiliate of Zilber Ltd. An Elmhurst, Ill.-based private buyer purchased the portfolio.