BOUND BROOK, N.J. — Walker & Dunlop has provided a $6.7 million Fannie Mae loan for the refinancing of The Vibe, a 28-unit apartment complex located in the Northern New Jersey community of Bound Brook. The 10-year, interest-only loan retires existing construction debt. The Vibe offers 12 one-bedroom apartments and 16 two-bedroom apartments. The borrower was New Jersey-based Reynolds Asset Management.
HIALEAH, FLA. — Colliers has arranged the $7.5 million sale of a multifamily development site located at 1033 E. 25th St. in Hialeah, a suburb of Miami. Virgilio Fernandez of Colliers represented the undisclosed buyer and seller in the transaction. The shovel-ready site, which spans less that one acre, is located a half-block from the intersection of the Metrorail substation and the Tri-Rail Metrorail Transfer Station. The project, dubbed Metro 1025, is zoned for up to 151 apartments across eight stories. The buyer received final site plan approval and a complete set of entitlements from the City of Hialeah to build the multifamily project. The construction timeline was not disclosed.
PALM SPRINGS, CALIF. — Community Preservation Partners (CPP), a mission-driven affordable housing preservation developer, has purchased Sunnyview Villa, a multifamily property in Palm Springs. Located at 2950 N. Indian Canyon Road, the community features one- and two-story buildings offering a total of 44 residential units reserved for residents earning between 30 percent and 60 percent area median income. CPP plans to implement an extensive renovation program at the property. The company’s total development investment is approximately $20.7 million, including the purchase price of $11.2 million and an expected renovation investment of $89,000 per unit. Renovations are slated for completion by December. CPP’s renovation and investment will renew the property’s affordability status for an additional 55 years. Renovations will include the installation of new kitchen cabinets and countertops, vinyl flooring, Energy Star appliances and energy-efficient lighting. Exterior renovations will include new roofing, energy efficient lighting in common areas and painting of all structures. Additionally, CPP will upgrade the ADA path of travel to be compliant. Common-area upgrades will include the addition of a computer room, security video surveillance, in-unit wireless internet, a social coordinator and transportation options. CPP is partnering with LIfeSTEPS to create a program for residents’ health and wellness. Development …
NEW YORK CITY — Locally based brokerage firm GFI Realty has negotiated the sale of an eight-unit apartment building in the Boerum Hill area of Brooklyn. The four-story building was originally constructed in 1905, offers two- and three-bedroom units and recently underwent a gut renovation. Zachary Fuchs of GFI Realty represented the seller, Eric Orlofsky, and the buyer, an undisclosed local investor, in the transaction.
NEW YORK CITY — Financial services firm TimesSquare Capital Management has signed a 14,116-square-foot office lease at 75 Rockefeller Plaza in Midtown Manhattan. The tenant is relocating from 7 Times Square to the 30th floor of the building. Silvio Petriello of CBRE represented the tenant in the lease negotiations. Bruce Mosler of Cushman & Wakefield and internal agents Alexandra Budd and Daniel Birney represented the landlord, RXR.
METAIRIE, LA. — The Feil Organization has signed Carr, Riggs and Ingram CPAs and Advisors, an accounting and advisory services firm, to a 15,508-square-foot office lease in metro New Orleans. The office building, Two Lakeway, is a 19-story, 449,309-square-foot property located within the three-tower Lakeway Complex in Metairie. The accounting firm, which is headquartered in Enterprise, Ala., signed a 10-year lease to occupy the 14th floor. The company’s office space will include a combination of private offices, open work areas, a wellness room, conference rooms, Zoom rooms with video conferencing capabilities and a recreation area with café-style tables, lounge areas, large-screen TV and ping pong and foosball tables. Bruce Sossaman of Corporate Realty represented Feil Organization in the lease negotiations, and Dale Kahhr of Newmark represented the tenant, which has offices in 12 states and Mexico.
MERIDIAN, IDAHO — Wood Investments Cos. has secured refinancing totaling $39.1 million for two shopping centers located in Meridian, roughly 11 miles outside Boise. The first shopping center, Gateway Marketplace, is leased to tenants including a 42,212-square-foot PGA Tour Superstore, Trader Joe’s, Mecca Gym, Land Ocean, Chili’s, Le Peep, Mathnasium and Orange Theory Fitness. Wood acquired the property in 2021. Tim Winton of Keystone Mortgage Corp. arranged a $16.5 million permanent loan through Voya Investment Management for the 135,732-square-foot property. The second shopping center, CentrePoint Marketplace, totals 197,288 square feet and is located across from Gateway Marketplace. Tenants at the property include Kohl’s, Hobby Lobby, Dick’s Sporting Goods, Walgreens, Qdoba Mexican Eats, Panera Bread and Wingers Restaurant & Alehouse. Greg Richardson of Walker & Dunlop arranged the $22.6 million refinancing through RGA ReCap LLC.
SACRAMENTO — Hanley Investment Group has brokered the $5 million sale of a single-tenant retail property located in Sacramento. Chipotle Mexican Grill occupies the 2,347-square-foot building within The Quad District, a new mixed-use development, on a triple-net lease. Bill Asher and Jeff Lefko represented the developer and seller, Chase Partners LTD. KDC constructed the property, which Vermeltfoort Architects designed. A California-based buyer purchased the property.
PHOENIX — NAI Horizon has negotiated the sale of a retail property located at 4314 W. McDowell Road in Phoenix. SEPMAR LLC sold the asset to MMGR Properties for $1.8 million The property features 3,000 square feet of retail space. Jeff Adams of NAI Horizon represented the seller, while Carlos Arellano and Jorge Arellano of Real Estate XG represented the buyer in the deal.
VIOLET TOWNSHIP, OHIO — DHL Supply Chain has broken ground on a new 755,000-square-foot distribution center in Violet Township, an eastern suburb of Columbus. The facility, which will be located near DHL Supply Chain’s U.S. headquarters in Westerville, is slated to open in the second quarter of 2024 and create approximately 200 jobs in the region. The project brings DHL’s total footprint to more than 15 million square feet in its home state and 161 million square feet in North America. The Violet Township facility will leverage the latest robotics technology and automation processes as well as sustainable building planning and construction. DHL Supply Chain’s expansion of its warehousing footprint is led by DHL Real Estate Solutions.