DALLAS — Locally based affordable housing developer and operator Palladium USA has completed Palladium Dallas Stemmons, an 87-unit mixed-income property located at 2440 Southwell Road on the northwest side of the city. The affordable housing units are reserved for renters earning between 30 and 60 percent of the area median income. Amenities include a pool, dog park, hiking trails, conference room, computer lab, kid’s playroom and a fitness center. HEDK designed the project.
LEBANON, N.H. — Colliers has arranged $79.9 million in construction debt and joint venture equity for The Marek at Lebanon, a 250-unit multifamily project that will be located near the Vermont-New Hampshire border. The property will comprise two residential buildings housing one- and two-bedroom units that will be connected by a 10,000-square-foot amenity building, all on a 17.7-acre site. The general contractor is DEW Construction Corp., with design by Market Square Architects and engineering by VHB Inc. A syndicate led by Brookline Bank provided the fixed-rate senior construction loan to the borrower, Massachusetts-based Saxon Partners. Jeff Black, Kevin Phelan, Sean Burke and Bryan Koop of Colliers placed the debt and arranged the joint venture equity partnership with Tritower Financial Group.
NEWARK, N.J. — Greystone has provided $39.1 million in Freddie Mac Small Balance Loans for the refinancing of a portfolio of 10 multifamily properties totaling 287 units in Northern New Jersey. Nine of the properties are located in Newark, and the 10th is located in nearby Irvington. Eight of the properties were refinanced with five-year, fixed-rate loans, and the existing debt on the other two properties was restructured with 10-year, fixed-rate loans that carried three years of interest-only payments. Hope Curtis of Greystone originated the financing. The borrower was not disclosed.
CRANFORD, N.J. — Locally based brokerage firm Hudson Atlantic Realty has negotiated the $14.6 million sale of Riverside Gardens, a 46-unit apartment complex located in the Northern New Jersey community of Cranford. The sales price equates to roughly $318,000 per unit. The property was originally constructed in the 1940s and offers one- and two-bedroom apartments, as well as onsite parking and laundry facilities. The buyer and seller were not disclosed.
AVON, MASS. — DH Property Holdings has purchased a 70,337-square-foot industrial property located at 54 Bodwell St. in Avon, a southern suburb of Boston. Brockton Furnace & Duct Distributors Inc. formerly owned and occupied the facility, which sits on 4.6 acres and is currently vacant. Building features include a clear height of 16 feet, 13 loading docks, two drive-in doors and 85 parking spaces. The new ownership plans to implement a value-add program.
MANCHESTER, N.H. — Maryland-based development and investment firm Realterm and the Manchester-Boston Regional Airport (MHT) have completed a 65,000-square-foot, multi-tenant air cargo facility in Manchester, located in the southern part of the Granite State. Amazon Air has launched daily cargo service at the facility, which features three aircraft parking positions with the option to expand to a fourth.
TUCSON, ARIZ. — Sheiner Group/Living Well Homes has completed the disposition of Eastyn Park, an apartment property in Tucson. Greenwater Investments acquired the asset for $42.5 million, or $152,329 per unit. Hamid Panahi, Clint Wadlund, Art Wadlund, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged acquisition financing for the buyer. Constructed in 1973, Eastyn Park features 279 apartments averaging 895 square feet per unit spread across 33 residential buildings. The community features a fitness center, two swimming pools, business center and picnic areas with barbecue grills. Apartments offer all-electric kitchens, wood-style plank flooring and oversized closets.
THORNTON, COLO. — Greystone has provided a $30.4 million Fannie Mae Delegated Underwriting & Servicing loan to refinance the 206-unit Parkview Terrace Apartments in Thornton. Dale Holzer of Greystone’s Newport Beach, Calif., office originated the financing for Milky Way Apartments LLC. Constructed in 1972, Parkview Terrace offers 60 one-bedroom, 138 two-bedroom and eight three-bedroom units. The loan is a permanent exit from bridge acquisition financing that Greystone provided in July 2021. The non-recourse, fixed-rate financing carries a seven-year term with full-term interest-only payments.
PHOENIX — Cushman & Wakefield has arranged the sale of a single-tenant office building in Phoenix’s Camelback Corridor. McCarthy/MRL Properties Arizona sold the asset to a joint venture between Crowne Point Equity, Corsair Management and A-1 Legacy Properties for $14.5 million. Located at 6225 N. 24th St., McCarthy Building Cos. fully occupies the three-story, 41,982-square-foot building. The property features a shaded garden-level patio with picnic tables; outdoor cooking and seating; multiple conference, break and recreation/game rooms; and a fully equipped kitchen. Eric Wichterman and Mike Coover of Cushman & Wakefield’s private capital team, in collaboration with Mark Seale of Avison Young, represented the seller in the transaction.
ENGLEWOOD, COLO. — CBRE has arranged the sale of Inverness Business Park at 35 Inverness Drive East in Englewood, a southeast suburb of Denver. Terms of the transaction were not released. Teledyne Technologies, a manufacturer of air quality monitoring instrumentation and software, fully leases the 65,000-square-foot property, which it has occupied since 2004. Built in 1980, the multi-use building has a single-story warehouse and a two-story office space. The warehouse space includes a loading dock with five overhead rolling doors. The property also features a tenant cafeteria area and outdoor patio space. Patrick Devereaux, James Brady and Campbell Davis of CBRE represented the undisclosed seller in the deal. The name of the buyer was not released.
