HOUSTON — Greystone has provided an $11 million Fannie Mae loan for the refinancing of Broadway Park, a 224-unit apartment complex in Houston. The property comprises 108 one-bedroom residences, 112 two-bedroom apartments and four three-bedroom units. D.J. Elefant and Dan Gillard led the Greystone team that secured the financing on behalf of the borrower, an entity doing business as Broadway Park-SI LLC. Bolder Capital arranged the fixed-rate debt, which carried a 10-year term and four years of interest-only payments. Since acquiring Broadway Park in 2019, the sponsor has invested more than $2.5 million in capital improvements.
SAN ANTONIO — Schelin Uldricks & Co., a California-based financial intermediary and advisory firm, has arranged a $10.4 million loan for the refinancing of Olmos Creek Shopping Center, a 102,254-square-foot retail property in San Antonio. Built in phases between 1996 and 2004, the center is leased to a mix of tenants in the fitness, food-and-beverage, entertainment and discount retail sectors. A California-based debt fund provided the funds. The borrower was not disclosed.
CHARLOTTE, N.C. — Portman has unveiled plans for 2161 Hawkins, a transit-oriented, mixed-use development in Charlotte’s South End. In addition to 370 apartments, the 24-story property will feature 18,700 square feet of ground-floor retail space and a plaza and greenspace that will connect 2161 Hawkins to The Line, Portman’s Class A office tower that opened earlier this year. The two towers will also be connected via a fourth-floor sky bridge. The Atlanta-based company will break ground on the 1.5-acre site for 2161 Hawkins in October, with delivery slated for third-quarter 2024. Planned community amenities include concierge service, a rooftop pool, coworking spaces, game room, climbing wall and indoor/outdoor fitness centers. Committed tenants for 2161 Hawkins’ retail space include the popular Sycamore Brewery, local restaurateur Dressler’s new concept Chapter 6, neighborhood market Savi Provisions and fitness concept GritBox Fitness. Foundry Commercial is handling leasing the retail component for 2161 Hawkins.
ATLANTA — The Radco Cos. has acquired Gibson Reynoldstown Apartments, a 205-unit midrise multifamily community located in Atlanta’s Reynoldstown neighborhood. The locally based investor has rebranded the property as Gibson by Radius, Radco’s high-end apartment brand. Robert Stickel and Alex Brown of Cushman & Wakefield brokered the transaction. The seller and sales price were not disclosed. Situated along Memorial Drive and two blocks from the Atlanta BeltLine, Gibson by Radius was delivered in August 2022. The property features a rooftop pool and poolside fire pit, as well as 1,700 square feet of retail space on the ground level. The property is currently in lease-up, according to Radco.
NEW SMYRNA BEACH, FLA. — SRS Real Estate Partners’ Investment Properties Group has negotiated the sale of New Smyrna Shopping Center, a 101,728-square-foot retail center located along US Highway 1 in New Smyrna Beach. Kyle Stonis, Pierce Mayson and Kevin Yaryan of SRS represented both the buyer, an entity doing business as Emerald Eagles LP, and the seller, an entity doing business as RCC New Smyrna Beach Shopping Center LLC, in the $9.5 million transaction. Built in 1963 and renovated in 1995 and 2006, New Smyrna Shopping Center was 98.2 percent leased at the time of sale to tenants including Planet Fitness, AMC Theatres and Dollar General. The AMC is the only movie theater in New Smyrna Beach, according to SRS.
PETERSBURG, VA. — Northmarq has arranged a $6.7 million acquisition loan for Mill Creek Apartments, a 95-unit multifamily community located at 2701-2732 in Petersburg. Hunter Wood, Keith Wells and Reina Abboud of Northmarq’s Richmond office arranged the five-year loan through a regional bank on behalf of the undisclosed borrower. The loan includes 12 months of interest-only payments followed by a 30-year amortization schedule. Built in 1976, Mill Creek is situated within a half-mile of two regional shopping destinations: South Crater Road Plaza and Burgess Shopping Center. The seller was not disclosed.
BILOXI, MISS. — Mumford Co. has brokered the sale of a Red Roof Inn & Suites hotel in Biloxi. Steve Kirby, Burton Brooks, Ed James and Gaurang Patel of Mumford’s Atlanta, Newport News and Dallas offices represented the undisclosed seller in the transaction. The buyer, hospitality investment firm Maha Lakshmi Corp., purchased the hotel for an undisclosed price. Located off I-10 at 14201 Cook Road, the hotel features complimentary coffee and breakfast in the lobby, and rooms come with complimentary Wi-Fi, flat screen TVs, microwaves, work desks and mini-refrigerators.
PHILADELPHIA — Atlanta-based investment management firm Invesco Real Estate and Webster Bank have provided $76.8 million for the refinancing of a 282,737-square-foot industrial property in Philadelphia. DH Property Holdings recently completed the Class A facility, which is a build-to-suit for TJX Cos., the parent company of Marshalls and T.J. Maxx. Building features include a clear height of 53 feet, proximity to Interstates 95 and 76 and ample car and trailer parking. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Michael Ianno of Walker & Dunlop arranged the financing.
LINDEN, N.J. — Bridge Logistics Properties, a subsidiary of national industrial investment firm Bridge Investment Group, has purchased a 170,000-square-foot complex in the Northern New Jersey community of Linden. The two buildings at 3301 and 3351 Tremley Point Road sit on a combined 14.6 acres. The north building is a Class A facility with a clear height of 36 feet that includes cold storage space. The south building is a Class B warehouse with dock-high and grade-level doors. Leo Josephs and Joshua Meisner of Leo Josephs & Co. Inc. brokered the off-market transaction.
NORTH HALEDON, N.J. — G.S. Wilcox & Co. has arranged a $52 million loan for the refinancing of a 180-unit multifamily asset located in the Northern New Jersey community of North Haledon. The four-building property features amenities such as a pool, pet park, fitness center, clubhouse and an outdoor entertainment area. Gretchen Wilcox, Wesley Wilcox and Al Raymond of G.S. Wilcox arranged the 20-year loan on behalf of the undisclosed borrower. The direct lender was also not disclosed.