BREMERTON, WASH. — New Standard Equities (NSE) has received a $19.8 million refinancing for the 120-unit Village Fair Apartment Homes in Bremerton. This was the asset’s third refinance since NSE purchased it for $13.1 million in December 2016. Its appraised value today is $30.6 million. Village Fair is located at 309 NE Fairgrounds Road, west of Seattle. NSE has spent more than $2.2 million in capital improvements, including renovating 90 percent of the units. The transaction features a five-year, fixed-rate, interest-only loan. M&T Bank provided the Fannie Mae loan, which Brian Eisendrath at IPA arranged.
TEXAS — VIUM Capital has provided $27 million in bridge-to-HUD financing for two skilled nursing facilities totaling 240 beds in Texas. The terms include a purchase option for the first facility, and the proceeds refinance $6.8 million in debt on the second property. The names and locations of the properties, as well as the name of the borrower, were not disclosed. The financing is full recourse, lowering to 50 percent recourse upon submission of the HUD application.
HOUSTON — Mattress Firm has signed a 55,855-square-foot office headquarters lease in Houston’s Westchase District. The retailer will relocate to Reserve at Westchase, a 194,919-square-foot building, from 10201 S. Main St. Jack Scharnberg, David Baker and Kristen Baker of Transwestern represented the undisclosed landlord in the lease negotiations. Jon Lee and Brett Blanchard of CBRE represented Mattress Firm, which plans to take occupancy of its new space in the fourth quarter.
HOUSTON — Partners Real Estate has negotiated a 54,000-square-foot industrial lease at 10620 Needham Road in East Houston. According to LoopNet Inc., the property was originally built in 1978. Zane Carman and Clay Pritchett of Partners represented the undisclosed landlord in the negotiations for the full-building lease. The representative of the tenant, oilfield services firm Meyer Services Co., was not disclosed.
NEW YORK CITY — Deutsche Bank Wealth Management has provided a $77.4 million acquisition loan for The Collection at Mercedes House, a 162-unit multifamily complex in Manhattan. The property’s one-, two- and three-bedroom units occupy the 22nd through 32nd floors of the building at 540 W. 54th St., which is known as Mercedes House. Residents have access to The Mercedes Club, an 80,000-square-foot amenity center that houses a full-service health club, resident lounges and workspaces, a day spa, outdoor pool and a specialty grocery store. Gideon Gil, Lauren Kaufman and Dale Braverman of Cushman & Wakefield, along with Meridian Capital’s Rael Gervis and Elliott Kunstlinger, arranged the loan on behalf of the borrower, a partnership between Empire Capital Holdings and Namdar Realty Group.
GILBERTS, ILL. — RMK Management Corp. has begun leasing efforts for Conservancy at Gilberts, a new community that will offer 94 rental townhomes and 90 single-family rental homes in the Northwest Chicago suburb of Gilberts. Construction is complete for the community’s first phase, which comprises 54 townhomes. Many of the townhomes have been leased and nine are occupied. Construction is underway on the remaining 40 townhomes. RMK has begun pre-leasing efforts for the first phase of 46 single-family rental homes, which are slated for occupancy in June. Two-and three-bedroom townhomes measure from 1,469 to 1,724 square feet with monthly rents ranging from $2,530 to $2,925. Four-bedroom townhomes measure from 2,114 to 2,423 square feet. Conservancy at Gilberts is a pet-friendly community and offers ample green space and outdoor areas.
MINNEAPOLIS — Hanley Investment Group Real Estate Advisors has arranged the sale of a 14,535-square-foot retail property occupied by Walgreens in Minneapolis for $6.6 million. Built in 1966 and renovated in 2020, the single-tenant building is located at 4323 W. Chicago Ave. Hanley’s Kevin Fryman and Ed Hanley, in association with ParaSell Inc., represented the seller, a private investor based in California. A New York-based private investor was the buyer.
PORTAGE, IND. — Marcus & Millichap has brokered the $4 million sale of Diamond Plaza in Portage, a city in Northwest Indiana. The 26,524-square-foot retail property is located right off U.S. Route 6. Tarek Chbeir of Marcus & Millichap secured and represented the buyer, a private investor. Josh Caruana, broker of record in Indiana, assisted in closing the transaction. Seller information was not provided.
CROSWELL, MICH. — Dominion Real Estate Advisors LLC has negotiated the sale of Croswell Manor Apartments in Croswell, a city in eastern Michigan. The sales price was undisclosed. The 24-unit apartment building is a project-based Section 8 property. Rem Murray of Dominion brokered the transaction, which included the facilitation of a Housing Assistance Payments (HAP) contract transfer with HUD and an agency loan assumption. According to Dominion, the loan assumption enabled the buyer to purchase the property with a lower interest rate than what’s available in the market today and enabled the seller to obtain a higher purchase price.
PAW PAW, MICH. — Fitness concept FitStop24 has signed a 3,422-square-foot retail lease in Paw Paw, a city in Southwest Michigan. Bloom City Club Cannabis leases the other half of the building, which is located on Red Arrow Highway. Michael Murphy of Gerdom Realty & Investment represented the undisclosed landlord in the lease. FitStop24 now operates 15 locations in Michigan and Indiana.