AMHERST, MASS. — New York-based Eastern Union has arranged a $44.8 million Fannie Mae loan for the refinancing of The Boulders, a 256-unit multifamily property in Amherst, located in the central part of Massachusetts. The market-rate property was built in 1974 and offers two-bedroom units with an average size of 844 square feet. Michael Muller of Eastern Union arranged the floating-rate loan, which carries four years of interest-only payments on behalf of the undisclosed borrower. Newmark originated the financing via its status as a Fannie Mae Delegated Underwriting & Servicing (DUS) lender.
NEW YORK CITY — Locally based commercial finance firm Dwight Capital has provided a $22.2 million bridge loan for the acquisition of Queens Village Apartments, a 132-unit multifamily complex. The property comprises three- and six-story apartment buildings featuring a mix of rent-controlled and rent-stabilized units, as well as onsite maintenance services and laundry facilities. Adam Sasouness of Dwight Capital originated the financing, which was arranged by Marvin Jeremias of Crossmark Capital. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.
HOLTSVILLE, N.Y. — Illinois-based investment firm Venture One Real Estate, in partnership with Kovitz Investment Group, has acquired a 50,061-square-foot industrial building located at 889 Waverly Ave. in the Long Island community of Holtsville. The property was built in 1981 and features a clear height of 20 feet, five exterior docks and 3,140 square feet of office space. Tommy Rosati, Jason Maietta and Brandon Lichtenstein of Colliers represented the undisclosed seller in the transaction. The property was fully leased to a single tenant at the time of sale.
HUNTLEY, ILL. — HIP, a joint venture among affiliates of Craig Realty Group Inc., The Prime Group Inc. and The Capital Cos., has begun development of Huntley Commercial Center in Huntley, a northwest suburb of Chicago. The first phase will be a 540,960-square-foot industrial building that is slated for completion in late 2023. The building will feature a clear height of 36 feet, 357 parking stalls, 90 trailer parking stalls, 100 exterior docks and four drive-in doors. The site features an additional 11 acres that will be developed into a 177,320-square-foot build-to-suit project. Adam Marshall and Mark Deady of Newmark will market the development for lease. Development Solutions Inc. is the general contractor and Ware Malcomb is the architect.
CHICAGO — McHugh Construction has broken ground on a five-story healthcare facility and medical office for Howard Brown Health, a Midwest-based LGBTQ healthcare organization, in Chicago’s Lakeview neighborhood. The 91,000-square-foot building at 3501 N. Halsted St. will replace a Howard Brown clinic at 3245 N. Halsted St. The project will include first-floor retail space, a mix of clinical and administrative space, underground parking and a rooftop terrace. Completion is slated for 2023. Chicago-based Eckenhoff Saunders is the architect. Howard Brown Health is developing the project in partnership with Inland National Development Co. McHugh Concrete, a sister company of McHugh Construction, is the concrete subcontractor.
Colliers Mortgage Originates $14.2M HUD-Insured Loan for Refinancing of Metro Minneapolis Apartments
SPRING LAKE PARK, MINN. — Colliers Mortgage has originated a $14.2 million HUD 223(f) loan for the refinancing of Northtown Village Apartments in Spring Lake Park, about 12 miles north of Minneapolis. The 161-unit apartment complex features amenities such as a pool, playground and onsite laundry facilities. The loan features a 35-year term and a 35-year amortization schedule. An entity doing business as Northtown Village LLLP was the borrower.
TWINSBURG, OHIO — NAI Pleasant Valley has brokered the sale of a 12,559-square-foot industrial building in Twinsburg, located about halfway between Akron and Cleveland. The sales price was undisclosed. The property is located at 2458 Edison Blvd. Jeffrey Calig and David Hexter of NAI Pleasant Valley represented the undisclosed seller and the buyer, Columbus-based TNT Services, which is a fleet and commercial property power washing company.
WIXOM, MICH. — Federal Deposit Insurance Corp. (FDIC) has signed a 6,000-square-foot office lease at 38000 Assembly Park Drive in Wixom, a western suburb of Detroit. FDIC will vacate offices in Livonia and Grand Rapids. The 36,000-square-foot office building is one of two office locations within Assembly Park, a mixed-use development. Construction of FDIC’s tenant buildout is expected to begin this month, with completion slated for the fall. Kelly Fisher and Neal Warling of JLL represented the landlord, General RV.
DENVER — Developer Legacy Partners and architect KTGY have broken ground on Araceli, an apartment property located within the Tech Center district of Denver. Designed as a 13-story wing and a 12-story wing, Araceli will feature 236 one-, two- and three-bedroom plus den units with built-in desks and workspaces and an amenity deck with a pool, grills, fireplaces and covered and exposed seating. Additional amenities include an event space with kitchen, gathering area and outdoor deck for residential gatherings, a coworking space, fitness center, pool deck, clubhouse and leasing office. The project team includes Catamount Constructors, Prescient, Jordan & Skala Engineers, Studio 10 Interior Design, S.A.Miro, Terracon and Kimley-Horn.
LYNNWOOD, WASH. — CBRE has arranged the sale of Alderwood Towne Center, a retail center in Lynnwood. Bellevue-based Tri-Western Syndicated Investments, a private holding company controlled by the Radford family, acquired the asset from Alderwood Shopping Center 04 E LLC, a private investor, for $32.7 million. Dino Christophilis and Daniel Tibeau of CBRE’s National Retail Partners represented the seller in the deal. Jack Standeford with CBRE’s Debt & Structured Finance group arranged acquisition financing for the buyer. Located at 3105-3225 Alderwood Mall Blvd., Alderwood Towne Center features 105,357 square feet of retail space leased to 20 businesses, including anchor tenants Marshalls and Michaels. Other retailers include Almost Golf, Mattress Depot, Pure Hockey and Precor Fitness. The property was constructed in 1986.