DENVER — Evergreen Real Estate Group and Globeville Redevelopment Partners, in partnership with the Denver Public Library and the city and county of Denver, have started construction on 4965 Washington Street, a five-story mixed-use community in Denver’s Globeville neighborhood. The city and county of Denver acquired the development sites in 2019 and 2023, creating a combined total of 2.7 acres. The $132 million development will transform a city-owned parcel on the site of a former car dealership into housing for families earning between 30 percent and 80 percent of the area median income. The property will feature 170 one-, two-, three- and four-bedroom apartments, with the lower level housing the first permanent Denver Public Library branch in the Globeville neighborhood, as well as a community café owned by Tierra Colectiva. Completion is slated for fall 2027. Apartments will feature open layouts with modern finishes, including vinyl plank flooring, LED lighting, kitchen with Energy Star appliances, baths with step-in showers and low-flow plumbing fixtures and in-unit laundry. Community amenities will include a fitness center, community room and reading room, along with 50,000 square feet of outdoor gathering areas. Additionally, the project will provide 111 parking spaces, including electric vehicle charging stations. …
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BREA, CALIF. — JLL Capital Markets has secured $107 million in acquisition financing with a $5 million operating reserve for a 33.9-acre redevelopment project in Brea. Matt Stewart, Kellan Liem, Serge Sarkissian, John Rankin and Kyle White of JLL represented the borrower, Dwight Manley, in arranging financing from funds managed by affiliates of Fortress Investment Group. According to JLL, Dwight Manley will transform a vacant commercial building into a mixed-use community with retail and residential components. Dwight Manley has been actively involved in downtown Brea development for nearly 25 years, playing a key role in the city’s downtown revitalization and lifestyle transformation.
IPA Brokers Sale, Arranges Financing for 335-Unit Multifamily Property in Chandler, Arizona
by Amy Works
CHANDLER, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale and financing of Avant at Fashion Center, an apartment community in Chandler. Steve Gebing and Cliff David of IPA represented the undisclosed seller and procured the undisclosed buyer. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged the financing. Built in 2017 on more than 11 acres, Avant at Fashion Center features 335 apartments with nine- and 10-foot ceilings, breakfast bars or kitchen islands and full-size washers/dryers. Select floorpans have wine refrigerators and wireless sound systems. Community amenities include a swimming pool and spa surrounded by a glass enclosure and a courtyard with grilling stations, café seating, hammocks and a game area.
WILLOW GROVE, PA. — Largo Capital, a financial intermediary based in upstate New York, has arranged a $19 million permanent loan for the refinancing of Willow Run Apartments, a 172-unit multifamily complex in Willow Grove, located on the northern outskirts of Philadelphia. The pet-friendly property offers one- and two-bedroom units, as well as a fitness center. Neal Colligan of Largo Capital arranged the debt. The direct lender and borrower were not disclosed.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $6.9 million sale of a 7,500-square-foot mixed-use building in the Boerum Hill area of Brooklyn. The four-story building at 292-294 Atlantic Ave. consists of five market-rate apartments, three retail spaces and one office space. Stephen Vorvolakos, Chris Brodhead, Sean Kelly and Nicole Daniggelis of Ariel brokered the deal. The buyer and seller were not disclosed.
HACKETTSTOWN, N.J. — Resource Realty of Northern New Jersey has secured a 37,168-square-foot industrial lease in Hackettstown, about 50 miles west of New York City. According to LoopNet Inc., the building at 101 Bilby Road was completed in 1990 and totals 65,000 square feet. Brian Wilson of Resource Realty represented the landlord in the lease negotiations. KBC Advisors represented the tenant. Both parties requested anonymity.
CLINTON TOWNSHIP, MICH. — Powerhouse Gym has opened its largest location totaling 120,000 square feet at The Mall at Partridge Creek, an open-air regional shopping center in Michigan’s Macomb County. The space was formerly home to Carson’s. The gym offers a lap pool, dry sauna, women’s-only space, spa services, a kid’s zone, spin room with nightclub-style lighting, yoga, cycling, a turf, track, massage chairs, a basketball court, personal trainers and fitness classes. The gym also features Italian-imported Panatta equipment and is adding a Detroit Medical Center physical therapy area and Pure Green juice bar in the first quarter. The new Powerhouse Gym location opened this week after the most successful membership pre-sale in the company’s history, according to a release. Spinoso Real Estate Group handles leasing and management of The Mall at Partridge Creek.
BENSENVILLE, ILL. — Lee & Associates of Illinois has brokered the $3.3 million sale of a 32,120-square-foot industrial building located at 1029-1033 Bryn Mawr Ave. in Bensenville. Michael Plumb, Bradley Simousek and Colin Sons of Lee & Associates represented the private owner. Dustin Albers of Lee & Associates represented the buyer, Doctor Rooter 911. The commercial plumbing company maintains two other locations in Bensenville.
GROSSE POINTE, MICH. — NAI Farbman, the brokerage arm of Farbman Group, has negotiated a 4,500-square-foot restaurant lease for Culver’s at 18845 Mack Ave. in Grosse Pointe, about 12 miles northeast of Detroit. The lease marks the first Culver’s location in the market. Originally constructed as a bank in 1949, the property was transformed into a dining destination. The locally owned and operated restaurant, which opened Dec. 15, features menu items such as ButterBurgers and frozen custard offerings. Harrison Yaldoo represented Culver’s and the landlord in the lease. Culver’s was founded in Wisconsin in 1984.
INDIANAPOLIS — Red Oak Capital Holdings LLC has provided a $2.8 million bridge loan to support the acquisition and repositioning of Linn Apartments, a 43-unit multifamily property on the Near South Side of Indianapolis. The interest-only loan, structured under Red Oak’s Opportunistic Bridge Loan Program, features an 18-month initial term and a loan-to-stabilized value of 55.7 percent. Stratos Athanassiades of Red Oak originated the loan, with underwriting led by Thomas Gorski and administration by James Myatt. The repeat borrower is an experienced investor in the Indianapolis market. Through its affiliated company, Midwest Living Management, the borrower oversees more than 7725 units and commercial assets throughout metro Indianapolis. Linn Apartments contains 43 units across three two-story buildings. Built in 1963, the Class C property was approximately 65 percent occupied at the time of the loan closing. The buyer plans to begin renovations immediately upon acquisition. Upon stabilization, the buyer plans to refinance into agency debt.