LAWNDALE AND OCEANSIDE, CALIF. — iBorrow has provided a $17.4 million refinancing for two multifamily communities. The properties include a 76 percent-leased, 50-unit asset in Lawndale and a fully vacant, 18-unit property in Oceanside. Both assets are currently undergoing renovations. The bridge loan will be used to refinance the undisclosed borrower’s existing debt, while also providing the additional proceeds needed to complete full unit renovations, implement capital expenditures and lease up the property to stabilization.
ST. PAUL, MINN. — Ryan Cos. US Inc. will build the new Lee and Penny Anderson Arena at the University of St. Thomas in St. Paul. Ryan A+E Inc., Ryan’s design studio, is collaborating with Crawford Architects on the design of the multi-purpose arena and practice facilities, which will serve as the new home for the men’s and women’s hockey and basketball programs. The private university is transitioning to NCAA Division I athletics from Division III. The arena will also host commencement ceremonies, academic convocations, conferences, career fairs and other events for the university and broader community. Meyer Borgman Johnson will provide structural engineering services and IMEG Engineers will provide mechanical, electrical and plumbing engineering. Construction is scheduled to begin in 2024 and be completed in fall 2025. The university received a $75 million gift from Lee and Penny Anderson for the project. Lee Anderson sold APi Group, a conglomerate of construction and fire-protection businesses, for $3.5 billion in 2019, according to the Star Tribune.
MIDLAND, MICH. — Berkadia has provided a $33.8 million Freddie Mac loan for the acquisition of a three-property multifamily portfolio totaling 449 units in Midland, a city in central Michigan. The communities within the portfolio include Mulberry Apartments, Robin Oaks and Perrine Pointe. According to Apartments.com, Mulberry Apartments and Robin Oaks were built in the late 1960s, while Perrine Pointe was constructed in 1945. Aaron Moll of Berkadia originated the loan on behalf of the buyer, Michigan-based LG Capital. Income Property Organization was the seller. Loan terms were not provided.
NORTH RIVERSIDE, ILL. — The Feil Organization, the owner and operator of North Riverside Park Mall, has acquired the vacant Carson’s store at the mall. The attached Carson’s property rises two stories and totals 180,588 square feet. In 2018, Bon-Ton Stores Inc. filed for Chapter 11 bankruptcy protection and liquidated all 256 of its Bon-Ton, Bergner’s, Boston Store, Elder-Beerman, Herberger’s, Younkers and Carson’s stores. Feil says it is in the process of finalizing redevelopment plans. Feil purchased North Riverside Park Mall in 2004. Located in the western Chicago suburb of North Riverside, the mall is home to 130 stores, services and eateries.
ST. ROBERT, MO. — American Street Capital (ASC) has arranged a $5.9 million loan for the refinancing of a 152-unit multifamily portfolio in St. Robert, a city in central Missouri. The portfolio was more than 95 percent leased at the time of loan closing. Igor Zhizhin of ASC arranged the agency loan on behalf of the borrower, a seasoned owner-operator. The fixed-rate loan features a 10-year term and a 30-year amortization schedule.
HOUSTON — A joint venture between two Houston-based investment firms, LandPark Advisors and Sunset Capital, has acquired a portfolio of eight self-storage facilities totaling approximately 1,440 units. The facilities span 237,735 net rentable square feet and are scattered across several markets in East Texas, including Wylie, Hallsville, Flint, Longview and Carthage. The new ownership plans to implement a value-add program and has tapped Right Move Storage LLC to lead that initiative and manage the portfolio. Brandon Karr of Marcus & Millichap represented the seller, a private investment group based in East Texas, in the transaction, and procured the joint venture as the buyer. The sales price was not disclosed.
CYPRESS, TEXAS — St. Louis-based general contractor McCarthy Building Cos. has completed vertical construction at a 106-acre hospital campus in the northwestern Houston suburb of Cypress on behalf of the Houston Methodist health system. The campus will comprise a 570,700-square-foot, seven-story hospital and two medical office buildings totaling roughly 320,000 square feet that will be linked via a sky bridge. The development will also house a central utility plant and various open green spaces. Page is the project architect, and Walter P. Moore is the structural and civil engineer. Construction began earlier this year, and full completion is slated for late 2024. The site formerly housed 11 buildings totaling 600,000 that were occupied by Sysco Corp., all of which have been demolished.
HOUSTON — Berkadia has negotiated the sale of Cypress Parc, a 200-unit apartment complex in North Houston. The property offers two- and three-bedroom units that range in size from 926 to 1,420 square feet. Residences features walk-in closets, washer and dryer connections and private balconies/patios. Amenities include a pool, fitness center, business center, clubhouse, volleyball court and outdoor grilling and dining areas. Chris Young, Joey Rippel, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix of Berkadia represented the seller, Utah-based investment firm Lionel Partners, in the transaction. Cutt Ableson of Berkadia arranged acquisition financing on behalf of the buyer, Trinnium Equity Group, which is also based in Utah.
HOUSTON — Locally based multifamily developer CityStreet Residential has opened a 165-site RV park near Texas Medical Center in Houston. Jetstream RV Resort at The Med Center spans 15 acres at 2919 W. Orem Drive, about 10 miles south of the downtown area. Amenities include a pool, clubhouse, outdoor grilling and dining areas, fitness center, business center, beer garden, putting green, dog wash, shuffleboard courts, onsite laundry facilities and a playground.
HOUSTON — Northmarq has arranged a loan of an undisclosed amount for the refinancing of a 17,250-square-foot industrial flex property located at 850 E. Little York Road in Houston. According to LoopNet Inc., the property was built in 1975 and features 12-foot clear heights, two dock-high doors and six drive-in doors. Michael Borden of Northmarq arranged the nonrecourse loan, which carried a five-year term, fixed interest rate and a 25-year amortization schedule. The borrower and direct lender were not disclosed.