DETROIT — Lument has provided a $7.7 million Fannie Mae loan for the acquisition of Central Park Apartments in Detroit. The garden-style apartment community includes 92 units. James Kelly of Lument originated the loan on behalf of the borrower, Greatwater Opportunity Capital, which owns nearly 2,000 apartment units across 40 properties. The seven-year loan features 12 months of interest-only payments, a 30-year amortization schedule and a fixed interest rate. In addition to funding the acquisition, the loan provides proceeds for improvements to common areas and amenities, parking repairs and several unit renovations.
GRAND HAVEN, MICH. — Northmarq has brokered the $3.1 million sale of a newly constructed, build-to-suit property occupied by Popeyes in Grand Haven, which is situated along Lake Michigan. The building at 320 N. Beacon Blvd. is located near Walgreens, Dollar Tree, Starbucks and The Home Depot. Isaiah Harf of Northmarq represented the Illinois-based seller. A New York-based private investor acquired the asset in a 1031 exchange. Nationally, there are more than 3,700 Popeyes locations.
AUSTIN, TEXAS — North Texas-based developer Jackson-Shaw has acquired 67 acres at the northeast corner of State Highway 130 and Elroy Road in southeast Austin for the development of a 602,400-square-foot, four-building industrial project. Plumbing and HVAC supplies distributor Ferguson Enterprises has already preleased the entirety of the 207,180-square-foot Building 3. Method Architecture is designing the project, and Burton Construction is serving as the general contractor. AQUILA Commercial has been tapped as the leasing agent. Construction is scheduled to begin in March.
NORTHLAKE, TEXAS — Lee & Associates has negotiated a 506,410-square-foot industrial lease at 4500 Northport Drive in Northlake, located north of the metroplex in Denton County. According to commercialcafé.com, the property was built on 25.4 acres in 2008 and includes 131 parking spaces. Trey Fricke and Reid Bassinger of Lee & Associates represented the landlord, Link Industrial Properties, in the negotiations for the full-building lease. Nathan Lawrence and Krista Raymond of KBC Advisors represented the tenant, Exel Logistics.
HOUSTON — Newmark has arranged a $44 million loan for the refinancing of an acute and specialty care hospital in Houston. At the time of sale, the facility was 100 percent leased to an independent surgical hospital operator and national inpatient rehabilitation facility. John Nero, Jay Miele, Ben Appel, Michael Greeley, Adam Goss and Ron Ott of Newmark arranged the nonrecourse financing, which was structured with a 70 percent loan-to-value ratio. The borrower and direct lender were not disclosed.
HOUSTON — Fort Worth-based investment firm Fort Capital has acquired a portfolio of 10 light industrial buildings totaling 239,591 square feet located in various submarkets throughout Houston. The buildings were all constructed between 1980 and 1984 and had a collective occupancy rate of 86 percent at the time of sale. The seller and sales price were not disclosed.
HOUSTON — Colliers has brokered the sale of a 17,433-square-foot industrial property located at 6421 N. Shepherd Drive in Houston. The two-building complex sits on 4.4 acres and features 15-foot clear heights, 10 grade-level doors and 2,000 square feet of office space. Jeff Peltier and John Parsley of Colliers represented the seller, R & J Partnership, in the transaction. Zane Carman of Partners represented the buyer, Holdings Enterprise.
BRANCHBURG, N.J. — Locally based developer Walters is nearing completion of Cornerstone at Branchburg, a 150-unit, income-restricted multifamily property in Northern New Jersey. The development consists of two three-story buildings on an 11.7-acre site. Residences come in one- and two-bedroom floor plans and range in size from 700 to 900 square feet. Amenities include a fitness center, game room and outdoor grilling and dining areas. Construction began in May 2021. The first move-ins are underway, and full completion is scheduled for the spring.
BOSTON — A partnership between Boston-based developer RISE and San Francisco-based DivcoWest has broken ground on The Ellery, a 70-unit apartment complex that will be located in the state capital’s West Roxbury neighborhood. The four-story building will house one- and two-bedroom units, nine of which will be reserved for households earning 70 percent or less of the area median income. The partnership acquired the site last summer and subsequently completed demolitions of existing structures. Full completion is slated for May 2024.
ELIZABETH, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has arranged the sale of a 45,000-square-foot office and retail building in the Northern New Jersey community of Elizabeth. The six-story building at 1139 E. Jersey St. was originally constructed in the 1920s as an apartment complex. Today, the building houses 84 micro offices and retail space that is leased to five tenants. Stephen Tragash of Gebroe-Hammer represented the seller, Edron Realty, in the transaction and procured an undisclosed private investor as the buyer.