Property Type

SPI Advisory Sells 240-Unit Canopy at South Lakes Apartments in Denton

by Taylor Williams March 14, 2023

DENTON, TEXAS — SPI Advisory, a private equity firm with offices in Dallas and Austin, has sold Canopy at South Lakes, a 240-unit apartment community in the North Texas city of Denton. Residences come in one-, two- and three-bedroom floor plans and are furnished with stainless steel appliances, walk-in closets, full-size washers and dryers and private balconies/patios. Amenities include a pool, volleyball court, clubhouse, coffee bar and a package locker system. SPI Advisory acquired the property in February 2021 and implemented a value-add program. Drew Kile, Taylor Hill, Michael Ware and Will Balthrope of Institutional Property Advisors, a division of Marcus & Millichap, represented SPI Advisory in the deal. The team also procured the buyer, Bridwell Capital.

March 14, 2023

Loans Multifamily Seniors Housing Texas

CBRE Provides $18.2M Agency Loan for Refinancing of Austin Seniors Housing Property

by Taylor Williams March 14, 2023

AUSTIN, TEXAS — CBRE has provided an $18.2 million Freddie Mac loan for the refinancing of Village on the Park Onion Creek, a 124-unit seniors housing community in Austin. The borrower is Bridgewood Property Co. Operated by The Aspenwood Co., the property sits on nine acres and predominantly offers independent living services. Aron Will, Tim Root and Michael Cregan of CBRE arranged the 10-year, floating-rate loan, which carried five years of interest-only payments.

March 14, 2023

Acquisitions Multifamily Texas

TMG Negotiates Sale of 89-Unit Pelican Hill Apartments in Oklahoma City

by Taylor Williams March 14, 2023

OKLAHOMA CITY — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Pelican Hill Apartments, an 89-unit multifamily complex in Oklahoma City. Built in 1973, the property offers one- and two-bedroom units and amenities such as a pool, outdoor grilling and dining areas and onsite laundry facilities. Danny Wieland of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

March 14, 2023

Leasing Activity Retail Texas

Gordon Food Service to Open Six New Stores in Metro Houston

by Taylor Williams March 14, 2023

HOUSTON, KATY AND LEAGUE CITY, TEXAS — Gordon Food Service, which provides packaged and fresh food products to restaurant owners and other foodservice professionals, will open six new stores in metro Houston. The stores will represent the first Texas locations for the brand and will span between 25,000 and 30,000 square feet. Four stores are opening today in Houston, Katy and League City, with the other two stores debuting in Houston at a later date.

March 14, 2023

Loans New York Northeast Office

Newmark Places $90M Loan With German Bank for Refinancing of Manhattan Office Building

by Taylor Williams March 14, 2023

NEW YORK CITY — Newmark has placed a $90 million loan for the refinancing of 1245 Broadway, a 23-story, 200,000-square-foot office building in Manhattan’s NoMad district. German bank Deutsche Pfandbriefbank AG provided the loan to the borrower and developer, a partnership between Swedish developer Corem Property Group AB and locally based firm GDS Development LLC. Jordan Roeschlaub, Dustin Stolly and Nick Scribani of Newmark originated the debt. Ownership will use a portion of the proceeds to fund capital improvements.

March 14, 2023

Development Hospitality New York Northeast

Lightstone Completes 216-Room Moxy Hotel in Brooklyn

by Taylor Williams March 14, 2023

NEW YORK CITY — New York City-based development and investment firm Lightstone has completed the 216-room Moxy Hotel in Brooklyn’s Williamsburg neighborhood. Moxy is part of the Marriott family of brands. Designed by Stonehill Taylor with interiors by BASILE Studio, the boutique establishment houses four food-and-beverage concepts, including a fine dining restaurant and a rooftop bar. Other amenities include a fitness center, coworking spaces and meeting and event rooms. Rates start at $179 per night.

March 14, 2023

Development Industrial Loans New Jersey Northeast

G.S. Wilcox Arranges $20M Construction Loan for Central New Jersey Industrial Project

by Taylor Williams March 14, 2023

EAST BRUNSWICK, N.J. — Locally based financial intermediary G.S. Wilcox has arranged a $20 million construction loan for a 146,570-square-foot industrial project in the Central New Jersey community of East Brunswick. The speculative warehouse will feature a clear height of 36 feet, 18 loading docks and parking for 91 vehicles and 15 trailers. Bridget Wilcox and Al Raymond of G.S. Wilcox arranged the three-year loan through an undisclosed regional bank. The borrower/developer was also not disclosed.

March 14, 2023

Loans Lument Massachusetts Multifamily Northeast Seniors Housing

Lument Provides $15M HUD Loan for Refinancing of Metro Boston Seniors Housing Property

by Taylor Williams March 14, 2023

BROCKTON, MASS. — Lument has provided a $15 million HUD-insured loan for the refinancing of Alliance Health at West Acres, a seniors housing property located in the southern Boston suburb of Brockton. Built in 1965 and renovated in 2017, the property offers 130 beds. Aaron Becker of Lument originated the financing, which was structured with a 35-year term and fixed interest rate, on behalf of the owner-operator, Alliance Health & Human Services.

March 14, 2023

Industrial Leasing Activity Massachusetts Northeast

Navisun Signs 60,282 SF Industrial Lease in Avon, Massachusetts

by Taylor Williams March 14, 2023

AVON, MASS. — Solar energy provider Navisun has signed a 60,282-square-foot industrial lease in the southern Boston suburb of Avon. According to LoopNet Inc., the property at 61 Strafello Drive was built in 1974 and renovated in 2022. Ovar Osvold, Sean Hannigan and Kevin Brawley of Colliers represented Navisun and the landlord, DH Property Holdings, in the lease negotiations.

March 14, 2023

Loans Mixed-Use Multifamily New Jersey Northeast Top Stories

Greystone Provides $257.2M Refinancing for 1,155-Unit The Beacon Apartments in Jersey City

by John Nelson March 14, 2023

JERSEY CITY, N.J. — Greystone, a privately held commercial real estate financial services firm, has provided a $257.2 million loan for The Beacon, a six-building apartment complex in Jersey City totaling 1,155 units. The borrower, Building and Land Technology (BLT), is using the loan to refinance the construction loan stemming from the project’s adaptive reuse of a historic hospital. The Beacon opened as the Jersey City Medical Center Complex in 1936 before its conversion to high-end apartments between the early 2000s and 2016, according to Jersey Digs. Judah Rosenberg of Greystone originated the Freddie Mac loan, which features a 10-year term and fixed interest rate. John Alascio, Alex Hernandez, Alex Lapidus, Mitch Rothstein, Brian Whitmer, Niko Nicolaou and David Bernhaut of Cushman & Wakefield arranged the financing on behalf of BLT. “The property is ideally located at the intersection of three of Jersey City’s most populated neighborhoods and features unparalleled views of the New Jersey Gold Coast and Manhattan,” says Alascio. “The recently redeveloped complex features best-in-class amenities and a thoughtful community design offering tenants a convenient live-work-play environment.” Situated on 14 acres near Jersey City’s Journal Square, McGinley Square and Bergen Lafayette neighborhoods, The Beacon is located within two …

March 14, 2023

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