ERIE, PA. — Community Preservation Partners (CPP) has acquired Methodist Towers, a 138-unit affordable seniors housing community in Erie. About 40 percent (57) of the 13-story complex’s units receive subsidies under a Section 8 HAP contract. The sales price was not disclosed, but CPP plans to spend $20 million on the acquisition and renovation. CPP received tax-exempt bonds and Low-Income Housing Tax Credits (LIHTCs) from the Pennsylvania Housing Finance Agency (PHFA), with construction and permanent loans from Citibank as well as equity raised from the sale of LIHTCs from PNC Bank, to finance the property acquisition and rehabilitation. Cornerstone Group is a partner on the project.
LINDEN, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $24 million loan for the refinancing of a 113-unit apartment complex located at 1120 E. Saint George Ave. in the Northern New Jersey community of Linden. The property was built in 2021 and includes 17,900 square feet of retail space. Amenities include a fitness center, dog park, resident clubhouse and a rooftop deck. M&T Bank provided the 10-year, interest-only loan, which carried a 30-year amortization schedule, on behalf of the undisclosed borrower. Joseph Belgiovine of MMCC arranged the debt.
BERGENFIELD, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $22.5 million sale of Bella at Bergenfield, a 62-unit multifamily property in Northern New Jersey. Bella at Bergenfield was constructed between 2019 and 2020 and includes 57 one-bedroom units and five two-bedroom units with an average size of 869 square feet. Andrew Scheinerman of Kislak arranged the off-market sale on behalf of the seller. Robert Squires, also with Kislak, procured the buyer. Both parties were limited liability companies.
NEW YORK CITY — Standard Security Life Insurance Co. of New York has signed an 11,314-square-foot office lease at 488 Madison Avenue in Manhattan. Known as The Look Building, 488 Madison Avenue was originally constructed in 1949, rises 24 stories and spans 447,000 square feet. Scott Gutnick of Newmark represented the tenant, which will relocate from 485 Madison Avenue, in the lease negotiations. David Turino represented the landlord, The Feil Organization, on an internal basis.
FRISCO, TEXAS — A development partnership has unveiled plans for Fields West, a $2 billion mixed-use project in Frisco, a northern suburb of Dallas. The 180-acre project will be situated along the Dallas North Tollway within Fields, a 2,500-acre master-planned development that houses PGA of America’s new headquarters. The development partnership for Fields West comprises Hunt Realty Investments, Karahan Cos., Chief Partners LP, CrossTie Capital Ltd. and the heirs of Bert Fields Jr., the original landowner and namesake of the development. Dallas-based Hunt Realty purchased the site, then known as Headquarters Ranch, from the Fields estate back in 2015. While individual components for Fields West weren’t disclosed, the developers did sign an agreement with Marriott International to bring a new Ritz-Carlton hotel to anchor the development. The size and room count for the new hotel were not announced. The Dallas Morning News reports that Fields West will ultimately feature three hotels and offices totaling a combined 4 million square feet. The outlet also reported the property will feature shopping, dining and entertainment uses, as well as 2,800 apartments. Project architect Gensler announced that Fields West will be “three times” the size of Legacy West Urban Village, a retail project within …
In 2020, the multifamily marketplace took an unprecedented hit thanks to the global pandemic. Unemployment and layoffs were rife, rent moratoriums were put in place to safeguard against mass evictions, and multifamily investment and new builds took a nosedive. However, as the country has started to emerge from the throes of COVID-19, the marketplace has entered a banner period of growth with forecasts indicating that the number of apartments nationwide will grow by an additional 4.5 million by 2030. This period of unprecedented growth shows no signs of slowing, either. According to Richardson, Texas-based RealPage, a provider of data analytics and property management software, during the first quarter of 2022 there was a total of 18.59 million apartment units in the U.S., a nearly 75,000 unit increase from the fourth quarter of 2021. But that modest growth in supply is being greatly eclipsed by robust demand, says Carl Whitaker, director of research and analysis at RealPage. “In fact, the only thing holding absorption rates back is the fact that occupancy is approaching 98 percent, so there’s just not much available inventory to even be absorbed.” As the rental market continues to rapidly grow, developers and owners are faced with …
CHARLOTTE, N.C. — Beacon Partners has begun construction on two speculative buildings totaling 375,874 square feet within Carolina Logistics Park, a master-planned industrial park in Charlotte. Building 2 will span 202,403 square feet and Building 3 will be 173,471 square feet. Buildings 2 and 3 are situated at one of the park’s two entrances at the intersection of Carolina Logistics Drive and Downs Road. Both buildings will offer 32-foot clear heights, 180-feet concrete truck courts with ample trailer parking and six-inch floor slabs. The buildings are scheduled for delivery in the third quarter. Additionally, Building 4, a 525,624-square-foot property located at 11925 Carolina Logistics Drive, is already underway and scheduled for completion in June. Tim Robertson of Beacon Partners is handling leasing for Carolina Logistics Park. The project team includes general contractor Conlan Co., Merriman Schmitt Architects and civil engineer Orsborn Engineering Group. Wells Fargo is providing construction financing for the two speculative buildings. Carolina Logistics Park is a 288-acre park that will eventually accommodate up to 3.6 million square feet of Class A space. The site sits within proximity to Interstates 77 and 485, Charlotte Douglas International Airport and Uptown Charlotte. The park’s existing tenants include Amazon (1 million …
SAVANNAH, GA. — Red Bank, N.J.-based First National Realty Partners LLC has acquired McAlpin Square, a 170,000-square-foot shopping center in Savannah. David Rivers of Palomar Group represented the undisclosed seller in the transaction. The sales price was not disclosed. Opened in 1980, McAlpin Square is anchored by a 43,600-square-foot Kroger, one of the original tenants at the center. Kroger operates a branded onsite fuel center as well. McAlpin Square’s other retailers include Big Lots, Goodwill, the US Postal Service, Family Dollar, Rainbow, Rent-A-Center, Subway, Domino’s Pizza and GameStop. Located at 1900 E. Victory Drive, McAlpin Square sits at the intersection of East Victory Boulevard and Truman Parkway, just three miles southeast of downtown Savannah.
ARLINGTON, VA. — Jefferson Apartment Group, with its Chilean-based partner STARS REI, has broken ground on a 98-unit apartment community at 1031 N. Vermont St. in Arlington. Construction is expected to be completed by early 2024. The new development will offer one-, two- and three-bedroom floorplans in a seven-story building. Unit features will include quartz countertops, tile backsplashes, stainless steel appliances and plank flooring. Many units will also include private terraces and balconies. Community amenities will include a resident lounge, rooftop terrace, below-grade parking totaling 120 spaces, 40 bicycle spaces and resident storage. KGD Architecture is the designer for the project and Donohoe Construction Co. is the general contractor. United Bank provided an undisclosed amount of financing.
BALTIMORE — Cushman & Wakefield has secured a new 26,000-square-foot office lease in Baltimore for Design Collective, a locally based architecture and design firm. The firm will relocate from its current location in The Power Plant at 601 East P. St. to 100 E. Pratt St. The new office location offers a David & Dad’s Café Express, Starbucks, fitness center, concierge service and outdoor seating. Bronwyn LeGette and David Downey of Cushman & Wakefield represented Design Collective in the transaction. Linn Worthington of Cushman & Wakefield represented the landlord, Vision Properties.