Property Type

Berkadia Negotiates Sale of 200-Unit Cypress Parc Apartments in North Houston

by Taylor Williams January 20, 2023

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.

January 20, 2023

Development Hospitality Texas

CityStreet Residential Opens 165-Site RV Park in South Houston

by Taylor Williams January 20, 2023

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.

January 20, 2023

Industrial Loans Northmarq Office Texas

Northmarq Arranges Refinancing of 17,250 SF Industrial Flex Property in Houston

by Taylor Williams January 20, 2023

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.

January 20, 2023

800-Willowbrook-Road-Northampton-Pennsylvania

Acquisitions Industrial Northeast Pennsylvania

Rockefeller Group Sells Lehigh Valley Warehouse for $91M

by Taylor Williams January 20, 2023

NORTHAMPTON, PA. — New York City-based investment and development firm Rockefeller Group has sold a 453,600-square-foot warehouse located in the Lehigh Valley community of Northampton for $91 million. The site spans 36 acres and is located within the 1.8 million-square-foot Rockefeller Group Logistics Park. The cross-dock facility was completed in 2022 and features a clear height of 36 feet, four drive-in doors, 90 dock doors, 59 trailer stalls and 264 car parking spaces. John Plower, Ryan Cottone, Zach Maguire, Paul Torosian and Jeff Lockard of JLL represented Rockefeller Group in the transaction. The buyer was New York City-based Link Logistics.

January 20, 2023

Loans New York Northeast Retail

Ashkenazy Acquisition Corp. Receives $20.6M Loan for Refinancing of Manhattan Retail Property

by Taylor Williams January 20, 2023

NEW YORK CITY — Locally based investment firm Ashkenazy Acquisition Corp. has received a $20.6 million loan for the refinancing of a 25,673-square-foot retail property located along Third Avenue on Manhattan’s Upper East Side. The property was fully leased at the time of the loan closing. Ronnie Levine and Ben Jacobs of Meridian Capital Group arranged the 10-year, fixed-rate acquisition loan through Bank of Montreal on behalf of ownership.

January 20, 2023

Acquisitions Multifamily New Jersey Northeast

Hudson Atlantic Negotiates $14.7M Sale of Apartment Complex in Madison, New Jersey

by Taylor Williams January 20, 2023

MADISON, N.J. — Locally based brokerage firm Hudson Atlantic Realty has negotiated the $14.7 million sale of Tudor House, a 26-unit apartment complex in the Northern New Jersey community of Madison. The sales price equates to roughly $565,000 per unit. The property was built in 2015, and units include private garages and individual washers and dryers. Adam Zweibel and Nicholas Favorito of Hudson Atlantic brokered the deal. The buyer and seller were not disclosed.

January 20, 2023

Leasing Activity New Jersey Northeast Retail

Hobby Lobby Signs 58,952 SF Retail Lease in Neptune, New Jersey

by Taylor Williams January 20, 2023

NEPTUNE, N.J. — Hobby Lobby has signed a 58,952-square-foot retail lease at Neptune Plaza Shopping Center in coastal New Jersey. The Oklahoma-based retailer will backfill a space previously occupied by HomeGoods and Marshalls. Kevin Pelio of Azarian Realty Co. represented the undisclosed landlord in the lease negotiations. Michael Testa of Jeffrey Realty represented Hobby Lobby, which plans to open in 2024. Neptune Plaza, which totals 215,000 square feet, is now 99.3 percent leased.

January 20, 2023

Leasing Activity New York Northeast Office

Boffi | DePadova to Open 19,694 SF Showroom at 99 Madison Avenue in Manhattan

by Taylor Williams January 20, 2023

NEW YORK CITY — Boffi | DePadova, an Italian furniture provider, will open a 19,694-square-foot showroom at 99 Madison Avenue in Manhattan’s Nomad Design District. The space comprises the entire ground floor, mezzanine, second floor and lower level of the building. The opening is scheduled for spring 2024. Andrew Kahn, Fanny Fan and Adrienne Gallus of Cushman & Wakefield represented the landlord, Windsor Management, in the lease negotiations. The representative of the tenant was not disclosed.

January 20, 2023

Loans Multifamily Top Stories

NexPoint Receives $807.5M Refinancing for 19-Property Multifamily Portfolio

by Jeff Shaw January 20, 2023

DALLAS — KeyBank Real Estate Capital has provided NexPoint Residential Trust (NYSE: NXRT) with an $807.5 million Freddie Mac loan to refinance debt on 19 garden-style, market-rate multifamily properties across Texas, Florida, Nevada, Georgia, Arizona and North Carolina. NexPoint is a publicly traded real estate investment trust based in Dallas. Various properties in the portfolio are equipped with smart home technology, as well as a variety of individual and community amenities. Creekside at Matthews, for instance, is a 240-unit complex located in the Matthews suburb of Charlotte, North Carolina. The property offers one-, two- and three-bedroom floor plans with features such as slate or stainless steel appliances, washers and dryers, patios and garden-style bathtubs. Community amenities at Creekside include a playground, business center, clubhouse, courtyard, nature trail, a swimming pool and Wi-Fi in common areas. Meanwhile, Silverbrook Apartments in Grand Prairie, Texas, comprises 642 one-, two- and three-bedroom units and includes community amenities such as a business center, fitness center, dog park, volleyball court, tennis court, picnic area and three swimming pools. Individual units feature washers and dryers, ceiling fans, fireplaces and private patios. Christopher Black, Brendan O’Keefe and Christopher Neil of KeyBank’s Commercial Mortgage Group originated and structured the …

January 20, 2023

Features Multifamily Seniors Housing

Seniors Housing Occupancy Rises 90 Basis Points in Sixth Consecutive Quarterly Increase

by Jeff Shaw January 20, 2023

ANNAPOLIS, Md. — The national occupancy rate for private-pay seniors housing increased 90 basis points from 82.1 percent in the third quarter of 2022 to 83 percent in the fourth quarter of 2022, according to data from NIC MAP Vision. The occupancy rate has increased 520 basis points from a pandemic low of 77.8 percent in the second quarter of 2021. NIC MAP Vision is a product of the National Investment Center for Seniors Housing & Care (NIC), an Annapolis-based nonprofit firm that tracks industry data gathered from 31 primary metropolitan markets. Private-pay seniors housing comprises independent living, assisted living and memory care. The seniors housing occupancy rate increased for the sixth consecutive quarter due to continued strong demand that outpaced inventory growth. Because new inventory has been added during the pandemic, however, the occupancy rate has not yet reached pre-pandemic levels, according to NIC. On the inventory side, about 3,300 units were added within the 31 NIC MAP Primary Markets during this quarter, while more than 8,600 units were absorbed on a net basis. This robust demand led to a new record high total number of occupied units: within the NIC MAP Primary Markets, the total number of occupied …

January 20, 2023

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