KILGORE, TEXAS — Basis Multifamily Finance, a subsidiary of New York City-based Basis Investment Group, has provided an $8.3 million Freddie Mac loan for the refinancing of Glen Hollow Apartments, an affordable housing property located in the East Texas city of Kilgore. The property offers one-, two- and three-bedroom floor plans and amenities such as a pool, playground, business center and onsite laundry facilities. The sponsor was New Jersey-based Ambo Properties. Glen Hollow Apartments was 93 percent occupied at the time of the loan closing.
HOUSTON — Enson Market, an Asian grocery concept based in Cincinnati, will open a 100,000-square-foot store at 2224 FM 1960 Road in North Houston. The site is located within a 200,000-square-foot vacant shopping center. An affiliate of the company, an entity doing business as Pacific Square of FM LLC, purchased the center with plans to implement capital improvements and lease the remaining 100,000 square feet. Ryan Neyland of Davis Commercial Real Estate represented the seller, Copper Leaf LLC, in the transaction. Casey Ward of CRW Commercial represented the buyer.
NEW YORK CITY — Taconic Capital Advisors has provided a $95 million loan for the refinancing of Martinique New York on Broadway, a 531-room hotel in Midtown Manhattan. The hotel, which is part of Curio Collection by Hilton family of brands, originally opened in 1897 and is a member of the Historic Hotels of America club. Martinique New York on Broadway houses 10 meeting and event spaces that can accommodate more than 400 guests, as well as a fitness center and multiple food-and-beverage establishments. The borrower, Oklahoma City-based Burnett Equities, which acquired the hotel in 2021, plans to use a portion of the proceeds to fund capital improvements.
JACKSON TOWNSHIP, N.J. — Cushman & Wakefield has brokered the sale of an approximately 1 million-square-foot industrial facility located at 515 Monmouth Road in Jackson Township, about 30 miles east of Trenton. The newly constructed complex comprises one cross-dock and one rear-load building that total 617,452 and 383,092 square feet, respectively. Building features include clear heights of 40 feet, 185-foot truck court depths, 713 car parking spaces and 181 trailer parking stalls. Gary Gabriel, Kyle Schmidt, David Bernhaut and Seth Zuidema of Cushman & Wakefield represented the seller, a partnership between Active Acquisitions and Stonecutter Capital, in the transaction. The team also procured Brookfield Properties as the buyer.
PARSIPPANY, N.J. — JLL has negotiated the $88 million sale of 300 Kimball, a 430,000-square-foot office building located in the Northern New Jersey community of Parsippany. Built in 2001 and renovated in 2013, the property sits on a 9.3-acre site within a larger development known as The Center at Morris County and was 87 percent leased at the time of sale. Amenities include a fitness center, tenant lounge, conference center, putting green and golf simulator, walking trails and a cafeteria. Kevin O’Hearn, Jose Cruz, Jeremy Neuer and Peter Kim of JLL represented the seller, Sovereign Partners LLC, in the transaction. The buyer was regional investment firm Signature Acquisitions, which also owns the adjacent building, 100 Kimball.
WILLIAMSPORT, PA. — New Jersey-based First National Realty Partners (FNRP) has acquired Loyal Plaza, a 289,000-square-foot shopping center in Williamsport, located in the northern-central part of the Keystone State. Anchored by a 67,000-square-foot Giant Food Store, the center was approximately 85 percent leased at the time of sale. Other tenants include Hobby Lobby, Planet Fitness, Rite Aid, Advance Auto Parts and BB&T. Colin Behr and Chris Munley of JLL represented the undisclosed seller in the transaction.
SOUTH HACKENSACK, N.J. — I-FE Apparel, the company behind clothing brands such as PJ Mark and Bleecker & Mercer, has signed a 36,165-square-foot industrial lease renewal in South Hackensack, located outside of Manhattan in Northern New Jersey. Stephen Jennings represented the landlord, Alfred Sanzari Enterprises, in the lease negotiations on an internal basis. The representative of the tenant was not disclosed.
RENTON, WASH. — Providence has completed the disposition of the two-building Southgate Campus and four-building Valley Office Park in Renton. Seattle Children’s Hospital acquired the assets for a total of $84 million. Totaling 484,039 square feet, the portfolio includes: Southgate I, a 114,186-square-foot building at 2201 Lind Ave. SW Southgate II, a 160,853-square-foot property at 2001 Lind Ave. SW Valley Office Park, a 209,000-square-foot asset at 1801 Lind Ave. SW Valley Office Park is the current local headquarters of Providence and includes a Pacific Medical Group multi-specialty clinic. Garth Hogan, Kevin Shannon and Cavan O’Keefe of Newmark represented the seller in the transaction.
Lument Provides $31.6M Freddie Mac Refinancing for Seniors Housing Property in Westminster, Colorado
WESTMINSTER, COLO. — Lument has provided a $31.6 million Freddie Mac loan to refinance Keystone Place at Legacy Ridge. The 160-unit seniors housing community is located in Westminster, a northern suburb of Denver. Built in 2011, Keystone Place at Legacy Ridge features independent living and assisted living units. The community has maintained strong occupancy throughout 2022. Eric Mestemaker, Doug Harper and Casey Moore led the transaction for Lument. The Freddie Mac loan features a 10-year term, five years of interest-only payments, 30-year amortization and a fixed interest rate. The loan refinanced two existing Freddie Mac loans totaling $28.2 million and provided almost $3 million in cash-out proceeds. During the loan process, the community enjoyed a substantial improvement in net operational income, as occupancy rates rose and rent collections increased. Lument subsequently adjusted its underwriting and successfully secured an increase in loan proceeds. Lument also helped Keystone take advantage of Freddie Mac’s index lock functionality to lock the interest rate more than three months prior to closing, saving 100 basis points and generating substantial debt service savings. Lument has a longstanding relationship with Keystone that dates back more than 10 years and includes acquisition bridge financing, construction financing, mezzanine financing and …
EVERETT, WASH. — CBRE has arranged the sale of Greentree Plaza, a shopping center located at 305-505 SE Everett Mall Way in Everett. ACF Property Management sold the retail center to Transnational Management for $23.7 million. Built between 1998 and 2004, Greentree Plaza offers 83,035 square feet of retail space. At the time of sale, the property was 96 percent leased to 18 tenants, including Chipotle, Starbucks Coffee, Sportsman’s Warehouse, Jamba Juice, Visionworks, Bank of America, Subway and Supercuts. The plaza shares a parking lot with a Target store, which was not included in the sale. Dino Christophilis and Daniel Tibeau of CBRE’s National Retail Partners represented the seller in the deal.