Property Type

Toll Bros., Sundance Bay to Develop 344-Unit Apartment Community in Philadelphia

by Taylor Williams November 10, 2021

PHILADELPHIA — A joint venture between Pennsylvania-based multifamily developer Toll Brothers Inc. (NYSE: TOL) and Sundance Bay, a Utah-based investment firm, will develop Broad & Noble, a 344-unit apartment community that will be located near downtown Philadelphia. The site will also house 106 underground parking spaces and 10,440 square feet of street-level retail space. Amenities will include music, media and podcast rooms, conservatory and private dining rooms, a fitness center with yoga and spin studios and a sky lounge with an outdoor deck area. Wells Fargo has provided $100 million in construction financing for the 18-story project, an expected completion date of which was not disclosed.

November 10, 2021

Acquisitions Mixed-Use New York Northeast

Glacier Equities Buys Brooklyn Mixed-Use Building for $17.2M

by Taylor Williams November 10, 2021

NEW YORK CITY — Glacier Equities, a vertically integrated investment firm, has purchased 10 Grand Avenue, a mixed-use building in Brooklyn that consists of 40 residential units and 14 commercial spaces. The sales price was $17.2 million. The 85,000-square-foot building, whose residential component is currently 68 percent occupied, is located south of the Brooklyn Navy Yard. Fortress Investment Group provided acquisition financing to Glacier Equities, which plans to invest about $6 million in capital improvements. Zach Redding and John Barney of B6 Real Estate Advisors brokered the sale of the property. Dylan Kane, also with B6 Real Estate Advisors, arranged the debt.

November 10, 2021

Loans Massachusetts Multifamily Northeast

Ready Capital Closes $9.2M Loan for Refinancing of Multifamily Asset in Brewster, Massachusetts

by Taylor Williams November 10, 2021

BREWSTER, MASS. — New York City-based Ready Capital has closed a $9.2 million loan for the refinancing, renovation and stabilization of a 132-unit multifamily property in the Cape Cod community of Brewster. The undisclosed sponsor plans to convert the property from assisted living to an age-restricted community (55+ with no services). The nonrecourse, interest-only loan features a floating interest rate, 36-month term, two extension options and a facility to fund future capital expenditures.

November 10, 2021

Development Massachusetts Mixed-Use Northeast Top Stories

New England Development to Break Ground on 1.2 MSF Allston Yards Mixed-Use Project in Boston

by Kristin Harlow November 10, 2021

BOSTON — New England Development, in partnership with Stop & Shop, Bozzuto and Southside Investment Partners, will soon break ground on Allston Yards, a 1.2 million-square-foot mixed-use project in the Allston neighborhood of Boston. The site currently houses an older but still-operating Stop & Shop store and parking lots, which will be redeveloped. Built in multiple phases, Allston Yards will feature a 165-unit apartment building; a new Stop & Shop grocery store; 117,000 square feet of retail and restaurant space; 350,000 square feet of office and lab space; and a one-acre community green space. Construction of Building A, which comprises the apartment building and grocery store, is scheduled to commence this month. Construction of the office and life sciences building is slated to begin in the third quarter of 2022. Building A will contribute $1.2 million to the Allston-Brighton Homeowner Fund, a charity created in partnership with the Boston Home Center that aims to increase affordable homeownership opportunities in Allston-Brighton. JLL arranged financing for Building A through Bank of America and TD Bank. The project will extend and expand upon the area’s street grid, providing new connections to the Boston Landing Massachusetts Bay Transportation Authority (MBTA) station and improving both …

November 10, 2021

Development Multifamily Texas

Casey Development Underway on 321-Unit Tacara at Dove Creek Apartments in West San Antonio

by Taylor Williams November 9, 2021

SAN ANTONIO — Locally based firm Casey Development is underway on construction of Tacara at Dove Creek, a 321-unit apartment community that will be located just outside Loop 1604 on the west side of San Antonio. Units will be available in one-, two- and three-bedroom formats and will feature granite or quartz countertops and stainless steel appliances. Communal amenities will include a pool, fitness center, clubhouse, dog park and a demonstration kitchen. Brent Crawford, David Aaronson and Frances Rogers of CBRE arranged an undisclosed amount of construction financing for the project, which is expected to be complete in fall 2022. The loan carried a five-year term and 36 months of interest-only payments.

November 9, 2021

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 301,995 SF Industrial Lease in Fort Worth

by Taylor Williams November 9, 2021

FORT WORTH, TEXAS — Lee & Associates has negotiated a 301,995-square-foot industrial lease at Everman Distribution Center in Fort Worth. The property is located within Carter Distribution Center and features 38-foot clear heights, 280-foot truck court depths, 196 car parking spaces, 92 trailer parking spaces and 22 dock-high doors. Trey Fricke and Reid Bassinger of Lee & Associates represented the landlord, The Hollingsworth Cos., in the lease negotiations. Tom Golarz and James Ewing of Colliers International represented the tenant.

November 9, 2021

Acquisitions Multifamily Texas

Avid Realty, Electra Capital Buy 213-Unit Pearl at Midtown Apartments in Northeast Dallas

by Taylor Williams November 9, 2021

DALLAS — New York-based investment firm Avid Realty Partners has purchased The Pearl at Midtown, a 213-unit apartment community in northeast Dallas. Florida-based Electra Capital contributed a $7.8 million preferred equity investment to the deal. Built in 1972, the property features studio, one- and two-bedroom units ranging in size from 400 to 1,034 square feet that include private patios and balconies. The amenity package consists of a clubhouse with a lounge and game room, business center, spa/sauna, fitness center, a pool and onsite laundry facilities. The seller and sales price were not disclosed.

November 9, 2021

Acquisitions Multifamily Texas Walker & Dunlop

Walker & Dunlop Brokers Sale of 200-Unit Multifamily Property in Houston

by Taylor Williams November 9, 2021

HOUSTON — Walker & Dunlop has brokered the sale of The Co-Op at Med Center, a 200-unit multifamily property located within the Texas Medical Center in Houston. Units come in studio, one- and two-bedroom floor plans, and amenities include a pool, fitness center, basketball and volleyball courts, study areas, coffee bar and a dog park. Walker & Dunlop’s Scott Bray, Ryan Epstein and Jennifer Ray represented the seller, Urban Genesis, in the transaction. The buyer was an entity doing business as EAS Houston LLC, plans to implement a value-add program at the property, which was originally built as a hotel and converted to multifamily in 2018.

November 9, 2021

Acquisitions Industrial Texas

Mohr Capital Sells 113,786 SF Industrial Flex Building in Metro Dallas

by Taylor Williams November 9, 2021

CARROLLTON, TEXAS — Dallas-based investment firm Mohr Capital has sold a 113,786-square-foot industrial flex building located in the northern Dallas suburb of Carrollton. The property was fully leased at the time of sale. Connecticut-based telecommunications firm Frontier Communications occupies 75 percent of the space, and the remaining portion is leased to Transcendia, an Illinois-based provider of custom-engineered materials. Dustin Volz and Stephen Bailey of JLL represented Mohr Capital in the deal. Boston-based Cabot Properties purchased he asset for an undisclosed price.

November 9, 2021

Development Georgia Industrial Southeast

CA Industrial, Barings Break Ground on 4 MSF Logistics Site in Metro Savannah

by Julia Sanders November 9, 2021

BLOOMINGDALE, GA. — CA Industrial, part of Chicago-based CA Ventures, and Barings LLC, a subsidiary of MassMutual, have broken ground on the first phase of the I-16 Port Logistics site in Bloomingdale. The nine-building industrial project totals nearly 4 million square feet. Located on the northeast corner of Interstate 16 about 13.5 miles from Savannah, I-16 Port Logistics is situated close to the Port of Savannah. The first phase of the development will include one cross-dock facility and two rear-load facilities totaling 1.1 million square feet. Construction of Phase I of the three-phased project is slated for completion by Nov. 2022. Hartford Investment Management Co. (HIMCO) provided an undisclosed amount of construction financing for the development. Evans General Contractors is serving as the general contractor for the project, and William Lattimore and Bill Sparks of CBRE will serve as leasing brokers for the properties.

November 9, 2021

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