Property Type

Mag Mile Capital Arranges $8.6M Acquisition Loan for Days Inn Hotel in Downtown Baltimore

by John Nelson June 28, 2022

BALTIMORE — Mag Mile Capital has arranged an $8.6 million acquisition loan for a 250-room Days Inn hotel located at 100 Hopkins Place in downtown Baltimore. The three-year, non-recourse, cash-out bridge loan was underwritten with an 8 percent interest rate with two-one year extension options. The borrower and direct lender were not disclosed. Situated near Baltimore’s Inner Harbor district and Oriole Park at Camden Yards, the Days Inn hotel features a 24-hour reception desk, bar and restaurant, business center, café, banquet facilities, fitness center, meeting room, onsite parking, a sundries market and an outdoor swimming pool.

June 28, 2022

Acquisitions Multifamily New York Northeast

JLL Negotiates $44M Sale of Manhattan Multifamily Portfolio

by Taylor Williams June 28, 2022

NEW YORK CITY — JLL has negotiated the $44 million sale of the Kokot Portfolio, a collection of seven multifamily properties totaling 133 residential units and one retail space in Manhattan. Specifically, the properties are located in the Chelsea, East Village and Gramercy neighborhoods. Hall Oster and Teddy Galligan of JLL represented the undisclosed seller in the transaction. The buyer was Aya Acquisitions.

June 28, 2022

Industrial Loans New York Northeast

Axiom Capital Arranges $16M Loan for Refinancing of Upstate New York Industrial Portfolio

by Taylor Williams June 28, 2022

COLONIE, N.Y. — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $16 million permanent loan for the refinancing of a portfolio of 16 industrial buildings totaling 302,914 square feet in Colonie, located outside of Albany in upstate New York. The direct lender was a bank, and the borrower was a locally based private investment group. Both parties requested anonymity.

June 28, 2022

Acquisitions California Office Western

Tishman Speyer Sells 259,754 SF Office Building in El Segundo for $205.5M

by Amy Works June 28, 2022

EL SEGUNDO, CALIF. — Tishman Speyer has completed the disposition of 555 Aviation, an office building located within a creative office campus in El Segundo. An undisclosed buyer acquired the asset for $205.5 million. Kevin Donner, Doug Harmon, Ben Lushing, David Hasbrouck, Ben Cooper and Lars Platt of Cushman & Wakefield represented the seller in the deal. Belkin International, Publicis and Fabletics fully occupy the 259,754-square-foot, low-rise property. The tenants have a weighted average lease term of approximately nine years. Tishman Speyer acquired the asset in 2015 for $45 million with the intent to convert the single-story distribution and repair facility into a creative office environment. After its sole user, Xerox, vacated the building in 2017, Tishman Speyer implemented a $44 million reinvention program that transformed the property light-filled spaces accented by large windows, a fitness center, café and multiple outdoor gathering areas.

June 28, 2022

Colorado Development Mixed-Use Multifamily Retail Western

Carson Development Plans 200-Acre Ledge Rock Center Mixed-Use Community in Johnstown, Colorado

by Amy Works June 28, 2022

JOHNSTOWN, COLO. — Carson Development is developing Ledge Rock Center, a 200-acre, master-planned, mixed-use community in Johnstown, approximately 25 miles southeast of Fort Collins. At full build out, Ledge Rock Center will offer more than 1 million square feet of retail space, 1,200 apartments and 200 single-family residences. Murdoch’s Ranch and Home Supply has already committed to one anchor tenant space, pre-leasing 85,000 square feet. Phase I of the retail development is slated for completion at the end of 2022 or first-quarter 2023. Michael Kendall, Daniel Miller and Cameron Flint of CBRE will handle retail leasing efforts for the development.

June 28, 2022

Affordable Housing Iowa Loans Midwest Multifamily Nebraska Northmarq South Dakota

Northmarq Originates $199.1M Recapitalization for Midwest Affordable Housing Portfolio

by Kristin Harlow June 28, 2022

IOWA, NEBRASKA AND SOUTH DAKOTA — Northmarq has originated $199.1 million in Fannie Mae loans for the recapitalization of a 14-property multifamily portfolio located in Iowa, Nebraska and South Dakota. Brett Hood of Northmarq arranged the 14 separate loans on behalf of the borrower, Minnesota-based Monitor Finance. The portfolio includes 2,784 units, 98 percent of which are affordable for residents who earn up to 60 percent of the area median income. The loan amounts ranged from $5.6 million to more than $36.8 million. All of the loans were at a 70 percent loan-to-value ratio. All of the properties had existing fixed-rate agency debt with approximately six to eight years of loan term remaining. Twelve of the properties are located in greater Des Moines, two in Davenport, two in Omaha and one in Sioux Falls, S.D. The largest loan was for Camelot Village, a 485-unit community in Omaha.

June 28, 2022

California Development Multifamily Western

Toll Brothers Breaks Ground on 422-Unit Lindley Apartment Tower in San Diego

by Amy Works June 28, 2022

SAN DIEGO — Toll Brothers Apartment Living, the rental subsidiary of Toll Brothers (NYSE: TOL), has broken ground on The Lindley, a 37-story multifamily property located in San Diego’s Little Italy neighborhood. Totaling more than 800,000 square feet, the 37-story building will feature 422 apartments and more than 12,000 square feet of ground-floor retail space. The Lindley will offer studio, one- and two-bedroom floor plans, as well as penthouse and townhouse residences. Units will feature luxury vinyl tile flooring, European-style cabinetry, quartz countertops with tile backsplashes, stainless steel appliances, energy-efficient LED lighting and smart thermostats. The penthouse and townhouse residences, situated on floors 35 to 37, will feature higher ceilings, hardwood flooring, quartz backsplashes, upgraded appliances and automatic shades. Additionally, all residences will have private balconies, with four of the townhouses featuring additional private rooftop patios. The community will also feature an above- and below-grade structured parking garage with 561 parking spaces and capacity for 222 electric vehicle charging stations. The first-floor grand lobby and mezzanine host the onsite property management, concierge, and mail and secured packaged room. Community amenities will include high-end finishes, secured keyless entry, Wi-Fi and more than 22,000 square feet of interior and exterior amenity space. …

June 28, 2022

Acquisitions Illinois Midwest Retail

WS Development Purchases 100,000 SF Plaza del Lago Shopping Center in Suburban Chicago

by Kristin Harlow June 28, 2022

WILMETTE, ILL. — Massachusetts-based developer WS Development has purchased Plaza del Lago in the Chicago suburb of Wilmette for an undisclosed price. The roughly 100,000-square-foot, open-air shopping center is situated along the shore of Lake Michigan. The property was originally built in the 1920s and is the nation’s second-oldest shopping destination, according to WS, which purchased the center in partnership with CrossHarbor Capital Partners. Joe Girardi of Mid-America Real Estate brokered the transaction. The seller was undisclosed.

June 28, 2022

Affordable Housing Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $21M in Construction Financing for Minneapolis Affordable Housing Property

by Kristin Harlow June 28, 2022

MINNEAPOLIS — Colliers Mortgage has provided a $21 million Fannie Mae Forward Conversion loan for the construction of Gateway Northeast in Minneapolis. The 128-unit affordable housing property is situated in the Riverfront District. Amenities include a lounge, business center, rooftop patio, fitness room, dog wash and outdoor patio. CommonBond Communities, a St. Paul-based nonprofit, is the developer. The loan features a 15.75-year term and a 480-year amortization schedule.

June 28, 2022

Acquisitions Illinois Midwest Multifamily

Bayshore Properties Acquires 344-Unit Apartment Complex in Mt. Prospect, Illinois

by Kristin Harlow June 28, 2022

MT. PROSPECT, ILL. — Bayshore Properties Inc. has acquired Mount Prospect Greens, a 344-unit apartment complex in the Chicago suburb of Mt. Prospect. Built in 1973, the property features a mix of one-, two- and three-bedroom units. There are 156 units that have been renovated with new countertops, cabinets and appliances. Tyler Hague and Lauren Stoliar of Colliers represented the seller, Pepper Pike Capital Partners. Dan Sacks and Eric Rosenstock of Greystone originated a $44.2 million Fannie Mae loan for the $49.5 million acquisition.

June 28, 2022

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