Property Type

Aptitude Breaks Ground on 494-Bed Student Housing Community in Rochester, New York

by Taylor Williams March 28, 2022

ROCHESTER, N.Y. — Aptitude Development has broken ground on The Marshall at Rochester, a 494-bed student housing community located near the Rochester Institute of Technology in upstate New York. The six-building property will offer units with bed-to-bath parity. Shared amenities will include a pool and hot tubs, individual and group study areas, an e-sports gaming lounge and a fitness center. Lecesse Construction is the general contractor for the project, which is set for completion in summer 2023. Landmark Properties will manage the community.

March 28, 2022

Acquisitions Affordable Housing Connecticut Multifamily Northeast

CPP Acquires 176-Unit Woodland Hills Apartments in Torrington, Connecticut

by Taylor Williams March 28, 2022

TORRINGTON, CONN. — Community Preservation Partners (CPP) has acquired Woodland Hills Apartments, a 176-unit affordable housing community in Torrington, located west of Hartford. The property comprises 14 buildings on a 19-acre site. Units are reserved for households earning 50 percent or less of the area median income. The seller was not disclosed. Between acquisition and costs of executing a 10-month capital improvement program, CPP’s total investment is nearly $40 million.

March 28, 2022

Acquisitions Multifamily New York Northeast

TerraCRG Negotiates $42.5M Sale of Multifamily Development Site in Brooklyn

by Taylor Williams March 28, 2022

NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $42.5 million sale of a multifamily development site located at 575 Grand St. in the Williamsburg neighborhood of Brooklyn. The site spans 27,500 square feet and half a city block and can support up to 110,000 buildable square feet. Daniel Lebor and Dan Marks of TerrraCRG represented the undisclosed buyer in the transaction. The seller was also not disclosed.

March 28, 2022

Loans New Jersey Northeast Office

MMCC Arranges $6M Loan for Refinancing of Office Building in Manahawkin, New Jersey

by Taylor Williams March 28, 2022

MANAHAWKIN, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $6 million loan for the refinancing of a 24,900-square-foot office building in the Northern New Jersey community of Manahawkin. The two-building property was constructed in 2008. Joseph Belgiovine off MMCC originated the 12-year, nonrecourse loan, which carried an interest rate of roughly 3.6 percent, a 70 percent loan-to-value ratio and a 30-year amortization schedule. The borrower was not disclosed.

March 28, 2022

Development Multifamily New Jersey Northeast Seniors Housing

Marquis Completes $4M Renovation Project at Skilled Nursing Facility in New Providence, New Jersey

by Taylor Williams March 28, 2022

NEW PROVIDENCE, N.J. — Marquis Health Consulting Services has completed a $4 million renovation project at Spring Grove Rehabilitation & Healthcare Center in New Providence, about 30 miles west of Manhattan. The renovation included a retrofit of the facility’s dedicated subacute unit and enhancements throughout its long-term care accommodations. The work also centered on an expansion of the rehab therapy gym and the incorporation of an activities of daily living (ADL) suite.

March 28, 2022

Loans Michigan Midwest Multifamily

Dwight Capital Provides $31M in Bridge Financing for Two Multifamily Communities in Michigan

by Kristin Harlow March 28, 2022

SOUTHFIELD, MICH. — Dwight Capital has provided $31 million in bridge financing for two multifamily communities in Southfield. In the first transaction, Dwight provided $14 million for Legacy Place, a 173-unit condominium rental property. Loan proceeds were used to facilitate the acquisition and renovation of 112 units. Legacy Place, which consists of more than 44 two-story buildings, features some of the largest units in Southfield. Amenities include a swimming pool, garage parking, onsite management and nearly 20 acres of walking grounds. In the second transaction, Dwight provided a $17 million acquisition loan for Carlyle Tower Apartments, a neighboring 175-unit property that consists of a 10-story building on five acres. The undisclosed borrower plans to invest in interior and exterior upgrades. Adam Sasouness of Dwight originated the loans through the firm’s commercial mortgage REIT, Dwight Mortgage Trust. Marvin Jeremias of Crossmark Capital arranged the loans, terms of which were not provided.

March 28, 2022

Acquisitions Industrial Midwest Ohio Self-Storage

Marcus & Millichap Brokers Sale of Self-Storage Portfolio in Ohio

by Kristin Harlow March 28, 2022

COLUMBUS AND DUBLIN, OHIO — Marcus & Millichap has brokered the sale of a portfolio of three Tri-Village Self Storage facilities in Ohio for an undisclosed price. The properties, totaling 1,653 units, are located at 3490 Trabue Road in Columbus, 1123 Goodale Blvd. in Columbus and 5235 Avery Run Road in Dublin. Gabriel Coe and Brett Hatcher of Marcus & Millichap brokered the transaction. Buyer and seller information was not provided.

March 28, 2022

Indiana Industrial Leasing Activity Midwest

Kuehne+Nagel Signs Two Industrial Lease Renewals Totaling 115,395 SF in Indianapolis Market

by Kristin Harlow March 28, 2022

PLAINFIELD, IND. — Kuehne+Nagel, a Switzerland-based global transport and logistics company, has signed two industrial lease renewals totaling 115,395 square feet in Plainfield, a suburb of Indianapolis. Chicago-based HSA Commercial Real Estate owns the properties, which are located within Gateway Business Park near the Indianapolis International Airport. Kuehne+Nagel renewed its 59,895-square-foot lease at Gateway Industrial III as well as its 55,500-square-foot lease at Gateway Industrial IV. HSA has developed and leased up six buildings at Gateway Business Park totaling roughly 900,000 square feet. A seventh building is slated for completion later this month. Mark Writt of CBRE represented Kuehne+Nagel in both leases. Terry Busch and Jared Scaringe of CBRE represented ownership.

March 28, 2022

Affordable Housing Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $11.1M HUD-Insured Loan for Refinancing of Minnesota Multifamily Property

by Kristin Harlow March 28, 2022

EAGAN, MINN. — Colliers Mortgage has provided an $11.1 million HUD 223(a)(7) loan for the refinancing of Cedar Villas Townhomes in Eagan, a suburb of Minneapolis. The 104-unit rental townhome property was constructed in 2004 and consists of 18 buildings. Of the 104 units, 20 percent are reserved as affordable for residents who earn up to 50 percent of the area median income. The remaining units are rented at the market rate. The 35-year loan is fully amortized. Cedar Villas LP was the borrower.

March 28, 2022

Acquisitions Healthcare Midwest Ohio

Stan Johnson Co. Arranges $5.6M Sale of Healthcare Lab Facility in Moraine, Ohio

by Kristin Harlow March 28, 2022

MORAINE, OHIO — Stan Johnson Co. has arranged the $5.6 million sale of a 64,000-square-foot healthcare lab facility in Moraine, a southern suburb of Dayton. Located at 2308 Sandridge Drive, the property is fully leased to CompuNet Clinical Laboratories, a full-service clinical laboratory that serves physicians, hospitals and health organizations throughout Southwest Ohio. The facility was built in 1986. Craig Tomlinson of Stan Johnson represented the California-based buyer, who completed a 1031 exchange. A Dayton-based private investor was the seller.

March 28, 2022

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