JERSEY CITY, N.J. — Redwood Realty Advisors has brokered the $3.9 million sale of two multifamily buildings totaling 17 units in the McGinley Square neighborhood of Jersey City. The sales price equates to approximately $232,000 per unit. The buyer and seller were not disclosed. Steve Matovski of Redwood Realty brokered the deal.
CHICAGO — Tock, a restaurant technology provider, has signed a 51,000-square-foot office lease at 320 N. Sangamon in Chicago’s Fulton Market district. The company provides restaurants with a system for streamlining reservations, events, takeout and delivery. Tock plans to take occupancy of the fifth and sixth floors in January 2022. Developer and owner Tishman Speyer recently completed 320 N. Sangamon in partnership with Chicago-based Mark Goodman & Associates. Ellen May, Adam Mitchel and Olivia Parker of Tishman Speyer are the property’s leasing agents. Solomon Cordwell Buenz was the architect. Website building and e-commerce platform Squarespace acquired Tock in March of this year.
ALGONQUIN, ILL. — Dwight Capital has provided a $27.3 million HUD-insured loan for the refinancing of Algonquin Square Apartments in Algonquin. The 220-unit apartment complex was built in 2013 and consists of 11 buildings. Amenities include a gym, business center, pool, lounge area and outdoor grilling area. Brandon Baksh of Dwight Capital originated the loan on behalf of the borrower, a Chicago-based real estate company. The loan benefitted from a Green Mortgage Insurance Premium reduction set at 25 basis points because the property is Energy Star-certified.
APPLETON, WAUSAU AND SCHOFIELD, WIS. — Black Bear Capital Partners (BBCP) has arranged a $20.2 million loan for the refinancing of three multifamily properties in Wisconsin. National Management LLC was the borrower. The properties include Bos Creek in Wausau, Metro Center in Schofield and Rangeview in Appleton. Together, the apartment communities total 324 units. Scott Modelski and Sam Koziol of BBCP arranged the Fannie Mae loan through PGIM Real Estate. The 10-year loan features a fixed interest rate of 3.17 percent.
FRASER, MICH. — Stan Johnson Co. has brokered the sale of a 186,443-square-foot manufacturing facility in the northeast Detroit suburb of Fraser for $7.6 million. AAM Metal Forming, an automotive supplier, fully leases the facility, which is located at 18450 15 Mile Road in Macomb County. Situated on 14 acres, the property was renovated in 2020. At the time of sale, there were 15 years remaining on the primary lease term. Asher Wenig of Stan Johnson represented the seller, ACW Fraser American LLC, which is an Arizona-based institutional investor. The buyer was Fraser Fifteen LLC, an institutional investor based in New Jersey.
ST. CHARLES, MO. — TSI Global Cos. LLC has moved into its new 40,000-square-foot headquarters in St. Charles, a northwest suburb of St. Louis. The technology company provides custom-built audio-visual systems, infrastructure cabling, electric and security systems. The project team included Al Droste & Sons Construction, Gray Design Group and developer 370 Tech Center LLC. TSI performed the cabling, technology and electrical systems engineering and installment. TSI also plans to open an office in Charlotte, N.C. in effort to facilitate major clients outside of the Midwest area.
ACWORTH, GA. — McShane Construction Co. has completed construction at The Archer, a 315-unit apartment community in Acworth. The property was built on behalf of RangeWater Real Estate, a real estate company based in Atlanta. The Archer features 12 four-story, garden-style buildings with one- to three-bedroom unit options, as well as granite countertops, stainless steel appliances, in-unit washers/dryers and private balconies. Community amenities include a central clubhouse, fitness center, social room with a game table, an indoor/outdoor double-sided fireplace, swimming pool, pool deck with private cabanas, an outdoor bar with a kitchen and grilling area and a trellised fire pit area. Located northwest of Atlanta in Cobb County, the development offers access to Interstate 75. Poole & Poole Architecture provided the architectural services for The Archer. McShane Construction Co. is a construction firm based in Rosemont, Ill.
CELEBRATION, FLA. — Hold-Thyssen Inc. has brokered the $1.8 million sale of a 7,435-square-foot, freestanding office building in Celebration. Martin Forster of Hold-Thyssen brokered the transaction on behalf of the seller, an entity doing business as 1216 Patrick Street LLC. A firm doing business as 1216 SCARF LLC was the buyer, who comprises some leaders of Serving Children and Reaching Families LLC, a woman-owned behavioral health service provider. Located at 1216 Patrick St., the office property was built in 1997 and refurbished in 2017. The buyer has leased the one-story building since October 2017 and decided to take advantage of current low interest rates. One Florida Bank provided an acquisition loan that was originated internally by Shane McCutchen. Florida First Capital Finance Corp.’s John Hanrahan arranged a mezzanine loan insured by the U.S. Small Business Administration (SBA).
DENVER — Oak Coast Properties has purchased a two-property multifamily portfolio located in Denver for $61 million. Totaling 427 units, the portfolio includes The Avalon and Estrella. The buyer is planning $3.2 million in renovations as part of an enhancement plan aimed to improve the marketability and return on investment of the communities. Located at 645 Wolff St., The Avalon is a 14-building community on 16.2 acres. The garden-style property features 235 apartments in a mix of studio, one-, two- and three-bedroom layouts. Community amenities include a pool, soccer field, volleyball court, fitness center, laundry facility, clubhouse, and picnic and grill areas. The property was originally built in 1961. Located at 7030 Pecos St., the five-building Estrella features 192 units in a mix of one- and two-bedroom floor plans. Situated on 4.5 acres, the community includes a pool, soccer field, fitness center, laundry facility, grill area, playground and clubhouse. Charles Halladay, Rick Salinas and Rob Bova of JLL Capital Markets secured a $47 million, seven-year, floating-rate loan through agency financing for the buyer. JLL Real Estate Capital will service the loan. Tom Wanberg and John Blackshire of Transwestern represented the undisclosed seller in the deal. Echelon Property Group will manage …
ATWATER, CALIF. — BridgeCore Capital has funded a $12.4 million loan for the purchase of a retail center in Atwater. The undisclosed borrower required a bridge loan to acquire the fully occupied, grocery- and pharmacy-anchored retail center. The borrower was unable to secure traditional financing that provided flexibility to allow for the sale of individual parcels of the property during the loan term. BridgeCore was able to provide a loan with a 6.9 percent interest rate and 24-month term, including two six-month extension options.