Property Type

Parkview Financial Provides $42.5M Loan for Acquisition, Redevelopment of Hotel Elegante in Colorado Springs

by Amy Works February 21, 2022

COLORADO SPRINGS, COLO. — Parkview Financial has provided a $42.5 million loan to Austin, Texas-based Shir Capital for the purchase, redevelopment and repositioning of Hotel Elegante, a hotel at 2886 S. Circle Drive in Colorado Springs. Built in 1974 on 17 acres, Hotel Elegante features 496 guest rooms, a conference center, restaurant, pool and lounge. With the sale complete, Shir Capital has a planned phased renovation for the common areas, as well as the conversion of the rooms to studio apartments over the next 24 months. Working within the current room layouts, Shir Capital will add kitchenettes and closets, and perform upgrades to modernize the rooms. The units are approximately 350 square feet and all utilities will be included in the rent. Additionally, the 29,600-square-foot conference center will be converted into self-storage, which a third-party operator will manage. Malcomb Davies and Zack Streit of The Davies Group at Los Angeles-based George Smith Partners arranged the financing on behalf of the borrower.

February 21, 2022

Acquisitions California Industrial Western

Walton Street Capital Affiliate Buys 183,000 SF Manufacturing Facility in Woodland Hills, California

by Amy Works February 21, 2022

WOODLAND HILLS, CALIF. — An affiliate of Walton Street Capital has purchased the former Catalina Yachts headquarters, a manufacturing facility located at 21200 Victory Blvd. in Woodland Hills. Terms of the transaction were not released. Developed in the 1960s, the 183,000-square-foot asset consists of two structures with low coverage, ample vehicular access and flexibility, and 31.5-foot clear heights. The buyer plans to improve the main existing structure to a Class A industrial building with the intention of accommodating multiple users and uses. With access to CA-27 and US-101, the property services a population base of 5.4 million people within a 25-mile radius.

February 21, 2022

Acquisitions Healthcare Northeast Pennsylvania

Joint Venture Acquires Constitution Health Plaza in South Philadelphia for $77M

by Taylor Williams February 21, 2022

PHILADELPHIA — A joint venture between locally based investment firm BG Capital, New Jersey-based Hampshire Cos. and Saudi Arabian investment firm Arbah Capital has acquired Constitution Health Plaza, a 295,000-square-foot medical office complex in South Philadelphia, for $77 million. The seller was not disclosed. The property, which is currently undergoing a renovation, also includes a 425-space parking garage. Major tenants include the City of Philadelphia, Malvern Behavioral Health, University of Pennsylvania Medicine, Mercy Health Systems and the Kidney Center of South Philadelphia.

February 21, 2022

Connecticut Industrial Loans Northeast

New York Life Provides $55M Permanent Loan for Industrial Property in Stratford, Connecticut

by Taylor Williams February 21, 2022

STRATFORD, CONN. — New York Life Real Estate Investors has provided a $55 million permanent loan for an industrial property in Stratford, located in the southern coastal part of the state, that is leased to FedEx. The square footage of the property was not disclosed. Located within Stratford Executive Park near Interstates 95 and 91, the property features a clear height of 36 feet, 52 dock doors and 200 parking spaces, including 57 trailer spots. The borrower was Boston-based GFI Partners. Specific loan terms were not disclosed.

February 21, 2022

Acquisitions Multifamily New Hampshire Northeast Seniors Housing

Covenant Living Buys 222-Unit Seniors Housing Community in Keene, New Hampshire

by Taylor Williams February 21, 2022

KEENE, N.H. — Covenant Living Communities & Services has acquired Hillside Village Keene, a continuing care retirement community (CCRC) in Keene, located about 20 miles north of the Massachusetts-New Hampshire border. Covenant acquired the community out of bankruptcy and has renamed it Covenant Living of Keene. The property opened in 2019 and features 141 independent living units, 43 assisted living units, 18 assisted memory care units and 20 nursing care suites.

February 21, 2022

Leasing Activity New York Northeast Office

Spectorgroup Signs 15,000 SF Office Lease in Midtown Manhattan

by Taylor Williams February 21, 2022

NEW YORK CITY — Commercial design firm Spectorgroup has signed a 15,000-square-foot office lease at 200 Madison Avenue in Midtown Manhattan. The tenant will relocate from its current headquarters at 183 Madison Avenue to the 19th floor of the 750,000-square-foot building in the third quarter. Andrew Conrad and Matt Coudert internally represented the landlord, George Comfort & Sons, which owns the building in partnership with Jamestown and Loeb Realty Partners, in the lease negotiations. Ben Shapiro and Andrew Sachs of Newmark, along with Adam Spector of JLL, represented Spectorgroup.

February 21, 2022

Industrial Loans Northeast Pennsylvania

Ready Capital Closes $1.8M Acquisition Loan for Philadelphia Industrial Property

by Taylor Williams February 21, 2022

PHILADELPHIA — New York City-based Ready Capital has closed a $1.8 million loan for the acquisition, renovation and stabilization of a 34,000-square-foot industrial property in northeast Philadelphia. The nonrecourse, interest-only loan features a 48-month term, floating interest rate, one extension option and a facility to fund future capital improvements. The sponsor was not disclosed.

February 21, 2022

Development Illinois Midwest Multifamily

Murphy Development Opens 153-Unit Luxury Apartment Community in Skokie, Illinois

by Kristin Harlow February 21, 2022

SKOKIE, ILL. — Murphy Development Group has opened Highpoint at 8000 North, a 153-unit luxury apartment community in Skokie. Luxury Living Chicago Realty is the marketing and leasing provider, while Lincoln Property Co. is the property manager. Located at 8000 Lincoln Ave., the 12-story property features amenities such as a rooftop deck, fitness center, dog run, pet wash and lounges. First move-ins are underway. Monthly rents start at $1,750 for studios. Lucien Lagrange served as architect.

February 21, 2022

Development Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $25M HUD-Insured Loan for Construction of Minneapolis Apartment Complex

by Kristin Harlow February 21, 2022

MINNEAPOLIS — Colliers Mortgage has provided a $25 million HUD 221(d)(4) loan for the construction of Satori Boutique Apartments in Minneapolis. The apartment complex will consist of 112 units within a six-story building. There will be one level of underground parking and first-floor commercial space. Of the 112 units, 23 will be restricted for residents earning 50 percent or less of the area median income. The project is situated within an opportunity zone and received tax-increment financing from the City of Minneapolis. The loan is fully amortized over 40 years. Satori Apartments I LLC was the borrower.

February 21, 2022

Acquisitions Hospitality Indiana Midwest

Mumford Co. Negotiates Sale of 180-Room Sheraton Hotel in Jeffersonville, Indiana

by Kristin Harlow February 21, 2022

JEFFERSONVILLE, IND. — Mumford Co. has negotiated the sale of the Sheraton Louisville Riverside Hotel in Jeffersonville, just north of Louisville along the Ohio River. The 180-room hotel rises 10 stories. Affiliates of Sotherly Hotels Inc. sold the property to Riverside Hotel LLC, a partnership of two multi-unit hotel ownership groups with holdings across the eastern half of the U.S. The buyer plans to continue operating the hotel under the Sheraton brand and undertake a renovation program. Our Town Hospitality will be retained as property manager. David Mumford, Burton Brooks and George Arvanitis of Mumford Co. brokered the transaction.

February 21, 2022

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