SOUTH PORTLAND, MAINE — The RAM Cos., an investment firm based in Maine, has acquired a three-building, 74,000-square-foot office complex in South Portland. Jessica Estes and Drew Sigfridson of Boulos Co. represented the seller, an entity doing business as 341 Park LLC, in the transaction. Howard Goldenfarb, Todd Goldenfarb and Mark Campbell internally represented RAM Cos., which acquired the asset through its affiliate, Mile Market Investments. The new ownership plans to implement a value-add program and rebrand the complex as Atlantic Place Commerce Center. The property was fully leased at the time of sale.
NEW YORK CITY — New York City-based Ready Capital has closed a $22 million loan for the acquisition, renovation and stabilization of a portfolio of six industrial properties that are located in various parts of New Jersey and Pennsylvania. The nonrecourse, interest-only loan carried a 48-month term and a floating interest rate, an extension option and a facility to fund capital improvements. The borrower was not disclosed.
2021 was an exciting year in the multifamily financing market, and for Berkadia mortgage banking — we originated over $40 billion in volume for our clients across our various lender programs, an increase of 50 percent over our 2020 volumes. Every lender in the market demonstrated a strong appetite for originating loans and increased their holdings of mortgages, which was crucial given that the Federal Housing Finance Agency (FHFA) lowered the caps for Fannie Mae and Freddie Mac to $70 billion each. While the final numbers haven’t been released yet, the Mortgage Bankers Association (MBA) projected the market would originate $578 billion of loans backed by commercial real estate in 2021, a 31 percent increase from 2020 ($442 billion) and just below 2019’s record volume of $601 billion. The fundamentals of the multifamily sector drove unbelievable rent growth, which in turn drove increased investor interest. In 2021, we advised on 762 investment sales transactions, totaling close to $27 billion in volume, a truly record-breaking year for us! This tremendous investor appetite brought about an enhanced need for financing, and often more creative financing. With the government-sponsored enterprises (GSEs) more limited, life companies and commercial banks answered the call, but the …
HOLLY SPRINGS, N.C. — A joint venture between Crescent Communities and Nuveen Real Estate has acquired a 120-acre development site to expand The Yield, a $500 million life sciences development currently underway in Holly Springs, roughly 23 miles south of North Carolina’s Research Triangle. Crescent Communities broke ground on the project’s first phase of development in December 2021, which will include two 105,000-square-foot biomanufacturing buildings, 52,000 square feet of lab and office space and retail. Phase I is scheduled for delivery this summer. Crescent and Nuveen are set to break ground on the second phase of development later this year, which will expand the development through the addition of 2 million square feet of lab, office and manufacturing space. Further details on Phase II of the project were undisclosed. The Research Triangle remains a top life sciences market in the U.S., with recently announced projects including the development of a $1 billion life sciences campus in Morrisville; the acquisition and expansion of Research Commons, a life sciences campus within Research Triangle Park in Durham; and the redevelopment of a 110,500-square-foot life sciences property in Raleigh. John Brewer, Brian Carr and Ann-Stewart Patterson of CBRE are in charge of leasing for …
A lot has changed in the world since the beginning days of the COVID-19 pandemic in early 2020. Fast forward to November 2021 and the world is a very different place. Over 46 million people have been infected in the United States alone with over 750,000 deaths officially attributed to the virus. Most businesses have been forced to shut down in-person work for some period of time and many have instituted remote work programs until the beginning of 2022. The real question on everyone’s mind is when will we return to normal and more specifically, what will the new normal look like? Although we will most certainly have to deal with the aftereffects of COVID-19 and any variants that surface, there is light at the end of the tunnel. To date, approximately 427 million doses of the vaccine have been administered with over 192 million people fully vaccinated. Recently, Pfizer announced that it has developed an easy-to-administer COVID-19 pill, which when used in combination with a widely used HIV drug, can cut the risk of hospitalizations or death by 89 percent in high-risk adults who have been exposed to the virus. Given the combination of vaccinations, natural immunity for those …
ITASCA, ILL. — Sovereign Partners LLC has acquired Two Pierce Place, a 25-story office tower in Itasca. Piedmont Office Realty Trust sold the asset for approximately $24 million, according to Crain’s Chicago Business. The 489,876-square-foot property is situated within the 300-acre Hamilton Lakes Business Park. Two Pierce Place was built in 1991 and formerly served as the headquarters of Gallagher Insurance. Crain’s reports that the building is now more than 60 percent vacant. Amenities include a deli, sundry shop, fitness center, tenant lounge, covered parking and access to lakes and walking trails. Matthew Schoenfeldt of JLL arranged acquisition financing through an insurance company.
ROCKFORD, ILL. — Quantum Real Estate Advisors Inc. has arranged the sale of Rockford Commons, an 89,000-square-foot shopping center in Rockford, for an undisclosed price. Ross Dress for Less and Best Buy anchor the property, which was fully leased at the time of sale. Chad Firsel of Quantum represented the seller, Chicago-based Core Acquisitions LLC. Daniel Waszak of Quantum represented the buyer, a Dallas-based REIT. The sale also included an outparcel for future development.
WASHINGTON, D.C. — Merchants Capital has secured $115 million in total financing for Parkside 8 and Parkside 10, two workforce housing developments located in Washington, D.C. The borrowers, City Interests Development Partners and Ravinia Capital Group, are co-developing the overall project. Bridge Investment Group is managing the Opportunity Zone strategy on behalf of the developers. The construction timeline was not disclosed. Merchants Capital secured $56 million in construction financing through Merchants Bank of Indiana, as well as $59 million in permanent financing through Freddie Mac Non-Low-Income Housing Tax Credit (LIHTC) forward commitments and Freddie Mac permanent loans. Upon completion, Parkside 8 and 10 will feature 230 residential units and approximately 14,000 square feet of retail space. Within the new properties, select units will be reserved for residents earning between 80 percent and 120 percent of area median income (AMI). The multifamily buildings are part of Parkside, a 3.1 million-square-foot master-planned development that will include between 1,500 and 2,000 residential units, up to 50,000 square feet of retail space and 860,000 square feet of office space. Parkside will also feature a one-acre park and a new pedestrian bridge that crosses over Kenilworth Avenue and Interstate 295. Additionally, Parkside offers four neighborhood …
DURHAM, N.C. — An affiliate of Raleigh-based Blue Heron Asset Management has sold Foster on the Park, a 164-unit mixed-use property in the Central Park district of downtown Durham, for $78.3 million or $477,000 per unit. Allan Lynch, Jeff Glenn and Andrea Howard of Northmarq represented Blue Heron Asset Management in the sale. San Francisco-based Stockbridge was the buyer. Built in 2020, Foster on the Park offers studio, one- and two-bedroom floorplans. Unit features include plank wood flooring, stainless steel appliances, Nest thermostats and in-unit washers and dryers. Community amenities include a fitness center, resident library, yoga room, lounge and a saltwater pool and lounge. The property also features 2,141 square feet of ground-floor retail space leased to local liquor shop, The Glass Jug. The property was 93 percent occupied at the time of sale. Located at 545 Foster St., Foster on the Park is close to the Historic Durham Athletic Park and Durham Central Park, as well as Google’s new offices at Durham Innovation District. The property is also situated close to retailers and restaurants such as the King’s Sandwich Shop, Durham Distillery, Beer Durham and The Dankery. Additionally, the property is situated 2.3 miles from Duke University.
LANSING, MICH. — Ready Capital has closed a $7.7 million loan for the acquisition, renovation and stabilization of a two-property multifamily portfolio in Lansing. The portfolio totals 262 garden-style units. The undisclosed borrower plans to implement a capital improvement program to renovate unit interiors and address deferred maintenance. The nonrecourse loan features a three-year term, floating rate and interest-only payments.