SEATTLE — M&T Realty Capital Corp. has funded a $20 million Freddie Mac Optigo conventional loan to refinance a 90-unit, 92-bed seniors housing property located in the Seattle metro area. The non-recourse loan carries a 10-year term, fixed interest rate, five years of interest-only payments and a 30-year amortization period. The property maintained healthy occupancy during the COVID-19 pandemic and occupancy had climbed above 91 percent at the time of closing. The property features a mix of independent living, assisted living and memory care units. Steve Muth of M&T Realty Capital Corp.’s Richmond office led the transaction.
PLAINFIELD, N.J. — Progress Capital has arranged a $17.6 million construction loan for a 104-unit multifamily project in the Northern New Jersey community of Plainfield. In addition to one commercial space, the property will offer 10 studio apartments, 61 one-bedroom units and 33 two-bedroom residences. Amenities will include a clubhouse, fitness center and outdoor grilling and recreational areas. Brad Domenico and Eddie Miro of Progress Capital arranged the three-year, interest-only loan through Trevian Capital on behalf of the borrower, West of Hudson Properties.
DENVER — Berkadia has arranged the sale of Aspen Grove, an apartment community in Denver. A California-based buyer acquired the asset for $10.3 million, or $313,636 per unit. Tyler King, Nick Steele and John Laratta and Nate Moyer of Berkadia Denver represented the Colorado-based seller in the deal. Built in 2020, Aspen Grove features 33 units with washers/dryers, patios/balconies, high ceilings and stainless steel appliances. The community is located at 9850 E. Girard Ave.
LOS ANGELES — Matthews Real Estate Investment Services has arranged the sale of Manchester Plaza, a retail property located at 520-536 E. Manchester Ave. in Los Angeles. An undisclosed developer sold the asset to a local investor for $5.5 million, or $647 per square foot. The property offers approximately 8,500 square feet of multi-tenant retail space. Joe Nelson of Matthews handled the transaction.
CLAYTON, MO. — Missouri-based Sterling Bank will serve as the anchor tenant for a planned $100 million mixed-use project in Clayton, just west of St. Louis. Green Street Real Estate Ventures LLC is the developer. Located at the intersection of Bemiston and Carondelet avenues, the 20-story development will include 4,500 square feet of first-floor commercial banking space with a walk-up ATM. There will also be 10,500 square feet of branch offices, 10,000 square feet of amenity space, a 270-unit apartment building and a 380-space parking structure. HDA, a Green Street company, is designing the project. Green Street Building Group and joint venture partner Tarlton will lead construction, which is expected to begin in fall 2022 and last 18 months.
ST. PAUL, MINN. — Ackerberg and Northland Real Estate have completed development of Alvera, a 193-unit apartment complex in St. Paul. Residential brand Common will manage the property, which is located at 337 W. 7th St. Amenities include a clubroom, outdoor deck, fitness center and resident lounge. Artist Aaron de la Cruz painted a mural along the property’s exterior. Monthly rents start at $1,077 for studios.
ANN ARBOR, MICH. — Bernard Financial Group has arranged a $21.3 million bridge loan for the acquisition of One North Main, a 114,870-square-foot office property in Ann Arbor. Constructed in 1987, the building rises 11 stories, according to LoopNet. Dennis Bernard and Joshua Bernard of the firm arranged the loan with Ladder Capital Finance LLC. The borrower was an entity doing business as One North Main Owner LLC.
CHICAGO — Echo Real Estate Capital has sold a 94,000-square-foot office building in Chicago for $16.2 million. AT&T fully leases the property, which is located at 2401 W. Grace St. AT&T uses the building as a national call center and training facility. Echo acquired the asset in 2018 and signed a lease extension with AT&T earlier this year. Quantum Real Estate Advisors Inc. represented both the buyer and seller. Quantum’s Chad Firsel represented Echo, while Dan Waszak represented the buyer, an international investment fund.
AURORA, ILL. — Marcus & Millichap has brokered the sale of a 98,765-square-foot retail center in Aurora for $5 million. Located at 1901 W. Galena Blvd., the property features a mix of retail and medical tenants. Rush-Copley Medical Center, which specializes in family medicine, imaging and obstetrics and gynecology, anchors the center. There is 23,751 square feet available for lease. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a local fund manager. The duo also secured the buyer, an Iowa-based limited liability company.
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Multifamily Investment Sales Strong in Southern States; Gaining More Interest in Midwest
Multifamily investment benefitted from the uncertainties of the past year, but will the transaction volumes of 2021 be used to gauge the likely outcomes for 2022? Managing directors Todd Stofflet and Jason Stevens of Walker & Dunlop’s Chicago office review 2021 and what the trends of this year indicate for the direction of the industry. REBusiness: What have you seen regarding multifamily investment activity this year? Stofflet: Early in the pandemic, we saw a lot of investment pull away from retail and office, focusing more on industrial and multifamily. In 2021, the multifamily sector has fared very well and a lot of new investors have entered the multifamily market. If you talk to some of our colleagues in the Southeast and the “smile states,” they will tell you that transaction volume has never been higher and the amount of capital chasing these opportunities has never been bigger. Across the country, it has been a very strong year for the sector. REBusiness: Do you think 2021 will be a record year in terms of sales? Stevens: If our pipeline is any barometer for that, the answer is “absolutely,” but it will be market dependent. What you’ll find is that sales in …