Property Type

Greystone Provides $17.5M HUD-Insured Loan for Affordable Seniors Housing Rehab Project in West Palm Beach

by Julia Sanders April 8, 2022

WEST PALM BEACH, FLA. — Greystone has provided a $17.5 million HUD-insured loan for the redevelopment of Christian Manor Apartments, a 200-unit affordable seniors housing community located in West Palm Beach. Jon Morales of Greystone arranged the loan on behalf of the borrower, Phase Housing Corp. Inc. Located in Palm Beach County, Christian Manor includes four, three-story buildings that offer studio and one-bedroom units. Originally built in 1972, the property will provide affordable housing for low-income, which is classified as below 60 percent of area median income, and “extremely low-income” seniors (below 28 percent AMI) over 62 years of age. The project team worked with HUD and the West Palm Beach Housing Authority to obtain project-based rental assistance for over half of the residents who, although eligible, were previously not receiving this support. The expected construction cost for the redevelopment of the property is $38.7 million. Along with the funding from Greystone, the project also received 4 percent Low-Income Tax Credit (LIHTC) equity, and secondary debt consisting of a Florida State Apartment Incentive Loan and Florida Extremely Low-Income funds. The non-recourse loan carries a 40-year term at a low, fixed interest rate. Paul Ponte of Phase Housing Corp. Inc., Jason …

April 8, 2022

Acquisitions Development Georgia Multifamily Southeast Student Housing

Aspen Square Purchases Student Housing Property in Carrollton, Georgia, Plans Multifamily Conversion

by Julia Sanders April 8, 2022

CARROLLTON, GA. — Aspen Square Management has purchased Timbercrest at Carrollton, a 240-unit, 792-bed student housing community in Carrollton. Sean Baird of Colliers arranged the transaction. DoubleLine Capital sold the property for an undisclosed price. The buyer plans to convert the student housing community into a multifamily property. Since 2019, the community has undergone capital improvements totaling nearly $1.1 million, which included upgrades to the pool, basketball courts, courtyard and technology package. The property was 87 percent occupied at the time of sale. Located at 316 Columbia Drive, the property is situated about one mile from the University of West Georgia and 46.2 miles from the Hartsfield-Jackson Atlanta International Airport.

April 8, 2022

Leasing Activity Retail Southeast Virginia

Four Retailers Join Tenant Lineup at Village at Leesburg in Leesburg, Virginia

by Julia Sanders April 8, 2022

LEESBURG, VA. — Four retailers are joining the tenant lineup at Village at Leesburg, a mixed-use property with over 60 boutiques, restaurants and entertainment experiences in Leesburg. Rappaport owns, manages and leases Village at Leesburg. The tenants joining the lineup include Sienna Sky Boutique, a women’s clothing store; Mochinut, a mochi donut store; My Wellness Physicians, a weight loss and weight management provider; and Playful Pack, a doggy daycare and boarding provider. Other tenants currently at the Village at Leesburg include Wegmans, CMX Cinemas and Bowlero.

April 8, 2022

Industrial Leasing Activity Texas

NAI Partners Negotiates Three Industrial Leases Totaling 223,016 SF in McAllen, Texas

by Taylor Williams April 8, 2022

MCALLEN, TEXAS — NAI Partners has negotiated a trio of industrial leases totaling 223,016 square feet at Sharyland Business Park in the Rio Grande Valley city of McAllen. Automotive parts supplier Standard Motor Products Inc. signed a deal for 120,340 square feet; pet products provider Worldwise Inc. committed to 70,676 square feet; and an entity doing business as TCOM LP inked a deal for 32,000 square feet. NAI Partners’ Carlos Marquez represented the locally based landlord, Killam Development, in all three sets of lease negotiations.

April 8, 2022

Acquisitions Massachusetts Multifamily Northeast

Taurus, Kayne Anderson Acquire 1,020-Unit Multifamily Property in Metro Boston

by Taylor Williams April 8, 2022

FRAMINGHAM, MASS. — A joint venture between global private equity firm Taurus Investment Holdings and Kayne Anderson Real Estate has acquired Halstead Framingham, a 1,020-unit multifamily development located on the western outskirts of Boston. Halstead Framingham, which was originally built in 1976, was 98 percent occupied at the time of sale. The community’s amenity package consists of a fitness center with simulation surfing options, resident lounge with shared workspaces, a pool, pickleball court and multiple grilling areas. The joint venture plans to implement a capital improvement program focused on sustainability and rebrand the property as The Green on 9 & 90. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of Boston-based DSF Group, in the transaction.

April 8, 2022

Illinois Leasing Activity Midwest Office

Transwestern Negotiates Two Lease Expansions at Downtown Chicago Office Tower

by Kristin Harlow April 8, 2022

CHICAGO — Transwestern Real Estate Services has negotiated two lease expansions at 191 North Wacker Drive in Chicago’s West Loop. The 37-story office tower spans 733,759 square feet. Qualtrics, a software company for employee and customer experience, expanded its lease from 25,600 square feet to 51,200 square feet. Skills for Chicagoland’s Future, a nonprofit focused on increasing the economic mobility of unemployed and underemployed talent, also increased its lease from 3,828 square feet to 13,290 square feet. Katie Steele and Kathleen Bertrand of Transwestern represented ownership, Allianz Real Estate and JHUSA. Evan Djikas of Colliers represented Qualtrics, while Jon Milonas and Brandon Green of CBRE represented the nonprofit. Ownership plans to complete significant capital improvements to the property this year, including a renovated lobby, refreshed tenant lounge and upgraded fitness center.

April 8, 2022

Development Illinois Leasing Activity Midwest Retail

Allsteel to Open 24,000 SF Showroom in Chicago’s Fulton Market

by Kristin Harlow April 8, 2022

CHICAGO — Allsteel Inc., an Iowa-based furniture manufacturer, has unveiled plans to open a new 24,000-square-foot showroom in Chicago’s Fulton Market district. The company plans to relocate from its current space at Merchandise Mart to 345 N. Morgan St. in the first quarter of 2023. Owner and developer Sterling Bay recently topped out the office and retail building, which is slated for completion later this summer. Chicago-based Partners by Design is the architect for Allsteel’s space.

April 8, 2022

Development Multifamily New York Northeast

Ekstein Tolbert Underway on $76M Mixed-Income Housing Project in Brooklyn

by Taylor Williams April 8, 2022

NEW YORK CITY — Locally based firm Ekstein Tolbert Development is underway on construction of a $76 million multifamily project located at 1333 Broadway in Brooklyn’s Bushwick neighborhood. The 20-story, 107-unit building will ultimately house three levels of commercial space and a unit mix that comprises 30 percent affordable units and 70 percent market-rate apartments. Amenities will include a gym, package handling room and onsite laundry facilities. JLL arranged an undisclosed amount of construction financing through Santander Bank on behalf of Ekstein Tolbert. In addition, JLL negotiated the sale of a majority equity stake in the project to private equity firm Standard Real Estate Investments.

April 8, 2022

Acquisitions Midwest Ohio Retail

Marcus & Millichap Arranges $5.6M Sale of Tesla Auto Center in Lyndhurst, Ohio

by Kristin Harlow April 8, 2022

LYNDHURST, OHIO — Marcus & Millichap has arranged the $5.6 million sale of a Tesla dealership and service center in Lyndhurst, an eastern suburb of Cleveland. The 23,428-square-foot, net-leased property is located at 5180 Mayfield Road. Opened in 2014, the location is one of four Tesla dealerships in the state of Ohio. There are eight years remaining on the initial 10-year lease. Dominic Sulo and Andrew Antoniou of Marcus & Millichap represented the buyer, a Florida-based limited liability company. Seller information was not provided.

April 8, 2022

Acquisitions Midwest Multifamily Wisconsin

Greywolf Partners Acquires 84-Unit Apartment Property in Eau Claire, Wisconsin

by Kristin Harlow April 8, 2022

EAU CLAIRE, WIS. — Greywolf Partners Inc. has acquired Metro Crossing in Eau Claire, located in western Wisconsin. The purchase price was undisclosed. The 84-unit apartment property at 2851 Hendrickson Drive rises four stories. Greywolf Partners will also manage the community, which features amenities such as a fitness center, business center and underground parking. Ralph DePasquale and Jack Maloney of Berkadia represented the seller, Rooney Properties LLC.

April 8, 2022

Newer Posts

Older Posts