Property Type

Lument Provides $33M Fannie Mae Refinancing for Multifamily Community in Mobile, Alabama

by Julia Sanders March 22, 2021

MOBILE, ALA. — Lument has provided a $33 million Fannie Mae loan to refinance Stone Ridge Apartments, a 317-unit, garden-style apartment complex in Mobile. Chad Hagwood and Brandon Pate of Lument led the transaction. The unnamed borrower has over 35 years of commercial real estate experience and a 15-year working relationship with Lument’s Chad Hagwood. The 12-year loan features a low, fixed interest rate, five years of interest-only payments and a 30-year amortization schedule. In addition, the loan has a maximum loan-to-value ratio of 75 percent. Stone Ridge offers eight different floor plans throughout its 18 residential buildings. The apartment complex was originally built in 2008 and recently underwent approximately $1.3 million in capital improvements and renovations.

March 22, 2021

Acquisitions Loans Multifamily Southeast Virginia

Berkadia Closes $24.9M Acquisition Loan for Multifamily Property in Alexandria, Virginia

by Julia Sanders March 22, 2021

ALEXANDRIA, VA. — Berkadia has secured $24.9 million in financing for the acquisition of The Tuscany Apartments, a mid-rise multifamily property in Alexandria. Jonathan Pratt of Berkadia’s Salt Lake City office secured the acquisition financing on behalf of the borrower, an affiliate of Maryland-based Advantage Properties Inc. and Cove Property Management LLC. An affiliate of CW Financial Services LLC participated in the acquisition as a joint venture equity partner. The 10-year Freddie Mac loan features a floating interest rate, an approximately 70 percent loan-to-value ratio and a five-year interest-only period followed by a 30-year amortization schedule. Located at 260 Yoakum Parkway, Tuscany Apartments features one- and two-bedroom floor plans with in-unit washers and dryers, walk-in closets and private patios or balconies. Community amenities include a clubhouse, fitness center and a pet playground. The property is close to Stevenson Park, Interstate 395 and the shops and restaurants along South Van Dorn Street.

March 22, 2021

California Development Life Sciences Office Western

Healthpeak Properties to Develop 141,000 SF Life Sciences Project in South San Francisco

by Amy Works March 22, 2021

SOUTH SAN FRANCISCO, CALIF. — Healthpeak Properties will commence construction on Nexus on Grand, a life sciences development located at 233 E. Grand Ave. in South San Francisco. The Class A development will consist of a five-story, 141,000-square-foot building and an adjacent parking structure. The purpose-built lab building will feature modern design, prominent location on East Grand Avenue, flexible and efficient floor plates and lab-ready building systems that will accommodate a number of life sciences users. Nexus on Grand will be Healthpeak’s third ground-up development in the San Francisco market since 2015, following the leasing of The Cove at Oyster Point and The Shore at Sierra Point.

March 22, 2021

Development Industrial Texas

Hunt Southwest Breaks Ground on 250,000 SF Phase I of Spec Industrial Project in Denton

by Taylor Williams March 22, 2021

DENTON, TEXAS — Dallas-based developer Hunt Southwest has broken ground on Phase I of I-35 Convergence, a speculative industrial project in the North Texas city of Denton that could ultimately feature as much as 500,000 square feet of Class A space. The site is located within Westpark Industrial Park, just northwest of the Interstate 35 East/West split. Building I will span 250,000 square feet and will include 32-foot clear heights and an ESFR sprinkler system. Building II will be a build-to-suit for a user with a 100,000- to 250,000-square-foot requirement. Completion of Building I is slated for December. Colliers International is leasing the project.

March 22, 2021

Village-at-Rayzor-Ranch-DentonVillage-at-Rayzor-Ranch-Denton

Loans Multifamily Texas

Square Mile Capital Provides $45.5M Acquisition Loan for North Texas Multifamily Asset

by Taylor Williams March 22, 2021

DENTON, TEXAS — Square Mile Capital has provided a $45.5 million acquisition loan for Village at Rayzor Ranch, a 300-unit multifamily community located within the Rayzor Ranch mixed-use development in Denton. Built in 2019, the property offers amenities such as a pool, fitness center, art clubhouse, outdoor grilling areas, dog park, pickleball and bocce ball courts, coworking space, coffee bar and an outdoor yoga terrace. Dustin Dulin of JLL arranged the loan on behalf of the borrower, Seven Seas Holdings. EPC Real Estate Group developed Village at Rayzor, which was approximately 90 percent occupied at the time of sale.

March 22, 2021

Florida Leasing Activity Office Retail Southeast

Sterling Bay Signs Retail Lease with Love Life Café at 545WYN in Miami

by Julia Sanders March 22, 2021

MIAMI — Sterling Bay, a Chicago-based real estate development firm, has signed a retail lease with eatery Love Life Café in Miami’s Wynwood district. Love Life Café will take 3,767 square feet of storefront space at 545wyn, Wynwood’s first Class A creative office building. Sterling Bay broke ground on 545wyn in January 2019 and completed the building in late 2020. The 298,000-square-foot creative office and retail property offers tenants flexible floorplates and access to amenities like a wellness center, touchless elevator systems, lounges with outdoor space, air filtration systems, a private parking garage and art installations by local artists. Gensler, the global design and architecture firm, is another confirmed tenant. Love Life Café, a plant-based dining concept, will be relocating its existing Wynwood location at 2616 NW 5 Ave. to its new location at 545 NW 26th St. later this year. Veronica Menin and her husband, Diego Tosoni, created Love Life Café in 2015. Tosoni, a self-taught chef with a passion for vegan cooking, aims to bring plant-based foods to 545wyn, serving breakfast, lunch and dinner items. Love Life Café currently operates venues at Time Out Market in Miami Beach and another at 18 N Dollins Ave. in Orlando.

March 22, 2021

Loans Multifamily Texas

Berkadia Closes $26.8M Agency Acquisition Loan for Metro Dallas Apartments

by Taylor Williams March 22, 2021

LEWISVILLE, TEXAS — Berkadia has provided a $26.8 million Freddie Mac acquisition loan for Arbor Creek, a 280-unit apartment community in the northern Dallas suburb of Lewisville. The property was built in 1984, and its units offer washers and dryers and private balconies/patios. Amenities include a fitness center, dog park and picnic areas. Mitch Sinberg and Brad Williamson of Berkadia originated the floating-rate financing on behalf of the borrower, Miami-based Eagle Property Capital. The seller was Dallas-based CONTI Organization.

March 22, 2021

Acquisitions Arizona Industrial Western

BKM Capital Sells Koll Cotton Center in Phoenix to TerraCap Management for $30.9M

by Amy Works March 22, 2021

PHOENIX — BKM Capital Partners has completed the sale of Koll Cotton Center, a seven-building light industrial park in Phoenix. Naples, Fla.-based TerraCap Management acquired the asset for $30.9 million. Situated on 17.8 acres at 4050 E. Cotton Center Blvd., Koll Cotton Center offers 225,403 square feet of light industrial space within Cotton Center Business Park, a 286-acre mixed-use development. Built in 2000, the property has undergone a multimillion-dollar improvement and enhancement plan that includes speculative suite buildouts, new signage and interior and exterior improvements. At the time of sale, the property was 93 percent leased to 20 tenants. Buildings feature 16- to 18-foot clear heights, ample parking and office finishes. Mark Detmer, Ryan Sitov, Steve Sayre, Mark Gustin and Dave Seeger of JLL Capital Markets represented the seller in the transaction. Additionally, Kevin MacKenzie and Jason Carlos of JLL Capital Markets Debt Placement arranged a $23.2 million, five-year, floating-rate acquisition through an unnamed life insurance company on behalf of TerraCap.

March 22, 2021

Acquisitions Industrial Texas

Lee & Associates Brokers Sale of 52,000 SF Manufacturing Building in Houston

by Taylor Williams March 22, 2021

HOUSTON — Lee & Associates has brokered the sale of a manufacturing building located on approximately 7.9 acres at 9110 Taub Road in Houston. According to LoopNet Inc., the property was built on 10 acres in 1997. Mike Spears and Frank Blackwood of Lee & Associates represented the buyer, Integrated Induction Inc., in the transaction. David Boyd and Wes Williams of Boyd Commercial represented the Houston-based seller, Allegiance Bank.

March 22, 2021

Leasing Activity Office Texas

Axiom Space Signs 32,389 SF Office Lease Expansion Near NASA Johnson Space Center in Houston

by Taylor Williams March 22, 2021

HOUSTON — Axiom Space Inc., a locally based developer of space infrastructure, has signed a 32,389-square-foot office lease expansion at 1290 Hercules Ave. near the NASA Johnson Space Center in Houston. Matthew Seliger, Doug Little and Louann Pereira of Transwestern represented the building owner, Capital Commercial Investments Inc., in the lease negotiations. Noah Kruger and Derrell Curry of Savills Inc. represented the tenant, which originally leased space at the 63,716-square-foot building last year. The new lease expansion brings the property to full occupancy.

March 22, 2021

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