MIDLOTHIAN, TEXAS — Dallas-based Terrydale Capital has arranged a $13.2 million acquisition loan for a multifamily property located in the southern Dallas suburb of Midlothian. Culby Culbertson of Terrydale Capital originated the financing, which was structured with a 3.65 percent interest rate, a 25-year amortization schedule and 30 months of interest-only payments. An undisclosed bank provided the loan. The borrower and property name were also not disclosed.
COHOES AND SARATOGA SPRINGS, N.Y. — New York City-based brokerage firm Adirondack Capital Partners has arranged the $142.5 million sale of a portfolio of three multifamily properties totaling 415 units in Upstate New York. The first property in the portfolio is a 222-unit community located at 100 Waters View Circle in Cohoes, located outside of Albany. The other two properties, the 48-unit Pavilion Grand Executive Apartments and the 145-unit Hamlet at Saratoga Springs, are located north of the state capital in Saratoga Springs. Locally based investment firm Prime Cos. sold the portfolio to Aker, an investment firm based in Beacon, New York.
PISCATAWAY, N.J. — Indianapolis-based Duke Realty (NYSE: DRE) has acquired a 469,600-square-foot warehouse in the Northern New Jersey community of Piscataway. Constructed on 65 acres in 2019, the property serves as a storage and distribution center for Kiss Nail Products Inc. Building features include a clear height of 40 feet, 100 dock doors and 130-foot truck court depths. Thomas Kirczow of NAI DiLeo-Bram represented the undisclosed seller in the transaction. The sales price was also not disclosed.
NEW YORK CITY — Square Mile Capital Management LLC has provided a $55 million loan for the refinancing of 517 West 29th Street, a 60-unit apartment building located at the confluence of Manhattan’s Chelsea and Hudson Yards neighborhoods. Completed last October, the 10-story building was 80 percent occupied at the time of the loan closing and offers amenities such as a fitness center, outdoor grilling space and a rooftop terrace. Christopher Peck, Peter Rotchford, Phil Cadorette and Ricky Song of JLL arranged the loan on behalf of the borrower, Churchill Real Estate.
NEW YORK CITY — JLL has negotiated the $54 million sale of a multifamily development site located at 555 Broadway in the Williamsburg neighborhood of Brooklyn. Brendan Maddigan, Stephen Palmese, Ethan Stanton, Michael Mazzara and Winfield Clifford of JLL represented the seller, The Collective, a co-living operator based in the United Kingdom, in the transaction. The team also procured the buyer, a joint venture between The Loketch Group, The Joyland Group and Meral Property Group that plans to develop a 250,000-square-foot community with retail space. In addition, a portion of the units will be reserved as affordable housing. A construction timeline was not disclosed.
EASTON, PA. — J.G. Petrucci Co. Inc. has purchased a 107,310-square-foot industrial building located at 3 Danforth Drive in the Lehigh Valley city of Easton. The building sits on 10.6 acres and includes 34 loading dock positions and just under an acre of outdoor storage space. J.G. Petrucci is currently renovating the building, which will be available for leasing in July. Kevin Hagenberg of SSH Real Estate brokered the deal. The seller and sales price were not disclosed.
DUBLIN AND NOVATO, Calif. — Southern California private equity firm IRA Capital has acquired two newly constructed assisted living and memory care facilities totaling 160 units in the Northern California cities of Dublin and Novato for $106.5 million. An active player in the medical office, life sciences and ambulatory surgery space, IRA Capital is growing and diversifying its healthcare real estate portfolio by expanding into seniors housing in high-barrier-to-entry markets on the West Coast. Elegance Senior Living operates the two Class A communities. Elegance at Dublin is an 80-unit community located within walking distance from a variety of shopping centers and restaurants, several hospitals and directly across the street from the Dublin Senior Center. Elegance Hamilton Hill in Novato is an 80-unit community situated in the heart of Hamilton Field’s 414-acre master planned community near shopping centers, restaurants and medical facilities. “The launch of our new seniors housing vertical is consistent with IRA’s goal of pursuing best-in-class assets that drive long-term growth for our investors, while providing quality services for the community,” says IRA Capital co-founder Jay Gangwal. IRA Capital has allocated approximately $1 billion to acquire over 2,000 seniors housing units over the next couple years. As part of …
LEHI, UTAH — Arden Group, in partnership with Vesta Realty Partners, has purchased an office building located at 3400 W. Mayflower Ave. in Lehi. Terms of the transaction were not released. Younique, a health and wellness direct sales firm, fully occupies the 125,000-square-foot property on a lease basis through 2026. Situated on 7.1 acres, Stack Real Estate developed the asset in 2016 as a fully amenitized corporate campus and showcase property for Younique. The property features 25,000-square-foot floor plates, a full-size commercial kitchen, cafeteria, lounge, outdoor seating, auditorium, five balconies with seating, full-service salon and R&D lab.
SALT LAKE CITY — Lowe Property Group, along with MVE + Partners as designer, has opened Dixon Place, a 49,049-square-foot mixed-used multifamily property in Salt Lake City. Located at 1034 E. Elm Ave., Dixon Place features 35 one-bedroom and 24 two-bedroom units with full kitchens and bathrooms, as well as washers/dryers. The property also includes 2,200 square feet of ground-floor commercial space. Community amenities include a business lounge and conference room for remote workers, a fitness center, bike storage, Bark Park for pets, electric vehicle charging stations, a coffee bar and pool table.
NAMPA, IDAHO — Blueprint Healthcare Real Estate Advisors has arranged the sale of a seniors housing community in the Boise suburb of Nampa. The single-story community features 107 independent living units, 18 assisted living units and 42 licensed skilled nursing beds. The REIT owner and operator collectively decided to divest the property, as it was the operator’s only Idaho location. Cascades Healthcare acquired the asset for an undisclosed price.