VISTA, CALIF. — Lee & Associates has arranged the sale of an industrial property located at 2540 Pioneer Ave. in Vista. The Greenwood Family Trust acquired the asset from D&D Vista LLC for $2.5 million. The 10,940-square-foot building features 35 percent office space with a fenced loading and yard area. Rusty Williams, Chris Roth and Jake Rubendall of Lee & Associates/The Williams Roth Group represented the seller and buyer in the deal.
OAKLAND, CALIF. — Signature Development Group has received $130 million in construction financing for the development of Brooklyn Basin – Parcel G, an unnamed apartment and retail property located on 2.7 acres within the master-planned Brooklyn Basin community in Oakland. The project is entitled for 371 apartments and 31,000 square feet of retail space. Designed by California-based TCA Architects, the residential property will offer a fitness center, clubhouse, outdoor courtyard and roof deck with views of San Francisco Bay. Ramsey Daya and Chris Moritz of Newmark’s Debt & Structured Finance arranged the financing behalf of Signature Development. Bank OZK provided the construction loan. “Even with the pandemic-driven challenges posed to the multifamily market, Parcel G’s exceptional location and unique offering for tenants presented a compelling opportunity for lenders,” says Moritz. “This, combined with the strength and experience of the sponsor, resulted in significant interest from the debt markets.” Brooklyn Basin is a 63-acre master-planned development located along Oakland’s waterfront. The project will include market-rate housing, affordable housing and townhome residences, including Parcel G. Orion Apartments is currently leasing units, while MidPen Housing’s Paseo Estero and Vista Estero affordable housing communities are set to open this spring. Last November, Township Commons …
NorthMarq has added a multifamily investment sales team to its Charlotte and Raleigh, N.C., offices. The new team, which consists of Andrea Howard, Jeff Glenn, John Currin, Allan Lynch and Caylor Mark, all formerly of JLL, brings NorthMarq’s investment sales locations to 18. This addition also allows NorthMarq to expand its visibility, Carolinas coverage and service offerings to clients as the firm sets its sights on high-growth markets. Trevor Koskovich, NorthMarq’s president of investment sales, sat down with Finance Insight to discuss the multifamily investment sales market and his new five-person team. Finance Insight: What does this new team and location add to the NorthMarq platform and breadth of services? Koskovich: The new Raleigh and Charlotte locations allow NorthMarq to be in lower-regulation, high-growth U.S. regions. From an investment sales perspective, we’re really targeting high-growth markets for population movement and investment sales transaction volume. Raleigh and Charlotte continue to be part of this conversation, and we’re super excited about our new team’s ability to service those markets. This new team will help us drive more business through the Southeast and in overlapping markets, including Nashville, Chattanooga and north Florida. These team members are an integral part of our growth platform, …
HOLLYWOOD, FLA. — Trez Capital has provided a $70 million construction loan for Block 40, a high-rise multifamily project located at 1818 Hollywood Blvd. in downtown Hollywood. The community will be situated along the city’s famous Young Circle. The borrower, an entity doing business as Block 40 LLC, has begun construction. Block 40 is a 19-story project with 273 apartment units and 20,779 square feet of ground-floor retail space. The apartments will have Class A finishes, including stainless appliances, stone counters, designer cabinets, modern plumbing and light fixtures, breakfast bars, washer and dryers and patios. Community amenities will include a rooftop pool and deck, fitness center, clubroom with kitchen, concierge, valet parking, Wifi in common areas and 24 hour security. The tenants in the retail space are undecided at this time. Trez Capital provides short-term debt and equity financing usually between six months and 36 months in term, ranging from $5 million to more than $100 million in loan value. The firm has offices in Vancouver, Toronto, Montreal, Dallas, New York and Palm Beach, Fla.
CHARLESTON, S.C. — Standard Communities has led a public-private partnership that acquired Bridgeview Village Apartments, the largest privately owned affordable community in Charleston. Standard Communities partnered with the U.S. Department of Housing and Urban Development (HUD), South Carolina State Housing Finance and Development Authority (SC Housing) and nonprofit firm Housing on Merit for the transaction. The Bridgeview Village acquisition had a total capitalization of over $97 million, including a $22 million renovation. Alliant Capital provided low income housing tax credit (LIHTC) equity in a transaction arranged with SC Housing. Citibank provided additional financing. Built in 1971, Bridgeview Village is a 100 percent affordable community featuring 300 units in 26 residential buildings on a 22-acre site. All units are covered by a Project-Based Section 8 Housing Assisted Payment (HAP) contract. More than $70,000 per unit will be invested to upgrade unit interiors, including flooring, countertops and cabinetry, as well as enhance safety and security features with added site lighting, access control systems, surveillance cameras and monitoring. The renovations will include a new amenity center for residents. The project will feature several green energy initiatives, including LED light fixtures and low flow plumbing fixtures in units, as well as photovoltaic and rain …
BALTIMORE — JLL Capital Markets has secured acquisition financing for a fully leased, 313,000-square-foot infill warehouse at 2209 Sulphur Spring Road in Baltimore near Interstates 95 and 695. Jay Wellschlager, Bruce Strasburg, Craig Childs and Elizabeth Runge of JLL represented the seller, The O’Donnell Group, in the transaction. Paul Spellman of JLL secured acquisition financing on behalf of the new owner, Aminim Group. The property price was not disclosed. Located 7.5 miles from Baltimore/Washington International Thurgood Airport, the property features approximately one acre of fenced storage, heavy power, security, 35 loading docks and the potential for 56 trailer drops. Tenants of the industrial facility include Liberty Tire Recycling and Indusco Wire Rope & Fittings. Since 2013, the property received about $6.5 million of capital improvements, including a new roof, T5 and LED lighting, dock seals, 35,000-pound levers, façade accents and two new bridges. In 2018, the O’Donnell Group reached out to Dave Dannenfelser and Tyler Boykin of JLL to lease the property, which was purchased in December 2017 with a pending full-building vacancy. Within 12 months, the team brought the vacant warehouse to full occupancy with an average lease term of more than seven years. The O’Donnell Group is a …
LAKE WORTH BEACH, FLA. — Bruner Group has arranged the sale of a 135,268-square-foot warehouse at 7233 N. Seacrest Blvd. in Lake Worth Beach. Alliance 7233 Seacrest LLC bought the 15.8-acre property, which previously housed a Sam’s Club. In 2019, the seller, 7233 Seacrest Boulevard LLC, originally bought the property for $13 million, and sold the property this year for $17 million. The former Sam’s Club building features 22- to 27-foot clear heights, dock and grade loading, heavy power, 800-plus parking space, natural gas and air conditioning. The property is located off Interstate 95 at Hypoluxo Road in central Palm Beach County. Alliance 7233 Seacrest LLC, an affiliate of Pennsylvania-based Alliance Partners HSP, is an owner and developer of industrial, office and mixed-use real estate. Bruner Group is a commercial real estate agency based in Delray Beach, Fla.
DUNWOODY, GA. — Branch Properties has signed several new restaurants and healthcare tenants at Perimeter Marketplace in Dunwoody. The upcoming Publix-anchored development, located on Ashford-Dunwoody Road, is expected to open this October. The new tenants at Perimeter Marketplace will include burger chain BurgerFi, salad restaurant chain Chop’t, Panda Express, Aspen Dental, One Medical and First Watch, a daytime café. Perimeter Marketplace will also include a QuikTrip gas station. Upon completion, Perimeter Marketplace will feature 68,077 square feet of retail and restaurant space. In the summer of 2020, Publix signed on to occupy a 25,147-square-foot space. Following these recent lease deals, the center is currently 77 percent preleased. Atlanta-based Branch Properties LLC is a private real estate investment firm.
OKLAHOMA CITY — Dallas-based investment firm Elkhorn Capital Partners has acquired Arbor Glen and Arbor Vista, two contiguous apartment complexes totaling 158 units in Oklahoma City. Recently renamed Parkview Apartments 1 and 2, the properties total 96 and 62 units, respectively, in one- and two-bedroom floor plans. Elkhorn Capital is planning to consolidate the complexes into one property and to implement a value-add program to unit interiors and amenity spaces. The seller was not disclosed
DALLAS — Greystone has arranged the sale of Residences at White Rock Lake, a 137-unit apartment community in East Dallas. According to Apartments.com, the property was built in 1970 and features one- and two-bedroom units, as well as a pool and onsite laundry facilities. Mark Allen and Chibuzor Nnaji of Greystone’s Investment Sales Group represented the seller, Texas-based Arcturus Investments, in the transaction. The duo also procured the buyer, a locally based limited liability company.
