ARLINGTON, TEXAS — New York City-based Ready Capital has closed a $28 million loan for the acquisition, renovation and stabilization of a 310-unit apartment community in Arlington. The nonrecourse, interest-only loan carried a floating interest rate, a 36-month term, two extension options, flexible prepayment options and a facility to fund future capital improvements. The name of the property and the borrower were not disclosed. Renovations will be focused on unit interiors, building exteriors and amenity spaces.
SUMMERVILLE, S.C. — Rosslyn, Va.-based Monday Properties has sold The Hudson, a 300-unit, Class A multifamily community in Summerville, for $79.5 million. PassiveInvesting.com, a real estate firm that mainly focuses on acquiring apartments and self-storage properties, was the buyer. Delivered in June 2021, The Hudson offers studio, one-, two- and three-bedroom apartments in 11 buildings. Community amenities include a clubhouse, business center, fitness studio and a saltwater pool with a sun shelf. The Hudson was nearly 60 percent leased at the time of sale. Located at 900 Owl Wood Lane, the property is situated 28.9 miles from Charleston, 19.7 miles from North Charleston and 21.4 miles from Charleston International Airport. Monday Properties designed The Hudson to focus on health and wellness, flexibility and outdoor amenities as more residents carve out space for telework. In the past six months, The Hudson is the firm’s second multifamily sale in the Charleston market. In June 2021, Monday Properties sold a 264-unit multifamily community in North Charleston called The Mason.
BALTIMORE — Armada Hoffler Properties Inc. has sold Nine East 33rd, a 157-unit student housing property in Baltimore, for $75 million. The buyer was not disclosed. Aaron Moll, Cody Kirkpatrick, Noam Franklin, Chinmay Bhatt and Matthew Tu of Berkadia arranged a $62 million loan from PIMCO for the sale. Nine East 33rd offers one-, two-, three- and four-bedroom floorplans with an average unit size range of 590 to 1,120 square feet. The fully furnished units feature in-unit washers and dryers, pantries, patios and kitchen islands. Community amenities include a fitness center, bike storage, gameroom, media center and movie theater, courtyard, grill, retail space and onsite maintenance. The property also offers individual locking bedrooms, a study lounge, individual leases available and roommate matching options. Located at 9 E 33rd St., the property is situated close to downtown Baltimore and Interstate 83. The property is less than a mile from Johns Hopkins University campus and two miles from the Maryland Institute College of Art. The property has nearby retailers such as Insomnia Cookies, Barnes & Noble, Chipotle Mexican Grill, Kung Fu Tea and BOZ’s Burger Bistro. The transaction was part of Armada Hoffler’s plans to exit the student housing sector. The Virginia …
EASTAMPTON TOWNSHIP, N.J. — New York City-based developer Rockefeller Group has broken ground on a 345,600-square-foot distribution center in Eastampton Township, located about 30 miles east of Philadelphia. Rockefeller Group Logistics Center Eastampton will feature a clear height of 36 feet, 96 trailer parking spaces, 384 auto parking spaces, 18-foot truck court depths and 4,000 square feet of office space. KSS Architects designed the project, and Menlo Engineering is the civil engineer. Blue Rock Construction is serving as the general contractor, and CBRE has been tapped to lease the development. Completion is slated for next fall.
ORLANDO, FLA. — Avison Young has brokered the $63.5 million sale of Linden on the GreeneWay, a garden-style, 234-unit apartment community in southeast Orlando. Peter Sherman, Jay Maddox and Rosendo Caveiro of Avison Young arranged the sale. Avison Young also assisted in arranging financing on behalf of the buyer, Beverly Hills-based Cores Management Inc. Institutional Property Advisors, a division of Marcus & Millichap, represented seller, Norfolk, Va.-based Harbor Group Management. Built in 2017, Linden on the GreeneWay offers studios, one-, two- and three-bedroom units. The apartments feature nine-foot ceilings, full-size washers/dryers and private patios/balconies. Community amenities include a resort-style swimming pool, two-story clubhouse with a fitness center, modern resident lounge, pet park and outdoor covered seating with a fireplace. The property was 96 percent occupied at closing. Located at 13000 Breaking Dawn Drive on 11.7 acres, Linden on the GreeneWay is situated 8.8 miles from Orlando International Airport and 13.9 miles from Walt Disney World Resort. The property is also close to major highways such as State Route 417 and the Florida Turnpike.
FLEMINGTON, N.J. — New Jersey-based developer Larken Associates is underway on preliminary site work for Flemington Junction Business Park, a 150,000-square-foot industrial project in Northern New Jersey. The project will comprise four buildings on a 29-acre site that is located just one mile from U.S. Route 31. Building features will include clear heights of 32 feet and LED lighting, while the entire complex will feature 270 car parking spaces. Larken Associates’ in-house construction management team, Core Enterprises, is overseeing development of the project, which is slated for a fourth-quarter 2022 delivery.
SPRINGFIELD, VA. — Newmark has arranged the $29.3 million sale of Springfield Corporate Center, a five-story, 138,830-square-foot office building in Springfield. A joint venture between metro Washington, D.C.-based Artemis Real Estate Partners and Washington, D.C.-based MRP Realty sold the property to BGP Enterprises, a Springfield-based commercial real estate investment company. James Cassidy and Jud Ryan of Newmark represented the sellers in the transaction. Springfield Corporate Center was 84 percent leased at the time of sale to tenants including federal government contractors including Computer Systems Center Inc. (CSCI), Novetta Solutions and Volkert. Built in 1988, Springfield Corporate Center underwent a $2.7 million capital improvement project in 2014 and 2015 that included main lobby renovations, a new fitness center, restroom renovations and cooling tower replacement. Located at 6225 Brandon Ave., Springfield Corporate Center is situated 13.9 miles from Washington, D.C. The property is also located near Interstates 95, 495 and 395. The Springfield area includes tenants such as National Geospatial-Intelligence Agency (NGA) at a new $1.7 billion, 2.1-million-square-foot headquarters building at Fort Belvoir North. Just two miles from Springfield Corporate Center, Transportation Security Administration (TSA) relocated to a new 625,000-square-foot headquarters building.
WEYMOUTH, MASS. — Monarch Communities has begun construction of Monarch Senior Residence, a 165-unit seniors housing community located in the South Shore city of Weymouth. The community will feature 91 independent living units, 48 assisted living residences and 26 memory care apartments. PROCON, an architectural and construction management firm based in Hooksett, New Hampshire, is the design-build contractor partner for the project. The opening is currently scheduled for summer 2023.
PHILADELPHIA — Los Angeles-based Thorofare Capital has provided a $17.7 million construction loan for a 72-unit multifamily project that will be located near Temple University in Philadelphia. The property will feature an average unit size of 881 square feet and will also house 16,339 square feet of retail space. Additional development details, including the name of the borrower, were not disclosed. Felix Gutnikov, David Perlman, Andrew Kim and Jonathan Hart led the transaction for Thorofare Capital.
RAMSEY, N.J. — New York City-based Ready Capital has closed a $12.5 million loan for the acquisition and renovation of an unnamed, 92,000-square-foot industrial building in the Northern New Jersey community of Ramsey. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-month term, two extension options and a facility for funding future capital improvements. The undisclosed sponsor plans to implement a value-add program.