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403-West
LoansMultifamilyNorth CarolinaSoutheast

Northmarq Secures $55M Refinancing for 403 West Apartments in Raleigh for Blackfin

by Abby Cox

RALEIGH, N.C. — Northmarq has secured a $55 million bridge loan to refinance 403 West, a 438-unit, garden-style apartment community located in Raleigh. Northmarq arranged the three-year loan through Truist Bank on behalf of the borrower, Blackfin Real Estate Investors LLC. Built in 2002, 403 West features one- to four-bedroom floorplans ranging in size from 487 to 1,432 square feet, according to Apartments.com. Amenities at the property include a resident lounge, luxury café station, gas grill pavilion, 24-hour fitness center, bike storage, dog park with a shade pavilion, pickleball court, resort-style swimming pool and a playground.

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bjs-wholesale-club
FloridaLoansRetailSoutheast

MMCC Arranges $7M Loan for Retail Property Near Jacksonville Leased to BJ’s Wholesale Club

by Abby Cox

ORANGE PARK, FLA. — Marcus & Millichap Capital Corp. (MMCC) has arranged $7 million in financing for a 109,895-square-foot, single-tenant retail property in Orange Park, a suburb of Jacksonville. BJ’s Wholesale Club occupies the building. Garrett Fierstein of MMCC secured the financing through a local credit union on behalf of the borrower, a private client.

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AcquisitionsMassachusettsMultifamilyNortheastWalker & Dunlop

Foxfield Sells 45-Unit Apartment Building in Beverly, Massachusetts

by Taylor Williams

BEVERLY, MASS. — Locally based investment firm Foxfield has sold 50 Broadway, a 45-unit apartment building in Beverly, located northeast of Boston. According to Apartments.com, the building exclusively offers studio apartments with an average size of 421 square feet, as well as outdoor grilling and dining stations and onsite laundry facilities. Kevin Gleason and Henry Smith of Walker & Dunlop brokered the sale. The buyer and sales price were not disclosed. Foxfield acquired the building in 2021 in partnership with Taymil Partners.

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Leasing ActivityNew YorkNortheastOffice

Electra USA Signs 25,331 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Electra USA has signed a 10-year, 25,331-square-foot office lease in Midtown Manhattan. The electrical contractor will occupy the entire fourth and 31st floors at 10 E. 53rd St., a 37-story building that recently underwent a capital improvement program that upgraded the lobby, façade and outdoor plazas. Joseph Cirone, Patrick Dugan and Zachary Price of CBRE represented the tenant in the lease negotiations. The landlord, SL Green, was self-represented.

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AcquisitionsNew JerseyNortheastOffice

Cushman & Wakefield Brokers Sale of 15,879 SF Office Building in Denville, New Jersey

by Taylor Williams

DENVILLE, N.J. — Cushman & Wakefield has brokered the sale of a two-story, 15,879-square-foot office building located at 165 E. Main St. in the Northern New Jersey community of Denville. Andrew Schwartz, Jordan Sobel, André Balthazard and Dan Bottiglieri of Cushman & Wakefield represented the seller the transaction. Toni Kaufmann of Realty Executives represented the new owner-occupier, which also requested anonymity.

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Greenpoint-Central-Brooklyn
LoansMultifamilyNew YorkNortheastTop Stories

Walker & Dunlop Arranges $285M Loan for Refinancing of Brooklyn Multifamily Property

by Taylor Williams

NEW YORK CITY — Walker & Dunlop has arranged a $285 million loan for the refinancing of Greenpoint Central, a newly constructed, 473-unit multifamily property located in the Brooklyn neighborhood of the same name. TPG Real Estate Credit provided the loan to the borrower and developer, an affiliate of New York City-based Madison Realty Capital. Sean Reimer, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Ari Hirt, Cole Grims and Nicholas Gilhooley of Walker & Dunlop arranged the debt. Ownership will use proceeds to retire construction debt, support funding reserves and return equity to investors. Greenpoint Central is split between two buildings located at 75 Dupont St. (Phase I) and 65 Dupont St. (Phase II). The property offers studio, one- and two-bedroom apartments, 70 percent of which are rented at market rates and 30 percent of which are subject to income restrictions. Amenities include a fitness center, media lounge, game room, coworking space, golf simulator, children’s playroom, pickleball court and a rooftop deck with grilling and dining stations. The property also features 19,589 square feet of retail space on the ground and cellar floors. “The area’s evolving waterfront, cultural institutions and creative community continue to attract renters, creating sustained demand in the …

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LouisianaMarket ReportsOfficeSoutheastSoutheast Market Reports

New Orleans CBD Continues to Transition from Office-Centric to 24/7 Destination

by John Nelson

One cannot talk about, analyze, nor understand the New Orleans Central Business District (CBD) office market without a corresponding discussion of the entire CBD, not just the office building submarket. This is especially true when we look at the evolution of the New Orleans CBD since the late 1980s, and, more specifically to this article, since Hurricane Katrina.  The New Orleans CBD office market is still the largest office submarket in this region. The submarket contains approximately 10.3 million rentable square feet. The balance of our submarkets (East Metairie, West Metairie, Kenner, Elmwood, West Bank, New Orleans East and the Northshore) contain a total of 8.6 million rentable square feet.  More importantly, the CBD remains home for most of New Orleans’ “corporate” tenants, virtually all the region’s major law firms and financial institutions. That is the good news.  However, the CBD has been transformed over the past 30+ years — and especially for the past two decades after Hurricane Katrina — from a traditional office-centric CBD to a mixed-use downtown area. The supply of office space in the CBD has shrunk from 70 buildings and 16.5 million rentable square feet in 1991, to 50 buildings and 13.8 million rentable square …

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3403-N.-Sam-Houston-Parkway-W.-Houston
AcquisitionsIndustrialTexas

MDH Partners Acquires 563,343 SF Industrial Portfolio in Northwest Houston

by Taylor Williams

HOUSTON — Atlanta-based investment firm MDH Partners has acquired a portfolio of nine industrial buildings totaling 563,343 square feet in northwest Houston. Two of the buildings are located at 7220 N. Sam Houston Parkway W, and the other seven buildings are located at 3403 N. Sam Houston Parkway W. The buildings were constructed between 2007 and 2013 and have an average suite size of 19,425 square feet. At the time of sale, the portfolio was 94 percent leased to 26 tenants. MDH Partners has tapped Stream Realty Partners as the new leasing agent. The seller and sales price were not disclosed.

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AcquisitionsMultifamilyTexas

TMG Negotiates Sale of 236-Unit Birchwood Apartments in Lubbock

by Taylor Williams

LUBBOCK, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Birchwood Apartments, a 236-unit complex in Lubbock. Built in 1977, Birchwood Apartments offers one-, two- and three-bedroom floor plans with an average size of 713 square feet. Amenities include a pool, fitness center, clubhouse, business center, onsite laundry facilities, a dog park, playground and outdoor grilling stations. Yonnic Land of TMG represented the seller, Benefit Street Partners, in the transaction. Jon Krebbs of TMG procured the undisclosed, out-of-state buyer.

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DevelopmentIndustrialTexas

L&F Distributors Opens 222,000 SF Industrial Facility in El Paso

by Taylor Williams

EL PASO, TEXAS — Beverage supplier L&F Distributors has opened a 222,000-square-foot industrial facility in El Paso’s Lower Valley region. The distribution facility includes a warehouse with 34-foot clear heights and 18 loading docks (expandable to 27). The property also houses collaborative workspaces, a hospitality suite, a dedicated health and wellness center with an employee gym, a standalone vehicle maintenance facility and an onsite fueling station. Architecture firm HDA designed the project.

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