Property Type

Parkview Financial Provides $8.7M Construction Loan for Five-Story Office Building in Denver

by Amy Works October 21, 2021

DENVER — Parkview Financial has provided an $8.7 million construction loan to 2926 Umatilla LLC, an entity of Generation Development, for the development of a speculative office building in Denver. Located at 2926 Umatilla St. within the LoHi submarket, the planned five-story property is situated on an infill lot formerly used for parking. The 32,734-square-foot building will feature underground parking for 30 cars via a stacked mechanical parking system. Generation Development acquired the site in late 2018 and construction on the project will begin soon. Completion is slated for fourth-quarter 2022. George Smith Partners arranged the loan. Denver-based BOSS Architects is serving as project architect.

October 21, 2021

Acquisitions California Retail Western

Commercial Asset Advisors Negotiates $6M Purchase of Retail Center in San Diego County

by Amy Works October 21, 2021

JAMUL, CALIF. — Commercial Asset Advisors (CAA) has arranged the off-market acquisition of a retail center located in Jamul. Fuel Team Inc. purchased the asset from Dan Floit for $6 million. Located 12918-12930 Campo Road, a 7-Eleven gas station anchors the 18,926-square-foot property. Gino Kalasho and Mike Conger of CAA represented the buyer in the transaction.

October 21, 2021

Acquisitions Multifamily New York Northeast

HAP Investments Sells Stake in $506M Multifamily Project in Manhattan

by Taylor Williams October 21, 2021

NEW YORK CITY — HAP Investments, a New York City-based residential and commercial developer, has sold its equity stake in The Maverick, a $506 million multifamily project at 215-225 W. 28th St. in Manhattan’s Chelsea neighborhood that is nearing completion. HAP Investments sold its interest, the value of which was not disclosed, to Daiwa House Texas, a subsidiary of Japanese homebuilder Daiwa House Group and the firm’s joint venture partner on the project. The Maverick spans 312,500 square feet across two 20-story buildings and features a mix of 87 one- to four-bedroom condos and 112 rental units. Residences are furnished with custom white oak cabinetry and marble countertops, and amenities include a fitness center with a sauna, a rooftop deck and a children’s play area. The development team expects the buildings to receive temporary certificates of occupancy in January. About a quarter of the condo residences have already been sold. HAP Investments will remain onboard to manage the property.

October 21, 2021

Development Multifamily New Jersey Northeast

CHA Partners Breaks Ground on 210-Unit Royal at Bloomfield Station Apartments in New Jersey

by Taylor Williams October 21, 2021

BLOOMFIELD, N.J. — Locally based developer CHA Partners has broken ground on The Royal at Bloomfield Station, a 210-unit multifamily project in Northern New Jersey. The development will also include 14 townhome units for purchase, as well as 7,000 square feet of retail/restaurant space and a 304-space parking garage. The amenity package will consist of a fitness center, business center, rooftop entertainment area, several multi-purpose event rooms and lounges, pet spa and an automated package handling system. The first units are expected to be available for occupancy in mid-2023.

October 21, 2021

Stow Road Corporate-Park-Marlton-New-Jersey

Acquisitions Industrial NAI New Jersey Northeast

NAI Mertz Arranges Sale of 160,000 SF Stow Road Corporate Park in Marlton, New Jersey

by Taylor Williams October 21, 2021

MARLTON, N.J. — NAI Mertz has arranged the sale of Stow Road Corporate Park, a 160,000-square-foot industrial flex development in the Southern New Jersey community of Marlton. The five-building complex is located off State Highway 73, within a few miles of the New Jersey Turnpike. The buyer, a subsidiary of Philadelphia-based Velocity Venture Partners, plans to rebrand the property as Velocity Business Park and add about 20 loading positions and drive-in doors to enhance the functionality of each unit. The seller and sales price were not disclosed. Jonathan Klear and Fred Meyer of NAI Mertz brokered the deal.

October 21, 2021

Affordable Housing Loans Multifamily New Jersey Northeast Seniors Housing

Berkadia Provides $26M Refinancing for Affordable Seniors Housing Property in Northern New Jersey

by Taylor Williams October 21, 2021

UNION CITY, N.J. — Berkadia has provided a $26 million permanent loan for the refinancing of an affordable seniors housing property in the Northern New Jersey community of Union City. Bella Vista Senior Apartments consists of 231 Section 8 housing units in a 24-story building. Laura Smith of Berkadia originated the 35-year loan through HUD’s 223(f) program on behalf of the borrower, Orlando Partners LLC.

October 21, 2021

Development Illinois Midwest Multifamily

Greystar Breaks Ground on its First High-Rise Apartment Tower in Downtown Chicago

by Kristin Harlow October 21, 2021

CHICAGO — Greystar has broken ground on its first high-rise apartment development in downtown Chicago. Located at 166 N. Aberdeen St., the 20-story building will include 223 units, 23 of which will be designated as affordable housing. Plans call for a third-floor amenity level with a 5,650-square-foot outdoor deck that will include a pool, lawn and lounge areas as well as access to the coworking and fitness area. An outdoor lounge on the 14th floor will offer views of the Chicago skyline. Completion is slated for March 2023. SCB is the project architect. Associated Bank arranged a $59.7 million loan for the project through ServisFirst Bank and Old Second National Bank.

October 21, 2021

Acquisitions Illinois Industrial Midwest

MDH Partners Acquires 1.3 MSF Industrial Portfolio in Bedford Park, Illinois

by Kristin Harlow October 21, 2021

BEDFORD PARK, ILL. — MDH Partners has acquired a 1.3 million-square-foot industrial portfolio in Bedford Park, an industrial suburb of Chicago. The purchase price was undisclosed. The portfolio comprises six buildings and one trailer lot. The buildings range in size from 120,000 to 380,000 square feet and feature clear heights from 22 to 28 feet. The portfolio is 96 percent leased to seven tenants, including Heligear Acquisition Co., Trimark Marlinn, Power Stop, Nexus Distribution, Westrock CP and Bus & Truck of Chicago Inc. FedEx Ground Package Systems Inc. leases the 150-stall trailer lot. The acquisition represents MDH’s entrance into the Chicago market. Houston Hawley led the acquisition for MDH. CBRE represented the undisclosed seller.

October 21, 2021

Development Midwest Multifamily Wisconsin

M&R Development Opens 270-Unit Luxury Apartment Complex in Madison, Wisconsin

by Kristin Harlow October 21, 2021

MADISON, WIS. — M&R Development has opened Elevate, a 270-unit luxury apartment complex located at 5022 American Parkway in Madison. Elevate marks M&R’s second apartment project to open in Wisconsin this year, following the completion of 42 Hundred On The Lake in St. Francis this summer. Units at the four-story Elevate measure 590 to 1,254 square feet. Monthly rents range from $1,205 to $3,199. The centerpiece of the community is a two-story clubhouse, complete with an outdoor pool, grilling stations, fire pit and lounge seating. Inside, the clubhouse includes an entertainment kitchen, coffee bar, fitness center, yoga room, business center, pet washing station and package room. The project team included Stevens Construction and Poole & Poole Architecture. M&R co-developed Elevate with Campbell Capital Group LLC. RMK Management is overseeing leasing and property management.

October 21, 2021

Industrial Leasing Activity Midwest Ohio

Kennametal Leases 125,000 SF Warehouse in Cleveland

by Kristin Harlow October 21, 2021

CLEVELAND — Kennametal, a supplier of tooling and industrial materials, has leased a 125,000-square-foot warehouse at 18105 Parkway in Cleveland. Christopher Livingston, Jonathan Elson and Brad Totten of Avison Young represented the tenant in the lease transaction. Chelm Properties Inc. is the landlord. Kennametal’s headquarters are in Pittsburgh, but the company has operated in Cleveland for 22 years.

October 21, 2021

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