FARMERS BRANCH, TEXAS — Colliers International has negotiated the sale of a 24,924-square-foot warehouse located at 13840 Denton Drive in the northern Dallas suburb of Farmers Branch. Jason Tangen and Barrett Gibson of Colliers represented the seller, H&B Development & Construction, in the transaction. Jake Dreyer of KW Commercial represented the buyer, Woodhill Investment Co.
PINE HILL, N.J. — Greystone has funded a $49.5 million Freddie Mac acquisition loan for Chalet Gardens, a 484-unit multifamily property in Pine Hill, located in the southern part of the state. Built in 1973, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, picnic area and a playground. Dan Sacks of Greystone originated the loan, which carries a 10-year term, a 30-year amortization schedule and interest-only payments for the first five years. The borrower was Goldcrest Management.
KISSIMMEE, FLA. — Los Angeles-based The Latigo Group plans to develop Infield Apartments, a 384-unit multifamily community in Kissimmee. The $82 million property will feature 192 one-bedroom, 168 two-bedroom and 24 three-bedroom units. Community amenities will include a two-story clubhouse, fitness center with a dry sauna, golf simulator and a resort-style pool. The property will be built on the site of a former county softball field at 1900 Ball Park Road. Construction will begin in July and initial occupancy is expected for late summer 2022. Greystar, a multifamily development and management firm based in Charleston, will manage the property. Principal Life Insurance Co. provided $45 million in construction debt for the project. Additionally, there was $22.6 million in investor equity, with $10 million coming from 207 individual CrowdStreet investors. There was also $15.7 million in preferred equity provided. The Latigo Group is a privately owned residential and mixed-use development and investment company. Latigo acquired the 25-acre site for Infield Apartments with an option to develop a second phase of apartments. The firm has two other ground-up projects under development in Central Florida, and currently owns an apartment property in Orlando.
SPRING HILL, FLA. — JLL Capital Markets has secured a $15.9 million Freddie Mac loan for Ariel Springs, a garden-style multifamily property located at 3454 Suncoast Villa Way in Spring Hill, about 50 miles north of downtown Tampa. The apartment complex is currently 97.7 percent occupied and includes 470 one-, two- and three-bedroom units. Elliott Throne, Mona Carlton, Jesse Wright and Kenny Cutler of JLL arranged the fixed-rate financing on behalf of the borrower, Beachwold Residential, which acquired the property in December 2018 using $44 million in acquisition financing, also through Freddie Mac. The financing is the first supplemental loan on the property. Since acquiring the property, Beachwold Residential has invested about $3 million in renovations to both the interior and exterior of the property. Ariel Springs’ community amenities include a clubhouse, community car wash, entertainment area with a full kitchen, fitness center, swimming pool, business center, shuffleboard and basketball courts and direct access to the 42-mile Suncoast Bike Trail.
ORANGEBURG, N.Y. — Grandbridge Real Estate Capital’s Atlanta-based seniors housing and healthcare finance team has provided a $49.2 million Fannie Mae loan for the refinancing of Brightview Lake Tappan. The 143-unit seniors housing community is located in Orangeburg, approximately 15 miles north of New York City. Specific loan terms and the name of the borrower were not disclosed.
NEW YORK CITY — JLL has brokered the $31.7 million sale of a 57,035-square-foot multifamily development site in the Forest Hills neighborhood of Queens. Stephen Palmese, Brendan Maddigan, Michael Mazzara, Winfield Clifford, Ethan Stanton and Patrick Madigan of JLL represented the seller, Jasper Venture Group, in the deal. The buyer, a partnership between Top Rock Holdings, RJ Capital Group and SYU Properties, plans to develop a 235,679-square-foot market-rate project and an 82,559-square-foot senior affordable living development on the site.
PHILADELPHIA — Mindspace, a provider of flexible workspace solutions, has opened a 42,000-square-foot space at the Wanamaker Building, a historic property in Philadelphia that was built in 1911 as one of America’s first department stores. Rubenstein Partners LP owns the building in partnership with Amerimar Enterprises. With this location, Mindspace now operates 31 spaces across 16 cities and seven countries.
SPARKS, NEV. — A joint venture between Foothill Partners and Belay Investment Group has purchased a vacant, 209,000-square-foot former Lowe’s Home Improvement Warehouse property in Sparks for an undisclosed price. The partnership plans to redevelop the site into an environmental, social and corporate governance, arts-based technology, flex and research and development campus named The Oddie District. Located at 2450 Oddie Blvd., the vacant property will be repurposed into creative office, flex-tech R&D, lab and maker spaces, as well as food and beverage tenant space and work-live studios for artists and entrepreneurs. Construction is slated to start later this year, with a planned opening date of the project’s first phase in August 2022. The partnership has already signed two tenants: The Generator and The Innovation Collective. The Generator, a nonprofit maker space that serves as a creative resource for Northern Nevada community members, will occupy 35,000 square feet of the project. The Innovative Collection, a Coeur d’Alene, Idaho-based business accelerator and collaborative co-working space for technology companies, will occupy 12,500 square feet at The Oddie District. Another 100,000 square feet of flex-tech space will be available to technology, research, engineering, software and design companies complemented by 16,000 square feet of restaurant …
HARTWELL, GA. — Industrial Properties Group Inc. has arranged the sale of a 143,590-square-foot speculative industrial building located at 2052 Knox Bridge Crossing Road in Hartwell. Developed in 2020 by Adams Hart Partners I LLC, the building is situated on 14.8 acres within Gateway Industrial Park, located one exit south of the Georgia-South Carolina border along Interstate 85. Industrial Properties Group represented the seller and Russell D. Dye of Avison Young (formerly The Simpson Co.) represented the buyer. Richard R. Holdings LLC, a regional manufacturer, bought the property for an undisclosed price. The seller plans to build a second 120,000-square-foot building within Gateway Industrial Park, which Industrial Properties Group will market.
SOUTH ORANGE, N.J. — New York City-based Invel Capital LLC has acquired a 22-unit multifamily property in South Orange, located outside of Newark. The property, which offers one- and two-bedroom units, also houses 2,500 square feet of commercial space, a 35-space enclosed parking garage and a 4,000-square-foot landscaped patio space. Invel purchased the asset from its original developer for $9.3 million.