AUSTIN, TEXAS — Bellwether Enterprise Real Estate Capital has provided a $32.6 million Freddie Mac permanent loan for the construction of Austin Colorado Creek, a 240-unit affordable housing project at 2917 Falwell Lane on the city’s east side. The property will offers one-, two-, three- and four-bedroom units and amenities such as a pool, clubhouse, business center and a playground. A majority of the units (192) will be reserved for renters earning 60 percent or less of the area median income (AMI) and 48 will be reserved for renters earning 50 percent or less of AMI. Phil Melton and Cindy Hannon of Bellwether originated the financing. The borrower was not disclosed.
NEPTUNE CITY, RED BANK AND MATAWAN, N.J. — Walker & Dunlop has provided an $87.4 million Fannie Mae loan for the refinancing of a 792-unit workforce housing portfolio located in northern and coastal New Jersey. The portfolio includes Brighton Arms Apartments in Neptune City; Grandville Towers in Red Bank; and Tree Haven Apartments in Matawan. John Banas, Kris Wood, John Wilson and Rhett Saltiel of Walker & Dunlop originated the financing on behalf of the borrower, The PRC Group.
KEARNY, N.J. — Pennsylvania-based investment firm Seagis Property Group has received a $65 million loan for the refinancing of a 415,533-square-foot industrial building located at 50 Central Ave. in Kearny, located west of New York City. The newly built property features 40-foot clear heights and 88 overhead doors and was fully leased at the time of the loan closing. New York Life Real Estate Investors provided the loan.
Milhaus, Kite Realty Group to Develop $40M Apartment Project at Glendale Town Center in Indianapolis
INDIANAPOLIS — Milhaus and Kite Realty Group Trust have unveiled plans to develop AYR, a $40 million apartment development at Glendale Town Center in Indianapolis. The developers identified underutilized land to be transformed into the 267-unit multifamily project. Milhaus and Kite will also build new bike lanes, a left turn lane and green spaces. Completion of the apartments is slated for 2021. Glendale Town Center, a shopping center dating back to 1958, is home to tenants such as Target and Lowe’s. The name AYR comes from the department store L.S. Ayres & Co., which was part of Glendale Town Center when it first opened.
YPSILANTI, MICH. — Berkadia has arranged the sale of Arbor One Apartments in Ypsilanti near Ann Arbor for $30.4 million. The 469-unit, garden-style multifamily property is located at 799 Green Road. It features newly renovated one-, two- and three-bedroom units. Kevin Dillion, Jason Krug, Rick Vidrio, Rick Brace, Charley Henneghan, Carly Dietz and Corey Krug of Berkadia’s Great Lakes team represented the seller, Michigan-based Watermark Partners Real Estate. New Jersey-based Valleytree Partners was the buyer. Aaron Moll of Berkadia’s Detroit office secured $23.5 million in acquisition financing through Freddie Mac.
MAHWAH, N.J. — Ascena Retail Group, the parent company of Ann Taylor and Lane Bryant, will sell its plus-size chain Catherines to FullBeauty Brands Operations LLC for $40.8 million, according to a new report from The Wall Street Journal. FullBeauty Brands is a New York City-based holding company whose brands include plus-size chains such as Woman Within, Jessica London Inc. and Swimsuits for All. Ascena Retail Group filed for Chapter 11 bankruptcy in July with plans to close an unspecified but “significant” number of stores.
CHICAGO — Cushman & Wakefield has brokered the $30 million sale-leaseback of a Crash Champions property portfolio in metro Chicago. Crash Champions is an auto body collision and paint repair company based in Chicago with additional operations in California and Ohio. Jack Chang of Cushman & Wakefield represented the seller and procured the undisclosed buyer. The sale includes multiple Crash Champions shops.
PLEASANT PRAIRIE, WIS. — Principle Construction Corp. has completed a 96,305-square-foot expansion to a 194,611-square-foot industrial building located at 10411 80th Ave. in Pleasant Prairie. Principle, which constructed the original building in 2017, completed the expansion on a speculative basis on behalf of the new owner STAG Industrial. The property features a clear height of 36 feet, 20 dock doors, 81 auto parking stalls and office space. Partners in Design Architects provided design services.
WAKEENEY, KAN. — Marcus & Millichap has negotiated the sale of a 50-room Best Western Plus hotel in Wakeeney in central Kansas. The sales price was undisclosed. Built in 2005, the hotel is located at 525 S. 1st St. Allan Miller, Chris Gomes and Steve Swenholt of Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a private investor. The team also procured and represented the buyer, a limited liability company.
LONG ISLAND CITY, N.Y. — Newmark Knight Frank (NKF) has negotiated the $40 million sale of a 196,000-square-foot industrial development site located at 24-02 Queens Plaza in Long Island City. Brian Ezratty and Scott Ellard of NKF represented the seller, Atlas Capital Group, in the transaction. Bill Harvey, also with NKF, represented the undisclosed buyer, which plans to develop a 270,000-square-foot facility on the site.