SPARTA, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has arranged the $14.6 million sale of The Residences at North Village, a 60-unit apartment building in Sparta, about 50 miles west of Manhattan. The property was built in 2020 within the 90-acre North Village mixed-use development. Units feature granite countertops, stainless steel appliances and individual washers and dryers. Amenities include a playground, basketball and volleyball courts and outdoor grilling areas. Stephen Tragash of Gebroe-Hammer represented the seller, NV MF Holdings LLC, and procured the buyer, Sparta Residence LLC, in the transaction.
YONKERS, N.Y. — Katz & Associates has brokered the sale of a retail building formerly occupied by 24 Hour Fitness in Yonkers, a northern suburb of New York City. The building is situated on a 1.7-acre site at 589 Tuckahoe Road. Brian Katz, Jonathan Greenberg and John Heretakis of Katz & Associates represented the undisclosed seller in the deal. Tyler Lyman of True Commercial represented the buyer, Carpionato Realty, which purchased the asset for $4.2 million.
FERNLEY, NEV. — Newport Beach, Calif.-based Mark IV Capital has broken ground on Victory Logistics District, a 4,300-acre, master-planned industrial district in Fernley. Mark IV Capital acquired the land in July 2019 and has since designed the multi-phased development, including infrastructure, rail facilities and industrial buildings ranging in size from 170,000 square feet to 1.5 million square feet. Slated for completion in the first quarter of 2022, Building A will offer 815,000 square feet of cross-dock industrial space designed by HPA Architects. The building will feature 40-foot clear heights, 160 dock positions measuring 9-foot by 10-foot, four 12-foot by 14-foot drive-in doors, 451 auto parking spaces, 371 trailer parking spaces, three access points (two off of Duffy Road and one off of Nevada Pacific Parkway) and 11.4 acres of additional land available for expanded parking.
CULVER CITY, CALIF. — George Smith Partners has secured $42 million in senior construction debt from a life insurance company capital provider and assisted in obtaining $16 million in preferred equity for a seven-story mixed-use development in Culver City. The borrower is GR Properties USA. The development will feature 139 apartments, including 14 affordable units, in a mix of studio, one- and two-bedroom layouts. Community amenities will include a swimming pool, clubhouse and fitness center, as well as 1,969 square feet of ground-floor retail space. Antonio Hachem of George Smith Partners led the team that secured the non-recourse construction financing for the borrower.
COLORADO SPRINGS, COLO. — KeyBank Community Development Lending and Investment (CDLI) has provided an $18.4 million bridge loan to TWG for the renovation and update of an apartment community in Colorado Springs. Built in 2003, Rosemont on Shadow Mountain features 144 mixed-income units, with 86 rent-restricted apartments and 58 market-rate units, spread across seven three-story, garden-style buildings. TWG plans to update the units, while preserving the affordability of the property. Once the renovation is complete, TWG plans secure long-term financing through KeyBank’s Commercial Mortgage Group. Kelly Frank and Alton Tinker of KeyBank’s CDLI team structured the financing.
LOS ANGELES — R.D. Olson Construction has broken ground for West Terrace, a sustainable affordable multifamily property located at 6576 Southwest Blvd. in South Los Angeles. R.D. Olson is partnering with A Community of Friends, a nonprofit developer, and FSY Architects for the project. Totaling 52,300 square feet, West Terrace will offer 14 studio, 29 one-bedroom and 20 two-bedroom units, plus one three-bedroom unit. On-site amenities will include a community room, laundry facilities, barbecue grills, a playground, bike storage, an interior courtyard and community garden. Completion is slated for summer 2022.
AUBURN, WASH. — NorthMarq has secured $14.5 million in refinancing for Lakeland Commons Retail, a shopping center located at 1502 Lake Tapps Parkway SE in Auburn. The 10-year loan features a 30-year amortization schedule. Walgreens is a tenant at the 35,000-square-foot strip retail center. Bob Spiro and Scott Moline of NorthMarq’s regional Seattle office secured the refinancing.
ATLANTA — CIM Group has completed construction of The Lofts at Centennial Yards South, an adaptive reuse apartment project within the larger $5 billion development in downtown Atlanta known as Centennial Yards. A ribbon-cutting ceremony that took place yesterday also marked the completion of the 160 Trinity offices as well as the launch of construction at 99 Ted Turner creative office, 185 Ted Turner office and the Canyon, a 740-foot-long retail, dining and event destination. Located adjacent to Atlanta’s Castleberry Hill neighborhood, Centennial Yards South comprises six acres and is the first portion to reach completion within the 50-acre Centennial Yards. A redevelopment of the former Southern Railway Freight Depot and Office Building, which served Norfolk Southern from 1982 to 2005, anchors this portion of the development. The Lofts at Centennial Yards South features 162 loft-style apartments, including 27 furnished units to accommodate corporate relocations and Atlanta’s burgeoning film industry. The apartments will be available for occupancy starting this summer. The creative office space at 99 Ted Turner will span approximately 80,000 square feet. The Canyon will serve as a pedestrian promenade below street level. LaGrange-based craft beverage company Wild Leap is slated to open a two-level brewery, distillery and …
WESTBURY, N.Y. AND TROY, MICH. — New York Community Bancorp Inc. (NYSE: NYCB) and Flagstar Bancorp Inc. (NYSE: FBC) have entered into a definitive merger agreement under which the two companies will combine in an all-stock merger valued at $2.6 billion. The new company will have more than $87 billion in assets and operate nearly 400 traditional branches in nine states and 87 loan production offices across a 28-state footprint. The main headquarters will be located on Long Island, N.Y., with regional headquarters in Troy, Mich., including Flagstar’s mortgage operations. The combined company will maintain the Flagstar Bank brand in the Midwest. The transaction is expected to close by the end of 2021. Based in Westbury, N.Y., New York Community Bancorp is a multifamily lender in New York City and is the parent company of New York Community Bank. As of March 31, the company reported assets of $57.7 billion and loans of $43.1 billion. It operates 236 branches through eight local divisions. The company’s stock price closed at $12.54 per share Monday, April 26, up from $10.16 per share one year ago. Flagstar Bancorp is a $29.4 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank …
ELGIN, ILL. — GoldCoast Logistics Group (GCLG) has broken ground on its new $15 million headquarters at 1425 Madeline Lane in Elgin, about 35 miles northwest of Chicago. The 61,888-square-foot facility will include a 38,000-square-foot warehouse and 23,000 square feet of office space. PANCOR Construction & Development LLC is the developer, architect and general contractor. NAI Hiffman assisted GCLG in its site selection. Spurred by the rise of e-commerce, GCLG was founded in 2010 and has grown from two employees in Wood Dale to 700 employees in Elgin, Florida and Arizona. The company’s truck fleet has more than quadrupled over the past three years. The new headquarters will feature a rooftop deck, two-story atrium, four break rooms, workout areas and a half-sized basketball court. There will be 26 dormitory rooms for truck drivers who need overnight accommodations. The warehouse will feature a clear height of 30 feet and parking for 40 trucks and cars. Construction is slated for completion in December.