OKLAHOMA CITY — NorthMarq has arranged a $22.5 million bridge loan for the refinancing of The Restoration at Candlewood, a 328-unit apartment community in northwest Oklahoma City. The property features one-, two-, three- and four-bedroom units and amenities such as two pools, a clubhouse, fitness center, outdoor grilling areas, dog park and a children’s play area. Connecticut-based Avant Capital provided the financing, proceeds of which will be used to repay an existing first mortgage and to complete an ongoing renovation project. The borrower was not disclosed.
MIAMI BEACH, FLA. — Sentinel Real Estate Corp. has purchased a 452-unit multifamily portfolio in Miami Beach for $96.6 million. The portfolio includes a total of 30 individual properties, 25 of which are located in the heart of South Beach, with the other five located in the submarket of Bay Harbor in north Miami Beach. Cushman & Wakefield represented the seller, Boardwalk Properties, in the transaction. Located between 7th and 16th Streets, the South Beach properties are close to Lincoln Road, Ocean Drive, Collins and Washington Avenues and the Miami Beach Convention Center. The Bay Harbor properties are located on East Bay Harbor Drive, which runs along the eastern waterfront of Bay Harbor Island across from the Miami Beach peninsula and Bal Harbor. The previous ownership had invested approximately $10 million into the structures within the portfolio over the last six years. In acquiring the assets, Sentinel intends to capitalize on the opportunity to upgrade the interiors to feature high-quality finishes, and drive up rent growth. The portfolio will be rebranded as Helios Apartments Miami Beach. Sentinel Real Estate Corp. is an independently owned real estate investment management firm based in New York City.
MARIETTA, GA. — New York City-based Spaxel has acquired the Hills at East Cobb, a 266-unit workforce housing property in Marietta, for $45 million. The multifamily residential complex is located at 1716 Terrell Mill Road, just 1.5 miles from Truist Park, home to the Atlanta Braves. John Kevill, Wes Boatwright, Dean Sands and Casey Keitchen of Avison Young arranged $16.4 million in limited partner equity from Sound Mark Partners, a Greenwich, Conn.-based commercial real estate investment firm. The Hills at East Cobb is a residential community with one-, two- and three-bedroom apartments. Community amenities include a swimming pool, dog park, fitness center, picnic area and clubhouse.
Greystone Provides $43M in HUD-Insured Financing for Multifamily Property in Port St. Lucie, Florida
PORT ST. LUCIE, FLA. — Greystone has provided a $43 million HUD-insured loan to refinance a 396-unit multifamily property in Port St. Lucie known as Kitterman Woods. Reuben Dolny of Greystone’s New York office originated the loan on behalf of K&J Residential Group. The non-recourse loan carries a 35-year term and 35-year amortization schedule, along with a sub-3 percent fixed interest rate. The property is Energy Star-certified and qualified for HUD’s Green MIP program. Kitterman Woods includes 25 three-floor buildings with one-, two- and three-bedroom units. The property was built in 2007 by Florida-based KD Construction, an affiliate of K&J. Community amenities include an exercise room, community room, two swimming pools, tennis, basketball, and volleyball courts, dog park, playground and a car care center.
WINTER HAVEN, FLA. — Boutique National has arranged the sale of a 407,500-square-foot industrial facility in Winter Haven. The property is situated on 22.3 acres and includes an adjacent 15.1 acres. Bobby Sampson with Boutique National represented the undisclosed buyer. David Murphy with CBRE represented the undisclosed seller.
HENRICO, VA. — Amazon plans to build a new robotics fulfillment center on 119 acres in Henrico, about 11 miles from Richmond. The Seattle-based company expects to create 1,000 new jobs at the facility, which is set to open in 2022. The multi-story, 650,000-square-foot property will be situated next to Richmond Raceway. In 2006, Amazon launched its first Virginia fulfillment operations in Sterling. Last year, Amazon started plans on a robotics fulfillment center in Suffolk and a processing center in Chesapeake, which are both expected to launch later this year. Since 2010, Amazon’s investments have contributed an additional $17.5 billion to Virginia’s economy, according to the company. The Virginia Economic Development Partnership worked with the Henrico Economic Development Authority, The Port of Virginia and the Greater Richmond Partnership to secure the new Amazon facility.
CHICAGO — Lendlease and Magellan Development Group have begun pre-leasing at Cascade, a 37-story, 503-unit luxury apartment tower in Chicago’s Lakeshore East neighborhood. First move-ins are expected this summer, coinciding with the opening of the adjacent Cascade Park, a publicly accessible green space that will connect the property to the lakefront and Chicago Riverwalk. Floor plans will range from 509 to 1,332 square feet. Monthly rents for studios will start at $1,650, $2,050 for one-bedrooms, $3,300 for two-bedrooms and $5,750 for three-bedrooms. Cascade will offer more than 45,000 square feet of indoor and outdoor amenity space across three levels. The building’s 32nd floor features a terrace overlooking Navy Pier and Lake Michigan. The design team includes bKL Architecture for the tower and Claude Cormier + Associés for the park. Cascade residents who plan to transition into homeownership can take advantage of a program that enables them to sign a contract for a condo at Cirrus, the adjacent 47-story, 350-unit condominium tower. Half of the rent paid (up to 2.5 percent of the purchase price) can be recouped as a credit at closing.
STRONGSVILLE, OHIO — CBRE’s National Retail Partners Midwest Team has brokered the sale of SouthPark Mall in Strongsville, a suburb of Cleveland. The sales price was undisclosed. The 1.4 million-square-foot regional mall is located at 500 Southpark Center. Anchor tenants include Dick’s Sporting Goods, Cinemark, Kohl’s, Macy’s, Dillard’s and JC Penney. CBRE represented the seller, a private equity firm. Kize Capital LP and Spinoso Real Estate Group purchased the asset and plan to implement a repositioning program.
BENSENVILLE, ILL. — Yahee Technologies has signed a 306,918-square-foot industrial lease at 1010 Foster Ave. in Bensenville. Mark Baumhart of Lee & Associates represented the owner, Prologis. Terry Herlihy of NAI Hiffman represented the tenant, which is relocating from Arlington Heights.
NORTON SHORES, MICH. — Marcus & Millichap has arranged the $4.2 million sale of Bel Air Estates in the western Michigan town of Norton Shores. The 116-site manufactured home community is located at 2481 W. Sherman Blvd., one mile from Muskegon Beach. Glenn Esterson and Vasili Arvanitidis of Marcus & Millichap marketed the asset on behalf of the seller, a limited liability company. Dylan Hellberg, Glenn Esterson and Parker Kelly of Marcus & Millichap secured and represented the buyer, a limited liability company.