Property Type

Centennial Bank Provides $12.5M Construction Loan for Workforce Housing Project in Miami

by Julia Sanders April 20, 2021

MIAMI — Centennial Bank has provided a $12.5 million construction loan to Prestige Cos. and Florida Value Partners for Trails, a workforce housing project located on the Ludlam Trail at 1040 SW 70th Ave. in Miami. The project’s first phase will consist of two- to three-story garden-style buildings with 84 residential units ranging from one- to two-bedroom units listed from $1,600 to $1,800 per month. The second phase of the project, which will be initiated within six months, will deliver five three-story buildings and a total of 230 units ranging from one- to two-bedroom units listed from $1,700 to $1,900 per month. The workforce housing property will be developed with no government funding. Community amenities will include an outdoor workout area and a dog park. In addition, the property will have access to the Ludlam Trail, a 6.2-mile linear park. Renovations for the Ludlam Trail will turn the former Florida East Coast railway corridor into a park, as well as a running and cycling trail that will connect to The Underline, a 10-mile linear park under the Metrotrail.

April 20, 2021

Healthcare Loans New Jersey Northeast

Thorofare Provides $13M Acquisition Loan for Medical Office Building in West Orange, New Jersey

by Taylor Williams April 20, 2021

WEST ORANGE, N.J. — Thorofare Capital has provided a $13 million bridge loan for the acquisition of a 70,000-square-foot medical office building in the Northern New Jersey community of West Orange. The property is located within a mile of a 577-bed hospital. The loan was structured with a five-year term and includes proceeds for tenant improvements and other capital expenditures. The borrower was an undisclosed institutional owner-operator.

April 20, 2021

Leasing Activity New York Northeast Office

Radancy Signs 15,622 SF Office Lease for New Manhattan Headquarters

by Taylor Williams April 20, 2021

NEW YORK CITY — Radancy, a staffing agency that serves the tech sector, has signed a 15,622-square-foot office lease at One Battery Park Plaza, a 35-story office tower in Lower Manhattan. Radancy plans to relocate to the 870,000-square-foot building from its current office at 125 Broad St. this summer. Gerry Miovski, Chris Mansfield and Masha Dudelzak of CBRE represented the tenant in the lease negotiations. Kevin Daly represented the landlord, Rudin Management Co., on an internal basis.

April 20, 2021

Loans Multifamily Northeast Pennsylvania

Black Bear Arranges $11M Acquisition Loan for Multifamily Asset in Willow Street, Pennsylvania

by Taylor Williams April 20, 2021

WILLOW STREET, PA. — Black Bear Capital Partners has arranged an $11 million acquisition loan for The Villas at Willow Run, a 72-unit multifamily asset in Willow Street, located roughly midway between Philadelphia and Harrisburg. The 12-building property was completed in 2019. Emil DePasquale, Brandon Harris and Phil Bowman of Black Bear Capital Partners arranged the loan, which carried a 3.74 percent fixed interest rate and 10 years of interest-only payments, through Morgan Stanley. The borrower was Laub Realty, an owner-operator with more than 2,000 multifamily units and 1 million square feet of commercial space in its portfolio.

April 20, 2021

Acquisitions Loans Multifamily South Carolina Southeast

Ready Capital Closes $8.4M Acquisition Financing for Multifamily Property in Columbia

by Julia Sanders April 20, 2021

COLUMBIA, S.C. — Ready Capital has closed the financing for the acquisition, renovation and stabilization of a 152-unit, Class C multifamily property in southeast Columbia. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and refine curb appeal. The sponsor also plans to address deferred maintenance issues that will help facilitate stabilization. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and flexible prepayment. The financing also includes a facility to provide future funding for capital expenditures.

April 20, 2021

Acquisitions Industrial New Jersey Northeast

CustomPictureFrames.com Buys 45,300 SF Industrial Building in Somerset, New Jersey

by Taylor Williams April 20, 2021

SOMERSET, N.J. — CustomPictureFrames.com, a manufacturer of picture and other framing solutions, has acquired a 45,300-square-foot industrial building at 6 Shirley Ave. in Somerset, located in Northern New Jersey. Bill Waxman and Christopher Griffith of CBRE represented the buyer, which will relocate from nearby South River, in its site selection and negotiations. Bussel Realty Corp. represented the seller, Emby Hosiery Corp.

April 20, 2021

Acquisitions Office Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $1M Sale of Office Property in Virginia Beach

by Julia Sanders April 20, 2021

VIRGINIA BEACH, VA. — Cushman & Wakefield | Thalhimer has brokered the sale of 4598 Broad St. in Virginia Beach. CR Assets LLC purchased the 5,040-square-foot office building from Broad Street Associates for $1 million as the future corporate home for Canzell Realty. Rob Wright of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the purchaser.

April 20, 2021

Development Illinois Midwest Multifamily

Draper and Kramer Tops Off 120-Unit Wrigleyville Lofts in Chicago

by Kristin Harlow April 20, 2021

CHICAGO — Draper and Kramer Inc. has topped off a 120-unit multifamily project located at 949 W. Dakin St. in Chicago’s Wrigleyville neighborhood. The developer has named the project Wrigleyville Lofts, as it is situated 2.5 blocks north of Wrigley Field. Draper and Kramer plans to begin pre-leasing this summer for fall 2021 move-ins. The project includes 108 one-bedroom units and 12 two-bedroom units, as well as 14,000 square feet of ground-floor retail space. Lakeview Ace Hardware, which occupied the single-story structure previously on the site, will return to anchor the corner commercial space. Lakeview Ace is also a minority partner in the development. Amenities will include a rooftop deck, meeting areas, a coffee shop, clubroom, fitness center and private parking garage. Rents will start at roughly $1,900 per month. The Chicago regional office of HUD financed the project, with Gershman Mortgage acting as the HUD lender. Leopardo Construction is the general contractor and Sullivan, Goulette & Wilson Architects is the architect.

April 20, 2021

Civic Development Midwest Minnesota

Kraus-Anderson Begins Construction of $26M Project for Jackson County Central Schools in Minnesota

by Kristin Harlow April 20, 2021

LAKEFIELD, MINN. — Kraus-Anderson has begun construction of a $26 million project for Jackson County Central Schools in Lakefield, a city in southern Minnesota. The project scope includes the construction of a new middle school and interior remodeling of Pleasantview Elementary School. Designed by JLG Architects, the new 84,000-square-foot Pleasantview Middle School will feature new classrooms, career and tech education learning spaces and science classrooms, as well as a gymnasium, band and choir areas, kitchen and common areas. Renovations to the elementary school include air quality upgrades as well as improvements to meet requirements of the Americans with Disabilities Act.

April 20, 2021

Acquisitions Healthcare Indiana Midwest

Hanley Investment Group Arranges $9.8M Sale of Medical Portfolio in Indiana, Texas

by Kristin Harlow April 20, 2021

INDIANA AND TEXAS — Hanley Investment Group Real Estate Advisors has arranged the sale of a four-property Fresenius Medical Care portfolio in Indiana and Texas for $9.8 million. The outpatient dialysis clinics are located in Auburn, Fort Wayne and Marion, Ind. as well as one in Dayton, Texas. Bill Asher, Jeff Lefko and Ed Hanley of Hanley Investment Group, in conjunction with ParaSell Inc., represented the seller, a Midwest-based private partnership. Brian Appel of Appel & Henick LLP handled legal affairs on behalf of the seller and negotiated lease extensions for the three Indiana properties. The 7,176-square-foot facility in Auburn sold to a St. Louis-based private buyer. Vince Vatterott and Michael Kocur of Westwood Net Lease Advisors represented the buyer. A Marin County, Calif.-based institutional group purchased the 7,580-square-foot property in Fort Wayne. Daniel Barnes of Lee & Associates represented the buyer. Brad Canova of Horvath & Tremblay represented the Denver-based private investor in the purchase of the 9,300-square-foot Marion facility. Lastly, Chris Shoemaker of Shoemaker Commercial Real Estate represented the California-based private investor in the acquisition of the 5,931-square-foot property in Dayton.

April 20, 2021

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