MADISON, WIS. — Ready Capital has closed a $9.2 million loan for the acquisition, renovation and deconversion of a 152-unit fractured condominium property in Madison. The undisclosed borrower plans to acquire 84 of the Class B property’s units and implement a capital improvement plan. Planned upgrades include landscaping, amenity and common area improvements and painting. The floating-rate loan features a 36-month term and includes a facility to provide future funding for capital expenditures and additional unit buyouts.
SOUTHFIELD, MICH. — Dominion Real Estate Advisors has arranged the sale of a 9,744-square-foot office building in Southfield for an undisclosed price. Located at 17251 W. Twelve Mile Road, the property will become the new home of Grand and Grand PLLC, a law firm engaged in debt collection and landlord/tenant representation. Eric Banks of Dominion represented the buyer, Carpco Development LLC. Kevin Jappaya of KJ Commercial represented the seller, SS&A Property Management LLC.
STAMFORD, CONN. — A partnership between New York City-based Monday Properties and Neo Capital, an investment advisory firm based in London, has acquired Harbor Landing, a 218-unit multifamily asset in Stamford. The sales price was $73 million. Built in 2018, Harbor Landing features studio, one- and two-bedroom units and amenities such as a pool, fitness center and outdoor grilling areas. Jose Cruz, Steve Simonelli, Michael Oliver, Kevin O’Hearn and Ryan Robertson of JLL represented the seller, a joint venture between Building & Land Technology and Lubert Adler Real Estate Funds, in the transaction. Michael Gigliotti and Peter Rotchford of JLL arranged acquisition financing for the new ownership. Harbor Landing is part of a 14-acre mixed-use community that features two restaurants, a waterfront boardwalk, marinas with slips for yachts and boats and four office buildings, that include 66,314 square feet of newly redeveloped lab space.
NEW YORK CITY — New York-based Fleet Financial Group will develop Eastern Mirage Medical Center, a 104,000-square-foot healthcare facility in the Flushing neighborhood of Queens. The facility will be located within an 18-story building that will also house a 208-room hotel with amenities including a pool, spa, fitness center and meeting rooms. The healthcare facility is slated to open in the third quarter, the same time that Fleet Financial expects to deliver the building.
BOSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $15.8 million sale of a 25,349-square-foot retail space within Vita, a luxury condo building in Boston’s Jamaica Plain neighborhood. The sales price equates to $626.72 per square foot. James Koury of IPA represented the seller, J.P. Property One LLC, in the transaction and procured the undisclosed buyer. The retail space is fully leased to Beth Israel Hospital, Pure Dental, Third Cliff Bakery, The Cooperative Bank and Planet Fitness.
MEDWAY, MASS. — Salmon Health & Retirement has started taking reservations at Salmon at Medway, a 57-acre seniors housing campus in the Boston suburb of Medway. The community will offer cottage and apartment-style independent living together with apartment-style assisted living and memory care. The number of units was not disclosed.
ROSLYN, N.Y. — Locally based developer JK Equities has received approval from the Village of Roslyn, located on Long Island, to proceed with construction of a 54-unit apartment project at 281-301 Warner Ave. The site is zoned for commercial use and currently houses vacant retail space; the new building will also feature retail space on the ground floor. Mojo Stumer Associates is the architect for the project, which will also feature 104 parking spaces. Construction is scheduled to begin in the third quarter and to be complete early in the second quarter of 2023.
SAN FRANCISCO — Ready Capital has closed $104 million in refinancing for a multifamily property located on the border of San Francisco’s SOMA and Mission districts. The name of the borrower was not released. Loan proceeds will be used to retire existing debt and cover interest costs as the 200-unit property is leased up. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for interest shortfalls.
FREMONT, CALIF. — TA Realty has completed the sale of Fremont Research Center, a two-building portfolio in Fremont, to Kennedy Wilson Fund VI for $32.3 million. Located at 47200 Bayside Parkway and 3500 W. Warren Ave., the portfolio offers a total of 115,537 square feet of office, research and life sciences space. At the time of sale, the property was fully leased to two life sciences and aerospace defense users. Intuity Medical, a medical device company, occupies the 61,824-square-foot property at 3500 W. Warren Ave., and Mercury Systems, a multinational aerospace and defense company, occupies the 53,713-square-foot property at 47200 Bayside Parkway. Steven Golubchik, Edmund Naiera, Jonathan Schaelfer, Darren Hollak and Jack Phipps of Newmark Knight Frank’s Northern California Capital Markets team represented the seller in the deal.
MESA, ARIZ. — Scottsdale-based Sterling Real Estate Partners has acquired Pennytree Apartments, a multifamily property at 232 S. MacDonald in Mesa. Terms of the transaction were not released. Built in the 1960s, Pennytree Apartments features 146 residences and is less than a mile from a number of eateries, breweries and local retail options in downtown Mesa. Ric Holway, Dan Cheyne and Luke Donahue of Berkadia handled the transaction, which is Sterling Real Estate’s 10th transaction in metro Phoenix.