Property Type

NorthMarq Provides $89M in FHA Financing for Five-Property Multifamily Portfolio in Iowa, Missouri

by Kristin Harlow December 3, 2020

DAVENPORT, IOWA AND KANSAS CITY, MO. — NorthMarq has provided $89 million in FHA financing for the recapitalization of five multifamily properties located in Davenport and Kansas City. All of the communities were encumbered with existing FHA debt and eligible for HUD’s 223(a)(7) refinance program. The refinance enabled the undisclosed borrower to capitalize on lower interest rates, extend amortization and improve property cash flow with the reduced cost of debt service, according to NorthMarq. Loan amounts ranged from $8.8 million to $21.7 million. Brett Hood of NorthMarq’s Chicago office originated the loans. Two of the properties, Bennington Ridge Apartments and Bennington Park Townhomes, are located in Kansas City. Bennington Ridge was constructed in 2000 and features 288 units while Bennington Park was built in 1988 and includes 164 units. The three remaining properties are located in Davenport. Jersey Meadows, built in 1985, features 288 units. Ashford, constructed in 2004, is home to 140 units. Built in 2004, Alexis at Perry Pointe features 192 units.

December 3, 2020

Development Midwest Multifamily Ohio

Pizzuti Opens 100-Unit Residences at the Sutton in Columbus, Ohio

by Kristin Harlow December 3, 2020

COLUMBUS, OHIO — The Pizzuti Cos. has opened The Residences at the Sutton, a 100-unit luxury apartment development in the Short North Arts District of Columbus. Move-ins for the first residents have begun. The six-story project features studios, one- and two-bedroom floor plans as well as 123 parking spaces. Amenities include a fitness center with Peloton bikes, yoga area and package room. The third floor includes a 2,000-square-foot amenity deck with a bocce ball court, fire pit and clubroom. Lupton Rausch Architecture was the project architect. Monthly rents start at $1,175. Residents can now receive two months of free rent on a 14-month or longer lease.

December 3, 2020

Acquisitions Midwest Minnesota Multifamily

TMC Management Sells Four-Property Multifamily Portfolio in Metro Minneapolis

by Kristin Harlow December 3, 2020

MINNEAPOLIS — TMC Management Corp. has sold a four-property multifamily portfolio totaling 104 units in metro Minneapolis. Two buyers purchased the properties in two separate transactions for undisclosed prices. The properties include Bella Vista in New Hope, Highland Gables in Brooklyn Park, Hanson Court in Crystal and Cedar Lake in Minneapolis. RST Holdings LLC acquired Bella Vista, Highland Gables and Hanson Court, while LHF Equites LLC purchased Cedar Lake. Ted Abramson and Drew Rafshol of CBRE Minneapolis Multifamily represented the seller.

December 3, 2020

Illinois Loans Midwest Multifamily

Maverick Commercial Mortgage Arranges Two Loans Totaling $5.2M for Refinancing of Chicago Multifamily Portfolio

by Kristin Harlow December 3, 2020

CHICAGO — Maverick Commercial Mortgage has arranged two Fannie Mae loans in the amounts of $3.3 million and $1.9 million for the refinancing of a six-building multifamily portfolio located on Chicago’s North Side. The portfolio totals 36 units in the Lakeview, Wrigleyville and Wicker Park neighborhoods. The 10-year, fixed-rate loans have loan-to-value ratios of 55 percent. Loan proceeds paid off the existing lender, returned equity to the borrowing entity and paid for closing costs. Matthew Cohen of Maverick arranged the loans with an undisclosed national lender.

December 3, 2020

Acquisitions Indiana Midwest Retail

Upland Brokers $1.2M Sale of PPG Paints-Occupied Property in Fort Wayne

by Kristin Harlow December 3, 2020

FORT WAYNE, IND. — Upland Real Estate Group Inc. has brokered the sale of a 6,375-square-foot retail property occupied by PPG Paints in Fort Wayne for $1.2 million. PPG Paints, which supplies paints, coating and specialty materials, has approximately four years remaining on its lease. The company has operated at the location for more than 20 years. Keith Sturm, Amanda Leathers and Deb Vannelli of Upland represented the seller in the transaction. Buyer and seller information was undisclosed.

December 3, 2020

California Hospitality Loans Western

Mirae Asset Global Investments Receives $150M Refinancing for Fairmont San Francisco Hotel

by Amy Works December 3, 2020

SAN FRANCISCO — An affiliate of Mirae Asset Global Investments has received a $150 million loan for the refinancing of the historic Fairmont San Francisco, located at 950 Mason St. in San Francisco. JLL Hotels & Hospitality arranged the five-year, non-recourse loan through United Overseas Bank for the borrower. The 606-key hotel first opened in 1907 and has undergone $16 million in renovations to public areas, guest rooms and infrastructure since 2015. The hotel features 62 suites; more than 45,000 square feet of meeting and event space including a ballroom; retail outlets; fitness center; business center; in-room dining; and restaurants such as Laurel Court Restaurant & Bar and Tonga Room & Hurricane Bar. The hotel reopened in September after suspending operations in April due to the COVID-19 pandemic.

December 3, 2020

Acquisitions Affordable Housing Hawaii Multifamily Western

Standard Communities, Stanford Carr Development Buy Kamakee Vista Affordable Housing Project in Honolulu

by Amy Works December 3, 2020

HONOLULU — Standard Communities and Stanford Carr Development, in partnership with The State of Hawaii Housing Finance & Development Corp., have closed on the final phase of its $223.9 million public-private partnership that will preserve 1,221 units of affordable housing across six properties on the islands of Oahu, Hawaii and Maui. The last phase was the acquisition of Kamakee Vista, an affordable apartment community located at 1065 Kawaiahao St. in Honolulu. The building will undergo a $14.3 million rehabilitation program to renovate unit interiors, modernize building systems and update common areas. Residents of the property will not be displaced during renovations. Built in 1992, the 28-story property features 226 residences, more than 35,000 square feet of commercial space and an attached 251-stall parking facility. The community offers a landscaped rooftop recreation deck with barbecue areas, as well as meeting space and laundry facilities.

December 3, 2020

Loans Office Washington Western

McBride Capital Arranges $19M in Acquisition Financing for Tacoma Rhodes Center Office Complex in Tacoma

by Amy Works December 3, 2020

TACOMA, WASH. — McBride Capital has secured $19 million in bridge financing for the purchase of The Tacoma Rhodes Center, an office complex in Tacoma. The two-building property features 160,000 leasable square feet and a 538-stall parking garage. The three-year, non-recourse, floating-rate debt facility includes future funding for tenant improvements, leasing commissions and capital expenditures. Danny Natsch of McBride Capital placed the loan on behalf of an undisclosed buyer with a national bridge lender.

December 3, 2020

Acquisitions California Industrial Western

CBRE Negotiates $15.3M Sale of Industrial Campus in San Diego’s Sorrento Valley

by Amy Works December 3, 2020

SAN DIEGO — CBRE has facilitated the sale of Environmental Plaza, an industrial campus located at 4171-4206 Sorrento Valley Blvd. in San Diego’s Sorrento Valley submarket. Hill Properties, a local real estate firm, acquired the asset from a private family for $15.3 million. Totaling 91,669 square feet, Environmental Plaza features seven buildings that offer suites ranging from 1,000 square feet to 4,200 square feet. At the time of sale, the property was 87 percent leased to 37 tenants. Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Bill Dolan of CBRE represented the seller, while the buyer was self-represented in the transaction.

December 3, 2020

Acquisitions Arizona Retail Western

B2 Holdings Acquires Target-Occupied Retail Property in Tempe for $14.4M

by Amy Works December 3, 2020

TEMPE, ARIZ. — San Diego-based B2 Holdings has purchased a 10-acre property located at 1800 and 1818 E. Baseline Road in Tempe. A Florida-based seller sold the asset for $14.4 million. The property is located less than half-a-mile from US Route 60 and in proximity to Dobson Ranch and Arizona State University. At the time of sale, Target and US Bank leased portions of the site. Joseph Compagno of CBRE’s Net Lease Property Group in Phoenix represented the buyer and seller in the transaction.

December 3, 2020

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