BOONVILLE, N.Y. — Greystone has provided a $10.4 million bridge loan for the refinancing of Sunset Nursing & Rehabilitation Center, a 120-bed skilled nursing facility in Boonville, about 70 miles northwest of Syracuse. The property was built in phases between 1964 and 1985 and renovated in 2008. Fred Levine of Greystone originated the loan on behalf of the borrowers, Sunset PropCo LLC and Sunset Operating LLC.
SYRACUSE, N.Y. — Stan Johnson Co. has brokered the $9.2 million sale of a 33,304-square-foot industrial building leased to FedEx Freight in Syracuse. The 26-acre property was constructed as a build-to-suit the city’s east side in 2009. Erik Lundberg of Stan Johnson Co. represented the seller, a Pennsylvania-based private investor, in the transaction. Jerry Hopkins of Newmark represented the buyer, a California-based 1031 exchange investor.
AURORA, COLO. — Hyde Development and Mortenson Properties have acquired 145 acres north of the existing 125-acre site of HighPoint Industrial and Logistics Business Park in Aurora, with plans to expand the project onto the new land. Details of the acquisitions were not released. The companies announced the development of HighPoint Logistics Park, a 2.2 million-square-foot industrial park near Denver International Airport, in February. Additionally, next month, the development team will add 129 acres to the project and break ground on the park’s first structure — Build 1, a 541,840-square-foot, Class A speculative building. Slated for completion in third-quarter 2021, Building 1 will features 36-foot clear heights, 50-foot by 54-foot column spacing, an ESFR sprinkler system, 92 dock-high and four drive-in doors, 68 trailer parking spaces and 273 parking spaces. With the recent and upcoming additions, HighPoint Park will eventually span 400 acres and offer up to 15 buildings totaling more than 5 million square feet at full build-out. While the full-site plan for HighPoint is still flexible, the initial plans include retail development through the middle of the park, along East 64th Avenue, providing walkable retail options for tenants and visitors. The development will also feature outdoor seating areas …
BOSTON — A partnership between East Boston Community Development Corp. (EBCDC) and Affirmative Investments has broken ground on Grace Apartments, a 42-unit affordable seniors housing development in East Boston. Designed by locally based architecture firm DiMella Shaffer, Grace Apartments will feature one- and two-bedroom units ranging from 496 to 722 square feet. Completion is scheduled for spring 2022.
THORNTON, COLO. — Oak Brook, Ill.-based Inland Real Estate Group has acquired a newly constructed last-mile logistics building in Thornton. The Opus Group sold the asset, which its Denver office developed in 2019, for $57 million. Located at 900 E. 128th Ave., the 151,688-square-foot facility features 30-foot clear heights, 24 dock-high doors, six drive-in ramped doors, surface parking and a three-level parking structure. At the time of sale, the property was fully leased to a single tenant as an e-commerce distribution facility. Will Strong and Greer Oliver of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the deal. Joe Krahn and Harper Davis, also of Cushman & Wakefield, provided leasing services for the property.
PHOENIX — Berkadia has arranged the sale of Raven, a garden-style multifamily property located in Phoenix. A private Arizona investor sold the asset for $49.2 million. Located at 3606 E. Baseline Road, Raven features 192 apartments in a mix of one-, two- and three-bedroom layouts offering full-size washers/dryers, nine-foot ceilings, spacious closets and private patios or balconies. Completed in 2001, the property also includes a swimming pool and 24-hour fitness center. Mark Forrester, Ric Holway and Dan Cheyne of Berkadia’s Phoenix office represented the seller, and the Berkadia team secured acquisition financing through Freddie Mac for the undisclosed buyer.
GLENDALE, ARIZ. — NorthMarq has arranged $65.1 million for the cash-out refinancing of Summerly at Zanjero Apartments in Glendale. Brandon Harrington and Tyler Woodard of NorthMarq’s Phoenix Debt and Equity team executed the permanent, floating-rate loan through Freddie Mac for the undisclosed borrower. The loan features a 10-year term with five years of interest-only payments followed by a 30-year amortization schedule. Built in 2019, Summerly at Zanjero features 340 apartments in a mix of one-, two- and three-bedroom layouts. The property located is within minutes of Westgate Entertainment District and State Farm Stadium.
TUKWILA, WASH. — CenterPoint Properties has purchased an industrial facility located at 365-369 Upland Drive in Tukwila. Terms of the off-market sale-leaseback transaction were not released. Situated on 2.4 acres, the 57,107-square-foot distribution facility features secure parking, a 100-foot truck court, an 11,509-square-foot office space, 24-foot clear heights, six dock-high doors and two drive-in doors. Chris Corr of Kidder Mathews brokered the transaction. The seller was not disclosed.
DETROIT — Asia Capital Real Estate (ACRE) has provided a $78.5 million bridge loan to City Club Apartments (CCA) for the developer’s multifamily project in Detroit. The loan, provided through ACRE’s latest debt fund, will fund the final phase of construction on the six-story, 288-unit development in the city’s central business district. Located at 1501 Washington Blvd., Detroit City Club Apartments is currently 95 percent complete. Residents are expected to begin taking occupancy as early as December with 40 percent of the units pre-leased. “Detroit’s downtown has been growing rapidly in recent years and is showing strong fundamentals that support precisely this kind of luxury multifamily development,” says Daniel Jacobs, ACRE’s head of origination. The project includes 11,291 square feet of retail space. Two tenants, Premier Pet Supply and French-American restaurant Statler Bistro, have already secured leases for the retail portion. Amenities for the apartments include a fitness center, business center, clubroom, pool with hot tub, outdoor movie theater, event space and underground valet parking. The luxury, Class A project also includes duplex and townhome units. Monthly rents start around $1,210. Based in Detroit, CCA specializes in the development and management of apartment communities throughout the Midwest and East Coast. …
CHANDLER, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Riata, a newly constructed apartment property located in Chandler. A private family trust acquired the asset for $91 million, or $303,333 per unit, as part of a 1031 exchange. San Antonio, Texas-based Embrey Partners developed and sold the property. Marty Cohan of Marcus & Millichap, in collaboration with Cliff David and Steve Gebing of IPA, represented the buyer, while CBRE represented the seller in the deal. Ryan Sarbinoff of Marcus & Millichap is the firm’s broker of record in Arizona. Completed in 2020 on nine acres, Riata features 300 units. The property is within walking distance of the Chandler Fashion Center and close to the Loop 101 and Loop 202 freeways. The complex features 13 four-story, elevator-serviced buildings; air-conditioned corridors; a club-style gym; and pool and spa area. Units offer nine-foot ceilings, granite countertops and full-size, in-unit washers/dryers. Select units feature kitchen islands with pendent lighting and under-counter wine refrigerators.
