Property Type

Eyzenberg & Co. Arranges $7.5M Loan for Acquisition, Renovation of Apartment Community in Memphis

by Alex Tostado November 23, 2020

MEMPHIS, TENN. — Eyzenberg & Co. has arranged a $7.5 million loan for Cottonwood Apartments in Memphis. A majority of the property’s 384 units were damaged during an October 2019 tornado. The community comprises 47 two-story buildings that offer one- and two-bedroom residences. Communal amenities include a pool, tennis court, playground and laundry facilities. The asset is situated at 4653 Cotton Drive, 12 miles southeast of downtown Memphis. David Eyzenberg and Ekaterina Brody of Eyzenberg & Co. originated the loan on behalf of the borrower, BRR Group LLC. The lender and seller were not disclosed.

November 23, 2020

Development Illinois Industrial Midwest

Ryan Cos. Completes Development of Pullman Crossings Industrial Project in Chicago

by Kristin Harlow November 23, 2020

CHICAGO — Ryan Cos. has completed the development of Pullman Crossings, a 62-acre industrial project within the larger Pullman Park in Chicago’s Pullman neighborhood. Ryan served as master developer in collaboration with Chicago Neighborhood Initiatives. With the recent completion of a 145,000-square-foot, build-to-suit distribution center for Amazon, Ryan has developed three industrial facilities totaling 685,000 square feet at Pullman Crossings since 2017. Located at the intersection of I-94 and 103rd Street, Pullman Crossings is part of an area that was originally home to factories that served as manufacturing sites for Pullman rail cars beginning in the late 1800s. Current tenants besides Amazon include Whole Foods Market and SC Johnson.

November 23, 2020

Development Illinois Midwest Multifamily

Optima Receives Final Municipal Approval for Development of 109-Unit Apartment Building in Wilmette, Illinois

by Kristin Harlow November 23, 2020

WILMETTE, ILL. — Optima Inc. has received final approval from the village of Wilmette for the development of a 109-unit luxury apartment building. The developer plans to break ground in late 2021 at the site, which is currently occupied by a bank. Designed by Hovey, the project will also include more than 8,000 square feet of commercial space on the first floor. Residents will have access to various amenities, including a rooftop sky deck and pool. Completion is scheduled for 2023.

November 23, 2020

Loans Midwest Minnesota Multifamily

Grandbridge Arranges $8.9M in Refinancing Loans for Two Multifamily Assets in Minnesota

by Kristin Harlow November 23, 2020

SARTELL, MINN. — Grandbridge Real Estate Capital has arranged two loans totaling $8.9 million for the refinancing of two multifamily assets in Sartell near St. Cloud. Tony Carlson of Grandbridge arranged a $3.8 million loan for a 52-unit townhome property and a $5.1 million loan for an 82-unit apartment complex. Both loans feature fixed rates and 15-year terms. A life insurance company provided the loans on behalf of the undisclosed borrower.

November 23, 2020

Kansas Loans Midwest Multifamily

Red Oak Financial Provides $5.4M Acquisition Loan for Multifamily Complex in Topeka, Kansas

by Kristin Harlow November 23, 2020

TOPEKA, KAN. — Red Oak Financial has provided a $5.4 million loan for the acquisition of Deer Creek Apartments in Topeka. The multifamily property includes 111 units. The fixed-rate bridge loan will enable the undisclosed borrower to expand the asset into a 153-unit community through the renovation and expansion of two buildings, as well as the construction of a new eight-unit building. Completion of the expansion and revitalization project is slated for fall 2021.

November 23, 2020

Acquisitions Iowa Midwest Office

Friedman Brokers Sale of 162,000 SF Office Property in Waterloo, Iowa

by Kristin Harlow November 23, 2020

WATERLOO, IOWA — Friedman Real Estate has brokered the sale of a 162,000-square-foot office property in Waterloo within central Iowa for $1.2 million. Built in 1980, the asset is located at 3451 Hammond Ave. Amenities include a fitness center, kitchen, café and outdoor spaces. Steven Silverman and Ryan Wilner of Friedman brokered the transaction. Star Waterloo LLC sold the property to Stratacache Inc.

November 23, 2020

Acquisitions Multifamily Texas

IPA Negotiates Sale of 304-Unit Grand on Beach Apartments Near Fort Worth

by Taylor Williams November 23, 2020

HALTOM CITY, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Grand on Beach, a 304-unit apartment community in the Fort Worth suburb of Haltom City. Built on 15 acres in 2019, the property features units with an average size of 818 square feet and private balconies/patios. Amenities include a pool, fitness center, business center, outdoor dining lounge, and a dog park. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA represented the seller, CLX Ventures, and procured the buyer, Bellrock Real Estate Partners.

November 23, 2020

Loans Multifamily Texas

Gryphon, Electra Capital Provide $43M Acquisition Loan for Houston Multifamily Properties

by Taylor Williams November 23, 2020

HOUSTON — Gryphon Real Estate Capital Partners and Electra Capital have provided a $43 million bridge loan for the acquisition of Westridge Gardens and Mainridge, two multifamily properties in Houston totaling 620 units. Both properties were built in the 1970s. Derek Fasulo of CBRE arranged the financing. The borrower was Three Pillars Capital Group, which plans to implement a value-add program. Gryphon provided the senior mortgage of $35 million, while Electra Capital placed an $8 million mezzanine loan.

November 23, 2020

Acquisitions Industrial Texas

MAG Capital Partners Acquires 256,258 SF Industrial Portfolio in Texas, Michigan, Virginia

by Taylor Williams November 23, 2020

FORT WORTH, TEXAS — Fort Worth-based investment firm MAG Capital Partners LLC has acquired a portfolio of three industrial assets totaling 256,258 square feet in a sale-leaseback deal. The properties are located in Texas, Michigan and Virginia. The occupant of the facilities is South Carolina-based manufacturer Huntington Solutions. The seller, New York City-based private equity firm Mill Point Capital, purchased a predecessor of Huntington Solutions in 2016. J.C. Asensio, Andrew Sandquist, Briggs Goldberg and Tyrell McGee of Newmark represented the seller in the transaction.

November 23, 2020

Development Multifamily Student Housing Texas

Panteras, Miyama to Build 101-Bed Student Housing Property in Fort Worth

by Taylor Williams November 23, 2020

FORT WORTH, TEXAS — A partnership between student housing developer Panteras Development Partners and owner-operator Miyama USA will build a 101-bed student housing property in Fort Worth that will serve students at Texas Wesleyan University. The 56-unit property will be located within a short walk of the heart of the campus and will feature one- and two-bed floor plans, as well as student lounges with large-screen TVs and dedicated study areas. The opening is scheduled for fall 2022.

November 23, 2020

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