PHILADELPHIA — Black Bear Capital Partners has arranged a $17.5 million loan for the refinancing of a portfolio of five multifamily properties totaling 239 units in Philadelphia. The properties are located at 4619-4621 Chester Ave.; 4601 Chester Ave.; 419-429 S. 48th St.; 241 S. 47th St.; and 4416-18 Osage Ave. Peapack-Gladstone Bank provided the loan, specific terms of which were not disclosed, to New Horizons Housing, an owner-operator of more than 800 units in Philadelphia and Columbus, Ohio. Emil DePasquale, Brandon Harris and Phil Bowman of Black Bear Capital Partners arranged the financing.
CAMBRIDGE, MASS. — MassDevelopment has issued $18.7 million in tax-exempt bond financing for Cambridge Housing Authority’s acquisition and renovation of Harry S. Truman Apartments, a 59-unit affordable seniors housing community in Cambridge. In addition to the tax-exempt bond financing, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $13.8 million in equity for the project. Boston Private Bank purchased the bonds.
NEW YORK CITY — CBRE has brokered the $3.9 million sale of a 35-unit multifamily building at 215 McClellan St. in The Bronx. The property offers one- and two-bedroom units and includes three retail spaces totaling 35,000 square feet. Elli Klapper and Charles Berger of CBRE represented the seller, 215 McClellan Realty LLC, in the transaction. Mike Fusco and Seth Glasser of Marcus & Millichap represented the buyer, Minford Associates.
NORTH PLAINFIELD, N.J. — Levin Management Corp. has negotiated four lease renewals for Virginia-based discount retailer Dollar Tree in New Jersey and Pennsylvania. The New Jersey locations include a 14,500-square-foot space at Brunswick Shopping Center, a 10,300-square-foot shop in Watchung and a 9,400-square-foot store in Franklin Township. The Pennsylvania location is situated in Middletown and spans 9,000 square feet.
MONROVIA, CALIF. — Griffin Capital Co. and Legacy Partners have completed the disposition of Moda at Monrovia Station, a Class A multifamily property located in Monrovia. Opportunity Housing Group as property administrator with the California Statewide Communities Development Authority acquired the asset for $100 million. Legacy, which will continue to manage the community, developed the property in a financial partnership with Griffin Capital and Silverpeak Real Estate Partners. Sitauted adjacent to the Gold Line at Monrovia Station, Moda features 261 apartments in a mix of one- and two-bedroom layouts; two landscaped courtyards; a pool and spa; barbecue areas; fire pits; and a 4,000-square-foot rooftop terrace. Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the sellers in the deal.
IRVINE, CALIF. — Irvine Company has opened Innovation Office Park, an open-air office village in the Irvine Spectrum business district. Offering more than 1.1 million square feet of creative and flexible workspace on 73 acres, the property features 28 loft-style buildings naturally connected by a center pedestrian path line. The property features expansive indoor and outdoor space; an indoor/outdoor café with rotating cuisine and walk-up artisan coffee bar; an event-ready pavilion; a private fitness center with spin/yoga studio; and tech-enabled conference and event space. Located at the confluence of interstates 5 and 133, Innovation Office Park’s first eight buildings, totaling 300,000 square feet, are now available for lease. The workplace community offers buildings ranging from 20,000 square feet to 40,000 square feet with suites as small as 2,000 square feet. Companies are able to customize spaces through branded super-graphics on the building exterior and select from a curated menu of private patio furniture and tailored interiors. The buildings also feature oversized roll-up doors, private patios, operable windows for fresh air, MERV-13 air filtration for healthier air circulation and Viracon glass and skylights for maximum energy-efficient daylighting. LPA served as architect and Burton Studio served as landscape architect.
SIERRA VISTA, ARIZ. — The Bascom Group has purchased Sierra Charles Apartments, a multifamily property located at 600 Charles Drive in Sierra Vista, approximately 80 miles southeast of Tucson, for $11.6 million, or $59,164 per unit. The name of the seller was not released. Built in 1985, Sierra Charles features 196 garden-style apartments. Bascom plans to renovate the unit interiors with new countertops and appliances, wood-plank flooring, new baseboards, cabinetry improvements, new fixtures and lighting and a new two-tone paint scheme. Additionally, Bascom plans to improve community amenities with a pool deck expansion, dog park addition and leasing office redesign. Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets arranged the acquisition financing, which MF1 Capital provided. MEB Management Services will provide property management services and CAPgro Construction Management will provide construction management for the renovations.
CHANDLER, ARIZ. — Denver-based Comunale Properties, with Stevens-Leinweber Construction as general contractor, is developing Chandler Connection, a Class A industrial property located adjacent to the Chandler Municipal Airport in Chandler. Located on Germann Road, Chandler Connection will offer 201,000 square feet of mid-bay industrial space featuring 32-foot clear heights, 140-foot to 240-foot bay depths, 52-foot by 60-foot column spacing and a 135-foot fenced and secured concrete truck court. The project will also offer dock-high and drive-in loading, as well as accommodations for users ranging from 14,500 square feet to full building. Construction is slated to begin in July 2021, with completion scheduled for first-quarter 2022. Butler Design Group is serving as architect for the project, which Ken McQueen and Chris McClurg of Lee & Associates will market for lease.
LOS ANGELES — Ready Capital has closed a $13.7 million loan for the acquisition, renovation and stabilization of a Class C apartment community in Los Angeles’ Eastern San Fernando Valley submarket. Upon acquisition, the undisclosed borrower will implement a capital improvement plan to renovate the interiors of the 85-unit property and improve curb appeal. Additionally, the borrower plans to address deferred maintenance issues. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures and interest shortfalls.
By Joe Iannacone, vice president of development, Titan Development; and Rob Burlingame, SIOR, CCIM, senior vice president, CBRE While industrial was a preferred investment vehicle prior to the pandemic, the impacts of COVID-19 have further cemented the property type’s place as the favorite asset class among investors. Newly implemented safety precautions related to COVID-19 have accelerated established trends toward e-commerce and delivery-based shopping. The pandemic has also exposed various weaknesses in the global supply chain, spurring predictions of a return to domestic manufacturing and processing of raw material. As more consumers have yielded to the convenience that e-commerce provides, investors of all types have acknowledged the strength of industrial fundamental metrics, causing demand to spike in the process. As a result, investors have spent the past year seeking existing and new industrial development opportunities to capitalize on what many see as a trend that will likely continue. The increased level of vaccine administration on the horizon has further accelerated this interest in industrial properties, with many experts predicting a return to somewhat normal living, working and shopping habits by the middle of 2021. On a more micro level, one subtype of industrial real estate — cold storage — could also …