NEW HAVEN, CONN. — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of Westville Village Apartments, a 294-unit multifamily community in New Haven. Built on eight acres in 2008, the property offers amenities such as a clubhouse, fitness center, game room and outdoor courtyards. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
LOWELL AND BILLERICA, MASS. — A partnership between Marcus Partners and Rhino Capital Advisors has acquired a 180,000-square-foot industrial portfolio in metro Boston. The portfolio consists of two buildings, one in Lowell and the other in Billerica, both of which are northern suburbs of Boston. The sales price was $13.5 million. The seller was not disclosed. Brett Paulsrud, Amy Lousararian and Madeline Joyce of JLL arranged $9.1 million in fixed-rate acquisition financing through Webster Five Cents Savings Bank for the deal.
NEW YORK CITY — NorthMarq has provided a $44.5 million Freddie Mac loan for the refinancing of Briarwood Gardens, a 514-unit multifamily property located in the Jamaica area of Queens. The property was built in the 1950s and offers studio, one- and two-bedroom units, as well as a playground, dog park and onsite laundry facilities. Robert Ranieri of NorthMarq originated the fixed-rate loan. The borrower was not disclosed.
NEW YORK CITY — Marcus & Millichap Capital Corp. (MMCC) has arranged a $34.4 million bridge loan for the refinancing of a 117-unit apartment building in the Williamsburg neighborhood of Brooklyn. The property, which includes 4,000 square feet of commercial space, was originally built as a pencil factory and was converted to multifamily in 2012. A private lender provided the five-year loan, which was structured with a 3.65 percent interest rate, three years of interest-only payments and a 75 percent loan-to-value ratio. Steven Rock of MMCC originated the debt. The borrower was not disclosed.
CHICAGO — California-based investment firm KBS has received a $375 million loan for the refinancing of Accenture Tower, a 40-story, 1.5 million-square-foot office building located at 500 W. Madison St. in downtown Chicago. Accenture Tower, named for the accounting firm formerly known as Arthur Andersen that changed its name following the 2001 Enron scandal, was originally built in 1987. The LEED Gold-certified building sits above the Ogilvie Transportation Center, one of two main train stations in Chicago’s West Loop, which connects the suburbs with the downtown area. In terms of amenities, Accenture Tower features a fitness center, tenant lounge, and conference centers. Tenants also have access to an onsite bank branch, courier service and concierge service. U.S. Bank and Bank of America jointly provided the financing, which consisted of a $281 million term loan and a $94 million revolving loan. The term loan was structured with a three-year initial term with two one-year extension options, and priced with floating interest rate over LIBOR. U.S. Bank will be the primary servicer of the loan. Deutsche Pfandbriefbank, a German bank specializing in real estate and public sector financing, participated in the transaction, though the company’s role was unclear. “The iconic nature of …
MIAMI — Walker & Dunlop has arranged $43 million in construction and acquisition financing for 1 Southside Park, a mixed-use development spanning a full city block in Miami’s Brickell district. The borrower is JDS Development Group, a development firm based in New York City. Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Diaz, Michael Ianno, Sean Bastian and Ian Hawk arranged the fixed-rate, interest-only loan through Atalaya Capital. Designed by SHoP Architects, 1 Southside Park will feature a 64-story apartment tower comprising 1,175 units, as well as 190,000 square feet of office space, a 200-room hotel, 10,000 square feet of retail space and 1,400 parking spaces. The project will be located near the Miami-Dade Metrorail Brickell Station as well as The Underline, a newly delivered linear park stretching from Brickell to Dadeland. Landscape architect James Corner Field Operations is working with JDS to integrate 1 Southside Park with The Underline, which was formerly a Metrorail line. The new development will feature 90,000 square feet of wellness-centric amenities such as a fitness center and spa to complement The Underline. JDS plans to break ground in the near future, according to founder and CEO Michael Stern.
MEMPHIS, TENN. — Unis LLC, a third-party logistics provider (3PL), has signed a 474,000-square-foot lease for fulfillment space in the Southeast industrial submarket of Memphis. The California-based firm will occupy space at 4400-4500 Quality Drive within Southpark, a Class A development situated near the BNSF Railway Company Intermodal Facility. Patrick Walton of CBRE represented the landlord, Dawson Logistics Assets LLC, an affiliate of Mapletree Investments, in the lease transaction. Jessican Chen of Kander Pacific Inc. represented the tenant. The new lease will bring Unis Memphis footprint to more than 600,000 square feet.
ROCKVILLE, MD. — An affiliate of The Milestone Group has purchased The Villages at Decoverly, a 564-unit garden-style apartment community located in Rockville. Decoverly is located at 9901 Gable Ridge Terrace, approximately 24 miles from Washington, D.C. Decoverly was developed in stages in 1991 and 2006. The community features a variety of one-, two- and three-bedroom floor plans and common area amenities including two pools, two fitness centers, tennis courts, an outdoor grilling and entertainment area and a children’s play area. Steve Collins, Water Coker, and Brian Crivella and Robert Jenkins of JLL Capital Markets represented the seller, an undisclosed foreign investor, in the transaction. The sales price was not disclosed.
CHARLOTTE, N.C. — Big Cypress Capital and LPA Urban have completed the $17.3 million sale of 2317 Thrift Road, a two-story adaptive reuse office property spanning 38,000 square feet in Charlotte’s FreeMoreWest neighborhood. Big Cypress Capital and LPA Urban purchased the asset in January 2019 and signed local advertising firm Wray Ward to anchor the space in summer 2019. The co-owners redeveloped the existing 19,000-square-foot structure and doubled the footprint with a new addition ahead of its delivery in October 2020. Naples, Fla.-based Big Cypress sold the asset via its Headwaters Strategic Operator platform. It was the first sale in the firm’s 2018 Vintage Year Headwaters Real Estate Opportunities Fund I. The buyer was a joint venture partnership that is backed by an undisclosed institutional investor.
HUNTSVILLE, ALA. — Bayer Properties has signed leases with The Cheesecake Factory and Main Event Entertainment at Bridge Street Town Centre, a mixed-use development in Huntsville. Cheesecake Factory is expected to open this winter, while Main Event will be open by 2022. The Cheesecake Factory has 209 full-service restaurants, and the new Bridge Street Town Centre location will mark the company’s first in the Huntsville market and the second in Alabama. The restaurant will be located on the south end of the property in a 7,350-square-foot space, next to Barnes & Noble and across from P.F. Chang’s. Main Event at Bridge Street Town Centre will be the company’s first location in the state of Alabama, and its location at Bridge Street Town Centre will open near the Panera Bread. Bridge Street Town Centre features a mix of more than 50 unique-to-market brands and specialty stores, as well as a variety of market-exclusive restaurants. The property is also home to more than 207,000 square feet of Class A office space that is fully leased, as well as a 232-room Westin hotel, 150-room Element by Westin hotel, 244-unit Seleno luxury apartment complex and a recently opened 131-room Hyatt Place Hotel. Bayer Properties …
