BOSTON — Cornerstone Realty Capital has arranged a $4.4 million construction loan for a nine-unit multifamily project in the Allston neighborhood of Boston. Units will feature granite countertops, custom cabinetry, stainless steel appliances and individual washers and dryers. Andrew Saccone of Cornerstone originated the financing, which was structured with 24 months of interest-only payments and a 30-year amortization schedule. The borrower and direct lender were not disclosed.
CHICAGO — Fifield Cos. has begun the lease-up of Westerly, a 188-unit apartment complex located at 740 N. Aberdeen St. in Chicago’s River West neighborhood. The Chicago-based developer expects the first move-ins to begin this month. The 11-story building also serves as the latest canvas for Chicago-based artist Sentrock. Designed by FitzGerald Associates Architects and constructed by James McHugh Construction Co., Westerly features a mix of studio, one-, two- and three-bedroom floor plans ranging in size from 544 to 1,513 square feet. Amenities include a fitness center, resident lounge, coffee bar, party room, coworking space, sun terrace, pool, rooftop deck and 80-space parking garage. Residents also have access to a new public park, created by Fifield and designed by Hitchcock Design Group, that features a dog park, green space and seating. Monthly rents start at $1,458. Residents can now receive up to three months of free rent.
WILMINGTON, OHIO — KeyBank Real Estate Capital has provided a $17.6 million CMBS loan for the acquisition of a 615,000-square-foot warehouse in Wilmington, located between Cincinnati and Columbus. Built in 1990, Progress Park is home to tenants such as G&J Pepsi-Cola Bottlers and Greencore USA. Jake Proctor of KeyBank structured the 10-year, fixed-rate loan, which features three years of interest-only payments followed by a 30-year amortization schedule. I3 Investors, an Indianapolis-based private real estate investment firm, was the borrower.
DETROIT — Avanath Capital Management has acquired North End Village and Cameron Court, two affordable housing properties in Detroit. Avanath purchased the 50-unit North End Village for $2.1 million. Built in 2005, the community is fully leased and consists of four two-story buildings. Avanath is planning to make capital improvements such as LED lighting, landscaping, exterior paint, balcony repairs and parking repairs. Avanath acquired Cameron Court for $1.3 million. The 48-unit affordable seniors housing property was built in 2008. The three-story building is fully leased. Avanath will make renovations such as hallway painting, exterior fencing, new common area furniture, a community room renovation and the construction of a senior wellness center.
ROMEOVILLE, ILL. — King Solutions has signed a 138,000-square-foot industrial lease at 200 S. Pinnacle Drive in Romeoville. The provider of custom logistics solutions will relocate from 500 Regency Drive in Glendale Heights once the new lease commences in November. The property features 42 trailer positions, 28 docks, 2,000 square feet of office space and a clear height of 32 feet. Mike Morgan, Brian Netsky and Jim Herbst of Colliers International represented the tenant in the lease transaction. The landlord was undisclosed.
PORTLAND, ORE. — Oregon Transfer Co. has completed the disposition of the Purdy Brush Building, located at 13201 N. Lombard St. in Portland’s Rivergate Industrial District. The name of the buyer and acquisition price were not released. The Purdy Brush Building has served as the global headquarters and primary paintbrush manufacturing facility of Purdy, a consumer brand company of Sherwin-Williams, since 1985. Originally built in 1980 on a 9.5-acre site, the property features 95,468 square feet, 192 parking spaces, yard storage and two acres of excess land. Paige Morgan and Charles Safley of CBRE Capital Markets represented the seller in the deal.
BAKERSFIELD, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Pine Brook Apartments, a multifamily property located at 5000 Belle Terrace in Bakersfield. A Northern California-based private capital investor acquired the asset for $22 million. Mark Bonas of TMG represented the seller, a long-time owner based in Southern California. Built in 1971 on a 9.2-acre site, Pine Brook Apartments features 240 apartments, two swimming pools and spas, a fitness center, garages, covered parking, a leasing center, community clubhouse, outdoor barbecue stations and laundry facilities.
BOTHELL, WASH. — Dwight Capital has provided a $36.2 million HUD 223(a)(7) loan for Willina Ranch Apartments, a multifamily property located in Bothell. The refinance includes a Green Mortgage Insurance Premium (MIP) Reduction set at 25 basis points as the property is Energy Star certified. Josh Sasouness and Josh Hoffman of Dwight Capital originated the transaction. Built in 2000, the property features 175 apartments, a swimming pool, business center, clubhouse and fitness center.
PHOENIX — Fort Worth, Texas-based MAG Capital Partners has purchased an industrial facility located at 2525 E. Beardsley Road in Phoenix. The asset was acquired for an undisclosed price in a sale-leaseback transaction with Arizona Natural Resources (ANR), the current tenant. Built by ANR in 1992, the two-story, 130,656-square-foot building features office, warehouse and research space on a 5.4-acre site. ANR, which Chicago-based CORE Industrial Partners acquired in June, develops and manufactures skin, home and haircare products. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented MAG Capital Partners, led by principals Dax Mitchell and Andrew Gi. J.C. Asensio, Briggs Goldberg, Andrew Sandquist and Tyrell McGee of Newmark Knight Frank’s Chicago office represented the seller, CORE Industrial Partners, in the transaction.
NASHVILLE, TENN. — Southwest Value Partners has opened Grand Hyatt Nashville, a 25-story, 591-room hotel located within the 18-acre Nashville Yards development in downtown Nashville. The hotel features a signature restaurant from James Beard Award-winning chef Sean Brock; a rooftop lounge; a fifth-floor “wellness level” that includes a fitness center, pool overlooking downtown and spa; and 77,000 square feet of event and pre-function space, including a 20,000 square-foot grand ballroom. Southwest Value Partners built the hotel in partnership with Clark Construction Group and Bell & Associates Construction, with HKS Architects as designer. The project is the first building to open within Nashville Yards, a mixed-use development set to include more than 3.5 million square feet of office space, 1,000 residential units, 400,000 square feet of retail and entertainment space, 1,100 hotel rooms and a 1.3-acre urban park upon completion. In addition to the Grand Hyatt Nashville, the Clark/Bell team is working with Southwest Value Partners to develop Parcel 4 of Nashville Yards, a planned 24-story office tower and associated parking garage that will serve as Amazon’s new Operations Center of Excellence. Southwest Value Partners is a privately-held real state investment company based in San Diego. — Katie Sloan