YORK, PA. — Larken Associates is underway on construction of The Enclave at Copper Chase, a 107-unit multifamily project in York, a city located approximately 25 miles south of Harrisburg. Located at 3145 Honey Run Drive, the project is an addition to Larken’s existing 132-unit The Reserve at Copper Chase community. The Enclave will include one-, two- and three-bedroom floor plans, a clubhouse and fitness center. The project also includes renovations to the pool and lounge, as well as upgrades to the property’s roofing and exteriors. Larken acquired the property in 2019. The construction schedule was undisclosed.
BERGENFIELD, N.J. — JLL has funded a $30 million Fannie Mae loan for the refinancing of Ivy Lane, a 237-unit multifamily community in Bergenfield, a northwestern suburb of New York City. JLL worked on behalf of the borrower, Tower Management Service LP, to provide the 10-year, fixed-rate Freddie Mac loan. The property features 17 two-story buildings that house a mix of 142 one-bedroom, 86 two-bedroom and nine three-bedroom units with an average unit size of 582 square feet. Thomas Didio and Gerard Quinn of JLL arranged the loan.
FLORENCE, N.J. — Lee & Associates has brokered the $14.7 million sale of a 30.8-acre industrial development site located in Florence, a southern suburb of New Jersey. Located on Railroad Avenue, the property consists of two parcels that have been approved for construction of a 300,700-square-foot warehouse and distribution facility. Details of the construction schedule were undisclosed. Bob Yoshimura, Joe Hill and Eric Mattson led a Lee & Associates team that represented the seller, Foxdale Properties, in the transaction. The team also worked with Robert Lambert of Cushman & Wakefield. Denver-based Black Creek Group was the buyer.
HACKENSACK, N.J. — NAI James Hanson has negotiated a 22,526-square-foot industrial lease for women’s clothing retailer Advance Apparels in Hackensack, a northwestern suburb of New York City. Located at 105-111 S. State St., the property features 20-foot clear heights and 2,000 square feet of office space. Patrick Lennon and Kenneth Lundberg of NAI James Hanson, along with Fred Meyer of NAI Mertz, represented the landlord, Turabdin Realty LLC, in the lease negotiations. Stevie Muller of Equity 3 LLC represented the tenant.
DULLES, VA. — M&T Realty Capital Corp. has provided a $51.2 million Freddie Mac refinancing loan for The Elms at Arcola, a 248-unit apartment complex in Dulles. The locally based borrower, Elm Street Development, delivered the community in 2016. The 10-year, fixed-rate loan features five years of interest-only payments followed by a 30-year amortization schedule. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool with sundeck, gym, yoga room, cyber café and a community garden. Situated off U.S. Highway 50, The Elms at Arcola is 30 miles west of downtown Washington, D.C. Legend Management Group will manage the property. Debra Goldstein and Matthew Hodson of M&T Realty originated the loan on behalf of the borrower.
RICHMOND, VA. — Virginia Gov. Ralph Northam says the state is still on track to begin “Virginia Forward,” the state’s Phase I plan for reopening stores, restaurants and select businesses and organizations starting Friday, May 15. Northam said in a press release Tuesday, however, that Northern Virginia localities are able to delay reopenings to Thursday, May 28 if they feel it is unsafe to reopen Friday. The new guidelines outline more relaxed restrictions, including upping the capacity of non-essential retail from a 10-person limit to 50 percent capacity; allowing restaurants to open outdoor seating with a 50 percent capacity limit; allowing places of worship to have a 50 percent capacity, up from its previous 10-person limit; fitness centers may operate outdoor classes; and allowing for personal grooming services to reopen to appointment-only customers. Some restrictions that are unchanged include schools remaining closed, childcare remaining open only to working families and entertainment and public amusement remaining closed. As of this writing, there were 927 deaths and 26,746 total confirmed cases of COVID-19 in Virginia, according to the Virginia Department of Health.
EAST POINT, GA. — JLL has arranged the $33.5M Sale of Creekside Distribution Center, a 538,500-square-foot property in East Point. Developed in 2016, the property is situated on 32 acres at 2110-2135 Lawrence Ave., five miles north of Hartsfield-Jackson Atlanta International Airport and seven miles southwest of downtown Atlanta. The property features 32-foot clear heights, concrete tilt-wall construction, 85 dock-high doors, five drive-in doors and ESFR fire suppression. Dennis Mitchell, Britton Burdette, Matt Wirth and Brent Bono of JLL represented the seller, a joint venture between Solution Property Group and Singerman Real Estate, in the transaction. Summit Real Estate Group purchased the asset.
LOUISVILLE, KY. — Four Mile Capital has acquired Avalon Springs Apartments, a 141-unit multifamily community in Louisville, for $22 million. The community was built in 2018, spans 18 acres and was 99 percent occupied at the time of sale. The property offers 126 two-bedroom townhomes, as well as 16 two- and three-bedroom apartments that have their own patios. Communal amenities include a fitness center, pool, playground and a clubhouse. Avalon Springs is situated at 7935 Zelma Fields Ave., 17 miles southeast of downtown Louisville. Ed Belz of Newmark Knight Frank originated a Freddie Mac acquisition loan on behalf of the buyer. The 10-year loan features a fixed 3.14 percent interest rate, 65 percent loan-to-value ratio and five years of interest-only payments.
TAMPA, FLA. — Refresco Beverages US Inc. has leased 364,084 square feet of industrial space at 5210 S. 16th Ave. in Tampa. The 10-year lease is valued at $18 million. Refresco Beverages US is a North American subsidiary of the Netherlands-based soft drink bottler and distributor. This is Refresco’s third location in Tampa, growing its footprint in the region by 50 percent. The property, located six miles east of downtown Tampa, was previously home to Southern Glazer’s Wine & Spirits. Ryan Vaught and Robyn Hurrell of Colliers International represented the landlord, RealOp Investments, in the transaction. Foundry Commercial represented the tenant.
SAN ANTONIO — JLL has negotiated the sale of a portfolio of five garden-style affordable housing properties totaling 844 units in San Antonio. The portfolio includes the 120-unit Roselawn Apartments; the 160-unit Spanish Spur Apartments; the 160-unit Villas of Pecan Manor; the 308-unit Westwood Plaza Apartments and the 96-unit Winston Square Apartments. The properties were built between 1960 and 1976 and feature an average unit size of 769 square feet across the portfolio. Moses Siller and Zar Haro of JLL represented the seller, locally based investment firm Terravista Partners, and procured the buyer, Pico Union Housing Corp. Anson Snyder of JLL arranged acquisition financing on behalf of the new ownership.