BOSTON — Berkadia has provided a $17.5 million Fannie Mae loan for the refinancing of a portfolio of 11 multifamily properties totaling 89 units in Boston. The properties are primarily located in the Dorchester and Mattapan areas on the city’s south side. Mitch Sinberg, Matthew Robbins and Wesley Moczul of Berkadia originated the 12-year, fixed-rate loan on behalf of the borrower, BT Holland Real Estate.
EVERETT, MASS. — The Neighborhood Developers, a Massachusetts-based nonprofit organization, is underway on construction of an affordable housing project in Everett, a northern suburb of Boston. The project will add 77 units for seniors age 62 and above, as well as a 4,000-square-foot healthcare facility, to the local supply. The project also includes six townhomes that will be listed for sale at below-market prices. A completion date was not disclosed.
BENSENVILLE AND WOOD DALE, ILL. — Lee & Associates has negotiated four industrial leases totaling 178,978 square feet in suburban Chicago. Chris Nelson, Jeff Janda and Michael Plumb of the brokerage represented owner Prologis on a lease of 92,000 square feet at 491 Supreme Drive in Bensenville. David Haigh of NAI Hiffman represented the tenant, Expo Lanka USA LLC. Next, Nelson and Calvin Gunn of Lee & Associates represented tenant Hoson Logistics on its lease of 47,379 square feet at 472 Thomas Drive in Bensenville. Sam Durkin of JLL represented the owner, Link Logistics Real Estate. In the third deal, American Distributors leased 30,226 square feet at 1049 Industrial Drive in Bensenville. Brad Simousek and Michael Plumb of Lee & Associates represented the undisclosed landlord. Last, Simousek represented Dental Health Products in its lease of 9,373 square feet at 1371 N. Wood Dale Road in Wood Dale. Hamilton Partners owns the building.
PLYMOUTH, MICH. — Bernard Financial Group has arranged a $23.5 million construction-to-permanent loan for a 477,165-square-foot industrial building in Plymouth, about 25 miles west of Detroit. Ashley Mastronardi LLC was the borrower. Dennis Bernard and Joshua Bernard of Bernard Financial Group arranged the loan with Aegon Life Insurance Co. Loan terms were undisclosed.
CHICAGO — Interra Realty has brokered the $9.5 million sale of a multifamily portfolio in Chicago’s Lincoln Square neighborhood. The portfolio includes: 4621-25 N. Lincoln Ave., a building with 25 apartment units and four ground-floor retail spaces; and 2243-51 W. Eastwood Ave., a 16-unit apartment building. The properties were originally built in the 1920s. The apartment units feature new tile flooring and cabinetry as well as stainless steel appliances. Joe Smazal of Interra represented the seller, a venture of New York-based Pioneer Acquisitions LLC. Smazal also represented the buyer, a venture led by Jeff Weinberg of Chicago-based Drexel Properties. The buyer assumed the existing CMBS financing.
COLUMBIA, ILL. — Marcus & Millichap has negotiated the $4.1 million sale of a Walgreens-occupied property in Columbia, approximately 15 miles south of St. Louis. The net-leased asset, built in 2003, is located at 100 Admiral Weinel Blvd. Walgreens has 10 years remaining on its lease term. Nicholas Kanich of Marcus & Millichap’s Chicago office represented the seller, a private investor. Benedict Gutierrez, Drew Kristol and Kirk Olson of Marcus & Millichap’s Miami office secured and represented the buyer, an individual trust.
CHICAGO — Workbox Coworking Co. has signed a 15,295-square-foot, full-floor lease at 306 West Erie in Chicago. Workbox expects to occupy its space in mid-2021. North Wells Capital and Urban Innovations recently completed the expansion and redevelopment of the office and retail property. Additionally, the developers have commenced construction on the street-level buildout for Fairgrounds Coffee & Tea, which is slated to open in mid-2021. The location will be the brand’s sixth in the Chicagoland area. The building is part of Verso, a three-building collection in Chicago’s River North. JLL is the leasing agent for 306 West Erie and the entire Verso portfolio.
REDONDO BEACH, CALIF. — Hawkwood Ventures has purchased Linq, a two-building creative office campus located at 2400 Marine Ave. in the Los Angeles suburb of Redondo Beach. EverWest Real Estate Investors sold the property for $24 million. Developed in 1964 and renovated in 2018, Linq features a total of 50,000 square feet of office space with private tenant entrances, glass roll-up doors, skylights and a wrap-around boardwalk, as well as new power, landscaping, lobby, restrooms and signage. At the time of sale, the property was fully leased to multiple tenants. Steve Solomon, Kristen Bowman and Andrew Harper of JLL represented the seller, while the buyer was self-represented in the transaction.
CARLSBAD AND RANCHO MIRAGE, CALIF. — Bayshire Senior Communities, a boutique senior living owner and operator, has acquired Brookdale Carlsbad and Brookdale Rancho Mirage, renaming the two communities as Bayshire Carlsbad and Bayshire Rancho Mirage. Both properties are continuing care retirement communities, each featuring 90 independent and assisted living units, 24 memory care units and 45 skilled nursing units. Carlsbad is located north of San Diego, and Rancho Mirage is part of the Inland Empire. Bayshire is an owner-operator headquartered in Escondido, a suburb of San Diego.
ARVADA, COLO. — New York-based The Praedium Group has purchased Gateway Arvada Ridge, a multifamily property in Arvada, a suburb of Denver. Terms of the transaction were not released. Constructed in 2019, the four-story Gateway Arvada Ridge features 296 apartments located along air-conditioned interior corridors. Units offer quartz countertops, stainless steel appliances, large kitchen islands, walk-in closets and floor-to-ceiling windows. Community amenities include a swimming pool and spa; a two-story clubhouse with game room and billiards; fitness center with spin studio; pet park and spa; community grilling areas; and a bike wash/repair shop. Additionally, the property features 534 parking spaces, including 12 direct-access garages, 12 carriage building garages, 75 breezeway garages, 48 detached satellite garages, 47 carports and 340 open spaces.