HURON, S.D. — Dougherty Mortgage LLC has provided a $5.5 million Fannie Mae loan for the refinancing of Wheatgrass Village in Huron in eastern South Dakota. Constructed in 2018, the 81-unit property consists of one three-story apartment building and two two-story rental townhomes. The property also includes two single-story garage buildings. The 12-year loan features a 30-year amortization schedule. Wheatgrass Village LLC was the borrower.
ST. CHARLES, MO. — Marcus & Millichap has arranged the $1.4 million sale of a 5,159-square-foot urgent care facility net leased to Our Urgent Care in St. Charles near St. Louis. The property is located at 2893 Veterans Memorial Parkway. Benjamin Bach and Dominic Sulo of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. An out-of-state buyer completing a 1031 tax-deferred exchange purchased the building at 100 percent of the list price.
BEAVERTON, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Murray Highland Memory Care in Beaverton, a suburb of Portland. The community features 18 memory care units totaling 24 beds. The 12,048-square-foot community was built in 2018 on a 0.7-acre plot. The average rent is $7,350 per month. The seller is a local owner exiting the seniors housing industry. The buyer is a regional operator with an existing portfolio in California, and looking to expand to Oregon. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. The price was not disclosed.
What a time to write an article on the state of the retail real estate market in Birmingham. A few short weeks ago this would have been a much easier task. The fundamentals of the Birmingham retail market are healthy and exciting despite the current health crisis and the fact that we have experienced very little population growth. I travel across the country regularly, and there is a national undercurrent about Birmingham that is exciting. Birmingham is spoken about nationally as a city with great food and quality of life, which are the types of things always said about a city prior to it hitting a tipping point. We expect that consumer behavior is going to be different coming out of the pandemic, and that the way retail and restaurant businesses operate will continue to adapt to that consumer behavior. Traditional developments Traditional shopping centers continue to be strong regional draws, with tenant mixes focusing on local and national brands. Lee Branch is one of the most successful in Birmingham. The Dick’s Sporting Goods and Golf Galaxy side-by-side concept opened in February at Lee Branch and is the first of its kind in the state. Discount retail, although not new, …
SAN ANTONIO — The San Antonio Apartment Association has proposed an emergency rental assistance program as a means of helping residents that are struggling to pay rent as a result of COVID-19. The organization is encouraging its members to forgive 25 percent of their outstanding rents and waive late fees for residents earning less than the area median income who can also show proof of unemployment.
PASADENA, TEXAS — Marcus & Millichap has arranged the sale of two workforce housing communities totaling 227 units in the eastern Houston suburb of Pasadena. Jeffrey Fript and Christian Mazzini of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer. The new ownership will implement a value-add program.
EL PASO, TEXAS — Greysteel has brokered the sale of a two-property multifamily portfolio located at 525 and 670 N. Carolina Drive in El Paso. The properties were built in 1981 and feature two-bedroom units with an average size of 600 square feet. Jack Stone, Doug Banerjee and Andrew Hanson of Greysteel represented the seller and procured the buyer in the transaction. Fisher Wells and Daniel Harnett of Greysteel arranged acquisition financing for the buyer. Both parties requested anonymity.
AUSTIN, TEXAS — The Jenkins Organization, a Houston-based self-storage development and management firm has acquired the 74-site Austin Oaks RV Resort. The company will rebrand the community and implement a capital improvements program to the RV sites, pool, clubhouse, dog park and other common areas. The seller was not disclosed.
AUSTIN, TEXAS — San Diego-based investment firm H.G. Fenton Co. has purchased Casa Del Sol and Saltillo, two multifamily communities totaling 70 units in Central Austin. Both properties feature a pool and outdoor grilling areas. Muskin Commercial LLC represented the California-based seller in the transaction.
NEW ORLEANS — The New Orleans Redevelopment Fund (NORF) has received a $45 million loan to convert the Warwick Hotel in downtown New Orleans into student housing for Tulane University medical students. The 12-story building will offer 154 units that are expected to be move-in ready by August 2021. The property is situated at 1315 Gravier St., adjacent to Tulane University Medical School. Tulane University has signed a long-term lease with NORF. The community will feature ground-level retail space, a full-service restaurant, coffee shop and patio seating. As part of the $45 million construction loan, Hancock Whitney Bank provided bridge financing and Midland State Bank provided Historic Tax Credits to the developer. The Warwick Hotel was originally built in 1952 and has sat dormant since Hurricane Katrina hit the city. Hernandez Consulting & Construction will serve as the general contractor, and Albert Architecture and SCNZ are the project’s architects.
