SLEEPY HOLLOW, N.Y. — Skanska USA, a division of Swedish construction company Skanska, is constructing the $32 million interior build-out of an office space for Regeneron Pharmaceuticals Inc. in Sleepy Hollow, a northern suburb of New York City. The property is located at 1 Rockwood Road. The project involves the design and construction of an approximately 60,600-square-foot space, as well as upgrades to the air distribution systems, LED lighting, ceilings, flooring and glass front offices. Construction is underway and is scheduled for completion in July 2021.
NEW YORK CITY — ABS Altman Warwick, a New York City-based division of ABS Partners Real Estate, has arranged a $29.7 million refinancing for a three-building multifamily portfolio in Upper Manhattan. The 183-unit portfolio includes a 73-unit building in Washington Heights and two buildings totaling 110 units in Hamilton Heights. Freddie Mac provided the loan at a fixed interest rate of 3.47 percent for 10 years with four years of interest-only payments. John Leslie and Patrick Rhea of ABS Altman Warwick arranged the loan on behalf of the undisclosed borrower, which has owned the portfolio since the early 2000s.
PLAINFIELD, N.J. — Gebroe-Hammer Associates has brokered the $3.2 million sale of Executive Arms Apartments, a 27-unit multifamily community in Plainfield, a southwestern suburb of New York City. Located at 309-315 W. 8th St., Executive Arms exclusively consists of 950-square-foot studios. Stephen Tragash of Gebroe-Hammer represented the seller, 315 West 8 LLC, in the transaction. Niko Nicolaou, also of Gebroe-Hammer, procured the buyer, a private unnamed investor.
NEW YORK CITY — Architecture firm Gluck+ has signed a 5,000-square-foot renewal and expansion of its office lease at the Sweets Building, a 200,000-square-foot office building at the Manhattanville Factory District, a mixed-use development in West Harlem. Gluck+ had occupied 3,600 square feet at the building, which is located at 423 W. 127th St., since 2013. The firm also led the redesign of the property, which served as a brewery before being converted to office. Janus Property Co. is the landlord of Manhattanville Factory District. Both parties were represented internally in the lease negotiations.
SAN DIEGO AND LA MESA, CALIF. — Real Asymmetry has received $58.5 million in refinancing for a recently renovated, five-property multifamily portfolio in San Diego and La Mesa. Zane Sweet of JLL Capital Markets arranged the 10-year, fixed-rate loan through Union Bank for the borrower. Loan proceeds were used to refinance existing bank debt. Totaling 328 workforce-oriented apartments, the portfolio includes Asana at North Park at 3710-3810 Wabash Ave., Pacific Cove at 4019 Oakcrest Drive and 14th Street at 1028 14th St. in San Diego, as well as Tierra Del Rey at 3675 King St. and Tiburon at 7740 Parkway Drive in La Mesa.
PHOENIX — Newport Beach, Calif.-based CapRock Partners has purchased a newly constructed distribution center located at 7200 W. Roosevelt St. in Phoenix. An undisclosed seller sold the asset in an off-market transaction. The acquisition price was not released. Payson MacWilliam and Don MacWilliam of Colliers International represented CapRock in the deal. Situated on 12 acres, the 216,880-square-foot, Class A property features 32-foot clear heights, 30 dock-high doors, two grade-level doors, 48 trailer stalls, a fully secured concrete truck court, 52-foot-by-55-foot column spacing and 3,600 amps, 277/480V power. Additionally, the property was designed to accommodate up to two tenants. CapRock Partners currently owns or is in escrow to purchase in excess of 1 million square feet of industrial space in Phoenix, including a long-term lease of a 110,710-square-foot property in the Sky Harbor submarket.
PHOENIX — Tower Capital has secured two acquisition loans totaling $26.2 million for multifamily properties in Phoenix. The names of borrowers were not disclosed. The Phoenix-based independent structured finance firm arranged $21.5 million for San Maria Apartments, a 400-unit affordable housing complex located at 7002 W. Indian School Road in Phoenix. The gated property features a heated swimming pool, spa, basketball court, on-site laundry facility and covered parking. Additionally, Tower Capital arranged $4.7 million for Arcadia Palms Apartments, a multifamily community located at 4446 N. 36th St. in Phoenix. Situated in the city’s Arcadia submarket, the property features 34 apartments.
MINNEAPOLIS — Target (NYSE: TGT) has unveiled new safety measures to help reduce the spread of coronavirus. Effective April 4, Target will actively monitor and, when needed, meter guest traffic in its nearly 1,900 stores nationwide to promote social distancing. Additionally, Target will supply its more than 350,000 employees in stores and distribution centers with face masks and gloves to wear at work, while continuing to encourage healthy hygiene habits as provided by the Centers for Disease Control and Prevention (CDC). These updates are on top of action the company has taken in recent weeks, such as rigorous cleaning routines at its stores and distribution centers, social distancing measures, Plexiglass partitions at registers and contactless order pickup. Minneapolis-based Target maintains nearly 1,900 stores nationwide.
ROBBINSDALE, MINN. — NAI Legacy has acquired Birdtown Flats as part of its Opportunity Zone investment strategy. Among the first completed ground-up developments in a Minnesota Opportunity Zone, Birdtown Flats opened for initial occupancy in February. It is located in Robbinsdale, just north of Minneapolis. The 152-unit community includes a rooftop deck, fitness center, business center, common area and dog walk. The Beard Group was the developer and Steven Scott Management is the property manager. CliftonLarsonAllen Wealth Advisors assisted in capital raising efforts. NAI Legacy’s Opportunity Zone program offers institutional-quality investments for investors, along with Opportunity Zone tax benefits. Since launching the program, the firm has completed four investments totaling approximately $50 million.
CEDAR FALLS, IOWA — Marcus & Millichap Capital Corp. has arranged a $14.5 million nonrecourse loan for the refinancing of Willow Falls in Cedar Falls. Built in 2017, the 108-unit multifamily property is located at 1003 Bluegrass Circle. Marcus & Millichap arranged the loan at a fixed rate of 4.1 percent on behalf of the undisclosed developer.