Property Type

Newmark Brokers Sale of Two Austin Apartment Communities Totaling 560 Units

by Taylor Williams December 16, 2020

AUSTIN, TEXAS — Newmark has brokered the sale of Elan Apartment Homes and Parmer Place, two multifamily communities in Austin totaling 560 units. Elan Apartment Homes was built in 2007 and totals 270 units, while Parmer Place was constructed in 2008 and consists of 290 units. The two properties, which were both 95 percent occupied at the time of sale, were sold as part of a portfolio deal that also included the disposition of a 266-unit community in Morrisville, N.C. Sean Wood and Patton Jones of Newmark represented the seller, New York-based Gamma Real Estate, in the transaction. The buyer was Bluerock, a New York-based institutional alternative asset manager.

December 16, 2020

Acquisitions Industrial Texas

MAG Capital Partners Sells 126,000 SF Industrial Complex in Mansfield, Texas

by Taylor Williams December 16, 2020

MANSFIELD, TEXAS — Locally based investment firm MAG Capital Partners LLC has sold a 126,000-square-foot industrial complex at 601 Airport Drive in Mansfield, a southern suburb of Fort Worth. The six-building site spans 7.5 acres and includes a newly built 22,000-square-foot office building and land for future expansion. The buyer was NexPoint, a Dallas-based alternative investment firm. The tenant, Gamma Aerospace LLC, will continue to occupy the complex for the long term. Peter Bauman and Tivon Moffitt of the Scottsdale, Arizona, office of Institutional Property Advisors, a division of Marcus & Millichap, represented both MAG Capital Partners and the Wisconsin-based buyer in the transaction.

December 16, 2020

Industrial Leasing Activity Texas

S.I. Warehousing Signs 252,203 SF Industrial Lease at Monument Business Park Near Houston

by Taylor Williams December 16, 2020

DEER PARK, TEXAS — Logistics firm S.I. Warehousing Co. Inc., a subsidiary of St. Louis-based Slay Industries, has signed a 252,203-square-foot industrial lease at Monument Business Park in Deer Park, an eastern suburb of Houston. Monument Business Park consists of a 414,900-square-foot cross-dock building and a 194,610-square-foot front-load building that were completed in the fourth quarter of 2019. The buildings feature 32- to 36-foot clear heights and ample trailer parking. David Munson of Boyd Commercial represented the owner and developer, Molto Properties, in the lease negotiations. Kelley Parker, Coe Parker and John Littman of Cushman & Wakefield represented the tenant.

December 16, 2020

Industrial Loans New York Northeast Self-Storage

Talonvest Arranges $59.5M Loan for Refinancing of Three Self-Storage Facilities in New York

by Taylor Williams December 16, 2020

OCEANSIDE, GARDEN CITY AND HEWLETT, N.Y. — Mortgage banking firm Talonvest Capital LLC has arranged a $59.5 million bridge loan for the refinancing of three self-storage facilities in New York. The newly constructed properties total 246,248 net rentable square feet and are located in the Long Island hamlets of Oceanside, Garden City and Hewlett. Utah-based REIT Extra Space Storage operates the properties. The nonrecourse loan featured a 48-month term with extension options and a loan-to-value ratio of 80 percent. The borrower was Illinois-based LSC Development. The direct lender was not disclosed.

December 16, 2020

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Elevation Financial Buys 121,000 SF Seniors Housing Property in Brewster, Massachusetts

by Taylor Williams December 16, 2020

BREWSTER, MASS. — Private equity firm Elevation Financial Group has purchased Wingate Residences at Brewster Place, a 121,000-square-foot seniors housing property in Brewster, located on Cape Cod. The sales price was $4 million. The property was originally built in 1973, expanded in 1995 and offered skilled nursing and assisted living services before it closed in 2019. Elevation will reposition the site to serve as an independent living community with affordable housing for adults age 55 and above that will be rebranded as Serenity Apartments at Brewster. The seller was not disclosed.

December 16, 2020

Development Multifamily Northeast Pennsylvania Seniors Housing

Partnership to Build 96 Affordable Seniors Housing Units Near Philadelphia

by Taylor Williams December 16, 2020

RIDLEY TOWNSHIP, PA. — A partnership between Pennrose, the Delaware County Housing Authority, the County of Delaware and the Pennsylvania Housing Finance Agency has closed on financing for the final phase of the Kinder Park redevelopment in Ridley Township. The project will add 96 units of affordable seniors housing to the Kinder Park site, located near Philadelphia International Airport. The site already features 160 existing affordable apartments for seniors and individuals with disabilities, 154 townhomes, a community building and several parks. This phase is slated for completion in spring 2022.

December 16, 2020

Acquisitions NAI New Jersey Northeast Office

NAI DiLeo-Bram Brokers Sale of 22,542 SF Office Building in Springfield, New Jersey

by Taylor Williams December 16, 2020

SPRINGFIELD, N.J. — NAI DiLeo-Bram has brokered the sale of a 22,542-square-foot office building located at 120 Mountain Ave. in the Northern New Jersey city of Springfield. The property sits on a one-acre site with proximity to the Morris Turnpike, State Route 24 and the Garden State Parkway. Robert DiLeo and Robert Dinner of NAI DiLeo-Bram represented the buyer in the transaction. Colliers International represented the seller. Additional terms of sale were not disclosed.

December 16, 2020

Leasing Activity New York Northeast Office

JLL Negotiates 14,795 SF Office Lease at 485 Lexington Avenue in Manhattan

by Taylor Williams December 16, 2020

NEW YORK CITY — JLL has negotiated a 14,795-square-foot office lease at 485 Lexington Avenue in Manhattan for marketing company Trusted Media Brands, which is relocating from 750 Third Avenue. The term of the new lease is 10 years. Matthew Astrachan, Mitch Konsker and Kristen Morgan of JLL represented the tenant in the lease negotiations. Paul Glickman, Jonathan Fanuzzi, Diana Biasotti and Kip Orban, also with JLL, represented the landlord, SL Green.

December 16, 2020

Affordable Housing Development District of Columbia Multifamily Southeast Top Stories

Toll Brothers, GSLM Receive $160M in Construction Financing for Multifamily Redevelopment Project in Washington, D.C.

by Kristin Harlow December 16, 2020

WASHINGTON, D.C. — Toll Brothers Apartment Living and GSLM Capital Partners, a venture between L+M Development Partners and Goldman Sachs Urban Investment Group, have received $160 million in construction financing for Phase I of a new multifamily project in the NoMa neighborhood of Washington, D.C. The project will redevelop Sursum Corda Cooperative, a low-income housing complex built in 1968. Sursum’s tenant association sold the site in 2018. As part of the agreement, current residents of Sursum will have the right to rent up to 127 units included in the new complex. Phase I of the project will include 561 units, approximately 20 percent of which will be designated as affordable. It will also feature one acre of public open space and nearly 50,000 square feet of amenities. Citi Community Capital provided the $160 million, funded with $23 million of tax-exempt notes issued through the Washington, D.C. Housing Finance Agency and a $137 million taxable construction loan. In addition, Citi arranged a $160 million forward commitment for permanent financing from Freddie Mac in its role as an Optigo lender. Goldman Sachs, in addition to its land loan financing and equity participation, will purchase approximately $15.7 million of low-income housing tax credits. …

December 16, 2020

Development Office Southeast Tennessee

Endeavor, Granite Properties Open 20-Story Office Building in Nashville’s Gulch District

by Alex Tostado December 15, 2020

NASHVILLE, TENN. — Austin-based Endeavor Real Estate Group and Dallas-based Granite Properties have finished construction on 1222 Demonbreun at Gulch Union, a 20-story, 330,000-square-foot office building in Nashville’s Gulch district. The property also features 6,000 square feet of ground-level retail space. The building is now open to tenants. Amenities include a fitness center, training room, sky lounge, catering kitchen and a parking garage. Cushman & Wakefield is handling leasing at the site, which has announced tenants including Revance Therapeutics Inc., RSM Accounting, staffing agency Insight Global, tax and advisory firm Dixon Hughes Goodman and Cahaba Wealth Advisors. Dallas-based HKS Inc. designed the building to meet LEED Silver certification. The building also includes the use of MERV 13 air filters and distribution system, which helps eliminate airborne viruses and toxins.

December 15, 2020

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