BOSTON — Cornerstone Realty Capital has arranged $6.9 million in construction financing for a 12-unit apartment project in the Jamaica Plain neighborhood of Boston. Units will average 1,300 square feet and will feature stainless steel appliances, custom cabinetry and in-unit washers and dryers. The loan was structured with 24 months of interest-only payments and a 28-year amortization schedule.
GRAND FORKS, N.D. — NorthMarq has arranged $33.4 million in combined agency debt financing for the acquisition of four multifamily properties in Grand Forks, the third-largest city in North Dakota. The workforce housing properties total 691 units and include Forest Park Apartments, Valley Park Manor, Southwind Apartments and Landmark Estates. The Freddie Mac loans range from $2.9 million to $15.9 million. The 15-year loans feature 30-year amortization schedules. Brett Hood of NorthMarq’s Chicago office structured the loans.
TERRE HAUTE, IND. — Gladstone Commercial Corp. has acquired a 153,600-square-foot distribution facility in Terre Haute for $10.6 million. The property was constructed as a build-to-suit for Clabber Girl Corp. in 2010 and is fully leased to the tenant. Terre Haute-based Clabber Girl manufactures baking powder, baking soda and corn starch. Jeff Castell of Cushman & Wakefield represented the undisclosed seller. The building features a clear height of 32 feet, nine dock doors and one drive-in door.
INKSTER, MICH. — KeyBank Community Development Lending and Investment has provided a $5 million bridge loan for the preservation of Cherry Hill Place Apartments in Inkster, about 20 miles west of Detroit. The 186-unit affordable housing property was constructed in 1979 as a HUD Section 8 community. Within the development, 150 units are designated for low-income seniors and 36 are designated for low-income families. Derek Reed and Alton Tinker of KeyBank structured the financing on behalf of the borrower, Larc Community Development Group.
CHICAGO — The Boulder Group has brokered the sale of single-tenant CVS Pharmacy property in downtown Chicago for $4.9 million. The 8,781-square-foot store is located on the ground floor of a 180-unit condo building at 520 S. State St. Randy Blankstein and Jimmy Goodman of Boulder represented both the seller, a local real estate owner, and the buyer, a Southeast-based real estate investment firm. CVS has more than 10 years remaining on its lease.
SAN DIEGO — Longfellow Real Estate Partners has purchased Creekside, a three-building office property located in San Diego’s Sorrento Mesa submarket. The price was not disclosed. The acquisition brings Longfellow’s San Diego portfolio to more than 660,000 square feet spanning 23 buildings in the Sorrento Valley and Sorrento Mesa submarkets. The company plans to immediately convert 60,000 square feet of existing vacancy and eventually transition the entire 124,473-square-foot campus into state-of-the-art lab space. Creekside is part of Longfellow’s SOVA Science District campus — throughout which Longfellow is completing campus façade enhancements and an outdoor amenity space featuring murals by local artists that will be unveiled this fall. Creekside tenants will also have access to Elevate, Longfellow’s proprietary tenant amenities and hospitality offerings, including a fitness center, brewery, restaurant, coffee shop, programs and services. Louay Alsadek and Hunter Rowe of CBRE and Chris High and Steve Bruce of Newmark Knight Frank assisted with the transaction. Newmark Knight Frank will continue to represent Creekside as leasing agent for Longfellow.
COLTON, CALIF. — JLL Capital Markets has secured $23.7 million in acquisition financing for Pellisier Logistics Center, an industrial warehouse and distribution property located at 1901 W. Center St. in Colton. Marc Schillinger, Keith Rosso and Eric Boucher of JLL’s Debt & Structured Finance group in Century City, Calif., placed the two-year, fixed-rate loan with Thorofare Capital for the borrower, a privately owned apparel manufacturer. Loan proceeds were used to purchase the asset immediately upon completion by developer Hillwood Investment Properties, a Perot Co. The property was 100 percent leased simultaneously with closing for an initial lease term of 10 years, excluding two five-year extensions options at a fair-market, triple-net rate. Situated on 12.5 acres, the newly constructed, 232,588-square-foot Pellisier Logistics Center features 36- to 42-foot clear heights, 24 dock-high doors, 168 trailer parking spaces and 219 auto parking spaces.
BOISE, IDAHO — New York-based Berkadia has acquired LIHTC Advisors, a Boise-based brokerage firm that serves apartment investors with a focus on affordable housing. Jeff Irish and Brandon Grisham, formerly principals of LIHTC Advisors, will lead the new team in Boise. Prior to the merger, Irish and Grisham were involved in the sale of more than $2 billion of affordable housing assets throughout the country. In 2019, Irish and Grisham closed 53 transactions and are expected to exceed that this year. The addition of LIHTC Advisors will broaden Berkadia Affordable’s market presence and support long-term strategic growth under the leadership of David Leopold, senior vice president and head of Berkadia Affordable. “This is a huge step forward in Berkadia’s goal of expanding our affordable housing team, another investment in this critical space,” says Berkadia CEO Justin Wheeler. In 2019, Berkadia’s loan origination volume was $27 billion, while its investment sales platform totaled $9 billion.
CHANDLER, ARIZ. — NAI Horizon has arranged the sale of American Self Storage & Mail Center located at 12220 E. Riggs Road in Chandler. Lawhead Family LLC sold the property to Vault at Riggs Road LLC for $8.3 million. Denise Nunez and Victoria Filice of NAI Horizon represented the seller and secured the buyer in the deal.
WOODINVILLE, WASH. — Gantry has arranged a $5.6 million loan for Underwood Gartland 216 LLC. The funds will refinanc debt on UG216, an industrial property in Woodinville. Michael Wood and Colin Ceithaml of Gantry represented the borrower and secured the loan with a 10-year term and 30-year amortization through State Farm. Bio-Rad Laboratories, a life sciences research and clinical diagnostic products company, occupies the 71,750-square-foot building, which is located at 8415 216th St. SE. Built in 1999, the facility features 20 dock-high doors, four grade-level doors and 24-foot clear heights.