Property Type

MedCore Partners Purchases 582-Unit Seniors Housing Portfolio in Washington, California

by Amy Works July 13, 2020

WASHINGTON AND CALIFORNIA — MedCore Partners and The National Realty Group, together with BMO Harris Bank and Locust Point Capital, have acquired a 582-unit independent living, assisted living and memory care portfolio in seven markets in Washington and California. The communities in the initial acquisition include five assets in Washington: Birchview Memory Care in Sedro-Wooley with 60 units Discovery Memory Care in Sequim with 55 units The Sequoia in Olympia with 92 units the 72-unit Cooks Hill Manor in Centralia the 136-unit The Village in Tacoma. the 91-unit Del Obispo Terrace in San Juan Capistrano the 76-unit Westminster Terrace in Westminster. MedCore plans to deploy more than $13 million of capital expenditures to improve the facilities. The company has retained Tacoma-based Senior Services of America (SSA) as the manager of the properties. SSA has managed the communities since 2001. BMO Harris Bank provided the senior loan for the acquisition.

July 13, 2020

Acquisitions Arizona Industrial Western

CBRE Secures $22M in Acquisition Financing for Cold Storage Facility in Phoenix

by Amy Works July 13, 2020

PHOENIX — CBRE Capital Markets Debt & Structured Finance has arranged a $22 million loan for the acquisition of a cold storage facility in Phoenix. Bruce Francis, Robert Ybarra, Shaun Moothart, Dana Summers, Doug Birrell and Jim Korinek of CBRE facilitated the loan on behalf of the borrower, a joint venture between Condor Cold Storage and AEW Capital Management. Located at 7000 W. Buckeye Road, the 285,022-square-foot property features 36-foot clear heights and office, warehouse, baking, production and ammonia freezer facilities. Café Valley Bakery, a producer of bakery products for in-store bakeries, club stores, foodservice and convenience stores, fully occupies the property. The asset was built in 2010.

July 13, 2020

Arizona Industrial Loans Western

Gantry Arranges $17M in Acquisition Financing for Industrial Building in Phoenix

by Amy Works July 13, 2020

PHOENIX — Gantry has secured $17 million in acquisition financing for a Class A industrial building located in Phoenix’s Southwest Industrial submarket. The borrower, Kaiser Industrial SPE, is purchasing the asset from an institutional seller for $31 million in an off-market transaction. Developed by Sun State Builders in 2013, the 325,800-square-foot warehouse is located at 7400 W. Buckeye Road. At loan close, the property was fully leased to OnTrac and Vesta Foodservice. OnTrac, a third-party logistic provider, occupies 236,200 square feet, while Vesta Foodservice, a fresh produce and specialty grocery delivery service, occupies the remaining 89,600 square feet. Situated on 18.7 acres, the property features 32-foot clear heights; ESFR sprinklers; evaporative coolers; a gate-secured, 180-foot truck court with concrete truck apron; 70 dock-high doors; and ample car and trailer parking stalls. Tim Storey and Chad Metzger of Gantry’s Phoenix office secured the 10-year, interest-only loan through a correspondent life insurance company. Gantry will service the loan.

July 13, 2020

Development Florida Multifamily Southeast

Watermark Residential Begins Construction of 312-Unit Multifamily Community in Panama City Beach

by Alex Tostado July 13, 2020

PANAMA CITY BEACH, FLA. — Watermark Residential has begun construction on Watermark at Urban Blu, a 312-unit multifamily community in Panama City Beach. The property will offer one-, two- and three-bedroom floor plans averaging 958 square feet. Each unit will feature bar-kitchens with granite countertops and stainless steel appliances, as well as walk-in closets and full-size washers and dryers. Communal amenities will include a clubhouse, 24-hour fitness center, pool, cabana, dog park and a pet spa. The property spans 17 acres at 8551 Panama City Beach Parkway. Thompson Thrift Construction is the general contractor and Merchants Bank of Indiana provided construction financing to Watermark Residential. The developer expects to deliver the Watermark at Urban Blu in April 2022.

July 13, 2020

Acquisitions Kentucky Multifamily Southeast

Capstone Arranges $61.4M Sale of Multifamily Portfolio in Metro Louisville, Lexington

by Alex Tostado July 13, 2020

LOUISVILLE, KY. — Capstone Apartment Partners has arranged the $61.4 million sale of a six-property, 1,185-unit multifamily portfolio in Kentucky and southern Indiana. The portfolio’s Kentucky properties comprise Iroquois Gardens, King George Apartments and Victoria Gardens in Louisville and Abigail Gardens in Lexington. The two Indiana properties, King Solomon Apartments in Jeffersonville and King David Apartments in New Albany, are situated across the Ohio River from Louisville. Alex McDermott, Adam Klenk, and Tyler Mayo of Capstone represented the buyer, Nashville-based Clear Blue Co., in the transaction. Nashville-based Elmington Property Management will manage the six properties. Battle Williford and Jon Van Hoozer of Financial Federal Bank originated the $60.2 million acquisition loan on behalf of the buyer. The non-recourse loan features a three-year term with a full interest-only payment period. The seller(s) was not disclosed.

July 13, 2020

Development Multifamily South Carolina Southeast

Arnold Cos. Breaks Ground on Apartment Complex in Downtown Columbia

by Alex Tostado July 13, 2020

COLUMBIA, S.C. — Arnold Cos. has broken ground on The Palms on Lady, an 83-unit apartment complex in downtown Columbia. The property will offer studio, one- and two-bedroom floor plans ranging in size from 466 to 1,172 square feet. The asset will be situated at the intersection of Lady and Assembly streets. Unit interiors will feature quartz countertops, energy-efficient appliances and 10-foot ceilings for residents on the top floor. Communal amenities will include a fitness center, Luxer One package services, pool, business center and a residents’ lounge. MB Kahn is the general contractor, and Cline Design Associates is the architect. The developer expects to deliver the community in early 2022.

July 13, 2020

Development Hospitality South Carolina Southeast

Frampton Construction Completes 126-Room Cambria Hotel in Greenville

by Alex Tostado July 13, 2020

GREENVILLE, S.C. — Frampton Construction has completed a 126-room, Cambria-branded hotel in Greenville. The four-story property is located at 135 Carolina Point Parkway, seven miles east of downtown Greenville. Amenities include an outdoor pool with sundeck, Tesla electric vehicle charging stations, a cobblestone porte-cochère entrance, spa-style bathrooms with Bluetooth mirrors, a restaurant/bar, and 1,486 square feet of meeting space. ODA Architecture was the hotel’s designer, and Choice Hotels will operate the hotel.

July 13, 2020

Acquisitions Maryland Retail Southeast

Neuman Commercial Group Negotiates $4.3M Sale of Retail Property in Metro Baltimore

by Alex Tostado July 13, 2020

OWINGS MILLS, MD. — Neuman Commercial Group LLC has negotiated the $4.3 million sale of Metro Square, a 71,896-square-foot retail property in Owings Mills. Target shadow anchors the property, which includes the former 58,668-square-foot site of a Shoppers grocery store and one outparcel. The asset is located at 11120 Reisterstown Road, 21 miles northwest of downtown Baltimore. Gil Neuman of Neuman Commercial Group represented the seller, an undisclosed publicly traded REIT, and procured the buyer, an undisclosed private investor.

July 13, 2020

Industrial Leasing Activity New Jersey Northeast

Terreno Realty Signs E-Commerce Tenant to 211,000 SF Industrial Lease in Kearny, New Jersey

by Taylor Williams July 13, 2020

KEARNY, N.J. — Terreno Realty, a California-based REIT, has signed an undisclosed e-commerce user to a 211,000-square-foot industrial lease at one of its facilities in Kearny, approximately 12 miles west of New York City. The lease term is 10 years. A wholesale drug distributor previously occupied the property. Additional terms of the deal were not disclosed.

July 13, 2020

Loans Multifamily New York Northeast

BridgeCore Capital Funds $16.5M Acquisition Loan for New York City Apartment Buildings

by Taylor Williams July 13, 2020

NEW YORK CITY — BridgeCore Capital, a California-based direct lender, has provided a $16.5 million bridge loan for the acquisition of two contiguous apartment buildings in the Greenwich Village area of New York City. Both properties contain retail spaces that are vacant, and the combined occupancy of the buildings was 47 percent at the time of sale. The loan was structured with a 24-month term, two six-month extension options and a floating interest rate. The borrower was not disclosed.

July 13, 2020

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