FORT WASHINGTON, PENN. — Equus Capital Partners will develop a 300-unit multifamily project in Fort Washington, a northern suburb of Philadelphia. The developer has acquired a 60,000-square-foot office building located at 1125 Virginia Drive for $5.9 million and plans to demolish it to construct the apartment building in its place. The first phase of construction will include 200 residential units in a five-story building that will incorporate amenities such as a pool and a fitness center, as well as both indoor and outdoor resident lounge areas. Barton Partners designed the project. No plans for the construction schedule have been announced.
TRUMBULL, CONN. — Newmark Knight Frank (NKF) has arranged a 26,600-square-foot office lease for Power Home Remodeling Group in Trumbull, a western suburb of New Haven. The space is located at 60 Commerce Drive, within a 67,000-square-foot building that houses a three-story office building and an adjacent warehouse with a 30-foot ceiling height. Tim Rorick, Torey Walsh and Jack McDermott of NKF represented the owners, CH Commerce Drive Associates LLC and City Park Commerce Drive LLC, in the transaction. Jay Hruska and Brian Scruton of Cushman & Wakefield represented the tenant.
On May 7, Texas Real Estate Business and Shopping Center Business magazines hosted “Texas Retail Reboot,” a webinar taking an in-depth look at what the Texas retail real estate community needs as the state reopens after statewide shutdowns due to COVID-19. The coronavirus pandemic isn’t over, but Texas is adjusting to a new normal, including figuring out what retail will look like going forward. What will the future of Texas retail look like? Find out what industry experts have to say about these topics and more: How will Texas retailers adapt after COVID-19? What do they need to do to ensure customer and staff safety? What is the financial impact of changed traffic patterns? What do retailers need to succeed? How will landlords and retail property owners support tenants and customers affected by the coronavirus? What can they do to ensure the success of their tenants and their properties? What do Texas brokers need to know about the retail landscape? How will rents and property values be impacted? What are the predictions for retail vacancy rates in the coming year? Webinar sponsor: Hart Advisors Group, a commercial real estate advisory firm founded in 2009 that has completed over $5 billion in …
EVERETT, MASS. — Cornerstone Realty Capital has arranged a $10 million loan for the construction of a 51-unit multifamily project in Everett, a Northern suburb of Boston. A local lender provided the loan at a fixed interest rate, which features 24 months of interest-only payments and a 30-year amortization schedule. Massachusetts-based developer United Properties Inc. was the borrower. The project, the name of which has yet to be determined, will repurpose an existing three-story brick structure on the property, expanding it to six stories and constructing one-bedroom units that will range between 460 and 895 square feet. Amenities will include an outdoor lounge area with benches and a firepit, a fitness center and a rooftop deck.
NEW HUDSON, MICH. — Greystone Real Estate Advisors has provided a $26.2 million Fannie Mae loan for the refinancing of Pendleton Park Apartments in New Hudson, about 10 miles west of Novi. Built in 2001, the 240-unit multifamily property offers one-, two- and three-bedroom floor plans as well as two-story, loft-style units. Amenities include a clubhouse, fitness center, theater, pool, outdoor kitchen and tennis courts. Cary Belovicz of Greystone sourced the deal while Clint Darby of Greystone originated the financing. The borrower was undisclosed.
Dougherty Mortgage Originates $6.7M Refinancing for Seniors Housing Property in Roseville, Minnesota
ROSEVILLE, MINN. — Dougherty Mortgage has provided a $6.7 million HUD loan for the refinancing of Roseville Seniors, a 127-unit affordable seniors housing property in Roseville. All of the units are restricted to elderly or disabled residents. The 35-year loan, which was the refinancing of an existing HUD loan through the Section 232 mortgage insurance program, is fully amortizing. The financing will enable the borrower, Good Neighbor Senior Apartments LP, to reduce its interest rate and mortgage insurance premium.
COPLEY, OHIO — SkyView Advisors has brokered the sale of a West Side Storage facility in Copley, about seven miles west of Akron. The sales price was undisclosed. The 478-unit self-storage facility spans 57,016 square feet. It sits on 12.4 acres at 1252 Mina Ave. Zack Urow and Ryan Clark of SkyView represented the undisclosed seller.
CHICAGO — Kiser Group has arranged the sale of a three-building multifamily portfolio in Chicago’s Portage Park neighborhood for $3.5 million. The portfolio spans 36 units and includes the following properties: 3905-11 N. Linder Ave.; 3514-18 N. Long Ave.; and 3816-24 N. Long Ave. Monthly rents for the properties average $950 for one-bedroom units and $1,200 for two-bedroom units. Rick Ofman of Kiser brokered the transaction. Drexel Properties purchased the portfolio from a longtime Chicago landlord.
WILMER, TEXAS — Chicago-based developer Logistics Property Co. (LPC) will break ground in July on Building 3 at Southport Logistics Park in the southern Dallas suburb of Wilmer. Current plans call for Building 3 to span roughly 1 million square feet with the potential to be expanded to 1.2 million square feet. According to LPC, the project is the only speculative industrial development in the South Dallas submarket that is moving forward right now. Building features will include 40-foot clear heights, 300 trailer parking spaces and 650 automobile parking spaces. Delivery is slated for the first quarter of 2021. Southport Logistics Park is a 252-acre development located immediately east of Interstate 45 and the Union Pacific Intermodal, five miles south of Interstate 20 and thee miles south of a hub for FedEx Ground.
DALLAS — JLL has provided a Freddie Mac loan for the refinancing of Advenir on Addison, a 264-unit apartment community in North Dallas. The property features one- and two-bedroom units averaging 923 square feet that are equipped with stainless steel appliances, granite countertops, walk-in closets and attached garages. Eric Tupler, Josh Simon and Andy Scott of JLL originated the seven-year, fixed-rate loan on behalf of the borrower, Florida-based multifamily investment firm Advenir.