Property Type

CBRE Arranges $14.4M Acquisition Financing for Two Seniors Housing Properties in Metro Denver

by Amy Works August 19, 2020

AURORA AND LAKEWOOD, COLO. — CBRE has arranged $14.4 million in financing for the acquisition of a seniors housing portfolio in Colorado. The borrower is a joint venture between Cadence Living and a private equity firm. The two communities, located in the Denver suburbs of Aurora and Lakewood, total 152 assisted living units and 35 memory care units. The joint venture plans to deploy $4 million for improvements to the two communities, the names of which were not disclosed. Aron Will, Austin Sacco and Matthew Kuronen of CBRE National Senior Housing arranged the four-year bridge loan with 36 months of interest-only payments and a one-year extension option. The lender is a regional bank.

August 19, 2020

Arizona Development Retail Western

Evergreen Devco Purchases Vacant 30,400 SF Retail Property in Mesa for Redevelopment

by Amy Works August 19, 2020

MESA, ARIZ. — Evergreen Devco has acquired an anchor-tenant building at the southwest corner of Mesa Drive and Southern Avenue in Mesa. Terms of the transaction were not released. Evergreen plans to redevelop the vacant, 30,400-square-foot property. The company is also working with a national retail tenant on a lease agreement to occupy the space, a former Big Lots location. The building is situated on approximately 89,000 square feet less than a quarter-mile from the Superstition Freeway (US 60), a popular retail and traffic corridor that has more than 180,000 residents within a three-mile radius.

August 19, 2020

Acquisitions California Industrial Western

Vegan Fried Chicken Company Acquires 10,000 SF Warehouse in San Diego

by Amy Works August 19, 2020

SAN DIEGO — Atlas Monroe, a vegan food manufacturer, has purchased an industrial warehouse property located 10 miles south of downtown San Diego. Deborah Torres of Atlas Monroe acquired the asset from Jerrold B Siegel for an undisclosed price. Currently based in the San Francisco Bay area, Atlas Monroe is expanding its footprint to include San Diego with the purchase of the two-story, 10,000-square-foot, freestanding warehouse building near San Diego’s Chula Vista community. The company offers plant-based options for vegetarians and vegans, including applewood-fired ribs, extra crispy fried chick’n, deep fried and stuffed turkey rolls, signature sauces, cakes and more. The new San Diego location will serve as a food manufacturing facility, as well as offer occasional pick-up opportunities for locals. Mark Lewkowitz, Chris Holder and Will Holder of Colliers International represented the buyer and seller in the deal.

August 19, 2020

Development Illinois Industrial Midwest Office

Heitman Architects, McShane Complete Bystronic’s 163,350 SF North American Headquarters in Metro Chicago

by Amy Works August 19, 2020

HOFFMAN ESTATES, ILL. — Heitman Architects Design, serving as architect/designer, and McShane Construction Co., serving as general contractor, have completed the development of a North American headquarters facility for Swiss-based Bystronic Inc. The tenant is a high-tech manufacturer of high-quality machines and systems for processing sheet metal and other flat materials for laser cutting, bending and automation. Bystronic is relocating from nearby Elgin to the 163,350-square-foot property, which includes 30,400 square feet of office space, 67,750 square feet of production space, 35,000 square feet of warehouse space and a 30,200-square-foot showroom. Designed and organized around the visitor experience, the facility features a catwalk that bisects the showroom and the manufacturing floor, stacking hospitality rooms that overlook the showroom and a large central conference room perched off the catwalk. Construction of the property began in fall 2018.

August 19, 2020

Development Hospitality Illinois Midwest

NexGen Hotels to Develop 107-Room Home2 Suites by Hilton Near O’Hare International Airport

by Amy Works August 19, 2020

DES PLAINES, ILL. — NexGen Hotels, serving as general contractor and developer, has unveiled plans for a $16 million Home2 Suites by Hilton, with a scheduled groundbreaking in April 2021. The 63,000-square-foot hotel will be located at 1700 S. Higgins Road in Des Plaines, approximately four miles from O’Hare International Airport. Slated for completion in summer 2022, the five-story hotel will feature 107 suites with fully equipped kitchens, designed for both short-term and extended-stay guests. The property will include outdoor lounge and patio areas, an indoor saltwater pool and Spin2 Cycle, a combination fitness and laundry facility. Alpharetta, Ga.-based Origination Design is serving as architect and St. Louis-based Genuine Hospitality Group will manage the hotel. The hotel is NexGen’s first Home2 Suites by Hilton-branded property.

August 19, 2020

Loans Midwest Missouri Multifamily

Berkadia Arranges $11.2M Loan for Chateau Du Mont Multifamily Property in Bridgeton, Missouri

by Amy Works August 19, 2020

BRIDGETON, MO. — Berkadia has secured $11.2 million in financing for Chateau Du Mont, a garden-style apartment property located in Bridgeton. The borrower is New York-based David Stern Management. Robert Lipson and Pat Garlich of Berkadia’s New York and St. Louis offices, respectively, arranged the financing through Fannie Mae. The 12-year loan features a fixed interest rate and a 30-year amortization schedule. The specific use of the funds was not disclosed. Located at 12100 Monter Drive, Chateau Du Mont features 120 apartments. The property was built in 1970 and offers convenient access to the intersection of interstates 70 and 270.

August 19, 2020

Development Illinois Midwest Multifamily Office

Optima Signature Luxury Apartment Tower in Chicago Converts Office Suites to Student E-Learning Space

by Amy Works August 19, 2020

CHICAGO — Optima Signature, a luxury office tower in Chicago, is now offering its on-site office suites as e-learning spaces for residents and non-residents alike. Designed by David Hovey Sr. and completed in 2017, Optima Signature is a 490-unit Class A residential tower located at 220 E. Illinois St. Located on the 57-story building’s second and seventh floors, the study suites are furnished with five to seven workstations, a mini-fridge, built-in cabinetry and window treatments, Wi-Fi access, professional cleaning and a curated selected of building amenities, including outdoor lounge areas. The suites are available for rent, ranging from $1,800 to $2,400 per month.

August 19, 2020

Development Multifamily New York Northeast

Chess Builders Begins Leasing 25-Story Apartment Tower in The Bronx

by Taylor Williams August 19, 2020

NEW YORK CITY — Locally based developer Chess Builders has begun leasing The Arches, a 25-story multifamily tower located at 224-228 E. 135th St. in the Mott Haven neighborhood of The Bronx. The property features 430 apartments in studio, one- and two-bedroom formats that feature home automation, individual washers and dryers and private balconies in select units. Amenities include a screening room, coffee bar, office workspace, library lounge, fitness center, kids room and a rooftop terrace. Local brokerage firm EXR is leading the leasing effort.

August 19, 2020

Mountain-View-Terrace-Stoneham-Massachusetts

Loans Massachusetts Multifamily Northeast Seniors Housing

MassHousing Provides $32.7M Refinancing Loan for Seniors Housing Community Near Boston

by Taylor Williams August 19, 2020

STONEHAM, MASS. — MassHousing, an independent public agency that funds affordable housing properties in Massachusetts, has provided $32.7 million for the refinancing of Mountain View Terrace, a 194-unit seniors housing community in the northern Boston suburb of Stoneham. Built in 1981, the property consists of 128 one-bedroom apartments, 50 two-bedroom units, 10 three-bedroom residences and six four-bedroom apartments. The borrower was an affiliate of Atlantic Tambone Management LLC. The financing enables the property owner to extend affordability status for an additional 31 years.

August 19, 2020

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $19.5M Sale of Apartment Complex in East Newark, New Jersey

by Taylor Williams August 19, 2020

EAST NEWARK, N.J. — Gebroe-Hammer Associates has brokered the $19.5 million sale of St. George Harrison Apartments, a 60-unit multifamily community in East Newark. The property comprises 25 one-bedroom units and 35 two-bedroom units ranging in size from 720 to 1,184 square feet. Units are equipped with stainless steel appliances, hardwood floors and individual washers and dryers. Amenities include a resident lounge and a fitness center. Niko Nicolaou of Gebroe-Hammer represented the seller, Madison Hill Properties, in the transaction. Adam Zweibel, also with Gebroe-Hammer, procured the buyer, SELA Realty Investments.

August 19, 2020

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