EUREKA, ILL. — Marcus & Millichap has brokered the sale of Enchanted Gardens Mobile Home Park, a 152-lot manufactured home community in Eureka, about 20 miles east of Peoria. The sales price was undisclosed. The community, situated at 508 Reagan Drive, features convenient access to Route 24 and I-74. Andrean Angelov, Ryan Engle and Brad Kreppel of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured and represented the buyer, a private investor.
LOS ANGELES — Los Angeles-based Dekel Capital, on behalf of Los Angeles-based CGI Strategies, has secured $47.8 million in non-recourse construction financing for the development of a multifamily community located at 837 S. Fedora St. in Los Angeles. Provided by a national lender, the loan will be used for the construction of a seven-story concrete and wood building over two levels of subterranean parking in the Koreatown neighborhood. The multifamily property will offer 200 apartments in a mix of studio, one- and two-bedroom layouts, ranging in size from 622 square feet to 1,000 square feet, with 10 percent of the units earmarked for low-income residents. On-site community amenities will include a fully equipped fitness center, 6,500-square-foot community lounge, clubhouse, exterior courtyard and 5,400-square-foot rooftop lounge. Completion is scheduled for summer 2022.
PORTLAND, ORE. — JLL Capital Markets has secured $37.3 million in acquisition financing for Fremont Place I and II, a two-building office campus in Portland’s Pearl District. The borrower is a Rialto Capital Management fund along with one of the company’s subsidiaries, Rialto Capital. Loan proceeds will be used to acquire and transform the urban, waterfront property through series of interior and exterior renovations. Located at 1650 and 1750 Naito Parkway, Fremont I and II offer 123,600 square feet of office space spread across a two-story building and a three-story building. Originally built in 1987, the asset was recently renovated and renovations, including an outdoor amenity space, are scheduled for the near future. At the time of sale, the property was 62 percent leased to a variety of tenants in the telecommunications, engineering and healthcare industries, among others. Casey Davidson and Zachary Kersten of JLL Capital Markets arranged the five-year, floating-rate acquisition bridge loan through a debt fund.
LOS ANGELES — CBRE has arranged the sale of a 30,146-square-foot development site, located at the intersection of Santa Monica and La Cienega boulevards in the West Hollywood area of Los Angeles. A Los Angeles-based real estate development firm acquired the asset from a private family for $22.5 million. The property currently features three commercial structures on several parcels. The asset is zoned for an array of uses, including mixed-use, multifamily, hotel and other commercial functions. Matthew Greenberg, Alex Kozakov and Pat Wade of CBRE represented the seller, while Chris Tresp, also of CBRE, represented the buyer in the deal.
LOS ANGELES — Los Angeles-based Meta Housing, in a joint venture partnership with Western Community Housing, has completed Metro @ Western, a transit-oriented, affordable apartment community Los Angeles. Located 3671 S. Western Ave., Metro @ Western features 33 apartments in a mix of one-, two- and three-bedroom units. The four-story property offers a variety of community amenities including outdoor lounge areas, a community room with kitchen and a play structure. The property also obtained LEED Gold certification and includes numerous sustainable features. Meta and Western Community Housing partnered with several public entities, including the U.S. Department of Veterans Affairs, Los Angeles County Development Authority, the State of California, the County of Los Angeles and City of Los Angeles to bring the $20.1 million apartment community to fruition.
SALEM, ORE. — Marcus & Millichap has negotiated the sale of Broadway Town Square, a mixed-use property located at 1127 Broadway St. NE in Salem. A limited liability company sold the property to an undisclosed buyer for $6.2 million. The sale included two condominiumized, multi-story buildings connected by a skybridge totaling approximately 38,056 square feet of rentable space and the underlying 1.57-acre lot. Developed in 2009 by Telos Development Co., the property features 21 multifamily units, seven retail/office suites and Salem Cinema, a three-screen independent theater. Sean Houser and Will Stone of Marcus & Millichap’s Portland office represented the seller in the transaction.
NEW YORK, NEW JERSEY, PENNSYLVANIA, MASSACHUSETTS — An Oxford Economics study for the American Hotel & Lodging Association (AHLA) has found that 44 percent of hotel employees in every state have lost or are projected to lose their jobs as a result of the COVID-19 outbreak. AHLA reports that hotel occupancy rates in some markets are below 20 percent following restrictions of air-travel and business shutdowns in many states, including New York. Of the state’s 112,897 direct hotel operations jobs, 49,674 have been lost or are projected to be lost in the coming weeks. Hotel job loss has also affected other major markets in the Northeast including New Jersey (52,490 jobs, 23,096 lost); Pennsylvania (65,229 jobs, 28,701 lost); and Massachusetts (40,562 jobs, 17,847 lost).
METUCHEN, N.J. — JLL has arranged the $29.6 million sale of The Hub at Metuchen, a Class A residential and retail property located southwest of New York City. Located at 656-660 Middlesex Ave., the property includes 79 apartment units and 11,203 square feet of retail space. Residential amenities include a fitness center and a resident lounge. Jose Cruz, Steve Simonelli and Michael Oliver led a JLL team that represented the seller, Renaissance Properties. A private buyer purchased the asset.
NORWELL, MASS. — Newmark Knight Frank (NKF) has brokered the sale of 42 Longwater Drive, a 104,000-square-foot office building in Norwell, located approximately 25 miles southeast of Boston. The property is situated within the 1 million-square-foot Assinippi Park office complex and is located in close proximity to several retail destinations, including Derby Street Shops, Merchant’s Row and the newly redeveloped Hanover Mall. Edward Maher, Matthew Pullen and Samantha Hallowell led an NKF team that represented the seller, The RMR Group. The buyer, waste management company Clean Harbors, has used the building as its headquarters since 2005. The sales price was undisclosed.
WASHINGTON, D.C. — Freddie Mac and Fannie Mae have separately announced nationwide initiatives to provide financial relief for their multifamily borrowers and tenants affected by the outbreak of coronavirus disease of 2019 (COVID-19). The two government-sponsored enterprises are enacting programs that allow their borrowers to defer monthly payments for up to 90 days by showing hardship as a consequence of COVID-19 and by gaining lender approval. Additionally, participants in the program must agree to not evict their renters who are facing financial hardship due to the current health crisis. The agencies anticipate the initiatives could impact more than 54,000 apartment communities across the country. “This program is historic in its size, and it has the potential to provide relief to millions of families in multifamily rental homes financed through a Freddie Mac loan,” says Debby Jenkins, executive vice president and head of Freddie Mac Multifamily, which implemented a similar forbearance plan in 2017 following Hurricane Harvey in Houston. “Countless Americans are facing unimaginable hardships, and Freddie Mac is doing what we can to provide relief as our nation addresses this global pandemic,” says Jenkins. The outbreak of COVID-19 is likely to push the United States into a recession as the …