Property Type

Home Street Partners Completes 63-unit Multifamily Building in The Bronx

by Alex Patton May 27, 2020

NEW YORK CITY — Home Street Partners, a New York-based developer, has completed construction of Home Street Residences, a 63-unit multifamily building in the Foxhurst neighborhood of The Bronx. The 75,000-square-foot building is located at 1017 Home St., and 30 percent of the units are reserved for homeless seniors. Residences average 550 square feet. Body Lawson Associates designed the property, and Bronx Pro Group is the operator. Approximately 50,000 people have already applied for an apartment, according to Body Lawson Associates.

May 27, 2020

Leasing Activity Office Texas

American Athletic Conference Signs 18,000 SF Office Lease in Irving for New Headquarters

by Taylor Williams May 27, 2020

IRVING, TEXAS — The American Athletic Conference has signed an 18,000-square-foot office lease at The Summit at Las Colinas in Irving for its new headquarters. The company will relocate its 30 employees later this summer from Providence, R.I., where it has been based since 1979. Conor McCarthy and Jeremy McGown of JLL represented the conference in the lease negotiations. James Esquivel and Ahnie Sheehy, also with JLL, represented the landlord, Gemini Rosemont Commercial Real Estate. The 19-story, 376,000-square-foot Summit at Las Colinas currently houses tenants such as the College Football Playoff, Nexstar Media, JPMorgan Chase and General Motors. Renovations to the building’s common areas will begin later this year. The American Athletic Conference, formerly known as the Big East, comprises 11 members and includes two Texas educational institutions: the University of Houston and Southern Methodist University.

May 27, 2020

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $8.6M Construction Loan for Seniors Housing Community Near Buffalo

by Alex Patton May 27, 2020

CLARENCE CENTER, N.Y. — Greystone has provided an $8.6 million construction loan for the expansion of Bristol Village, an 84-unit, 110-bed seniors housing community in Clarence Center, located approximately 20 miles northeast of Buffalo. The fixed-rate loan will fund the construction of 23,000 square feet of residential and community spaces, which will include 32 additional beds. The loan will convert to permanent financing when the expansion project is completed and will run concurrent with the property’s existing HUD-insured loan, which Greystone originated in 2011. The facility was originally constructed in 2003. Lisa Fischman of Greystone arranged the loan.

May 27, 2020

Acquisitions New Jersey Northeast Office Retail

NAI DiLeo-Bram Brokers Sale of 7,690 SF Retail, Office Property in Roselle, New Jersey

by Alex Patton May 27, 2020

ROSELLE, N.J. — NAI DiLeo-Bram & Co., has brokered the sale of a 7,690-square-foot retail and office property in Roselle, a southwestern suburb of New York City. Located at 111-117 West Second Ave., the property offers convenient access to the Garden State Parkway and the Roselle Park transit station. The building was leased to three retail tenants and one office tenant at the time of sale, and the new buyer plans to reposition the building for residential use. Marc Shein and Matthew DiLeo of NAI DiLeo-Bram represented the seller and procured the buyer in the transaction. Both parties were undisclosed.

May 27, 2020

Leasing Activity New Jersey Northeast Office

NAI James Hanson Negotiates 3,000 SF Office Lease in Rutherford, New Jersey

by Alex Patton May 27, 2020

RUTHERFORD, N.J. — NAI James Hanson has negotiated a 3,000-square-foot office lease for janitorial service provider Adamas Building Services LLC in Rutherford, a northwestern suburb of New York City. The space is located at 75 Orient Way, a 23,501-square-foot office building, and offers convenient access to the Garden State Parkway and the New Jersey Turnpike. The tenant is relocating from its previous office in Newark. Darren Lizzack and Randy Horning of NAI James Hanson represented the landlord, 75 Orient Way LLC, in the lease negotiations.

May 27, 2020

Loans Midwest Multifamily South Dakota

Tzadik Management Receives $80M Refinancing for Two Multifamily Portfolios in South Dakota

by Kristin Harlow May 27, 2020

SIOUX FALLS, S.D. — Tzadik Management has received $80 million for the refinancing of two multifamily portfolios totaling roughly 1,100 units across 22 communities in Sioux Falls. Tzadik acquired the first portfolio in October 2018 and completed $5 million in capital improvements. Another $4 million in improvements is set to be completed within the next year. Tzadik purchased the second portfolio in March 2019. Miami-based Tzadik says it is exiting primary markets and positioning itself in the upper Midwest region. The lender was undisclosed.

May 27, 2020

Midwest Multifamily Ohio Seniors Housing

Ohio Launches Coronavirus Testing Program for Nursing Homes

by Kristin Harlow May 27, 2020

OHIO — Ohio Gov. Mike DeWine has formed Congregate Care Unified Response Teams to test residents and staff members for coronavirus within the state’s nursing homes. The teams, which include medically trained members of the Ohio National Guard, will begin testing this week. All nursing home staff will be tested. Testing of residents will be based on a clinically driven strategy that targets those who have likely been exposed to COVID-19. As of Tuesday, May 26, there were 33,006 confirmed cases of COVID-19 in Ohio and 2,002 deaths.

May 27, 2020

Illinois Loans Michigan Midwest Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Provides $37M in HUD Financing for Three Senior Living Facilities in Illinois, Michigan

by Kristin Harlow May 27, 2020

AURORA AND KANKAKEE, ILL. AND NOVI, MICH. — Walker & Dunlop Inc. has provided $37 million in financing for two senior living facilities in Illinois and one in Michigan. Walker & Dunlop provided $14.9 million for The Grove Fox Valley, a 156-bed skilled nursing facility in Aurora, Ill.; $14.9 million for WellBridge of Novi, a 100-bed skilled nursing facility in Novi, Mich.; and $7.4 million for Asbury of Kankakee, a 98-bed supportive living facility in Kankakee, Ill. Joshua Rosen of Walker & Dunlop led the origination team, which utilized HUD’s Lean 232/223(f) refinance program. The permanent financing for The Grove Fox Valley will replace existing debt previously provided by Walker & Dunlop’s bridge lending program. The permanent financing for WellBridge of Novi and Asbury of Kankakee enabled each of the property owners to refinance both their current bank and partnership debt.

May 27, 2020

Acquisitions Affordable Housing Iowa Midwest Multifamily

Affordable Housing Investment Brokerage Negotiates $2.8M Sale of Two Communities in Iowa

by Kristin Harlow May 27, 2020

WATERLOO, IOWA — Affordable Housing Investment Brokerage Inc. has negotiated the sale of two adjacent multifamily communities in Waterloo for $2.8 million. Mt. Carmel is a 13-building property totaling 50 units. It was originally built in 1980. Mt. Village is an eight-building property totaling 30 units that was built in 1992. Kyle Shoemaker and Dan Piatkowski of Affordable Housing Investment Brokerage represented both parties in the sale. A nonprofit organization purchased the communities from a private investor.

May 27, 2020

Acquisitions Industrial Midwest Ohio

NAI Pleasant Valley Arranges Sale of 31,237 SF Industrial Building in Ohio

by Kristin Harlow May 27, 2020

STREETSBORO, OHIO — NAI Pleasant Valley has arranged the sale of a 31,237-square-foot industrial building in Streetsboro, about 30 miles south of Cleveland. The sales price and seller were undisclosed. Jeffrey Calig and David Hexter of NAI Pleasant Valley represented both parties in the sale. Natural Essentials Inc., a manufacturer of hand sanitizer and various over-the-counter drug products, was the buyer. This is the Aurora, Ohio-based company’s fourth building.

May 27, 2020

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