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.
FORT WORTH, TEXAS — Mastertronics Inc., a global supplier of computers and consumer electronics, has signed a 49,072-square-foot industrial lease at Northern Crossing Business Park in Fort Worth. George Jennings, Hogan Harrison, and Matt Carthey with Holt Lunsford Commercial represented the landlord, Windsor at Northern Crossing, in the lease negotiations. Nick Karanges with Woodcrest Capital represented the tenant.
IRVING, TEXAS — Newmark Knight Frank (NKF) has negotiated a 35,471-square-foot office lease at Riverside Commons in Irving. According to LoopNet Inc., the property was built in 1987, renovated in 2008 and totals 90,425 square feet. John Wolf of NKF represented the tenant, mortgage origination firm Planet Home Lending, in the lease negotiations. Cushman & Wakefield represented the landlord, BSREP Riverside LLC.
NORTH LAS VEGAS — Reno, Nev.-based Dermody Properties has completed the development of LogistiCenter at Speedway, a distribution center located at 6565 Nascar St. in North Las Vegas. Situated on 14 acres, LogistiCenter at Speedway features 251,800 square feet of distribution space and immediate access to Interstate 15 via the Speedway Boulevard off-ramp. Dialog Direct, a marketing company offering direct mail, print and fulfillment services, has leased 75,800 square feet at the facility. The remaining 176,600-square-foot space features a 32-foot clear height, 38 dock-high doors, six drive-in doors, a 135-foot truck court, an ESFR fire protection system and tilt-up concrete panel construction. The space is divisible from 31,800 square feet to 112,000 square feet.
NORTHGLENN, COLO. — Boulder, Colo.-based Valhalla Holdings has completed the disposition of Stone Mountain Apartment Homes, a 15-building multifamily community located at 11625 Community Center Drive in Northglenn. West Palm Beach, Fla.-based Priderock Capital Partners acquired the asset for $83 million. Built in 2001, the 282,948-square-foot property features 320 units in a mix of one- and two-bedroom layouts. Community amenities include a clubhouse; year-round heated pool and spa with a poolside kitchen; 24/7 fitness center; pet wash stations; bicycle repair station; community garden with free individual plots; electric vehicle charging stations; lit private garages with workshop space available; and a nine-hole putting garden. Dan Woodward, David Potarf and Matt Barnett of CBRE Capital Markets in Denver represented the seller in the transaction.