WORCESTER, MASS. — CBRE has arranged a $63 million loan for the refinancing of 145 Front at City Square, a 365-unit multifamily property in Worcester, located approximately 50 miles west of Boston. MUFG Union Bank provided the floating-rate loan, which will stabilize the original construction loan for the project. The property offers studio, one- and two-bedroom floor plans as well as 10,000 square feet of amenity space and 10,405 square feet of street-level retail space. Michael Sherman and Irene Lu of CBRE arranged the loan on behalf of the borrower, Roseland Residential Trust.
MCKINNEY, TEXAS — Multifamily developer JPI has secured an undisclosed amount of construction financing for Jefferson Rockhill, a 354-unit apartment project that will be built on 16 acres in McKinney. Units will feature 10-foot ceilings, full-size washers and dryers and private patios and balconies. Amenities will include a pool, fitness center, putting green, dog park, beer garden, coffee bar and concierge service. The opening is slated for summer 2021. First United Bank provided the financing, specific terms of which were not disclosed.
BRIDGEWATER, N.J. — Denholtz Properties has acquired a 26,000-square-foot industrial building in Bridgewater, located approximately 45 miles west of New York City. Located at 6W Chimney Rock Road, the property is situated within Bridgewater Business Park, a 380,000-square-foot office complex comprising 16 industrial flex buildings. With this acquisition, Denholz now owns 12 buildings totaling 290,163 square feet in the park. Tenants include UPS, baseball training center Zoned Inc. and stone fabricator Bridgewater Marble. Kristine Hurlbut represented Denholtz Properties in the transaction on an internal basis. Marcus & Millichap represented the undisclosed seller.
HOUSTON — JLL has negotiated the sale of Concourse at Westway, a 130,223-square-foot office building located at 4700 W. Sam Houston Parkway in Houston. Built in 1999, the Class B property was 56 percent leased at the time of sale. Trent Agnew, Kevin McConn and Marty Hogan of JLL represented the seller, EverWest, in the transaction. The buyer was Houston-based investment firm Griffin Partners, which will implement a value-add program.
HOUSTON — PGIM Real Estate Finance has provided $48 million in Freddie Mac permanent financing for Red Line Station, a 300-unit affordable housing project in Houston. The borrower, San Antonio-based The NRP Group, will use a majority of the funds to retire construction debt. The loan was structured with a 10-year term and a 35-year amortization schedule. At least 50 percent of the units will be reserved for renters earning up to or less than 80 percent of the area median income.
HOUSTON — Colliers International has brokered the sale of an 88,492-square-foot retail building formerly occupied by Gander Mountain at 19820 Hempstead Road in Houston. Kimberly Lenardson, Robert Hantgan, Ace Schlameus and Jenny Seckinger of Colliers represented the seller, an undisclosed REIT, in the transaction. Zac Hoffer of The Retail Connection represented the buyer, locally based investment firm Tazz Enterprise, which plans to convert the building into a multi-level entertainment center.
DALLAS — Travel advisory firm TripActions has signed an 88,490-square-foot office lease at Renaissance Tower, a 56-story office tower located at 1201 Elm St. in downtown Dallas. Dennis Barnes, Clay Gilbert and Ben Davis of CBRE represented the landlord, a partnership between Moinian Group and SMA Equities, in the lease negotiations. Evan Hammer, David Harris and Jade Scott of Whitebox Real Estate, along with Bo McNally and David Bergeron of T3 Advisors, represented TripActions.
MALDEN, MASS. — Burgess Properties Inc. has brokered the $11.8 million sale of three office buildings totaling 34,696 square feet in Malden, a northern suburb of Boston. Located at 15-23 Pleasant St., 11 Dartmouth St. and 17 Dartmouth St., the buildings are situated in close proximity to each other as well as to the Malden Orange Line T and Commuter Rail Stop transit lines. Steve Nohrden of Burgess Properties represented the seller, North River Malden II, in the transaction. Nohrden also represented the buyer, Boston-based developer Quaker Lane Capital.
WOODBURY, MINN. — Dougherty Mortgage LLC has provided a $53.5 million HUD 221(d)(4) loan for the construction of Sundance at Settler’s Ridge, a 218-unit rental townhome project in Woodbury. Situated on a 23.2-acre site, the project will encompass 23 two-story buildings. Plans also call for a 4,300-square-foot clubhouse with a kitchen, coffee bar and fitness center. Additional amenities will include a pool, fire pit, dog park, dog spa and community garden. Dougherty originated the 40-year loan on behalf of the borrower, SD Woodbury Property LLC. A timeline for completion was not disclosed.
CINCINNATI — Neyer Properties has hired Cushman & Wakefield to manage a portfolio of office properties totaling 1.9 million square feet throughout greater Cincinnati. The portfolio includes buildings such as 36 E. 7th Street, Centennial Plaza III, Baldwin 200, Keystone Parke I and Fountain Pointe I and II. Marnie Castleberry of Cushman & Wakefield will serve as account manager for the portfolio. Cincinnati-based Neyer is one of the largest property owners in greater Cincinnati.