Property Type

JLL Arranges $34M Construction Loan for Multifamily Property in Little Havana

by Alex Tostado February 24, 2020

MIAMI — JLL has arranged a $34 million construction loan for First-Little Havana, a planned 194-unit multifamily property in Miami. Premium Development Inc. is building the asset, which is situated at Seventh Avenue and SW First Street, one mile west of downtown Miami. First-Little Havana will feature 7,000 square feet of ground-floor retail, 231 garage parking spaces, a pool, fitness center, yoga studio and dog park. The developer plans to open the community in 2021. Brian Gaswirth and Michael DiCosimo of JLL arranged the financing through Man Global Private Markets.

February 24, 2020

Florida Industrial Leasing Activity Southeast

Cargill Signs 70,000 SF Industrial Lease in South Florida

by Alex Tostado February 24, 2020

HIALEAH, FLA. — Cargill has signed a 70,000-square-foot industrial lease within Building E in Beacon Logistics Park in Hialeah. The industrial park will span 1.3 million square feet upon completion. A joint venture between Codina Partners and USAA Real Estate is developing the 146,021-square-foot Building E, which features a non-shared truck court and a building depth of 160 feet with a 60-foot speed bay. The Minnesota-based meat and grain supplier is the first tenant to sign a lease within the property, which is situated at NW 145th Place and NW 107th Avenue, 23 miles northwest of downtown Miami. RLC Architects designed the industrial park, and Rycon Construction Inc. is the general contractor for Building E.

February 24, 2020

Development Massachusetts Mixed-Use Northeast

National Development Unveils Plans for Mixed-Use Project in Boston

by Alex Patton February 24, 2020

BOSTON — Locally based firm National Development has unveiled plans for a mixed-use project at 333 Dorchester Ave. in South Boston, pending approval from the City of Boston. The project will include 256 apartment units, 47,000 square feet of office space, 14,500 square feet of retail space and public green space. The project is part of a larger Dorchester Avenue redevelopment initiative spearheaded by National Development, which includes transformation of industrial buildings including 333 Dorchester Ave. into primarily residential and commercial properties.

February 24, 2020

Acquisitions Multifamily New York Northeast

Stonehenge NYC, A-Rod Corp., Modlin Group Acquire Multifamily Building in Manhattan for $66.2M

by Alex Patton February 24, 2020

NEW YORK CITY — A partnership between Stonehenge NYC, A-Rod Corp. and Modlin Group has acquired a 114-unit multifamily building in the Midtown East neighborhood of Manhattan, for $66.2 million. The London Family constructed the 14-story building, which is located at 340 East 51st St., in 1965. Formerly known as Allen House, the building has been rebranded as Stonehenge 51. David Krantz and Paul Leibowitz of Savills represented the partnership in the transaction. Former Major League Baseball player Alex Rodriguez founded A-Rod Corp.

February 24, 2020

Connecticut Industrial Loans Northeast Self-Storage

Talonvest Arranges $16.5M Loan for Refinancing of Self-Storage Facility in Norwalk, Connecticut

by Alex Patton February 24, 2020

NORWALK, CONN. — Talonvest Capital Inc., a California-based self-storage advisory firm, has arranged a $16.5 million bridge loan for the refinancing of Secure Self Storage, a 766-unit facility in Norwalk, an eastern suburb of Stamford. A Midwest-based bank provided the 42-month loan, which carried 36 months of interest-only payments. Located at 587 Connecticut Ave., the property totals 72,490 square feet. Eric Snyder, Kim Bishop and Jim Davis led the Talonvest team that arranged the loan. A joint venture between TVG Partners and Clark Investment Group was the borrower.

February 24, 2020

Delaware Leasing Activity Northeast Retail

Sprouts to Open 30,000 SF Grocery Store in Wilmington, Delaware

by Alex Patton February 24, 2020

WILMINGTON, DEL. — Sprouts Farmers Market will open a 30,000-square-foot grocery store in Wilmington, located approximately 30 miles southwest of Philadelphia. The Arizona-based grocery chain offers organic produce, an expansive bulk foods selections and an extensive vitamin department. Located at 4727 Concord Pike, the new store will bring 140 full- and part-time jobs to the area. The opening is scheduled for March 11.

February 24, 2020

Finance Insight Midwest Multifamily Northeast Southeast Texas Thought Leadership Video Walker & Dunlop Western

What Does Walker & Dunlop’s New Venture Mean for Multifamily Lending?

by Sarah Daniels February 24, 2020

Walker & Dunlop has entered into a joint venture with commercial real estate data science company GeoPhy to optimize the multifamily valuation process. The new appraisal company is called Apprise, and its goal is a five-day appraisal to accelerate the delivery of capital to real estate operators, Walker & Dunlop’s clients among them. Brad Savage, MAI, CCIM, Chief Product Officer of Apprise, discusses the marriage of data and human expertise in Apprise’s approach to commercial valuation. Apprise’s proprietary platform acts as a co-pilot for its appraisers, making sense of complex datasets and streamlining manual processes. By producing more credible reports in less time, Apprise allows clients to make quicker, more informed investment decisions. Watch the interview to learn how the program works and what it means for the industry.

February 24, 2020

Acquisitions Industrial Midwest Ohio

Whirlpool Enters Into $178.9M Sale-Leaseback Agreement for Industrial Portfolio Largely in Ohio

by Kristin Harlow February 24, 2020

MARION, FINDLAY, OTTAWA AND CLYDE, OHIO — Whirlpool has entered into a $178.9 million sale-leaseback agreement for a 3.1 million-square-foot industrial portfolio largely in the state of Ohio. In addition to four distribution centers in Ohio (Marion, Findlay, Ottawa and Clyde), the portfolio includes one manufacturing facility in Tennessee and two office buildings in Italy. Bruce Westwood-Booth, Guy Ponticiello, Maury Vanden Eykel and Kyle Sals of CBRE represented Whirlpool in the transaction. The buyer was undisclosed. Corporate clients with multi-continent real estate holdings are entering into more sale-leaseback deals today, according to Westwood-Booth.

February 24, 2020

Civic Development Michigan Midwest

Developer Stephen Ross to Contribute $100M for Detroit Center for Innovation Project

by Kristin Harlow February 24, 2020

DETROIT — Stephen Ross, philanthropist and chairman of Related Cos., has announced a $100 million gift to advance construction of the Detroit Center for Innovation (DCI). The project, which will be located on the former Wayne County Jail site on Gratiot Avenue will also be made possible by a contribution of land from Quicken Loans founder Dan Gilbert. The first phase of construction for the 14-acre project is expected to begin in 2021. Anchoring the project will be a 190,000-square-foot research and education center to be operated by the University of Michigan. Designed by architecture firm Kohn Pedersen Fox, the center will serve up to 1,000 graduate and senior-level undergraduate students pursuing degrees in high-tech innovation fields such as mobility, artificial intelligence, data science, cybersecurity and financial technology. The initial phase of the DCI will also include incubator and start-up services for entrepreneurs, collaboration space, residential units, a hotel and conference center. Ross has previously given nearly $400 million to the university.

February 24, 2020

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $8.6M Refinancing for Multifamily Portfolio in Minnesota

by Kristin Harlow February 24, 2020

WILLMAR, MINN. — Dougherty Mortgage LLC has provided an $8.6 million Fannie Mae loan for the refinancing of a 204-unit multifamily portfolio in Willmar in central Minnesota. The four buildings were constructed between 1974 and 1977. The loan features a 12-year term and a 30-year amortization schedule. Suite Liv’n manages the portfolio.

February 24, 2020

Newer Posts

Older Posts