Property Type

JLL Negotiates Sale of 150,007 SF Little Elm Towne Crossing in Frisco

by Taylor Williams December 10, 2019

FRISCO, TEXAS — JLL has negotiated the sale of Little Elm Towne Crossing, a 150,0007-square-foot shopping center in Frisco. Hobby Lobby anchors the center, which was built in 2007 on 17.6 acres and had an occupancy rate of approximately 95 percent at the time of sale. Other tenants include 24 Hour Fitness, Hibbett Sports, Great Clips and Monarch Dental. Aaron Johnson, Barry Brown, Chris Gerard, Ryan Shore and Adam Roosien of JLL represented the seller, Dallas-based Dunhill Partners Inc., in the transaction. The buyer and sales price were undisclosed.

December 10, 2019

Development Multifamily Student Housing Texas

Talley Riggins Breaks Ground on 53,000 SF Student Housing Building at SMU

by Taylor Williams December 10, 2019

DALLAS — Talley Riggins Construction Group has broken ground on Daniel House, a 53,000-square-foot, on-campus student housing building at Southern Methodist University (SMU) in Dallas. Designed by Merriman Anderson/Architects, the three-story building will feature 72 beds, laundry facilities, common space and study rooms. Completion is slated for July 2020.

December 10, 2019

Industrial Leasing Activity Texas

Tosca Services Signs 152,000 SF Industrial Lease in Metro Dallas

by Taylor Williams December 10, 2019

GARLAND, TEXAS — Tosca Services LLC, a provider of reusable plastic containers, has signed a 152,000-square-foot industrial lease at Gateway East Business Center in Garland, a northeastern suburb of Dallas. Ryan Wolcott and Matt Dornak of Stream Realty Partners represented the landlord, Barings, in the lease negotiations. Louis Pascuzzi of Newmark Knight Frank represented the tenant.

December 10, 2019

Acquisitions New Jersey Northeast Office

PAG Investments Acquires 330,000 SF Office Building in Parsippany, New Jersey

by Alex Patton December 10, 2019

PARSIPPANY, N.J. — New York City-based PAG Investments has acquired 5 Wood Hollow Road, a Class A office building in Parsippany, located approximately 30 miles west of New York City. Amenities include a full-service cafeteria and a fitness center with shower and locker facilities. Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Frank DiTommaso of Cushman & Wakefield represented the seller, Mack-Cali Realty Corp. The team also procured PAG as the buyer.

December 10, 2019

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $68.5 Loan for Refinancing of Seniors Housing Property in Manhattan

by Alex Patton December 10, 2019

NEW YORK CITY — Greystone has provided a $68.5 million Fannie Mae loan for the refinancing of Capitol Apartments, a Section 8 seniors housing property in Midtown Manhattan. The loan carried a 10-year term, a 30-year amortization period and a fixed interest rate. The borrower, Fifty First Capitol Associates, will use the proceeds to pay yield maintenance, make capital improvements to the property and monetize its existing equity. Originally built in 1925 as a hotel, the property offers 278 studio and one-bedroom apartments, including 250 age-restricted units. Rob Meehan and Jon Morales of Greystone originated the loan.

December 10, 2019

Development Multifamily New York Northeast Seniors Housing

Senior Lifestyle Corp. Opens The Club at Briarcliff Manor Near New York City

by Alex Patton December 10, 2019

BRIARCLIFF MANOR, N.Y. — Senior Lifestyle Corp. has opened The Club at Briarcliff Manor, a seniors housing community in Briarcliff Manor, a village along the Hudson River located approximately 30 miles north of New York City. The property offers 167 independent living units, 87 assisted living units and 33 memory care units in two interconnected buildings. Apartments range from 605 square feet to 1,040 square feet, with monthly rents starting at $7,350. The site was formerly housed Briarcliff Lodge, a grand resort hotel built in the early 1900s.

December 10, 2019

Loans Multifamily Washington Western

Mesa West Capital Funds $52M Loan for Purchase of Joseph Arnold Lofts in Seattle

by Amy Works December 10, 2019

SEATTLE — Mesa West Capital Partners has provided $52 million in first mortgage debt to a joint venture between Rise Properties Trust and Cigna Investment Management. The funds will be used for the purchase and repositioning of Joseph Arnold Lofts, an apartment community in Seattle. Built in 2013, “The Joe” features 131 units in a mix of studio, one- and two-bedroom with floor-to-ceiling windows. Community amenities include a studio apartment guest suite, fitness center, business center, tenant lounge and rooftop deck with barbecues, fire pit and outdoor seating areas. The sponsor has a moderate renovation program planned for the property that will include upgrading the existing fitness center, rooftop deck enhancements, upgrades to the lounge/game room, improvements to the lobby and new landscaping. Joshua Westerberg of Mesa West Capital originated the financing for the sponsor.

December 10, 2019

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $42.3M HUD Loan for Construction of Apartment Property in Minnesota

by Kristin Harlow December 10, 2019

ROBBINSDALE, MINN. — Dougherty Mortgage LLC has provided a $42.3 million HUD 221(d)(4) loan for the construction of Parker Station Flats in Robbinsdale, just northwest of Minneapolis. The apartment property will include 198 market-rate units. Dougherty originated the 40-year, fixed-rate loan on behalf of the borrower, Parker Station Flats LLC. The project also received tax-increment financing from the Robbinsdale Economic Development Authority and various environmental grants from the state of Minnesota, Hennepin County and Metropolitan Council.

December 10, 2019

California Loans Multifamily Western

DWG Capital Group, NKF Arrange $25M Joint Venture Equity for Inland Empire Multifamily Acquisition

by Amy Works December 10, 2019

MORENO VALLEY, CALIF. — DWG Capital Group and Newmark Knight Frank have closed a programmatic equity joint venture with an initial $25 million investment with Denver-based JCR Capital, on behalf of Los Angeles-based Crystal Asset Management. The funds will be used for Vista Springs, a 212-unit apartment development located at 21550 Box Springs Road in Moreno Valley. Built in 1989, the 174,360-square-foot property features one- and two-bedroom units with in-unit washers/dryers and central heating and air. Community amenities include a fitness center, playground, swimming pool, two spas and an on-site leasing office. The $25 million equity line was deployed for Crystal Asset Management’s expansion into the Inland Empire market that commenced with the $39.5 million acquisition of Vista Springs. Judd Dunning of DWG Capital Group and Brian Bowis of Newmark Knight Frank’s Capital Markets team closed the programmatic equity joint venture. Eric Flyckt and Aaron Beck of NorthMarq’s San Diego office arranged the debt, which will fund 100 percent of the renovation budget.

December 10, 2019

Indiana Loans Midwest Retail

NorthMarq Arranges $5.9M Acquisition Loan for Retail Property in Fort Wayne, Indiana

by Kristin Harlow December 10, 2019

FORT WAYNE, IND. — NorthMarq has arranged a $5.9 million loan for the acquisition of Coldwater Crossing in Fort Wayne. The 89,980-square-foot retail property, anchored by Dollar Tree, is located at 5315-5515 Coldwater Road. Susan Branscome of NorthMarq arranged the 10-year, fixed-rate loan with a regional bank.

December 10, 2019

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