Property Type

Pennrose to Convert Boston School into 74-Unit, LGBTQ-Friendly Seniors Housing Property

by Alex Patton November 20, 2019

BOSTON — Pennrose Development and LGBTQ Senior Housing Inc. have unveiled plans to convert William Barton Rogers Middle School in Boston’s Hyde Park neighborhood into a 74-unit, LGBTQ-supported affordable seniors housing community. The $33 million project will transform the existing structure into a residential building with 74 units of income-restricted rental units. Tenants must be at least age 62, and the community will be specifically welcoming to seniors who identify as LGBTQ, according to the developers. The original school was built in 1899 on 74,000 square feet of land and closed in June 2015. Boston-based architecture firm DiMella Shaffer designed the project. A construction timeline was not disclosed.

November 20, 2019

Loans Multifamily New York Northeast Seniors Housing

Monticello Provides $40M Loan for Refinancing of Seniors Housing Community in The Bronx

by Alex Patton November 20, 2019

NEW YORK CITY — Monticello Asset Management LLC has provided a $40 million loan for the refinancing of an assisted living facility in The Bronx. The borrower and name of the facility, which features 256 beds, were not disclosed. The borrower recently completed an extensive renovation of the facility, including updates to the resident rooms, lobby, common areas and landscaping. Monticello provided the long-term financing for the borrower after it received full licensure in New York and has since stabilized the operations and performance of the facility.

November 20, 2019

Connecticut Development Industrial Northeast

Scannell Properties Underway on 47,178 SF Distribution Center in Orange, Connecticut

by Alex Patton November 20, 2019

ORANGE, CONN. — Scannell Properties is underway on construction of a 47,178-square-foot distribution center in Orange, a western suburb of New Haven. Located at 161 Marsh Hill Road, the facility will feature 76 loading docks, 5,858 square feet of office space and an additional 9,680-square-foot maintenance facility. Meridian Design Build is the general contractor. Construction is slated for completion in June 2020.

November 20, 2019

Leasing Activity New Jersey Northeast Retail

NAI James Hanson Negotiates 12,000 SF Retail Lease for Indian Grocer in Parsippany, New Jersey

by Alex Patton November 20, 2019

PARSIPPANY, N.J. — NAI James Hanson has negotiated a 12,000-square-foot retail lease for specialty grocer Indian Stream LLC in Parsippany, located approximately 30 miles west of New York City. The building features 122 feet of highway frontage as well as attached warehouse space. Darren Lizzack and Randy Horning of NAI James Hanson represented the landlord, Peak Realty Associates LLC, in the lease negotiations. The duo also represented Indian Stream.

November 20, 2019

Acquisitions Midwest Missouri Multifamily Student Housing

GMH Capital, AGC Equity Acquire 428-Bed Student Housing Community Near Washington University in St. Louis

by Kristin Harlow November 20, 2019

ST. LOUIS — A joint venture between GMH Capital Partners and AGC Equity Partners has acquired Everly on the Loop, a 428-bed student housing community serving students at Washington University in St. Louis. Built in 2017, the 192,390-square-foot community offers one-, two- and three-bedroom units that average 899 square feet. Shared amenities include a fitness center, yoga room, game room, swimming pool and indoor and outdoor entertainment spaces. The seller and terms of the transaction were undisclosed.

November 20, 2019

Acquisitions Midwest Multifamily Wisconsin

Cushman & Wakefield Brokers $18.7M Multifamily Sale in Suburban Milwaukee

by Kristin Harlow November 20, 2019

WAUKESHA, WIS. — Cushman & Wakefield has brokered the sale of Springdale Apartments in Waukesha for $18.7 million. The three-story, 199-unit multifamily property is located at 2415 Springdale Road. Developed in 1973, the community houses a mix of one-, two- and three-bedroom units averaging 920 square feet. The property was nearly fully leased at the time of sale. Brad Smith of Cushman & Wakefield represented the seller, Milwaukee-based Trike Property Management. Janesville-based Spaulding Group purchased the asset. Prior to the sale, Trike completed renovations to 20 of the units. Spaulding plans to continue upgrading both the units and common areas.

November 20, 2019

Illinois Leasing Activity Midwest Office

Colliers Negotiates 116,000 SF in Office Leases at Parkway North Center in Deerfield, Illinois

by Kristin Harlow November 20, 2019

DEERFIELD, ILL. — Colliers International principals Darryl Silverman and Steve Kling recently negotiated office leases totaling more than 116,000 square feet at Parkway North Center in Deerfield. Colliers represented building ownership, Fulcrum Asset Advisors and True North Management. At Six Parkway North, Lundbeck and Advanced Clinical signed leases. The property is now 95 percent leased. Lundbeck, a global pharmaceutical company, leased an additional 24,500 square feet to bring its total footprint to 73,000 square feet. John Goodman of Savils represented Lundbeck. Advanced Clinical signed a new lease for 16,521 square feet and will relocate from Ten Parkway North. Larry Serota and John Marquardt of Transwestern represented the tenant. At Nine Parkway North, now 88 percent leased, Michael Silver & Co. leased 19,253 square feet. The firm will relocate from Skokie in 2020. John Goodman and Isabel Preskill of Savils represented the accounting and consulting firm. Global executive search and leadership consulting firm Spencer Stuart leased 7,890 square feet. Bill Rogers and Isabelle Montagne of JLL represented the tenant.

November 20, 2019

Hospitality Loans Texas

Cottonwood Group, Hana Provide $102M Loan for Refinancing of Houston Hotel

by Taylor Williams November 20, 2019

HOUSTON — Los Angeles-based Cottonwood Group and Hana Alternative Asset Management have provided a $102 million loan for the refinancing of Intercontinental Houston-Medical Center, a 354-room hotel in Houston. The 22-story luxury hotel opened in March and features food and beverage offerings, a lobby bar, outdoor pool, fitness center, workstations and more than 11,000 square feet of meeting and ballroom space. The borrower was Texas-based developer Medistar Corp.

November 20, 2019

Illinois Iowa Loans Midwest Multifamily

Maverick Commercial Arranges $12.7M First Mortgage for Four Manufactured Housing Communities in Illinois, Iowa

by Kristin Harlow November 20, 2019

SPRINGFIELD, ILL. AND DES MOINES, IOWA — Maverick Commercial Mortgage Inc. has arranged a $12.7 million first-mortgage loan on behalf of MHPI Inc. for a portfolio of four manufactured housing communities located in Springfield, Ill. and Des Moines. The portfolio includes a combined 303 pad sites. The three Springfield communities were built within the last 15 years. The community in Des Moines features a clubhouse, swimming pool, community room and small self-storage facility. Benjamin Kadish of Maverick arranged the seven-year, fixed-rate loan with an undisclosed national lender. Proceeds paid off the existing lender and paid for closing costs. Arnold Weinberg of Much Shelist represented MHPI.

November 20, 2019

Acquisitions Midwest Ohio Restaurant Retail

Boulder Group Brokers $1.8M Sale of Net Leased Taco Bell Property in Toledo, Ohio

by Kristin Harlow November 20, 2019

TOLEDO, OHIO — The Boulder Group has brokered the sale of a single-tenant property net leased to Taco Bell in Toledo for $1.8 million. The building is located at 2234 W. Alexis Road. There are 15 years remaining on Taco Bell’s lease, which is guaranteed by Charter Foods North LLC. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate investment company. A 1031 exchange buyer purchased the property.

November 20, 2019

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