Property Type

Berkadia Arranges $20.1M Acquisition Loan for Multifamily Community in Columbia, South Carolina

by Alex Tostado November 11, 2019

COLUMBIA, S.C. — Berkadia has arranged a $20.1 million acquisition loan for Arcadia’s Edge, a 204-unit multifamily community in Columbia. Berkadia originated the 10-year, fixed-rate loan with five years of interest-only payments. Arcadia’s Edge offers one-, two- and three-bedroom floor plans. Community amenities include a car care center, clubhouse, community garden, cyber café, swimming pool and a fitness center. The property is situated at 6837 N. Trenholm Road, seven miles northeast of downtown Columbia and eight miles northeast of the University of South Carolina. Charles Foschini and Christopher Apone of Berkadia arranged the loan on behalf of the borrower, West Shore Arcadia LLC, in the transaction. The Cushman & Wakefield team of Jordan McCarley, Tai Cohen and Marc Robinson represented the seller, Estates & Cos., in the sale.

November 11, 2019

Acquisitions Hospitality Massachusetts Northeast

Hawkins Way Acquires Historic 143-Room Copley Square Hotel in Boston

by Alex Patton November 11, 2019

BOSTON ⁠— Hawkins Way Capital has acquired the historic 143-room Copley Square Hotel in the Back Bay neighborhood of Boston. Built in 1891, the Copley Square Hotel is situated within close proximity of Newbury Street retail and culture center, several colleges and universities, Fenway Park and the Prudential Center. Amenities include 1,500 square feet of meeting and event space, a 24-hour fitness center, a lower-level nightclub and 11,800 square feet of retail space ⁠— including 2,800 square feet of vacant ground-floor retail. Denny Meikleham, Alan Suzuki and Matt Enright of JLL represented the seller, insurance service company Barings LLC, in the transaction.

November 11, 2019

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Brokers Sale of Two Warehouses totaling 200,000 SF in Linden, New Jersey

by Alex Patton November 11, 2019

LINDEN, N.J. — Cushman & Wakefield has brokered the sale of two industrial warehouses totaling approximately 200,000 square feet in Linden, an eastern suburb of New York City. Located at 2401 E. Linden Ave. and 1501-1525 W. Blancke St., the properties are situated three miles apart and comprise 84,220 and 115,913 square feet, respectively. The location offers close access to the Port of New York and New Jersey. Both warehouses were fully leased to five tenants at the time of sale. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Larkin of Cushman & Wakefield represented the seller, Penwood Real Estate Investment Management, in the transaction. Link Industrial Properties was the buyer.

November 11, 2019

Loans Multifamily New York Northeast

Greystone Provides $34.5M Bridge Loan for Multifamily Property in Brooklyn

by Alex Patton November 11, 2019

NEW YORK CITY — Greystone has provided a $34.5 million bridge loan to refinance Lenox Apartments, a 55-unit multifamily property in Brooklyn. The loan refinances previous debt from Madison Realty Capital and comprises a 24-month term with two six-month extensions. Lenox Apartments was completed in 2018 and features 9,000 square feet of retail space on the ground floor. The loan was originated by Anthony Cristi and Hope Curtis of Greystone.

November 11, 2019

Loans Multifamily New York Northeast

Merchants Capital Secures $21M Construction loan for Multifamily Community in Queens

by Alex Patton November 11, 2019

NEW YORK CITY — Merchants Capital has secured a $21 million construction loan for a 200-unit multifamily community in Queens. The borrower, Dunn Development, will use the loan to redevelop the Triboro Hospital for Tuberculosis into a housing project that will provide a mix of supportive housing for special needs and homeless tenants, as well as affordable housing for low- to moderate-income households. Merchants Capital secured the funding using a Freddie Mac low-income housing tax credit cash loan. Construction is underway and is slated for completion by July 2021.

November 11, 2019

Leasing Activity New Jersey Northeast Office

NAI Mertz Negotiates 3,600 SF Office Lease in Cherry Hill, New Jersey

by Alex Patton November 11, 2019

CHERRY HILL, N.J. — NAI Mertz has negotiated a 3,600-square-foot office lease for third-party collection agency Grimley Financial in Cherry Hill, an eastern suburb of Philadelphia. The company will move from its previous location in Haddonfield to the new space within Cherry Hill Plaza, a 100,000-square-foot, Class A office building. Joe Riggs of NAI Mertz represented Grimley Financial in the lease negotiations. Markeim Chalmers Inc. represented the landlord.

November 11, 2019

Loans Michigan Midwest Multifamily Walker & Dunlop

Walker & Dunlop Arranges $48.3M Bridge Loan for Apartment Property in Suburban Grand Rapids

by Kristin Harlow November 11, 2019

GRANDVILLE, MICH. — Walker & Dunlop Inc. has arranged a $48.3 million bridge loan for the refinancing of The Grand Castle Apartments, a newly developed apartment property in Grandville, a suburb of Grand Rapids. Developed by Roger Lucas, a principal of Land & Co., the exterior of the property is modeled after the famed Neuschwantstein Castle in southern Germany. It comprises 522 units. Amenities include a pool, fitness center, business center, resident lounge and dog park. Benjy Krosin of Walker & Dunlop arranged the 24-month, floating-rate loan. Kari Zapolski of Inner Circle Holdings originated the loan, which will enable the borrower to pay off the existing construction debt and complete lease-up.

November 11, 2019

Loans Midwest Multifamily ORIX Wisconsin

Hunt Real Estate Capital Provides $26.8M Refinancing for Four Multifamily Properties in Wisconsin

by Kristin Harlow November 11, 2019

PLEASANT PRAIRIE, WIS. — Hunt Real Estate Capital has provided four Freddie Mac small balance loans totaling $26.8 million to refinance four multifamily properties in Pleasant Prairie. The properties, totaling 202 units, include Fountain Ridge II through V. The borrower, Jeff Marlow, purchased the land for all four properties in September 2016 and completed construction in 2018. All properties are currently fully occupied. The 10-year, fixed-rate loans feature 30-year amortization schedules.

November 11, 2019

Illinois Leasing Activity Midwest Multifamily Retail

Four Retail Tenants Sign Leases at Apartment Complex Nearing Completion in Chicago

by Kristin Harlow November 11, 2019

CHICAGO — Fifield Cos. has signed leases with three restaurants and one retailer to occupy ground-floor space at its Logan Apartments in Chicago. Big Wig Tacos, Jersey Mike’s Subs, K-Fire Korean BBQ and Verizon will occupy a combined 6,800 square feet. Target previously leased 27,000 square feet at the new complex and will serve as the anchor retail tenant. The 220-unit Logan Apartments is slated to open in spring 2020. It is situated on the site of the former Mega Mall in the Logan Square neighborhood.

November 11, 2019

Acquisitions Midwest Retail Wisconsin

Cushman & Wakefield | Boerke Negotiates $2.7M Sale of Retail Center in Wisconsin

by Kristin Harlow November 11, 2019

GRAFTON, WIS. — Cushman & Wakefield | Boerke has negotiated the $2.7 million sale of Creekside Plaza in Grafton, about 25 miles north of Milwaukee. The 11,823-square-foot retail center is located at 2225 W. Wisconsin Ave. It is fully leased to Athletico, Country Financial, H&R Block, Pizza Hut, Royal Nails and Sherwin-Williams. John Kuhn, David Tighe, Matthew Medvecz and Daniel McBride of Cushman & Wakefield | Boerke brokered the sale. Coastal Partners LLC sold the asset to an out-of-state, 1031 exchange buyer.

November 11, 2019

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