GERMANTOWN, TENN. AND OLIVE BRANCH, MISS. — Greystone has provided two HUD refinancing loans to the same borrower for seniors housing communities in Germantown and Olive Branch. The loans total $29.4 million. The undisclosed borrower took out a $12.2 million loan for Germantown Plantation Senior Living, a 106-unit assisted living facility situated at 9293 Poplar Ave., 21 miles east of downtown Memphis. The other property is Silvercreek Senior Living Community, which is located at 6630 Crumpler Blvd. in Olive Branch, 22 miles southeast of downtown Memphis. Greystone provided a $17.2 million refinancing loan for the facility, which offers 99 studio, one- and two-bedroom units.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Copper Creek, a 274-unit multifamily property in Fort Worth. The community was built on 12.4 acres in 1986 and was renovated in 2013 and 2017. Amenities include a pool, soccer field and a playground. Al Silva of Marcus & Millichap represented the seller, Florida-based DIJ Properties, in the transaction. Silva also procured the buyer, a Texas-based private investment firm.
DALLAS — Darwin German Real Estate has received a $21.4 million Freddie Mac acquisition loan for Gold Creek Apartments, a 255-unit multifamily community in Dallas. The Class A property was built in 2016 on 11.6 acres and was 97 percent occupied at the time of sale. Steven Yazdani of Los Angeles-based financial advisory firm Nova Capital handled the transaction on behalf of Darwin German, which will also use $6 million in equity to fund the acquisition.
DALLAS — Barclays Capital has provided a $7.6 million acquisition loan for The Burgundy, a multifamily asset in Dallas that consists of 111 apartments and 69 condominiums. Melissa Marcolini Quinn and Will Hancock of NorthMarq arranged the loan, which carried a 10-year term, three years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed. NorthMarq also arranged the sale of the asset.
DETROIT — Bedrock, the real estate development company created by Quicken Loans Founder Dan Gilbert, will temporarily waive all rent, expenses and parking fees for restaurants and retail tenants that qualify as small businesses and which occupy space at the landlord’s buildings in downtown Detroit. Bedrock owns about 50 percent of the leasable commercial real estate space in Detroit’s 1.4-square-mile downtown business district, according to The Wall Street Journal. In downtown Detroit, Bedrock’s real estate portfolio includes 125 retailers and restaurants. The rent forgiveness initiative, which runs from April through June, comes as businesses across the state temporarily suspend in-person operations unless they are deemed essential. Michigan Gov. Gretchen Whitmer issued a “Stay Home, Stay Safe” executive order on Monday in response to the coronavirus outbreak. The order will be in effect through April 13. Bedrock recognizes that many of its small restaurant and retail tenants have taken a big hit financially due to lost business during the crisis and want to enable these tenants to use their resources to pay bills and meet payroll commitments. Qualification as a small business is based on criteria established using industry and governmental standards.
MOUNT HOREB, WIS. — As a result of the COVID-19 pandemic, Duluth Holdings Inc. has temporarily closed all of its stores nationwide. There are more than 60 locations of Duluth Trading Co. The company did not disclose a timeline for when the stores will reopen. The Wisconsin-based retailer of casual wear and workwear will support sales associates with two weeks of pay. Approximately 50 percent of Duluth Trading’s sales are generated through its website and shipped directly to customers from its distribution centers. The company plans to keep these facilities open with “heightened concern for employee health and safety.”
LAWRENCE, KAN. — NorthMarq has arranged the sale and financing of both Country Club on the 6th and Eagle Ridge Apartments in Lawrence. The combined $25 million in volume represents the buyer’s first acquisitions in the collegiate town, which is situated just outside of Kansas City and home of the University of Kansas. Country Club on the 6th features 254 units while Eagle Ridge is home to 148 units. Jeff Lamott and Gabe Tovar of NorthMarq represented the sellers on both transactions. Brett Hood of NorthMarq arranged acquisition financing through Freddie Mac on behalf of the buyer.
EUREKA, ILL. — Marcus & Millichap has brokered the sale of Enchanted Gardens Mobile Home Park, a 152-lot manufactured home community in Eureka, about 20 miles east of Peoria. The sales price was undisclosed. The community, situated at 508 Reagan Drive, features convenient access to Route 24 and I-74. Andrean Angelov, Ryan Engle and Brad Kreppel of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured and represented the buyer, a private investor.
LOS ANGELES — Los Angeles-based Dekel Capital, on behalf of Los Angeles-based CGI Strategies, has secured $47.8 million in non-recourse construction financing for the development of a multifamily community located at 837 S. Fedora St. in Los Angeles. Provided by a national lender, the loan will be used for the construction of a seven-story concrete and wood building over two levels of subterranean parking in the Koreatown neighborhood. The multifamily property will offer 200 apartments in a mix of studio, one- and two-bedroom layouts, ranging in size from 622 square feet to 1,000 square feet, with 10 percent of the units earmarked for low-income residents. On-site community amenities will include a fully equipped fitness center, 6,500-square-foot community lounge, clubhouse, exterior courtyard and 5,400-square-foot rooftop lounge. Completion is scheduled for summer 2022.
PORTLAND, ORE. — JLL Capital Markets has secured $37.3 million in acquisition financing for Fremont Place I and II, a two-building office campus in Portland’s Pearl District. The borrower is a Rialto Capital Management fund along with one of the company’s subsidiaries, Rialto Capital. Loan proceeds will be used to acquire and transform the urban, waterfront property through series of interior and exterior renovations. Located at 1650 and 1750 Naito Parkway, Fremont I and II offer 123,600 square feet of office space spread across a two-story building and a three-story building. Originally built in 1987, the asset was recently renovated and renovations, including an outdoor amenity space, are scheduled for the near future. At the time of sale, the property was 62 percent leased to a variety of tenants in the telecommunications, engineering and healthcare industries, among others. Casey Davidson and Zachary Kersten of JLL Capital Markets arranged the five-year, floating-rate acquisition bridge loan through a debt fund.