MERIDEN, CONN. — Capital Funding Group (CFG), a Baltimore-based lender, has provided a $2.8 million bridge-to-HUD loan for the refinancing of Meriden Mill, a 43-unit multifamily property in Meriden, about 20 miles south of Hartford. The owner and borrower, Manhattan Five Realty, will use a portion of the proceeds to fund future renovations. Gary Sever of CFG handled the transaction through HUD’s 223(f) refinance program, which is used to refinance market-rate multifamily properties.
SEATTLE — Concord Pacific, a Canadian residential developer, has acquired a multifamily development site located at 1901 Minor Ave. in Seattle for $72 million. Situated within Seattle’s Denny Triangle neighborhood, the site has master-use permit approval for two high-rise residential towers over a large podium. This acquisition is Concord’s second commitment to building vertical neighborhoods in Seattle. Ross Klinger and Tim Foster of Kidder Mathews represented the buyer in the deal. The name of the seller was not released.
PHOENIX — Westcore Properties has purchased a newly built industrial building, located at 8001 W. Buckeye Road in southwest Phoenix. A joint venture between Phoenix-based Wentworth Property Co. and a private real estate fund managed by Dallas-based Crow Holdings Capital sold the property for an undisclosed price. The cross-dock building features 379,828 square feet of Class A industrial space, ESFR sprinklers, 60-foot speed bays, 36-foot clear heights and ample dock-high loading. Additionally, the site features all-concrete truck yards, trailer parking, multiple ingress and egress points and proximity to Phoenix’s main east-west transportation, I-10 and the soon-to-be-completed Loop 202. Westcore plans to immediately build out approximately 3,800 square feet of office space within the building shell, paint the interior warehouse walls and install various warehouse improvements to allow for immediate occupancy. The building can be configured for a single tenant or up to three tenants. Will Strong of Cushman & Wakefield represented the seller, while Westcore was self-represented in the deal. Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield will handle the leasing on behalf of Westcore.
COLORADO SPRINGS, COLO. — Newmark Knight Frank Colorado (NKF) has arranged the sale of RidgePoint at Gleneagle, an apartment community located in Colorado Springs. BSP Ridgepoine Colorado LLC acquired the property from GB RidgePointe LLC for $54.5 million. Located at 13531 Shepard Heights, the community features 240 units. Kevin McKenna and Saul Levy of NKF Colorado handled the transaction.
MARANA, ARIZ. — BMO Harris Bank’s Healthcare Real Estate Finance group has provided a $21 million credit facility for the acquisition of an assisted living and memory care community in Marana. The borrowers are Kayne Anderson Real Estate and Watermark Retirement Communities. Developed this year, the 96,000-square-foot asset features 108 assisted living and memory care beds. The property is situated on four acres in the Silverbell Corridor of Marana.
CHICAGO — Meridian Design Build has broken ground on a 358,879-square-foot speculative industrial building on behalf of NorthPoint Development in Chicago. The new facility will be situated on a 31.1-acre site at 12144 S. Ave. O on the city’s southeast side. Plans call for a clear height of 36 feet, four drive-in doors, 257 auto parking stalls, 106 trailer parking stalls and up to 92 loading docks. The project will be the first building in NorthPoint’s 200-acre Avenue O Industrial Park, a 2.3 million-square-foot master-planned development. The site was previously home to the Republic Steel mill. The project team includes StudioNorth Architecture and Jacob & Hefner Associates.
NORTH CANTON, OHIO — Stan Johnson Co. has brokered the sale of a newly constructed, 107,500-square-foot industrial building in North Canton, a suburb of Cleveland. The sales price was not disclosed. ComDoc, a subsidiary of Xerox, fully leases the property as its corporate headquarters. The build-to-suit is located at 8247 Pittsburg Ave. NW. Rob Gemerchak, Jeff Hughes and Jeff McKinney of Stan Johnson represented the seller, Industrial Commercial Properties LLC. A subsidiary of Global Net Lease, an institutional investor based in New York, purchased the building.
WOODSTOCK, ILL. — Marcus & Millichap has brokered the sale of a 10,336-square-foot, newly constructed retail property in Woodstock in northern Illinois for $4.9 million. Starbucks and Aspen Dental anchor the building. All of the tenants operate on a net-lease basis. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller. A local buyer completing a 1031 tax-deferred exchange purchased the asset.
ST. LOUIS — NorthMarq has secured a $3 million loan for the acquisition of Wildwood Plaza in St. Louis. The 17,490-square-foot mixed-use property is situated on a one-acre site. Jeff Chaney and Dan Baker of NorthMarq arranged the loan on behalf of the borrower, Chez IX Wildwood Plaza LLC. Life insurance company StanCorp Financial Group provided the 10-year loan, which features a fixed rate and a 25-year amortization schedule.
Joint Venture Expands Beachfront Footprint with Acquisition of Two Hotels in Miami Beach for $139.9M
MIAMI BEACH, FLA. — A joint venture between SHVO, Bilgili Group and Deutsche Finance Group (DFG) has acquired the Richmond Hotel, Richmond Apartments and South Seas Hotel for a total of $139.9 million. The companies purchased South Seas Hotel from Majestic Hotel Corp. for $52 million. Along with direct access to the beach, the hotel offers amenities such as a swimming pool, poolside café and bar, business center, complimentary breakfast and concierge service. South Seas is located at 1751 Collins Ave., directly next to Richmond Hotel. Included in the $87.9 million Richmond Hotel sale was Richmond Apartments, an 18-unit apartment complex located at 1757 James Ave., one block from the two hotels, and the apartment’s parking lot. The joint venture bought Richmond Hotel, which has been family owned and operated since 1941, from Patti and Allan Herbert. The hotel is located at 1757 Collins Ave., directly next door to The Raleigh, which the joint venture acquired in February for $103 million. Lotus Capital Partners arranged a $100 million acquisition loan on behalf of the buyers from California-based Acore Capital for the purchase of Richmond and South Seas. These purchases mark the fourth and fifth purchases between SHVO, Bilgili Group and DFG. The joint …