SPARTA, N.J. — Genworth Financial has provided a $12 million construction loan for an 80,000-square-foot ShopRite supermarket and an adjacent 15,000-square-foot ShopRite Wine & Spirits store in Sparta, a city located about 45 miles west of New York. The loan carries a 20-year term and 20-year amortization schedule. David Fryer of G.S. Wilcox & Co. arranged the loan on behalf of the borrower, a partnership between Sparta 283 Realty LLC and Ronetco Supermarkets Inc. Construction is slated for completion in October 2019.
DALLAS — Hana, a subsidiary of CBRE, has opened Hana PwC Tower at Park District in downtown Dallas. The Hana brand is CBRE’s flagship flexible workspace concept. The space spans 67,000 square feet and two and a half floors of the 500,000-square-foot PwC Tower. CBRE expects to open additional Hana locations in the United States and the United Kingdom in the coming months.
LAKEWAY, TEXAS — Full-service real estate firm Equity has completed a 40,000-square-foot medical office building at 101 Medical Parkway in Lakeway, located northwest of Austin. The project represents Phase I of the Lakeway Medical Village development. The building is open for business and houses physician groups and outpatient service providers including Premier Family Physicians, Texas Orthopedics, Urology Austin and Texas PT Specialists.
BROWNSVILLE, TEXAS — Marcus & Millichap has brokered the sale of Plaza Viejo Shopping Center, a 17,900-square-foot retail center located in the South Texas city of Brownsville. The property was built on 2.3 acres in 2005. Philip Levy of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors.
HOUSTON — NAI Partners has arranged the sale of a 12,000-square-foot, freestanding industrial building located at 7311 Galveston Road in Houston. Nick Terry of NAI Partners represented the seller in the transaction. Hunter Brown and Nelson Ellis of Brown & Co. Realty represented the undisclosed buyer.
EVANSVILLE, IND. — Merchants Capital has secured $21.4 million for the renovation of Carriage House of Evansville, a Section 8 housing development in southern Indiana. The financing involved a Fannie Mae mortgage-backed security as collateral for new tax-exempt bonds (M.TEB). Additionally, PNC Bank provided 4 percent low-income housing tax credits. Fannie Mae’s M.TEB solution provides borrowers with a lower interest rate and significant savings over the life of the loan, offering a loan-to-value ratio of up to 90 percent. This type of loan can be used to finance the construction, acquisition or rehabilitation of multifamily affordable housing properties. CRG Residential is the general contractor for the renovations. Updates include new flooring, cabinetry, countertops, energy-efficient light fixtures, bathroom renovations and new appliances. Plans also call for the addition of a bark park, picnic area, fitness center and internet café. Gene B. Glick Co. is the borrower. Carriage House of Evansville dates back to 1978 and serves tenants at 60 percent of the area median income or less. Renovations are set to begin immediately.
EDINA, MINN. — NorthMarq has arranged a $17.4 million Freddie Mac loan for the refinancing of York Place Apartments in Edina. Built in 2009, the 114-unit apartment property is located at 3121 W. 69th St. Dan Trebil of NorthMarq arranged the 10-year loan with five years of interest-only payments and a 30-year amortization schedule. The borrower was undisclosed.
SUN PRAIRIE, WIS. — Ryan Cos. US Inc. will develop a 141-unit senior living community to be named Talamore at Sun Prairie in suburban Madison. Ryan will develop, design and build the project and is set to begin construction in spring 2020. Great Lakes Management will operate the property. Talamore at Sun Prairie will offer independent living, assisted living and memory care services. Amenities will include multiple dining venues, a library, wellness center, salon, clubroom and activity room.
EAGAN, MINN. — The Opus Group has broken ground on Dodd Road Business Center, a 152,000-square-foot industrial development in Eagan. Construction of the building is slated for the first quarter of 2020. The speculative project will sit on 10 acres and include 180 parking stalls, a clear height of 32 feet, 35 dock doors, two drive-in doors and an outdoor patio. Opus is the developer, design-builder, architect and engineer of record. Eric Rossbach and Bill Ritter of Colliers International will market the property for lease.
NAPERVILLE, ILL. — Marcus & Millichap has brokered the sale of Maple Court Apartments in Naperville for $4.6 million. The 48-unit multifamily property is located at 1135 W. Ogden Ave. Eric Bell of Marcus & Millichap marketed the property on behalf of the seller. Andrean Angelov and Ryan Engle of Marcus & Millichap secured and represented the buyer.