HARLINGEN, TEXAS — KeyBank Real Estate Capital has provided a $28 million Freddie Mac loan for the refinancing of Valor at Harlingen, a 288-unit multifamily property located in the Rio Grande Valley region of South Texas. The garden-style property was built on 16.4 acres in 2013 and consists of 13 three-story residential buildings, a clubhouse, maintenance/storage buildings and seven parking garages. Patrick McFarland and Benjamin Baxter of KeyBank originated the nonrecourse, five-year loan on behalf of the borrower, Texas-based owner-operator Presidium.
PEARLAND, TEXAS — Marcus & Millichap has brokered the sale of a 76-room hotel in the southern Houston suburb of Pearland. Candlewood Suites, which is part of the IHG family of brands, operates the hotel, which offers amenities such as a fitness center, business center and 24-hour market. Skyler Cooper, Chris Gomes and Allan Miller of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
FORT WORTH, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Victoria Place, 43-unit apartment complex in southwest Fort Worth that was built in 1968. According to Apartments.com, the property offers one- and two-bedroom units with average sizes of 830 and 1,105 square feet, respectively. The buyer and seller were not disclosed.
FORT WORTH, TEXAS — New Haven Cos. Inc., which sells and distributes high-quality moving equipment, has signed a 24,837-square-foot industrial lease in North Fort Worth. The space is located within Building 3 at Parc North, a 642,000-square-foot development by Mississippi-based REIT EastGroup Properties. Luke Clardy of Bradford Commercial Real Estate Services represented the tenant in the lease negotiations.
MONTEBELLO, N.Y. — A partnership between owner-operator FilBen Group and Dallas-based private equity firm RSF Partners has completed Braemar at Montebello, a $54 million assisted living facility in New York’s Lower Hudson Valley region. The property spans 133,675 square feet and features one- and two-bedroom units with an average size of 500 square feet, as well as an array of entertainment- and wellness-based amenities. H2M Architects + Engineers designed the project, and McAlpine Contracting handled construction. Work on the project began in January 2023.
EAST SYRACUSE, N.Y. — Marcus & Millichap has brokered the sale of The Storage Mall, a 548-unit self-storage facility in East Syracuse. The site spans 7.5 acres and is situated adjacent to Syracuse International Airport, and the facility totals 57,775 net rentable square feet of space. Matt Junkin, Kevin Bledsoe and Jared Houck of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
IRONDEQUOIT, N.Y. — Local financial intermediary Largo Capital has arranged a $17.3 million bridge loan for Culver Ridge Plaza, a 291,000-square-foot shopping center located outside of Rochester in Irondequoit. The center is home to tenants such as Marshalls, Burlington and Five Below. Kevin Ross and Michelle Colosimo of Largo Capital arranged the loan through Bank of America. The borrower, an undisclosed global investment firm, will use the proceeds to refinance existing debt and fund capital improvements.
JERSEY CITY, N.J. — Kessler Rehabilitation Center will open a 125,000-square-foot office and clinic at the Harborside mixed-use campus in Jersey City. The space spans the top two floors of Building 6 and can support creative office, production studio, medical and retail uses. Jamie Drummond, Dan Reider and John Crawford of Newmark represented the landlord, American Equity Partners, in the lease negotiations. A tentative opening date was not announced.
ENGLEWOOD CLIFFS, N.J. — New Jersey-based owner-operator Garden Communities is underway on construction of Phase I of The Sylvan, a 112-unit multifamily project that will be located across the Hudson River from New York City in Englewood Cliffs. Phase I will exclusively offer three-bedroom units. Preleasing is set to begin this fall. Additional details on the project were not disclosed.
BOCA RATON, FLA. — Grover Corlew has obtained a $61 million CMBS loan from Wells Fargo for the refinancing of two adjacent office properties in downtown Boca Raton. The assets include Palmetto Park City Center at 120 E. Palmetto Park Road and Bank of America Tower at 150 E. Palmetto Park Road. Both properties are nearing full occupancy and have the highest lease rates among comparable office buildings in Boca Raton, according to Grover Corlew. The South Florida-based investment firm has invested more than $16 million in upgrades in the past few years at both properties, including a full-floor tenant buildout for Waypoint and the addition of the Mia Rosebud at Bank of America Tower.