Property Type

Cronheim Hotel Capital Arranges $18.2M Acquisition Loan for Aloft Hotel in Newport, Kentucky

by John Nelson January 15, 2025

NEWPORT, KY. — Cronheim Hotel Capital has arranged an $18.2 million acquisition loan for Aloft Newport, a hotel in the Cincinnati suburb of Newport. Built in 2017, the hotel is situated adjacent to the Newport on the Levee, a mixed-use development now owned by Atlanta-based Jamestown. The Aloft Newport is located directly across the Ohio River from downtown Cincinnati via a pedestrian bridge. Cronheim Hotel Capital arranged the loan through a regional bank on behalf of the locally based borrower, Rolling Hills Hospitality. The new owner plans to invest in capital improvements to improve hotel room interiors after the acquisition closes.

January 15, 2025

Colorado Loans Multifamily Western

Trammell Crow Residential, Cigna Receive $75M in Refinancing for Multifamily Community in Denver

by Amy Works January 15, 2025

DENVER — Trammell Crow Residential and Cigna have obtained $75 million in refinancing for One Seven at Belleview Station, a multifamily community in Denver. The refinancing will retire the original bank construction loan. Leon McBroom and Mark Erland of JLL Capital Market’s Debt Advisory team arranged the three-year, floating-rate loan through a national life insurance company for the borrowers. Located at 4882 S. Newport St., One Seven at Belleview Station offers 250 one-, two- and three-bedroom units with wood vinyl plank flooring, Bluetooth-enabled entry doors, roller shades, stainless steel appliances, quartz countertops and private balconies. Community amenities include a rooftop pool deck, remote work center, clubroom, wellness center, bike storage, pet spa and theater rooms. The property also offers 7,062 square feet of fully leased retail space.

January 15, 2025

California Industrial Loans Western

Keystone Arranges $73.1M in Loans for 1.1 MSF Southern California Industrial Portfolio

by Amy Works January 15, 2025

LOS ANGELES — Keystone Mortgage Corp. has arranged $73.1 million in fixed-rate permanent loans to refinance a portfolio of industrial properties totaling 1.1 million square feet in Southern California. Situated on a combined 52.9 acres, the portfolio features nine concrete tilt-up buildings. Nick Viscount of Keystone’s Orange County, Calif., production office secured the financing on behalf of the borrower, a private real estate investor. Keystone arranged the loans through a life insurance company lender, which provided the nonrecourse loans, each featuring a 10-year fixed-rate and full-term interest-only payments.

January 15, 2025

Acquisitions Nevada Retail Western

Remington Nevada Sells 115,037 SF Shopping Center in Las Vegas for $50.3M

by Amy Works January 15, 2025

LAS VEGAS — Remington Nevada has completed the sale of Mountain’s Edge Marketplace, a neighborhood shopping center in Mountain’s Edge, a master-planned community in Las Vegas. An out-of-state investor acquired the asset for $50.3 million, or $37 per square foot. Roy Fritz and Preston Fetrow of CBRE’s National Retail Investment Partners-West represented the seller, a Las Vegas-based private investment firm. The purchase includes the assumption of a $33 million CMBS loan requiring the new borrower to engage a loan expeditor to facilitate the process. Situated on 14.7 acres at 7975 Blue Diamond Road, Mountain’s Edge Marketplace offers 115,037 square feet of retail space, which is 98 percent leased to 40 national and local retailers. Current tenants include Ross Dress for Less, Planet Fitness, Starbucks Coffee, Supercuts, The UPS Store, China A Go Go and T-Mobile. The property is shadow anchored by an Albertsons-occupied property, which was not included in the sale.

January 15, 2025

Acquisitions Georgia Restaurant Retail Southeast

Marcus & Millichap Brokers Sale of New Restaurant in Buford, Georgia Leased to Whataburger

by John Nelson January 15, 2025

BUFORD, GA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a newly built restaurant located at 4996 Lanier Parkway in Buford, a northeast suburb of Atlanta. Built in 2024, the 3,318-square-foot restaurant is ground-leased to Whataburger and sits on a nearly 1.5-acre site at the entrance of a 1.1 million-square-foot Amazon logistics center. The popular quick-service restaurant (QSR) chain has a 15-year ground lease in place at the restaurant with scheduled rent increases and extension options. Whataburger is based in Texas and only recently began opening restaurants in Georgia, the first of which opened in Kennesaw in 2022. Don McMinn of Taylor McMinn Retail Group represented the seller, an unnamed developer, in the 1031 transaction. The buyer and sales price were also not disclosed. “This is our third Whataburger closing in fourth-quarter 2024 and will be bring more to market in 2025,” says McMinn. “Whataburger continues to garner strong demand and attractive pricing from investors and is one of the more desirable QSR options in the market today.”

January 15, 2025

California Development Loans Multifamily Seniors Housing Western

Live Oak Bank Provides $40M in Construction Financing for Assisted Living, Memory Care Community in California

by Amy Works January 15, 2025

CALIFORNIA — Wilmington, N.C.-based Live Oak Bank has provided a $40 million loan to finance the ground-up construction of a new seniors housing community in California. Upon completion, the property will feature 140 assisted living and memory care units. Additional details about the property were not released. Live Oak Bank provided the financing, which features a five-year term and 42 months of interest-only payments, in conjunction with a $39.6 million C-PACE loan provided by Nuveen Green Capital. A joint venture between Harbert Seniors Housing Fund II and Harbert South Bay Partners was the borrower.

January 15, 2025

Acquisitions Development Multifamily Northeast Rhode Island Seniors Housing

LRT Acquires Land in Providence for Development of $65M Seniors Housing Project

by Taylor Williams January 15, 2025

PROVIDENCE, R.I. — LRT Co., a developer of traditional multifamily and seniors housing properties, has acquired 12.4 acres in Providence for the development of a $65 million seniors housing project. Known as Tiffany Laurel Reserve, the property will total 157,000 square feet upon completion and feature 127 independent living residences and 77 assisted living and memory care units. Roughly 25 percent of the units will be reserved for low-income residents. The development will also feature 56 garage parking spaces. Construction is scheduled to begin this summer.

January 15, 2025

Acquisitions California Office Western

CBRE Negotiates $2.6M Sale of Two-Story Office Building in Irvine, California

by Amy Works January 15, 2025

IRVINE, CALIF. — CBRE has arranged the sale of an office building located at 9890 Irvine Center Drive in Irvine. Navigators Advisory Group acquired the property from ICD Equities for $2.6 million. Built in 2007, the two-story 4,950-square-foot building features a mix of open and private offices. Recent upgrades include a loft-style creative design that features open ceilings and exposed ducting. Jeff Carr and Jonathan Carr of CBRE represented the seller, while Blake Garrett of The Feed Group represented the buyer in the transaction.

January 15, 2025

Loans Multifamily New Jersey Northeast

CBRE Arranges $17M Loan for Refinancing of Hoboken Apartment Building

by Taylor Williams January 15, 2025

HOBOKEN, N.J. — CBRE has arranged a $17 million loan for the refinancing of a 46-unit apartment building located at 600 Harrison St. in Hoboken. New York City-based The Daten Group developed the property in 2017. According to Apartments.com, the building offers one- and two-bedroom units with an average size of 895 square feet and amenities such as a zen garden, package handling service, resident lounge and grilling and dining stations. Jason Gaccione, Shawn Rosenthal, Jake Salkovitz, Fahri Ozturk, Richard Gatto and Zach McHale of CBRE originated the loan on behalf of Daten Group. The direct lender was not disclosed.

January 15, 2025

Acquisitions Massachusetts Northeast Office Retail

Atlantic Capital Partners Negotiates $15.4M Sale of Massachusetts Retail, Office Portfolio

by Taylor Williams January 15, 2025

BOSTON — Locally based brokerage firm Atlantic Capital Partners has negotiated the $15.4 million sale of The Trapelo Portfolio, a collection of four retail properties and one office building totaling roughly 70,000 square feet in Massachusetts. The retail component of the portfolio includes Duxbury Plaza, a 44,014-square-foot, grocery-anchored shopping center located south of Boston, as well as three freestanding buildings in Billerica, Burlington and Shrewsbury that are leased to the United States Postal Service. Justin Smith, Chris Peterson, Sam Koonce, Mary Powers and Matt Ericson of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.

January 15, 2025

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