FAIRFIELD, CONN. — Benchmark has opened Sturges Ridge of Fairfield, an assisted living and memory care community in Fairfield, a coastal town between New York City and Hartford. The 85,000-square-foot community offers 68 assisted living units and 20 memory care units. It is Benchmark’s 18thcommunity, and is located in the hometown of company founder Tom Grape. Terry Hornikel, executive director of the new community, lives in Fairfield and brings more than 40 years of senior living and healthcare experience, including as a certified gerontologist.
CHICAGO — Square Mile Capital Management LLC has provided a $149 million loan for the refinancing of The Gallery on Wells, a 40-story apartment tower in Chicago’s River North. Magellan Development Group LLC, Wanxiang America Real Estate Group LLC, MAC Management and Strand Advisors developed the 442-unit property in 2017. The borrowers used the loan to repay existing debt and preferred equity on the asset. Peter Marino and Molly Green of CBRE arranged the loan, terms of which were not disclosed.
RIALTO, CALIF. — Panattoni Development Co., in partnership with PGIM Real Estate, has started construction of Building 1. The 1.2 million-square-foot industrial building is located within the Rialto Fulfillment Center at 3520 S. Cactus Ave. in Rialto. Situated on 122 acres, Rialto Fulfillment Center is a planned two-building, 2.25 million-square-foot fulfillment and distribution center. Building 1 will be a freestanding cross-docked facility with internal truck drive around capacity. The facility will feature 40-foot minimum warehouse clearance height, an ESFR sprinkler system, eight-foot minimum flat Ductilcrete warehouse slab, 56-foot by 60-foot typical bay spacing with 70-foot speed bays, and 4,000 amp building service with base infrastructure for 12,000 amps. Additionally, the building will feature 196 dock-high doors, four grade-level loading doors, two fully secured truck courts, 544 off-dock trailer stalls and 685 auto parking stalls. Completion of Building 1 is slated for fourth-quarter 2019. Peter McWilliams, Mike McCrary and Ruben Goodsell of JLL are handling the leasing efforts for the Rialto Fulfillment Center.
MINNETONKA, MINN. — KeyBank Real Estate Capital has originated $39.5 million in construction financing for Legends of Minnetonka, an affordable housing property in Minnetonka. The project will consist of six stories and 262 age-restricted units. All of the units will be restricted to those earning up to 60 percent of the area median income. KeyBank provided a $32.4 million Freddie Mac tax-exempt loan and a taxable tail of $7.1 million. Jeff Rodman of KeyBank originated the fixed-rate financing. Upon conversion, the permanent loan will have a 15-year term and a 35-year amortization schedule.
SANTA CRUZ, CALIF. — Newmark has arranged $29.9 million in financing for Five55 Pacific, a newly developed mixed-use property located in Santa Cruz. Swenson Builders, the borrower, completed the development earlier this year. The beachside property features 94 apartments and four ground-floor commercial spaces, which are managed by Woodmont Real Estate Services. Jeff Wilcox, Robert Slatt and Charlie Kokernak of Newmark structured the financing as a first deed of trust with Benefit Street Partners.
ANCHORAGE, ALASKA — KeyBank Community Development Lending & Investment (CDLI) has provided Cook Inlet Housing Authority (CIHA) with $12.7 million in financing. The package includes $6.9 million in combined construction-to-permanent loan financing for the development of Elizabeth Place Apartments in downtown Anchorage, along with $5.8 million in Low Income Housing Tax Credit (LITHC) equity. The mixed-use property will feature 2,680 square feet of ground-floor commercial space, 38 units of affordable housing for those earning 50 percent to 60 percent area median income, and 12 market-rate units. Among the affordable housing units, 15 will be fully equipped for residents with sensory and mobility impairments, 10 units will be set aside for residents who are otherwise differently abled and four will be for residents experiencing homelessness. CIHA partnered with a variety of local organizations on the development, including University of Alaska, YWCA, Red Cross, Providence Alaska, Ninestar, Credit Union 1, Alaska Injury Prevention Center, Junior Achievement and Catholic Social Services. Victoria Quinn and Beth Palmer Wirtz of KeyBank’s CDLI team arranged the financing.
HAZELWOOD, MO. — Marcus & Millichap has brokered the $14.8 million sale of a 261,380-square-foot industrial building in Hazelwood, a northwest suburb of St. Louis. Located at 8840-8850 Pershall Road, the property was originally built as a Pillsbury baking facility before being converted to a food production facility housing two different tenants. Claire Roberts of Marcus & Millichap secured the buyer, St. Paul Properties. Bradley Barham assisted in closing the transaction. The seller was not disclosed.
CHESTERFIELD TOWNSHIP, MICH. — ABC Supply Co. has signed a 50,000-square-foot industrial lease in Chesterfield Township, about 35 miles north of Detroit. The property is located at 50405 Patricia St. The construction supply company specializes in roofing, windows, gutters and siding for both residential and commercial buildings. The company is relocating from a smaller facility in Macomb Township. Jason Capitani and Joe DePonio of L. Mason Capitani CORFAC International represented the undisclosed landlord.
LAS VEGAS — Northcap Commercial Multifamily has negotiated the sales of two multifamily properties located in Las Vegas. iA Financial Group sold the properties for $7.1 million, or $99,305 per unit, in an all-cash transaction. Built in 2004 and totaling 72 units, the properties are Casa Bonita Apartments at 1411 N. 23rd St. and Valley Vista Apartments at 2930 Mountain Vista St. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Commercial represented the seller in the transaction.
BURIEN, WASH. — Hunt Real Estate Capital has provided a $6 million Freddie Mac Small Balance Loan for the refinancing of Village Montrachet Apartments in Burien. Village Montrachet LLC, an entity backed by an undisclosed sponsor who purchased the property in 2001, is the borrower. The new loan will refinance existing debt and provide the borrower with proceeds to invest in the acquisition of another commercial property. Built in 1988, the property consists of three three-story apartment buildings offering a total of 57 units in a mix of 30 one-, 20 two- and six three-bedroom layouts. Community amenities include 90 parking spaces consisting of 79 carport spaces and 11 open parking spaces. Sergey Klimov of Hunt Real Estate Capital originated the loan, which is a 5/1 Hybrid-ARM loan with a 30-year schedule and a yield maintenance prepayment schedule. Glenn Gioseffi of Kidder Mathews sourced the loan.