ALBANY, ORE. — Hunt Real Estate Capital has provided an $11.8 million Fannie Mae DUS conventional multifamily loan to refinance Albany Meadows Apartments in Albany, approximately 70 miles south of Portland. The borrower is KRBO Oregon Properties, backed by Paul A. Kerley as key principal. The loan features a 12-year term with four years of interest-only payments followed by a 30-year amortization schedule. Additionally, yield maintenance will apply during the first 138 months. Developed in 1974 on 10.5 acres, the property features 121,352 square feet of rentable space spread across 39 one-story residential buildings offering a total of 127 garden-style apartments. Property amenities include a clubhouse with fitness center and swimming pool, as well as 190 parking spaces.
BELMONT, CALIF. — Sares Regis Group of Northern California (SRGNC) has closed escrow on the retail portion of The Ashton in Belmont. Terms of the transaction, including acquisition price and buyer, were not disclosed. The one-story, 4,900-square-foot retail center is fully occupied by three tenants: Bank of America, Row House and Apizza. Developed by SRGNC affiliate Regis Homes Bay Area, The Ashton features 74 for-sale residences spread across two four-story residential buildings. The transit-friendly property is located in Belmont’s City Center neighborhood at the corner of Davey Glen Road and El Camino Real, near Highway 101 and within walking distance of the Belmont Caltrain station. The development team included Tricon Capital, Dahlin Group, BKF Engineers, Nishkian Menniger and Regis Contractors Bay Area.
COLORADO SPRINGS, COLO. — Berkadia has arranged financing on behalf of Las Vegas-based Crystal View Capital for the acquisition of AAA Platte Self Storage, a self-storage facility in Colorado Springs. Located at 4510 Edison Ave., AAA Platte Self Storage is a 308,749-square-foot, 877-unit self-storage and industrial warehouse facility located near Peterson Air Force Base. Cutt Ableson and Johnny King of Berkadia’s Houston office secured the three-year, adjustable-rate loan, which MidCap Financial Services provided.
GRAND RAPIDS, MICH. — Harrison Street Social Infrastructure Fund, in partnership with Michigan State University (MSU), has unveiled plans to develop the Doug Meijer Medical Innovation Building at MSU’s Grand Rapids Innovation Park. The park is a research and clinical facility at the university’s health campus in Grand Rapids. The public-private development partnership also includes Murphy Development Group, Walsh Investors and Rockford Construction. Under the arrangement, MSU will retain long-term ownership of the land. The 205,659-square-foot building will be dedicated to research and healthcare innovation as well as the advancement of MSU’s artificial intelligence, bioinformatics and biostatistics departments. MSU, Spectrum Health and BAMF Health will occupy space. Completion is slated for fall 2021.
ADDISON, ILL. — Bridge Development Partners LLC has sold an 87,640-square-foot industrial facility in Addison for an undisclosed price. Cabot Properties purchased the building, which is located at 133 N. Swift Road. Bridge purchased the property in December 2018 and completed extensive upgrades. Associated Material Handling Industries Inc. is the tenant. Mike Caprile, Ryan Bain and Zach Graham of Bridge represented Bridge in the sale.
CHICAGO — JLL has negotiated the sale of a 9,794-square-foot, single-tenant retail building in Chicago for an undisclosed price. The property is triple net leased to Walter E. Smithe, a family-owned and operated local furniture business. Located at 2009 N. Clybourn Ave., the building is one of the tenant’s 10 Chicagoland showrooms. Nicholas Kanich and Alex Sharrin of JLL represented the seller, a Chicago-based private partnership. JLL also procured the buyer, a California-based family office, which purchased the asset while completing a 1031 tax-deferred exchange.
PORTAGE, MICH. — Berkadia has arranged a $2.5 million acquisition loan for Stowaway Mini Storage in Portage near Kalamazoo. Located at 9879 Portage Road, the 398-unit self-storage facility spans 57,325 square feet. Cutt Ableson and Johnny King of Berkadia arranged the 10-year, fixed-rate loan. CIBC World Markets provided the loan on behalf of the borrower, Crystal View Capital, a private investment firm based in Las Vegas.
CHICAGO — SVN Chicago Commercial has brokered the sale of a six-unit multifamily building located at 1644 W. 21st St. in Chicago’s Pilsen neighborhood for $1.3 million. The property, situated near the 18th Street Pink Line stop, was renovated in 2012. Paul Cawthon and Angelo Labriola of SVN brokered the transaction. Buyer and seller information was not disclosed.
ARLINGTON, TEXAS — Fort Capital, a Fort Worth-based investment firm, has purchased a portfolio of 10 light industrial buildings totaling 455,331 square feet in Arlington. The buildings, located in the Great Southwest submarket, are situated within half a mile of Interstate 30 and just minutes south of Dallas-Fort Worth International Airport. The seller was not disclosed. With this transaction, Fort Capital has now acquired more than 2.5 million square feet of industrial product in the last two years.
IRVING AND PLANO, TEXAS — Cushman & Wakefield has brokered the sale of two seniors housing communities totaling 265 units in the Dallas area. The communities include MacArthur Hills in Irving and Prestonwood Court in Plano. The two Class A, infill properties offer a combination of independent living, assisted living and memory care services. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, Jim Dooley and Chris Remeika. The buyer and sales price were not disclosed.