PRINCETON, N.J. — JLL has arranged the sale of 1 University Square, a 330,000-square-foot office property in Princeton. Global investment management firm BlackRock anchors the building. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and J.B. Bruno of JLL represented the seller, a partnership between RXR Realty and The Blackstone Group, in the transaction, and procured the buyer, investment firm Argent Ventures. The sales price was undisclosed.
WHEATON, MD. — A joint venture between Blackfin and Acre Valley Real Estate Capital has acquired Earle Manor Apartments, a two-building, 140-unit complex in Wheaton, for $21 million. The garden-style community was fully occupied at the time of sale. The asset is situated at 10820 Georgia Ave., nine miles north of downtown Washington, D.C. and near the Washington Metropolitan Area Transit Authority (WMATA) Wheaton Metro Station. The seller was not disclosed.
PITTSBURGH — A joint venture between Pinecrest and Cardinal Group has completed construction on The Bridge on Forbes, a 473-bed student housing property in Pittsburgh. The community offers fully furnished studio-, one-, two- and three-bedroom units to students attending the University of Pittsburgh, Carnegie Mellon University and Carlow University. Shared amenities include a 24-hour fitness center, an outdoor deck with grilling stations and fire pits, collaboration rooms, a coffee bar and lounge and retail space occupied by Arby’s and Bank of America. The property is fully leased for the upcoming academic year.
MONROE, N.J. — Greystone has provided a $16.5 million Freddie Mac loan for the acquisition of Waterside Villas, a 100-unit seniors housing community located in Monroe, a city about 20 miles northeast of Trenton. The loan carries a 10-year term and 30-year amortization schedule with a fixed interest rate and interest-only payments for the first five years. Sela Realty, an apartment rental agency based in New Jersey, was the borrower and buyer. John Williams and Ephraim Kantor of Greystone’s New York office originated the loan, while Adam Zweibel of Gebroe-Hammer brokered the transaction.
MERIDEN, CONN. — Capital Funding Group (CFG), a Baltimore-based lender, has provided a $2.8 million bridge-to-HUD loan for the refinancing of Meriden Mill, a 43-unit multifamily property in Meriden, about 20 miles south of Hartford. The owner and borrower, Manhattan Five Realty, will use a portion of the proceeds to fund future renovations. Gary Sever of CFG handled the transaction through HUD’s 223(f) refinance program, which is used to refinance market-rate multifamily properties.
SEATTLE — Concord Pacific, a Canadian residential developer, has acquired a multifamily development site located at 1901 Minor Ave. in Seattle for $72 million. Situated within Seattle’s Denny Triangle neighborhood, the site has master-use permit approval for two high-rise residential towers over a large podium. This acquisition is Concord’s second commitment to building vertical neighborhoods in Seattle. Ross Klinger and Tim Foster of Kidder Mathews represented the buyer in the deal. The name of the seller was not released.
PHOENIX — Westcore Properties has purchased a newly built industrial building, located at 8001 W. Buckeye Road in southwest Phoenix. A joint venture between Phoenix-based Wentworth Property Co. and a private real estate fund managed by Dallas-based Crow Holdings Capital sold the property for an undisclosed price. The cross-dock building features 379,828 square feet of Class A industrial space, ESFR sprinklers, 60-foot speed bays, 36-foot clear heights and ample dock-high loading. Additionally, the site features all-concrete truck yards, trailer parking, multiple ingress and egress points and proximity to Phoenix’s main east-west transportation, I-10 and the soon-to-be-completed Loop 202. Westcore plans to immediately build out approximately 3,800 square feet of office space within the building shell, paint the interior warehouse walls and install various warehouse improvements to allow for immediate occupancy. The building can be configured for a single tenant or up to three tenants. Will Strong of Cushman & Wakefield represented the seller, while Westcore was self-represented in the deal. Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield will handle the leasing on behalf of Westcore.
COLORADO SPRINGS, COLO. — Newmark Knight Frank Colorado (NKF) has arranged the sale of RidgePoint at Gleneagle, an apartment community located in Colorado Springs. BSP Ridgepoine Colorado LLC acquired the property from GB RidgePointe LLC for $54.5 million. Located at 13531 Shepard Heights, the community features 240 units. Kevin McKenna and Saul Levy of NKF Colorado handled the transaction.
MARANA, ARIZ. — BMO Harris Bank’s Healthcare Real Estate Finance group has provided a $21 million credit facility for the acquisition of an assisted living and memory care community in Marana. The borrowers are Kayne Anderson Real Estate and Watermark Retirement Communities. Developed this year, the 96,000-square-foot asset features 108 assisted living and memory care beds. The property is situated on four acres in the Silverbell Corridor of Marana.
CHICAGO — Meridian Design Build has broken ground on a 358,879-square-foot speculative industrial building on behalf of NorthPoint Development in Chicago. The new facility will be situated on a 31.1-acre site at 12144 S. Ave. O on the city’s southeast side. Plans call for a clear height of 36 feet, four drive-in doors, 257 auto parking stalls, 106 trailer parking stalls and up to 92 loading docks. The project will be the first building in NorthPoint’s 200-acre Avenue O Industrial Park, a 2.3 million-square-foot master-planned development. The site was previously home to the Republic Steel mill. The project team includes StudioNorth Architecture and Jacob & Hefner Associates.
