FERNDALE, MICH. — Greystone has provided a $17.7 million HUD-insured loan to finance the new construction of 409 on Nine, a 127-unit apartment property on Nine Mile Road in Ferndale. Lisa Fischman of Greystone originated the loan on behalf of the borrower, Wolf River Development Co. The construction loan will convert to a 40-year permanent loan after completion and stabilization. The four-story project will include 5,000 square feet of ground-floor retail space, covered parking, a rooftop terrace, dog run, picnic area and fitness center. A timeline for completion was not disclosed.
OMAHA, NEB. — StorageMart has acquired the Omaha Mini Storage Portfolio, adding four self-storage facilities to its footprint. The properties, located on Harrison Street, I Street and Industrial Road, offer climate-controlled units as well as drive-up units. StorageMart plans to make renovations to the facilities, including adding perimeter fencing, gates with keypad access and LED lighting. Plans also call for renovated offices, new paint and paving repairs. StorageMart is based in Columbia, Mo.
BETTENDORF, IOWA — Arbor Realty Trust Inc. has provided a $4.6 million Fannie Mae loan for the refinancing of Townhomes at Highland Pointe in Bettendorf. Built in 2018, the 24-unit multifamily property features three-bedroom units. Michael Noll of Arbor originated the 30-year, fixed-rate loan, which features an 80 percent loan-to-value ratio.
JOLIET, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a two-tenant retail building in Joliet for $2.7 million. Located at 2900 Colorado Ave., the property is fully leased to Dollar Tree and Osaka Hibachi Grill & Sushi. Chad Firsel of Quantum brokered the transaction. A New York City-based private real estate investor purchased the asset from a Chicago-based acquisition and development company.
OVERLAND PARK, KAN. — The Boulder Group has arranged the sale of a single-tenant property net leased to Skechers in Overland Park for $1.5 million. The 6,415-square-foot building is located next to a Walmart Supercenter. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate company. A West Coast-based real estate investment company purchased the asset.
SALISBURY, N.C. — Online pet products retailer Chewy will open a $55 million distribution center in Salisbury, a city located roughly midway between Charlotte and Greensboro. The project is expected to bring 1,200 new jobs to the area. Local media outlet The Salisbury Post reports that the facility will span about 700,000 square feet, and that the groundbreaking will be held in May with completion slated for June 2020. The property will be the ninth fulfillment center in the country for Chewy, which is headquartered in Boston and Dania Beach, Fla. In April 2017, PetSmart acquired Chewy for a reported $3.35 billion.
JACKSONVILLE, FLA. — SunTrust Bank’s commercial real estate division has originated $40 million in acquisition financing for Gramercy Woods Southside, an office complex in Jacksonville. Anchored by Aetna Life Insurance Co., the property comprises 420,000 square feet of rentable space and two structured parking garages. The borrower was Atlanta-based Glenfield Capital. Specific loan terms were not disclosed.
NASHVILLE, TENN. — Multifamily investment firm The Sterling Group has sold Hampton Chase Apartments, a 202-unit multifamily community located approximately 10 miles from downtown Nashville. The buyer was Los Angeles-based Lion Real Estate Group, which acquired the asset for $20.7 million. Prior to the sale, Sterling Group renovated 137 units at the property, which was built in 1974. Communal amenities include two swimming pools, a fitness center, clubhouse, picnic area, firepit, sun deck and a playground. Russ Oldham, Brett Kingman and Steve Massey of CBRE represented The Sterling Group in the deal.
DULUTH AND FAYETTEVILLE, GA. — Charlotte-based Grandbridge Real Estate Capital has provided a pair of acquisition loans totaling approximately $20 million for two retail assets in metro Atlanta. In the first deal, the company provided a $9.8 million loan for Reynolds Crossing, a 148,809-square-foot center located in the northeastern Atlanta suburb of Duluth. That loan carried a seven-year term, fixed interest rate and a 25-year amortization schedule. In the second transaction, Grandbridge closed a $10.2 million loan for Togwotee Village, a 109,680-square-foot center in Fayetteville, located about 22 miles south of Atlanta. That loan was structured with a 10-year term and a 25-year amortization schedule. Alan Tapie of Grandbridge closed the loans on behalf of the undisclosed borrower.
NASHVILLE, TENN. — Bearded Iris Brewery and Barista Parlor, both local to Nashville, have signed leases to join the tenant lineup at Sylvan Supply in Nashville. Atlanta-based Third & Urban and Chevy Chase, Md.-based FCP are renovating the 96-year-old mill on Charlotte Avenue into a six-building, 130,700-square-foot mixed-use development that will feature office space, outdoor areas and 32,850 square feet of retail and dining space. Bearded Iris Brewery, named for Tennessee’s state flower, will brew experiential batches exclusive to the location, as well as its full portfolio of beer. Barista Parlor will offer coffee and breakfast. Sylvan Supply is expected to open this year and both Iris Bearded Brewery and Barista Parlor are expected to move in early next year. Elliott Kyle of Equitable Property Co. represented the developers in the lease transactions.