Property Type

Cronheim Mortgage Arranges $11.5M Refinancing for Mixed-Use Property in Norwalk

by David Cohen October 17, 2018

NORWALK, CONN. — Cronheim Mortgage has arranged an $11.5 million refinancing for SoNo Square, a 94,472-square-foot mixed-use property in Norwalk. Cronheim secured the financing on behalf of borrower SoNo Square Associates, an affiliate of Westport-based David Adam Realty. The lender was undisclosed. Terms of the financing include three years of interest-only payments and a 30-year amortization schedule. The tenant roster at SoNo Square includes Lilian August Design warehouse, West Marine and Barteca Restaurants LLC, the owner of the Barcelona Wine Bar and Bartaco chains.

October 17, 2018

Development Loans Lument Multifamily Northeast Pennsylvania RED Capital Group

RED Capital Group Secures $7.8M Construction Loan for Adaptive Reuse Multifamily Building in Pennsylvania

by David Cohen October 17, 2018

LANDISVILLE, PA. — RED Capital Group has secured a $7.8 million construction loan for Tobacco Road apartments, an adaptive reuse of a historic building in Landisville. The loan will be used to develop the currently vacant brick property into a 66-unit apartment community. The structure, a former tobacco warehouse, consists of four connected buildings and was built in the early 1900s. The property is listed on the National Register of Historic Places. RED Capital Group secured the financing on behalf of developer, S. B. Conrad. The lender was undisclosed. When completed, the complex will include a mix of one-, two- and three-bedroom units.

October 17, 2018

Acquisitions Maine Northeast Retail

Marcus & Millichap Negotiates $6.4M Sale of Retail Center in Maine

by David Cohen October 17, 2018

STANDISH, MAINE — Marcus & Millichap has negotiated the $6.4 million sale of Colonial Marketplace, a retail center in Standish. Located at 111 Ossipee Trail, the property is approximately 17 miles west of Portland. Preet Sabharwal, Zachary Weiss and Richard Dorfman of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed. Hannaford Supermarket has anchored the retail center for more than 25 years.

October 17, 2018

Acquisitions Industrial New York Northeast

NKF Brokers Sale of 12,000 SF Industrial Facility in Ronkonkoma, New York

by David Cohen October 17, 2018

RONKONKOMA, N.Y. — Newmark Knight Frank has brokered the sale of 16 Colt Court, a 12,000-square-foot industrial facility in Ronkonkoma. The sales price was undisclosed. Daniel Gazzola, Chuck Tabone and Keith Kito of NKF represented the seller, Colt Properties LLC, in the transaction. The buyer was 16 Colt Realty LLC. The property was formerly occupied by Link Control Systems Inc., a manufacturer of control devices for a range of complex and large mechanical devices for drawbridges.

October 17, 2018

Development Multifamily New Jersey Northeast Seniors Housing

RPM Development Group Opens Green Active Adult Community in Philadelphia Suburbs

by David Cohen October 17, 2018

WESTVILLE, N.J. — RPM Development Group has opened Westville Commons, a 55-plus apartment community in Westville, located just across the Delaware River from South Philadelphia. Affordable units are available for those who qualify, and the community was built to LEED Platinum certification using Passive House green building principles. Founded in 1986, RPM Development Group is one of the leading developers of affordable housing in New Jersey.

October 17, 2018

Acquisitions Multifamily Southeast Virginia

Besyata, Scharf Group Acquire 352-Unit Multifamily Community in Virginia Beach for $37.7M

by Amy Works October 17, 2018

VIRGINIA BEACH, VA. — Besyata Investment Group and The Scharf Group have purchased Brookfield Apartment Homes, a multifamily property located at 1101 Craftsman Drive in Virginia Beach. Bonaventure Investment Group sold the property for $37.7 million. Constructed in the early 1970s, Brookfield comprises 44 two-story apartment buildings holding 352 units. The property includes two swimming pools, two community rooms and a tennis court. George Hankins and Victoria Pickett of CBRE|Hampton Roads teamed with William Roohan, Robert Dean III, Jonathan Greenberg, Yalda Ghamarian and Thomas Leachman of CBRE’s Multifamily Investment Properties team in Washington, D.C., to represent the seller in the transaction.

October 17, 2018

Loans Multifamily South Carolina Southeast

Mag Mile Capital Facilitates $12.1M Loan for Apartment Complex in Columbia

by Amy Works October 17, 2018

COLUMBIA, S.C. — Mag Mile Capital has arranged a $12.1 million bridge loan for St. Andrews Apartments, located at 601 St. Andrews Road in Columbia. The loan features an initial funding of $9.7 million with a 79 percent loan-to-value ratio and a $2.3 million future funding with a three-year initial term and two one-year extension options. Rob Bernstein of Mag Mile originated the deal, while Prabhat Jayara, Ian Carlos and Elizabeth Skrynecka, also of Mag Mile, provided the underwriting and closing services. The borrower, Cohen Investment Group, is utilizing the loan to make capital improvements to the property, increase the net operating income and secure either a CMBS or agency take-out or sale at exit. Constructed in 1974, the two-story property features 224 units in a mix of one-, two- and three-bedroom and townhouse-style layouts, a clubhouse, swimming pool, fire pit, volleyball court and playground.

October 17, 2018

Development Loans Multifamily Student Housing Washington Western

Fields Holdings Receives $64M Construction Loan for Student Housing Tower Near University of Washington

by Amy Works October 17, 2018

SEATTLE — Quantum Capital Partners has secured $64 million in construction financing for The M, a 24-story student housing development located near the University of Washington in Seattle. The property — developed by Los Angeles-based Fields Holdings — will offer studio, one-, two-, three- and four-bedroom units alongside 4,350 square feet of ground-floor retail and one level of subterranean parking. Shared amenities will include study rooms, a recreational lounge, fitness center, theater, indoor basketball court, roof-top deck, bicycle parking and a door man. A timeline for development has yet to be announced.

October 17, 2018

Loans Retail Utah Western

HFF Secures $69M Refinancing for 726,306 SF Shopping Center in Metro Salt Lake City

by Amy Works October 17, 2018

TAYLORSVILLE, UTAH — HFF has secured a $69 million refinancing for Crossroads of Taylorsville, a 726,306-square-foot retail center located 10 miles outside Salt Lake City in Taylorsville. Jim Curtin of HFF worked on behalf of the borrower, Dallas-based TriGate Capital, to place the three-year, floating-rate loan with NexBank. Loan proceeds will be used to refinance the current loan amount, provide capital for tenant improvements and leasing commissions to fully stabilize the asset, and allow TriGate to complete its business plan. The property is home to tenants such as Shopko, Jo-Ann Fabric and Craft, FYE, Ross Dress for Less, 24-Hour Fitness, PetSmart, Guitar Center, T.J.Maxx and Regal Cinemas. The center is also shadow-anchored by a Harmons supermarket and a Starbucks Coffee.

October 17, 2018

Georgia Loans Multifamily Southeast

SunTrust Originates $8.2M Acquisition Loan for Apartment Property in South Georgia

by Amy Works October 17, 2018

VALDOSTA, GA. — SunTrust Banks has originated a $8.2 million bridge loan for the acquisition of Fields of North Valdosta, a multifamily property located at 480 Murray Road in Valdosta. The pet-friendly property features 113 two-bedroom units, ranging in size from 970 square feet to 1,200 square feet. Units include air conditioning, dishwasher, disposal, plush carpeting, walk-in closets and washer/dryer connections. Community amenities include a clubhouse, playground, swimming pool and volleyball court. Evan Hom of SunTrust CRE’s New York office originated the 36-month, floating-rate loan that features interest-only payments for the undisclosed borrower.

October 17, 2018

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