PLANO, TEXAS — Metropolitan Capital Advisors (MCA) has arranged a $40 million business recapitalization loan for Heart to Heart Hospice, a Plano-based organization that operates 36 properties across Texas, Michigan and Indiana. Todd McNeill and Kevan McCormack of MCA arranged the loan, specific terms of which were not disclosed, through Cerberus Capital Management LP.
SAN ANTONIO — New York City-based Ready Capital (NYC: RS) has originated a $25.8 million loan for the acquisition, renovation and stabilization of a 392-unit apartment community located in the Far North Central submarket of San Antonio. The nonrecourse loan carries a floating interest rate, 36-month term and flexible prepayment options. The capital improvement program will upgrade both the unit interiors and common areas. The sponsor was not disclosed.
HOUSTON — BMC Capital has closed an $18 million loan for the cash-out refinancing of an undisclosed, Class B multifamily property in the Houston area. The nonrecourse loan featured a fixed 5.25 percent interest rate, 10-year term and a 30-year amortization schedule. The borrower was not disclosed.
HOUSTON — NAI Partners has negotiated a 46,150-square-foot industrial lease at 1400 Kowis St. in north Houston. According to LoopNet Inc., the property was built in 1974 and is zoned for manufacturing. Chris Caudill and Joel Michael of NAI Partners represented the landlord, NRE LLC, in the lease negotiations. Stephen Schneidau of Cushman & Wakefield and Bill Schneidau of Independent Real Estate Commercial represented the tenant, Flo Trend, a provider of specialty products for the industrial and energy sectors.
GARDEN CITY, N.Y. — HFF has brokered the $11.4 million sale of a medical office building in the Long Island village of Garden City. Located at 224 7th St., the 16,920-square-foot property was built in 1969 and converted to a medical imaging facility in 2007. The facility is currently triple-net leased to the New York University School of Medicine. HFF represented the seller, Meridian Imaging Group, in the transaction. The buyer was undisclosed. Inland Real Estate Acquisitions facilitated the transaction.
SPRINGFIELD, MASS. — The SilverBrick Group has completed the renovation of SilverBrick Square in Springfield. Located at 122 Chestnut St., the 120,000-square-foot building is a former YMCA property. The newly renovated, 99-unit apartment community now includes new finishes in units and common areas as well as a new fitness center. Emerald Creek Capital provided an $8 million bridge loan to SilverBrick Group for the renovations. Terms of the loan were not disclosed.
NEWARK, N.J. — Marcus & Millichap has negotiated the $2.6 million sale of a two-building apartment community in Newark. Located at 101 Treacy Ave. and 491 Clinton Ave., the two buildings consist of 35 units and three commercial spaces. Richard Gatto, Fahri Ozturk and Thomas Cleary in Marcus & Millichap’s New Jersey office represented the undisclosed seller in the transaction. The buyer was undisclosed.
PROVIDENCE, R.I. — Sweeney Real Estate has arranged the $1 million sale of an industrial facility in Providence. Located at 382-420 and 780 Harris Ave., the 21,649-square-foot property is located on nearly one acre. Thomas Sweeney, of Sweeney Real Estate represented the buyer, Partial Research Group LLC, in the transaction. Jim DeRentis of Residential Properties represented the seller, Bone House LLC.
MARLBOROUGH, MASS. — Cornerstone Realty Capital has arranged a $2.7 million acquisition loan for a 12,980-square-foot retail building in Marlborough. Located in Middlesex County, the property currently houses four tenants with Starbucks as its anchor. Spaces at the property range from 1,500 to 7,466 square feet. Cornerstone delivered a fixed-rate financing structure with a 30-year amortization schedule to the undisclosed borrower. The lender was a local community bank.
GROVELAND, FLA. — The Kroger Co. and Ocado, an online grocery retailer based in England, have selected Groveland as the second city to house the partnership’s customer fulfillment center (CFC). Kroger has committed to build 20 CFCs in partnership with Ocado. In November, the partnership announced that Monroe, Ohio will be the site of the first CFC. The Groveland center will consist of an automated warehouse facility with digital and robotic capabilities. The CFC will span 375,000 square feet at American Way near U.S. Highway 27, about 31 miles west of Orlando. The partnership is scheduled to break ground later this year and open the center in 2021.