HATBORO, PA. — Capital Funding, a Baltimore-based lender, has provided a $16.1 million loan for Luther Woods Nursing and Rehabilitation Center in Hatboro, a small borough 15 miles north of Philadelphia. The HUD loan refinances existing debt on the 140-bed skilled nursing facility. The borrower was not disclosed. Capital Funding was the sole lender for the deal. Craig Casagrande, director of real estate finance, originated the mortgage.
SOMERVILLE, N.J. — Marcus & Millichap has negotiated the $1.3 million sale of a mixed-use building in Somerville. Located at 6 W. Main St., the 5,100-square-foot property consists of six apartments and one ground-floor retail space. The property is currently fully occupied. Alan Cafiero, Ben Sgambati and Brent Hyldahl of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was a personal trust.
MEMPHIS, TENN. — A joint venture between Somera Road Inc. and Orgel Family LP has announced plans for The Clipper, a mixed-use development located at 0 Ponotoc Ave., adjacent to FedEx Logistics’ planned global headquarters. The Clipper will feature a 250,000-square-foot, eight-story office building, 50,000 square feet of ground-level retail space and a 250-room hotel that will be built in partnership with Nashville-based Senate Hospitality. The hotel will feature a rooftop deck and conference center. Cushman & Wakefield/Commercial Advisors will manage commercial leasing services of The Clipper.
FALLS CHURCH, VA. — Mill Creek Residential has broken ground on Modera Founders Row, the multifamily component of Founders Row, a mixed-use project that will feature 394 apartment units and 90,000 square feet of retail space in Falls Church. The development team for Founders Row includes CrossHarbor Capital Partners, Lighthouse Real Estate Investments LLC and PNC Financial Services. Chris Wilkinson of JBG Smith is handling retail leasing for Founders Row. Studio Movie Grill and City Works Eatery & Pour House will be tenants in the retail component of Founders Row, which will span 4.5 acres at the corner of West Broad and North West streets, about 12 miles west of Washington, D.C. Modera Founders Row will offer 322 apartment homes and 72 apartment homes dedicated to age-restricted living for individuals 55 and older. The 322 units will be a mix of one- and two-bedroom floor plans. Shared community amenities for residents will include an expansive resident clubhouse, 24-hour fitness center, outdoor pool and sundeck, business center, game room, barbecue area, Zen garden, private demonstration kitchen, pet spa, controlled-access garage parking, self-serve package lockers and a coffee bar. The age-restricted community will feature an additional community room, fitness center and business …
ORLANDO, FLA. — Meridian Capital Group has arranged $41.8 million in construction financing to AD1 Global for a two-hotel, 284-room project in Orlando. The two hotels are Aloft Hotel and Element Hotel. Located at 5730 Central Florida Parkway on the corner of International Drive, Aloft Hotel will have 140 rooms, while Element Hotel will have 144 rooms. A balance sheet lender provided the 36-month loan that features a LIBOR-based floating interest rate, two one-year extension options and full-term, interest-only payments. Shared amenities will include a saltwater swimming pool, laundry and valet services and fitness and business centers. The property will be located approximately one mile from Sea World and Aquatica and less than 10 miles from Disney Springs, Ripley’s Believe It or Not and Epcot. A timeline for construction was not released. Noam Kaminetzky of Meridian Capital Group represented the borrower in the transaction.
NORCROSS, GA. — Alliance Residential has acquired the former WestRock office campus in the northeastern Atlanta suburb of Norcross. The vacant site has eight office buildings, of which two will be preserved and transformed into 90 residential units and coworking space in Alliance Residential’s planned Broadstone Norcross apartment community. Alliance Residential will construct two four-story buildings that will house 200 rental units. The project will also include a half-acre park. The 12-acre site is located at 504 Thrasher St., two blocks south of downtown Norcross and about 19 miles northeast of downtown Atlanta. The community is expected to be open to residents in 2020.
COLLIERVILLE, TENN. — Sealy & Co. has acquired a 124,800-square-foot distribution center in Collierville. The asset, located at 500 Distribution Parkway, is situated on seven acres about 30 miles east of downtown Memphis. The property features a rear-load configuration and 22 dock doors. Jason Gandy and Scott Sealy Jr. of Dallas-based Sealy worked with Hank Martin of NAI Saig Co. in arranging the sale. The sales price and seller were not disclosed.
Boston’s metro west office market continued to move along at a steady clip in 2018. Many of the trends seen in the west market have been consistent over the past few years. One of the most prominent trends is that tenants continue to prefer high-quality properties. Class A product has benefited from the demand, resulting in a limited supply of Class A large blocks. In contrast, commodity space is still lagging from a demand standpoint. Additionally, many landlords have been performing gut renovations on older properties and have been reaping the rewards of their investments. The west market has also benefited from tenants migrating from Cambridge and life science demand, which are two closely related trends. Cambridge, particularly Kendall Square, is well known as the national hub of the life science industry. With that pedigree, pricing there has grown tremendously, and available space is scarce. As such, many life science occupiers are looking west to fulfill their needs, and the Cambridge market conditions have pushed other non-life science occupiers west as well. A proximity to the inner urban core makes towns like Watertown and Waltham particularly attractive. The above trends are not new, but one is. New economy tenants, who …
DETROIT — Fiat Chrysler Automobiles (FCA) plans to invest a total of $4.5 billion in five of its existing Michigan plants as well as build a new assembly plant within the city of Detroit. The move would increase capacity to meet growing demand for the automobile manufacturer’s Jeep and Ram brands, including production of two new Jeep-branded white space products as well as electric models. The proposed projects would create nearly 6,500 new jobs. In response to a shift in consumer demand toward SUVs and trucks, the company in 2016 began discontinuing compact car production and retooled plants in Illinois, Ohio and Michigan to make full use of available capacity to expand the Jeep and Ram brands. Those actions have resulted in the recent launches of the all-new Jeep Wrangler, Ram 1500 and the introduction of the Jeep Gladiator. FCA would invest $1.6 billion to convert two plants that comprise the Mack Avenue Engine Complex into the future assembly site for the next-generation Jeep Grand Cherokee, as well as a three-row Jeep SUV and plug-in hybrid models. FCA plans to start construction of the new Detroit facility by the end of the second quarter. The first three-row vehicles are expected …
SOUTH BEND, IND. — Sinatra & Co. Real Estate and L5 Investments, along with Odyssey Properties Group Inc., have acquired Castle Point in South Bend for $56 million. The 740-unit multifamily property is comprised of 32 two-story buildings. A 25,000-square-foot amenity area features a fitness center, basketball courts, racket ball courts and pool. Sinatra & Co. plans to implement a value-add program, including unit and common area upgrades with a focus on fitness and technology. Sinatra & Co. Management will manage the property. Cushman & Wakefield brokered the sale. The seller was not disclosed. Pennybacker Credit I LP provided a preferred equity investment.