ROCHESTER, N.Y. — Money360, a California-based direct lender, has provided a $13.2 million bridge loan to refinance a multifamily property in Rochester, a city located about 70 miles east of Buffalo. The property includes ground-floor retail space. The non-recourse, three-year loan features a fixed interest rate with an interest-only amortization schedule. Ken Wood of Money360 originated the loan.
LONGMONT, COLO. — A joint venture partnership between Chicago-based Origin Investments and Boulder-based Massimino Development has started construction of Farm Haus Apartments, a $68.8 million multifamily property located in Longmont. Situated on 13.5 acres at Ken Pratt and East Third avenues, the eight-story Farm Haus Apartments will feature 280 units in a mix of one-, two- and three-bedroom apartments. Units will range in size from 761 square feet to 1,412 square feet. Additionally, 12 percent of the units, 34 apartments, will be set aside for residents making 60 percent or less of area median income for the region. Farm Haus Apartments will include fully equipped lifestyle spaces with exterior patios; resort-style swimming pool and spa; outdoor entertainment areas with built-in barbecues; farmhouse tables set amongst tree orchards; custom water features; and outdoor firepits. Exterior amenities will include a bouldering area, bocce call court, dog park, playground and active game areas. Additionally, Farm Haus will include a fitness center, outdoor yoga plaza, postal center, pet spa, bike wash and ski tuning rooms. The community is expected to be delivered in phases beginning in the fourth quarter of 2020. The partnership is also developing Connect at First Creek, a $35 million, 150-unit …
PHOENIX — Newport Beach, Calif.-based Buchanan Street Partners has completed the disposition of Quattro, an office building located at 4310-4350 E. Colton Center Blvd. in Phoenix. Boston-based Albany Road Real Estate Partners acquired the property for $43.5 million. Situated within Cotton Center business park, Quattro features 264,994 square feet of flex office space. Built in 2002, the asset was 92.5 percent leased at the time of sale. Current tenants include CVS Health, Freeport-McMoRan, Konica Minolta, Sodexo and Xerox. Tracy Cartledge, Bob Buckley and Steve Lindley of Cushman & Wakefield’s Phoenix office represented the seller in the deal.
LAS VEGAS — Orange County, Calif.-based MCA Realty has acquired Equus Business Center, a multi-tenant industrial property located at 3400 Desert Inn Road, 3110-3230 Polaris Ave. and 3401 Sirius Ave. in Las Vegas. A private investor sold the asset for $42 million in an off-market transaction. MCA Realty plans to rebrand the 357,608-square-foot property as Central Seven Commerce Center. At the time of sale, the property was 89 percent occupied by more than 170 tenants. The buyer plans to implement interior and exterior renovations to the property, including new paint, landscaping and improved signage. Dan Doherty of Colliers International, along with Gabe Telles and Ali Roesener of Gatski Commercial, represented the buyer. Frank Gatski of Gatski Commercial represented the seller in the transaction.
NEWARK, N.J. — NorthMarq has arranged $8 million in financing for 31 Clinton Street, a 12-story office building in Newark. The public defender’s office of the State of New Jersey occupies the property. The non-recourse loan carries a 15-year term and a fixed interest rate of 3.72 percent. The loan proceeds will be used for renovations including a new elevator, new roof, new HVAC control system and facade repairs. Charles Cotsalas of NorthMarq arranged the loan. The lender and borrower were undisclosed.
FORT COLLINS, COLO. — CBRE has arranged the sale of Copperleaf Place, a multifamily community in Fort Collins. Brinkman sold the asset to California-based Warm Springs Holdings for $21.8 million. Located at 3425 S. Shields St., Copperleaf Place features 94 apartments across three rental buildings on 2.8 acres. At the time of sale, the property was 96.8 percent occupied. Built in 2018, the community features a clubhouse, 24-hour fitness center and dog park. Dan Woodward, David Potarf, Matthew Barnett and Jake Young of CBRE Capital Markets represented the seller in the transaction.
PHOENIX AND SCOTTSDALE, ARIZ. — Berkadia has brokered the sale of a two-property multifamily portfolio located in Phoenix and Scottsdale. Colorado-based Birch LLC sold the portfolio to Phoenix-based ZH Multifamily for $13.5 million. The properties are Oak Tree, a 76-unit community located at 3620 E. McDowell Road in Phoenix built in 1984, and Scottsdale 5th Avenue, a 59-unit complex located at 6405 E. Indian School Road in Scottsdale built in 1968. Scottsdale 5th Avenue sold for $6.6 million, or $111,864 per unit, and Oak Tree sold for $6.9 million, or $90,789 per unit. Ric Holway, Mark Forrester and Dan Cheyne of Berkadia’s Phoenix office represented the seller in the deal.
HOUSTON — JLL has negotiated the sale of Safe Keeping Self Storage, a 709-unit facility located at 6610 Highway 6 N. in Houston. Approximately 62 percent of the units feature climate-controlled space. Steve Mellon and Brian Somoza of JLL represented the seller, Safe Keeping, in the transaction. The buyer was Merit Hill Capital, a Brooklyn-based self-storage investment and development firm, which acquired the asset for an undisclosed price.
FARMINGTON HILLS, MICH. — Mercedes-Benz Financial Services USA LLC and Olympia Development of Michigan have unveiled plans to develop a new build-to-suit office property in Farmington Hills. The Class A office space will serve as the headquarters for Mercedes-Benz Financial Services and the regional headquarters for Daimler Mobility Americas. The complex, pending permits and zoning approvals from the city, will be located on a 35-acre site on the southwest corner of Drake and 12 Mile roads. The three-story, 200,000-square-foot property will include a fitness center, café and coffee bar. Olympia Development has selected Gensler as the architect and Kirco Manix as the general contractor. Construction is expected to begin in the fall with completion slated for summer 2021. Mercedes-Benz Financial Services currently leases space in an office complex less than one mile from the new site. The automotive financial services provider is a member of the Daimler Mobility AG group of companies, headquartered in Germany. The company’s planned move to a new office space will retain approximately 1,000 jobs in the community.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Manitoba, a 265-unit multifamily complex in Fort Worth. Built in 1971, the property offers amenities such as two pools, a playground, afterschool center and onsite laundry facilities. Al Silva of Marcus & Millichap represented the seller, a Dallas-based nonprofit that owned the asset for 18 years, in the transaction. Silva and Ford Braly, also with Marcus & Milichap, secured the buyer, a Dallas-based investment firm that will renovate the property’s exteriors, unit interiors and amenity spaces.