LOS ANGELES AND MOORPARK, CALIF. — Continental Partners has arranged a total of $15.8 million in financing across two transactions in Southern California. Zalmi Klyne of Continental Partners handled the transactions. Continental Partners secured $9 million in refinancing for a 41-unit, three-property multifamily portfolio in South Los Angeles. The financing allowed the undisclosed sponsor to cash out 90 percent equity. Previously, the firm arranged a bridge loan for the purchase of the assets in December 2017. The new 30-year loan is priced at rate of 4.61 percent with three years of interest-only payments and a loan-to-value ratio of 70 percent. The company also arranged $6.8 million in cash-out refinancing for a 105,000-square-foot industrial building in Moorpark. The firm previously secured a bridge loan for the acquisition of the property in October 2017. The loan was 98.5 percent of the original purchase price. The new financing features a seven-year term with a five-year fixed interest rate. The loan-to-value ratio is 70 percent.
KINGSTON, WASH. — SRS Real Estate Partners has negotiated the sale of a single-tenant retail property, located at 27000 Miller Bay Road NE in Kingston. A U.S.-based investment fund sold the asset to a California-based family office for $6 million. Built in 2007 on 2.2 acres, the 17,272-square-foot building includes a drive-thru. Rite Aid currently occupies the property under a corporate-guaranteed triple-net lease with Rite Aid Corp. There are nine years remaining on the lease. Ryan Tomkins of SRS’ National Net Lease Group represented the seller in the transaction.
ST. LOUIS — The St. Louis Cardinals and The Cordish Companies have celebrated the topping out of the PwC Pennant Building, the Class A office tower that is part of the $260 million expansion of Ballpark Village in St. Louis. The exterior structure of the 11-story building is now completed. The property is scheduled to open this summer. The office tower, designed jointly by HKS Architects, Hord Coplan Macht and Tao & Lee and constructed by PARIC Corp., will feature street-level retail, modern office amenities and more than 460 structured parking spaces. In addition, PwC will have a private rooftop deck that provides views of Busch Stadium, downtown St. Louis and the Gateway Arch. Joining PwC is investment banking firm ButcherJoseph & Co., which will occupy more than 8,000 square feet.
WEST LAFAYETTE, IND. — Marcus & Millichap has brokered the sale of a 528-bed student housing portfolio in West Lafayette near Purdue University for $33.5 million. A joint venture between Muinzer and South Street Capital purchased the 152-unit portfolio. The buildings, constructed between 1983 and 1993, are all located within walking distance of campus. Brent Silcox and Austin Meeker of Marcus & Millichap represented the undisclosed seller and procured the buyer.
WATERTOWN, WIS. — The Dickman Company Inc./CORFAC International has negotiated the sale of a 245,000-square-foot industrial building in Watertown for an undisclosed price. The property is situated at 1141 S. 10th St. in Watertown, about 50 miles west of Milwaukee. TJ Huenerbein and Nick Keys of Dickman brokered the transaction. TJW Plant 10 LLC purchased the building from Midland Stamping and Fabricating Corp.
PORTAGE, WEST LAFAYETTE AND VALPARAISO, IND. — Maverick Commercial Mortgage has arranged $22.5 million in refinancing for a four-property multifamily portfolio in Indiana. The assets include Breckenridge Apartments, a 168-unit property in Portage; Point West and Point West II, two manufactured housing communities in West Lafayette; and Williamsburg Manor, a 223-site manufactured housing community in Valparaiso. The four nonrecourse loans all featured 10-year terms with 30-year amortization schedules. Proceeds from the loans paid off existing debt and returned equity to the undisclosed borrower.
MILWAUKEE — Colliers International has brokered the sale of the King Juice Co. headquarters in Milwaukee for $4.5 million. The 114,000-square-foot beverage manufacturing property is located at 851 W. Grange Ave. King Juice Co., which makes lemonades, iced teas and fruit beverages, has a long-term lease at the property. Tom Shepherd, Jennifer Huber-Bullock and Steve Sewart of Colliers represented the seller, Milwaukee-based Salvatore B. Purpero Living Trust. New York-based BBS Grange Road Investors LLC purchased the asset. The buyer plans to add a new parking lot and upgrade the office finishes.
As demand for housing increases with Austin’s growing population, all eyes are on the multifamily housing market. But with rents rising as well, pressure on the already-sparse affordable housing stock is more intense than ever. Traditionally, affordable housing has served as a resource for low-income residents, those who earn at or below 60 percent of the area median income (AMI). Providing affordable housing has become a major priority for Austin’s city council and developers during this cycle. But a growing concern involves the segment of the population caught in the middle: those who may not qualify to live in traditional affordable housing properties, but for whom market-rate apartment prices are getting uncomfortably high. The solution? Workforce housing. Rapid Residential Growth Average rent is increasing faster in Austin than in any other major metropolitan city in Texas. This activity is pushing workers out of housing they could afford in areas that are convenient for them and forcing many into long commutes from unfamiliar neighborhoods. According to industry data, in 2018, rents in Austin rose by 4.4 percent, in contrast to 3.8 percent in Fort Worth, 3.5 percent in San Antonio and 2.7 percent in Dallas. And the squeeze on lower-income residents …
JERSEY CITY, N.J. — HFF has arranged the $263.8 million sale of Soho Lofts, a 377-unit, luxury apartment community in Jersey City. Located at 273 16th St., the property was completed in 2018 and consists of studio through three-bedroom units as well as eight townhouses. The property also includes 17,300 square feet of ground-floor retail and 375 parking spaces. The property features resort-style amenities that include an infinity edge pool, poolside cabanas, fireside seating with outdoor TV, cinema room, fitness center, 10-person sauna, demonstration kitchen, arcade lounge with billiards and shuffleboard, tech lounge, children’s playroom and dog grooming rooms. Jose Cruz, Michael Oliver, Kevin O’Hearn, Stephen Simonelli, Jordan Avanzato and Mark Mahasky of HFF represented the seller, AEW, in the transaction. The buyer was Mack-Cali Corp.
SOUTHAMPTON, N.Y. — Greystone has provided a $58.8 million HUD-insured loan to refinance a skilled nursing facility in Southampton. Situated on nine acres on the South Fork of Long Island in The Hamptons, the 280-bed Hamptons Center for Rehabilitation & Nursing offers both short-term and long-term care and two separate, secure dementia care units. The facility is located close to affluent areas such as Sag Harbor, Bridgehampton and Sagaponack. The nearest skilled nursing facility is 15 miles away. Fred Levine of Greystone originated the fixed-rate, nonrecourse loan with a 35-year term and amortization.