Property Type

IPA Arranges Sale of 249-Unit Apartment Property in Metro Dallas

by Taylor Williams June 25, 2018

GRAND PRAIRIE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Villas Central Park, a 249-unit multifamily property located in the Dallas metro of Grand Prairie. Built in 2016, the property features a pool, fitness center, dog park, grilling areas, coffee bar and a game room. Will Balthrope, Drew Kile and Joey Tumminello of IPA represented the seller, Texas-based Carleton Residential Properties and M.R. Development. The team also procured the buyer, Virginia-based Weinstein Properties, which has since rebranded the asset as Bexley Central Park.

June 25, 2018

Acquisitions Multifamily Texas

Hilltop Acquires 200-Unit Apartment Community in Conroe, Texas

by Taylor Williams June 25, 2018

CONROE, TEXAS — Houston-based Hilltop Residential has acquired Landmark of Conroe, a 200-unit multifamily community in Conroe, about 45 miles north of downtown Houston. The property consists of one-, two- and three-bedroom units averaging 1,159 square feet. Amenities include a pool, basketball and tennis courts, picnic areas, fitness center and a clubhouse. Cortney Cole and Jett Lucia of HFF arranged a seven-year acquisition loan with a fixed interest rate of 4.57 percent for the transaction.

June 25, 2018

Loans Multifamily Texas

LMI Capital Arranges Two Loans Totaling $17.3M for Multifamily Assets in Greater Houston

by Taylor Williams June 25, 2018

HOUSTON — LMI Capital has arranged two loans totaling $17.3 million in the greater Houston area. In the first transaction, Brandon Brown of LMI Capital arranged a $10.6 million fixed-rate permanent loan for a 150-unit multifamily complex in north Houston. In the second deal, Jamie Safier of LMI Capital placed a $6.7 million fixed-rate acquisition loan for a 140-unit complex in the Spring Branch submarket. The names of the properties were not disclosed.

June 25, 2018

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Arranges $7M Acquisition Loan for Apartment Building in Boston

by David Cohen June 25, 2018

BOSTON — Cornerstone Realty Capital has arranged $7 million in acquisition financing for a three-story apartment building in Boston’s Jamaica Plain neighborhood. Cornerstone was able to obtain a creative financing structure that enables the buyer, Hajjar Management Co., to complete the renovation to property. More specifically, Cornerstone was able to deliver a low, 10-year, fixed-rate financing structure with three years of interest-only payments followed by a 30-year amortization. The lender was a local bank. The building, which is located at 9-11 Seaverns Ave., includes 24 one-bedroom, one-bathroom units. The borrower plans to fully renovate the property over the next three years.

June 25, 2018

Acquisitions New Jersey Northeast Restaurant Retail

Marcus & Millichap Brokers $3.1M Sale of Net-Leased Texas Roadhouse Location in New Jersey

by David Cohen June 25, 2018

HOWELL, N.J. — Marcus & Millichap has brokered the $3.1 million sale of a net-leased Texas Roadhouse restaurant located at 5309 US Highway 9 in Howell. Karly Iacono of Marcus & Millichap’s National Retail Group represented the seller, a developer, in the transaction. Marcus & Millichap also represented the buyer, a private client executing a 1031 exchange. The property is subject to a 15-year ground lease with Texas Roadhouse. Nearby retailers include Lowe’s, Target, LA Fitness, ShopRite and Hobby Lobby.

June 25, 2018

Leasing Activity New York Northeast Office

Feil Organization Secures 52,000 SF of Office Leases in Manhattan

by David Cohen June 25, 2018

NEW YORK CITY — The Feil Organization has signed three tenants to nearly 52,000 square feet of office leases at 841 Broadway, 250 Park Ave. South, and 257 Park Ave. South in Manhattan. Global professional services firm Ernst & Young renewed its lease at 841 Broadway for a total of 27,000 square feet; cryptocurrency trading firm Digital Currency Group signed a new 11,985-square-foot lease at 250 Park Ave. South; and digital marketing agency Bulletproof signed a new 13,000-square-foot lease for the entire eighth floor of 257 Park Ave. South. Feil’s three-building portfolio in Manhattan is 98 percent occupied following the transactions.

June 25, 2018

Loans Multifamily New York Northeast Seniors Housing

Carnegie Capital Arranges $24M Bridge Loan for Senior Housing Community on Long Island

by David Cohen June 25, 2018

LONG ISLAND, N.Y. — Carnegie Capital has arranged a $24 million bridge loan to refinance a two-story skilled nursing and assisted living facility along the North Shore of Long Island. The borrower is a local owner-operator that has managed the property for over a decade. The community includes 324 licensed beds. The name of the facility was not disclosed. The two-year loan will restructure operating debt and fund a rehabilitation of the upper level. The note features a fixed rate with a flexible exit after the first year to give the owner the option to either refinance or dispose of the asset. JD Stettin of Carnegie Capital arranged the financing. A private bridge fund provided the capital.

June 25, 2018

Acquisitions Industrial New Jersey Northeast

Seagis Property Group Acquires 80,000 SF Industrial Facility in Northern New Jersey

by David Cohen June 25, 2018

SEACAUCUS, N.J. — Seagis Property Group has acquired an 80,000-square-foot warehouse and distribution facility at 350 Seacaucus Road in Secaucus. The property is located approximately six miles from Manhattan and 12 miles from Port Newark. The fully leased building features 11 tailgate dock doors and 21-foot clear heights. Seagis now owns 27 buildings totaling more than 4.3 million square feet throughout Northern New Jersey.

June 25, 2018

Acquisitions Florida Multifamily Southeast

Pollack Shores Sells 400-Unit Apartment Community in Tampa for $82M

by John Nelson June 25, 2018

TAMPA, FLA. — Pollack Shores has sold Lexington Park at Westchase, a 400-unit apartment community in Tampa. The Tampa Bay Business Journal reports the Atlanta-based developer and owner sold the asset to Greystar for $82 million. Walker & Dunlop arranged the transaction. Pollack Shores originally acquired the asset in 2015 and invested $7 million in renovations. The project included the renovation of 50 percent of the residential units and upgrades to exterior elements. Lexington Park at Westchase is located adjacent to a Publix-anchored shopping center and features a swimming pool, business center, playground, clubhouse, movie theater and social room.

June 25, 2018

Acquisitions Industrial North Carolina Southeast

HFF Brokers $39.8M Sale of Four-Building Industrial Portfolio in Charlotte, Durham

by John Nelson June 25, 2018

CHARLOTTE AND DURHAM, N.C. — HFF has brokered the sale of a four-building industrial portfolio totaling 681,346 square feet in Charlotte and Durham. A joint venture between Trinity Capital Advisors and SilverCap Partners sold the buildings to Rialto Capital Management. The sales price was not disclosed, but the Charlotte Business Journal reports the portfolio sold for $39.8 million. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of the sellers. In Charlotte, the sold portfolio includes a two-building facility located at 1001 Bond St. The property is less than one mile from the North Carolina State Port Authority and the CSX Intermodal Terminal, the only CSX intermodal terminal in North Carolina. The Durham buildings are located at 2710 and 2910 Weck Drive. The facilities are located within the Research Triangle Park submarket and are fully leased to two tenants.

June 25, 2018

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