DAYTON, OHIO — Dark Star Marble & Granite has purchased a 27,186-square-foot industrial property located at 2425 Stanley Ave. in Dayton. The purchase price was not disclosed. The property features a 19,486-square-foot warehouse and a 7,700-square-foot office and showroom space. Dark Star will relocate from 1353 Stanley Ave., a 7,200-square-foot facility. Beau Nimer of CBRE represented Dark Star. The previous company that occupied the facility, Mees Distributing, dissolved.
NEW YORK CITY — Greystone has provided a total of $100.8 million in HUD-insured loans to refinance two seniors housing properties in the state of New York. Fred Levine, managing director in Greystone’s Monsey office, originated the separate transactions for the same borrower. Although the borrower was not disclosed, Centers Health Care operates both facilities. Greystone provided a $71.8 million loan for Triboro Center for Rehabilitation and Nursing in the Bronx. The facility features 405 skilled nursing beds and 70 assisted living beds. Proceeds of the loan will be used to refinance the existing debt and to renovate portions of the facility. Greystone also provided a $29 million loan for Buffalo Center for Rehabilitation and Nursing, a 200-bed facility in Buffalo. The transaction was a bridge-to-HUD execution, for which Greystone funded the acquisition of the facility with its non recourse bridge loan platform and then completed a permanent exit with HUD’s long-term, fixed-rate financing. A portion of the loan proceeds will be used for renovations and improvements to the property.
NEW YORK CITY — Square Mile Capital Management has provided a $71 million loan to refinance The Rennie, a newly built condominium building in Harlem. The eight-story property spans the entire block between W. 137th and 138th Streets and contains 134 residential condominium units. Square Mile Capital provided the loan to Goldman Sachs Urban Investment Group and BRP Companies. Proceeds of the loan were used to repay existing debt, return equity to the sponsor and provide term to allow time for condominium sales. Preston Flammang of Cushman & Wakefield’s New York City office represented the borrower in the transaction.
SOUTHEAST, N.Y. — Urstadt Biddle Properties Inc. has acquired Lakeview Plaza Shopping Center in the town of Southeast for $12 million. The 177,000-square-foot property is anchored by a 54,000-square-foot Acme Supermarket and consists of five buildings on a 23-acre site. Lakeview Plaza is currently 73 percent leased to a mix of local, regional and national tenants including Rite-Aid, JPMorgan Chase, Supercuts, Subway, M&T Bank, KeyBank and Burger King. Urstadt Biddle purchased the shopping center from a lender who had foreclosed its loan on the property.
BRIDGEWATER, N.J. — LCS has closed acquisition financing and started construction of The Delaney of Bridgewater, a new seniors housing community in Bridgewater, approximately 45 miles southwest of Manhattan. Totaling 262,000 square feet, the property will be the fifth under the Delaney brand for LCS and the first outside Texas. When complete, the community will offer 122 independent living apartments, 15 freestanding villas, 56 assisted living units and a 32-unit memory care neighborhood. The community is slated to open in the fall of 2020. Financial terms were not disclosed, though BMO Harris was involved in the construction financing.
NEW YORK CITY — Marcus & Millichap has negotiated the $2.2 million sale of a 7,140-square-foot mixed-use building in Brooklyn. The property is located at 1501-1503 Broadway. Shaun Riney, Thomas Shihadeh and Andrew Reiter of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
SANDY, UTAH — Kennedy Wilson has acquired Alpine Meadows, a wholly owned apartment community located at 845 E. 9000 South in Sandy, for $49 million. The name of the seller was not disclosed. Situated 15 miles from downtown Salt Lake City, Alpine Meadows is a low-density, garden-style community with one-, two- and three-bedroom units. Kennedy Wilson plans to implement a $3 million upgrade to the 222-unit property to refresh unit interiors and common-area amenities. Current amenities include a clubhouse, fitness center, business center, dog park, basketball court, playground and barbecue area. The company invested $20 million of equity in the property with a corresponding 10-year, $29 million loan at a 4.28 percent interest rate. Alpine Meadows was acquired through a 1031 exchange with profits generated from the recent sale of Bay Village, a 50 percent owned, 260-unit apartment community in Vallejo, Calif.
LOS ANGELES AND LA PALMA, CALIF. — Rexford Industrial Realty has purchased two industrial properties in Southern California in separate off-market transactions for combined $43.5 million. The names of the sellers were not released. In the first transaction, the company acquired an asset located at 9200-9250 Mason Ave. and 9197 Oso Ave. in the Chatsworth neighborhood of Los Angeles for $29.5 million, or $115 per square foot. Situated on 11.1 acres, the industrial complex consists of four buildings containing 256,200 square feet and is fully leased to three tenants in the cosmetics industry. In the second deal, Rexford Industrial purchased a property located at 5593-5595 Fresca Drive in La Palma for $14 million, or $122 per square foot. Situated on 5.7 acres, the two-tenant industrial building features 115,200 square feet of industrial space.
COLORADO SPRINGS, COLO. — SRS Real Estate Partners’ National Net Lease Group has arranged the sale of a single-tenant restaurant property, located at 1410 Jamboree Drive in Colorado Springs. A private, Minneapolis-based 1031 exchange investor acquired the asset for $5.7 million. Red Robin Gourmet Burgers occupies the 7,221-square-foot property, which was built in 1987. Brad Gibbs, Matthew Mousavi and Patrick Luther of SRS Real Estate represented the seller, a Midwest-based institutional investor, in the deal.
PHOENIX — Tremont Mortgage Trust has closed a $12.8 million first mortgage bridge loan to finance the acquisition of Mountainview Marketplace, a retail center located in Phoenix. Located at 3131 E. Thunderbird Road, the shopping center features 123,000 square feet of retail space. The floating-rate loan includes initial funding of $5.8 million and a future funding allowance of $7 million for property improvements and leasing capital. The loan is structured with a two-year initial term and two one-year extension options and has a loan-to-value ratio of 48 percent.