Property Type

MassHousing Provides $28.8M in Financing for Creation of Affordable Housing Community Near Boston

by David Cohen April 18, 2018

LAWRENCE, MASS. — MassHousing has provided $28.8 million in financing to Reed Realty Advisors for the creation of a 180-unit affordable housing community in Lawrence, about 30 miles north of Boston. Reed Realty will redevelop a section of the former Pacific Mills cotton complex into new mixed-income housing that will include 40 workforce housing units for moderate-income households. The project will be called Pac 10 Lofts. MassHousing provided a $14 million tax-exempt permanent loan, a $1 million taxable permanent loan, an $8.8 million tax credit equity bridge loan and $5 million from MassHousing’s $100 million Workforce Housing Initiative. The transaction also involved $1.8 million from an allocation of state historic tax credits, a $3.6 million seller note, a $2.5 million deferred developer fee and $210,000 in financing from the City of Lawrence.

April 18, 2018

Acquisitions New York Northeast Retail

Speedway Agrees to Acquire 78 Express Mart Locations in New York

by David Cohen April 18, 2018

SYRACUSE, ROCHESTER, BUFFALO, N.Y. — Speedway LLC has signed an agreement to purchase 78 Express Mart store locations held by Petr-All Petroleum Consulting Corp. The stores are located primarily in the Syracuse, Rochester and Buffalo markets. Following the acquisition, the stores will be rebranded as Speedway locations. The transaction is expected to close by the end of the third quarter. Speedway, headquartered in Enon, Ohio, is the nation’s second largest company-owned and operated convenience store chain with approximately 2,740 stores located in 21 states. Speedway is a subsidiary of Marathon Petroleum Corp.

April 18, 2018

Loans Mixed-Use New York Northeast

Ariel Property Advisors Arranges $6.5M Refinancing for Mixed-Use Portfolio in Brooklyn

by David Cohen April 18, 2018

NEW YORK CITY — Ariel Property Advisors has arranged a $6.5 million cash-out refinance loan for four mixed-use properties in the Bedford-Stuyvesant neighborhood of Brooklyn. Paul McCormick and Matt Dzbanek of Ariel Property Advisors arranged the five-year, cash-out refinancing at a 75 percent loan-to-value and fixed interest rate of 4 percent for the undisclosed borrower. The four properties include 22 residential and six commercial units. Approximately 30 percent of the owner’s gross income comes from commercial leases.

April 18, 2018

Development Multifamily Texas

JPI Breaks Ground on 409-Unit Apartment Community in Metro Dallas

by Taylor Williams April 18, 2018

FARMERS BRANCH, TEXAS — JPI has broken ground on Jefferson Alpha West, a 409-unit apartment community in Farmers Branch. The four-story property will be located within the Alpha + Inwood mixed-use development, which will include a 155-room ALOFT hotel, 296,000 square feet of office space and 22,000 square feet of retail space. Residential amenities will include a pool, rooftop lounge, clubhouse and a dog park. Occupancy at Jefferson Alpha West is scheduled for the end of 2019 and completion of the project is slated for mid-2020.

April 18, 2018

Development Industrial Texas

E.E. Reed Completes 712,740 SF Industrial Project in Metro Houston

by Taylor Williams April 18, 2018

BAYTOWN, TEXAS — Houston-based E.E. Reed Construction LP has completed a 712,740-square-foot warehouse/distribution center situated on 170 acres in the eastern Houston suburb of Baytown. Built on behalf of Ravago Americas, a supplier of rubber and plastic, the property features a tilt-wall configuration, 30,000 square feet of office space, a 200-car railyard and a truck maintenance facility. Houston-based Powers Brown Architecture designed the property.

April 18, 2018

Loans Mixed-Use Texas

CBRE Secures $78M Loan for Refinancing of Mixed-Use Asset in Austin

by Taylor Williams April 18, 2018

AUSTIN, TEXAS — CBRE has secured a $78 million loan for the refinancing of The Triangle, a mixed-use property in Austin that includes 529 multifamily units and roughly 120,000 square feet of retail and restaurant space. Residential amenities include three pools, a 24-hour fitness center and a resident lounge. Brian Eisendrath, Brandon Smith and Annie Rice of CBRE secured the seven-year, floating-rate loan on behalf of The Dinerstein Cos., a Houston-based development firm that acquired the property in 2017.

April 18, 2018

Acquisitions Multifamily Texas

Transwestern Brokers Sale of 320-Unit Apartment Community in Dallas

by Taylor Williams April 18, 2018

DALLAS — Transwestern has brokered the sale of Plaza Del Lago, a 320-unit multifamily community in Dallas. Built in 1982, the property is located on the city’s northwestern side near Dallas Love Field Airport. Amenities include two pools, outdoor grilling areas, on-site laundry facilities, a dog park and a playground. Taylor Snoddy, Philip Wiegand and James Roberts of Transwestern represented the seller, DIJ Plaza Del Lago LLC, in the transaction. The buyer and sales price were not disclosed.

April 18, 2018

Acquisitions Industrial Texas

HSM Negotiates Sale of Two Warehouses Totaling 29,000 SF in Houston

by Taylor Williams April 18, 2018

HOUSTON — Henry S. Miller Brokerage Co. (HSM) has negotiated the sale of two warehouses totaling approximately 29,000 square feet in Houston. The two buildings are located at 10440 Windfern Road on the city’s northwest side. Sam Chang of HSM represented the buyer, GAC Windfern LLC, in the transaction. Adam Strauss of New Regional Planning represented the sellers, the estates of two private investors.

April 18, 2018

Acquisitions Illinois Midwest Multifamily

HFF Arranges Sale of 325-Unit Apartment Tower in Chicago

by Kristin Harlow April 18, 2018

CHICAGO — HFF has arranged the sale of Optima Chicago Center in the city’s Streeterville neighborhood. The sales price was not disclosed. The 325-unit apartment tower is located at 200 E. Illinois St. Constructed in 2013 and designed by David Hovey, the 42-story property features a mix of one-, two- and three-bedroom units as well as two penthouses. The property includes a 233-space parking garage and 20,644 square feet of commercial space. Amenities include a rooftop, outdoor lounge, fitness center, yoga studio, pool, recreation area and concierge services. Sean Fogarty and Marty O’Connell of HFF marketed the property on behalf of the seller, a partnership comprising Optima Inc., DeBartolo Development LLC and OPTrust. The team also procured the undisclosed buyer. Danny Kaufman of HFF worked on behalf of the new owner to secure acquisition financing through Pacific Life Insurance Co.

April 18, 2018

Loans Michigan Midwest Multifamily

KeyBank Originates $14.7M Refinancing for Multifamily Property in Grand Blanc, Michigan

by Kristin Harlow April 18, 2018

GRAND BLANC, MICH. — KeyBank Real Estate Capital has originated a $14.7 million Fannie Mae loan for the refinancing of The Grand in Grand Blanc near Flint, Mich. Developed between 2014 and 2017, the multifamily property features 102 garden-style units. Todd Linehan of KeyBank originated the 10-year loan, which includes a 30-year amortization schedule.

April 18, 2018

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