NORWALK, CONN. — Los Angeles-based Thorofare Capital has provided a $53.5 million loan for the refinancing of a 198-unit apartment community in Norwalk, located between Stamford and Bridgeport in coastal Connecticut. The name of the property, which includes 10,350 square feet of retail space and a 228-space parking garage, was not disclosed. The nonrecourse loan carries a five-year term and a floating interest rate. The borrower was also undisclosed.
MINNEAPOLIS — A partnership between Kroiss Development and D/O Architecture known as TMBR Development LLC will break ground on a 10-story, 79-unit condo building in the North Loop of Minneapolis this fall. Known as TMBR, the project is the Twin Cities’ first timber-framed condominium. This type of construction is more sustainable than constructing with concrete and steel. Slated for completion in early 2021, the project will include 7,500 square feet of retail space, a green roof and electric car charging stations. Units will start at $450,000.
DETROIT — UBS Financial Services Inc. has opened its first Detroit office in the historic downtown Woodward shopping district. The 11,000-square-foot office represents an expansion of UBS’s investment in the metro area. The office spans two buildings and has six meeting rooms, a flexible breakout area and a coffee bar. Visitors will be greeted by a large black-and-white map of Detroit behind the reception area. Bedrock owns the property, which was designed by architecture firm Smith, Hinchman & Grylls. UBS is a global wealth management firm.
WEST ORANGE, N.J. — The Township of West Orange, located just west of Newark in New Jersey, has acquired Montclair Golf Club at Rock Spring, a 138-acre course and future commercial development site. The sales price was $11.1 million. The site is located near Interstate 280 and is situated adjacent to South Mountain Reservation, a 2,000-acre park featuring a zoo, indoor ice skating rinks, walking trails and miniature golf. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented seller Montclair Golf Club in the transaction. The buyer did not disclose specific development plans.
CHICAGO — Knighthead Funding LLC has provided a $14.3 million construction loan for Roselle Apartments, a multifamily development in the Chicago submarket of Glendale Heights/Lombard. Noah Properties Chicago is the developer. Completion is slated for the first quarter of 2020. Roselle will feature 72 two-bedroom townhomes. The nonrecourse loan has an 18-month term. Knighthead Funding originates loans for its managed real estate debt funds and Knighthead Annuity & Life Assurance Co.
HOFFMAN ESTATES, ILL. — Tricap Acquisitions LLC has purchased Autumn Chase Apartments in Hoffman Estates for an undisclosed price. The 550-unit apartment community features a mix of studios, one- and two-bedroom units. Completed in the early 1970s, the property includes an outdoor pool, tennis court, clubhouse and multiple barbecue areas. John Jaeger and Dan Cohen of CBRE represented the seller, Greenwood Capital Investment LLC.
EAST RUTHERFORD, N.J. — Global third-party logistics firm OmLog has signed a 100,031-square-foot industrial lease at Goodman Industrial Center Murray Hill in East Rutherford, N.J., located across the Hudson River from Manhattan. OmLog, which leased the entire facility, has its North American headquarters in nearby Seacaucus, N.J. Goodman Industrial Center Murray Hill, which is owned by California-based Goodman Group, features 20-foot clear heights and 7,000 square feet of office space. The property also offers convenient access to I-80, the New Jersey Turnpike and multiple international airports.
DAYTON, OHIO — NorthMarq Capital has arranged a $4.4 million loan for the acquisition of Northwest Plaza in Dayton. The 220,000-square-foot retail property is located at 3295 W. Siebenthaler Ave. Citi Trends is one of the tenants. Noah Juran of NorthMarq arranged the 10-year, fixed-rate loan, which features a 25-year amortization schedule. A regional bank provided the loan.
HATFIELD, PENN. — Marcus & Millichap has arranged the $8.5 million sale of Applegate Apartments, a 72-unit complex located in Hatfield, Penn., and Applecore Apartments, a 12-unit property located in nearby Souderton. Both properties are located about 40 miles north of Philadelphia. Andrew Townsend, Clark Talone, Ridge MacLaren and Daniel Bernard of Marcus & Millichap represented the buyer, a limited liability company, in the transaction. The seller was a family trust. Both parties requested anonymity.
FONTANA, CALIF. — Pacific Industrial has sold Sierra Pacific Center, a two-building, 1.5 million-square-foot industrial property in Fontana, about 50 miles east of downtown Los Angeles in the Inland Empire. The industrial development and investment firm sold the asset for $213.5 million to an unnamed institutional life insurance company. Sierra Pacific Center was completed in 2016 and was fully occupied by LG Electronics and FedEx at the time of the sale. The property is situated at 5565 and 5885 Sierra Ave., adjacent to California Highway 210 and within 20 miles of seven major highways including Interstates 215, 10 and 15. Amenities include electric car charging stations; 3 percent skylight coverage, as where the industry average is 2 percent; and truck courts up to 430 feet deep, as opposed to the Class A average of 185 feet. This transaction represents the largest, non-portfolio sale by dollar value in California over the past 24 months. “This is a milestone transaction that represents the remarkable investment potential of spec industrial developments when they are done well,” says Dan Floriani, partner and co-founder of Pacific Industrial. “By developing this asset with a long-term-hold mindset, we thoughtfully designed each detail, resulting in a property with …