OAKLAND, CALIF. — CIT Group’s Real Estate Finance division was the sole lead arranger for a $107.5 million construction loan for Station on 12th, a 333-unit multifamily project in downtown Oakland. The borrower is a joint venture between a Brookfield-sponsored private real estate fund and The Martin Group, the developer and operating partner for the project.
DENVER — HFF has arranged refinancing for Stanford Place II, an 18-story Class A office building located in the north end of Denver Technological Center. The borrower is Lowe Enterprises Investors. Eric Tupler of HFF arranged the two-year, floating-rate loan with extension options through a national bridge lender. The loan amount was not disclosed. Completed in 1982, 22 tenants occupy the 366,184-square-foot building, with Western Union as anchor tenant.
BELLFLOWER, CALIF. — Developer Howard CDM, along with SteelCraft founder Kimberly Gros and Bellflower Mayor Ray Bunton, has broken ground on SteelCraft Bellflower, an outdoor urban eatery located at 16500 Bellflower Blvd. in Bellflower. Comprised of repurposed shipping containers, SteelCraft Bellflower will feature 12,500 square feet, totaling 14 shipping containers and approximately 400 seats. Studio One Eleven and Turpin Design Group are serving as architect and kitchen designer, respectively, for the project. When completed in this fall, the development will bring nine new businesses to the downtown area: five food offerings, craft beer, wine, coffee and dessert. The coffee and dessert operators will be open to the street to accommodate street traffic, as well as SteelCraft Bellflower patrons. The current tenant roster includes: Ten Mile Brewing – A pet- and kid-friendly space opening its satellite taproom at SteelCraft Bellflower. Solid Coffee Roasters – The Artesia, Calif.-based company roasts its own beans in-house for fresh pour-overs and Nitro Cold Brews. Cassidy’s Corner – The bakery will serve freshly baked bagels, bagel bites, sandwiches, fresh-pressed juices and acai bowls all day. The Standing Room – Lowell Bakke’s restaurant, which earned him a cult following, will open its third location at SteelCraft Bellflower. …
LAS VEGAS — MCA Realty has purchased a five-building industrial property located at 4610-4650 Arville St. in Las Vegas. A private seller sold the asset for an undisclosed price in an off-market transaction. The value-add asset features 83,750 square feet of industrial space. MCA Realty plans to replace the roofs, repaint the building’s exterior, improve the landscaping and signage, and update the interior units as leases end. At the time of sale the property was 100 percent occupied. Rob Lujan, Jason Simon and Xavier Wasiak of JLL represented the buyer in the deal.
SALT LAKE CITY — Carnegie Capital, a Texas-based commercial real estate finance correspondent and advisory firm, has sourced and structured an $11.5 million construction loan for a 95-bed assisted living and memory care facility. The borrower is a Salt Lake City-based owner-operator. The Class A community totals 64,000 square feet. Of the 95 beds, 30 are for memory care. The developers, a growing seniors housing company along the Wasatch Front area of Utah, contributed the land for the project. This is the third regional project for the company. Carnegie syndicated a group of local and regional banks to complete the financing package at 75 percent loan-to-cost ratio. The financing is structured to be refinanced into a permanent loan upon stabilization of the completed property. JD Stettin of Carnegie Capital arranged the transaction.
ELK GROVE VILLAGE, ILL. — Wells Fargo has provided a $56.5 million loan for the acquisition of Willow Crossing in the northwest Chicago suburb of Elk Grove Village. The 579-unit multifamily property consists of 14 buildings. Amenities include two swimming pools, two playgrounds, a fitness center, clubhouse and business center. Matthew Schoenfeldt of HFF arranged the five-year loan on behalf of the borrower, The Marquette Companies. In addition to using the loan proceeds to acquire the property, the borrower plans to renovate the asset. Renovated units will feature new countertops, stainless steel appliances, walk-in closets and private balconies.
ANDERSON, IND. — UMH Properties Inc. (NYSE: UMH) has acquired two manufactured housing communities in Anderson, about 40 miles northeast of Indianapolis, for $20.5 million. All totaled, the properties feature 669 developed home sites on approximately 231 acres. The average occupancy rate is 91 percent. UMH is a public traded REIT that owns and operates 114 manufactured home communities with approximately 20,600 developed home sites.
BLUE ISLAND, ILL. — Kiser Group has brokered the $18.6 million sale of Blue Station Apartments in Blue Island, about 16 miles south of Chicago. The 345-unit apartment complex is located at 2130 W. 122nd St. The buyer, an undisclosed national portfolio owner, purchased the property from Kinzie Realty Corp. Kinzie assembled the apartments through multiple acquisitions. Community amenities include an on-site convenience store and daycare center. Lee Kiser and Matt Halper of Kiser brokered the transaction.
MAPLE GROVE, MINN. — CBRE has arranged the sale of Five Star Commerce Center in Maple Grove, about 15 miles northwest of Minneapolis. The 163,012-square-foot industrial property is comprised of three buildings. Constructed in 1999, the property is fully occupied. Major tenants include Next Day Automation, Dance Complex, TruGreen and Brush Masters Inc. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller, Interstate Partners. Sterling Office and Industrial Properties LLC, a North Dakota-based REIT, acquired the asset.
CHICAGO — Baker Development Corp. has completed the exterior construction of 2017 N. Mendell, a 62,000-square-foot office redevelopment in Chicago. The property was formerly an industrial building and will be the first Class A office project completed in the North Branch Industrial Corridor since the adoption of zoning changes last year. Customizable spaces at 2017 N. Mendell, a speculative office development, range from 3,800 to 17,000 square feet. The property will feature a 3,000-square-foot rooftop deck and a dedicated food truck court. Windows will automatically adjust to sunlight to reduce glare and improve temperature control. Baker expects to deliver the first spaces during this quarter. A streamlined interior build-out process, featuring pre-selected options for paint, lighting, flooring and wall partitions, will enable businesses to quickly occupy their space.