ROMEO, MICH. — Capital One has provided a $17.1 million HUD 232/223(f) loan for the refinancing of a 104-unit skilled nursing facility in Romeo, a northern suburb of Detroit. Built in 2014, the facility features large therapy areas catering to Medicare and managed care residents and includes common areas such as a bistro. Joshua Rosen of Capital One originated the loan on behalf of the undisclosed borrower. The loan will enable the borrower to refinance existing bank debt as well as partnership debt.
DETROIT — The Christman Company has completed the restoration of the Old Wayne County Building located at 600 Randolph St. in Detroit. The scope of the project included improvements to the exterior façade and lighting as well as the removal of old furniture. Since March 2016, the building’s ownership group has invested $7 million in restoring the property. Quinn Evans Architects served as the project architect. The 250,000-square-foot building has been vacant since Wayne County government left the property in 2009 and moved to the Guardian Building on Griswold Street. The property is listed on the National Register of Historic Places.
EDWARDSVILLE, ILL. — Contegra Construction Co. has completed a $3.2 million retail center known as Timberlake Village in Edwardsville, about 28 miles northeast of St. Louis. Developed by Kamadulski Crays Fischer LLC, property spans 10,000 square feet. Kyoto Japanese Steakhouse is the anchor tenant. An additional 3,000 square feet is available for lease. The 1.5-acre site includes 70 car parking spaces.
CLEVELAND — Encore Real Estate Investment Services has brokered the sale of a single-tenant retail property occupied by Rite Aid in Cleveland for $1.9 million. Rite Aid has three years remaining on its 20-year lease at the 11,180-square-foot property. Brandon Hanna, Brent Hanna and Deno Bistolarides of Encore represented the seller in the transaction. Neither the buyer nor the seller was disclosed.
DENVER — HFF has arranged $50 million in financing for 210 St. Paul, the first phase of The St. Paul Collection, a mixed-use residential and retail property in Denver’s Cherry Creek North neighborhood. The borrower is BMC Investments. Brock Yaffe of HFF secured the 11-year, non-recourse, full-term, interest-only, fixed-rate loan through Freddie Mac’s Lease-Up Loan Program. The loan will replace existing construction financing and will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. Located at the intersection of St. Paul Street and Second Avenue, The St. Paul Collection is a two-phase development. Completed in June, 210 St. Paul features 81 residences in a mix of one-, two- and three-bedroom floorplans, as well as penthouses, ranging in size from 770 square feet to 2,800 square feet. Additionally, the property includes 11,000 square feet of retail space leased to CB2. The second phase, which is not part of this financing, will bring an additional 84 residential units and 44,000 square feet of retail space. Designed by 4240 Architecture, the property features condo-quality finishes and modern open layouts with oversized living spaces, gourmet kitchens, full bathroom suites with heated floors, built-in closet systems, in-house automation, custom hardwood flooring, …
PLEASANTON, CALIF. — Pearlmark has closed on a $13 million mezzanine loan investment for the recapitalization of Britannia Business Center I within Hacienda Business Park in Pleasanton. Pearlmark originated the investment on behalf of Pearlmark Mezzanine Realty Partners IV. The four-building center features 292,000 square feet of office, lab and R&D space. Current tenants include ADP, NeoTract, Carl Zeiss and Diebold. Additionally, the site includes more than 1,100 parking spaces. Bill Swackhamer of Pearlmark arranged the transaction.
MILLCREEK, UTAH — Arbor Realty Trust has funded an $8.4 million Fannie Mae DUS Loan for Tapestry Townhomes, a multifamily property in Millcreek, a suburb of Salt Lake City. Consisting of seven three-story buildings, Tapestry Townhomes features 42 units. The apartments feature high-end wood cabinets, soaking tubs, gourmet kitchens, in-unit washers/dryers and private balconies. Garth Davis of Arbor’s San Francisco office originated the loan, which was funded through Fannie Mae’s Streamline Rate Lock product. The Tier II loan is structured with a 12-year, fixed-rate term and a five-year interest-only payment period, followed by a 30-year amortization schedule.
BEND, ORE. — Compass Commercial Real Estate Services has arranged the sale of Deschutes Business Center, an office property located at 20332-20370 Empire Ave. in Bend. An undisclosed buyer acquired the property for $6.1 million. Situated on 5.7 acres, the 54,508-square-foot property was built in 1981 and consists of 39 suites spread across five buildings. At the time of sale, the property was 95 percent leased. Robert Raimondi, Russell Huntamer and John Keba of Compass Commercial Asset & Property Management represented the seller, while Gardner Williams, Peter May and Dan Kemp of Compass Commercial Real Estate Services represented the buyer in the deal. Additionally, Paul Weaver, also of Compass Commercial, assisted in representing both parties in the transaction.
FERNLEY, NEV. — Marcus & Millichap has arranged the sale of a restaurant property located at 170 U.S. Highway 95-A South in Fernley. An undisclosed buyer acquired the property from a private family trust for $3.2 million. Taco Bell occupies the 2,860-square-foot property on a net-leased basis. Dustin Alvino of Marcus & Millichap represented the buyer and seller in the transaction.
BAYONNE AND RARITAN, N.J. —Madison Realty Capital has provided $258 million in construction financing for a 1,161-unit multifamily development portfolio in Bayonne and Raritan. The portfolio consists of three large-scale, shovel-ready development sites. The financing will be used to complete site acquisitions and for the construction of all three projects. Jack Klugmann’s Accurate Builders and Developers of New Jersey owns the portfolio. Shaya Ackerman of Meridian Capital arranged the financing. Terms of the financing were not disclosed. “We’re financing three major transit-oriented development sites located in different towns, so clearly there are many moving parts,” says Josh Zegen, managing principal of Madison Realty Capital. “These are prime sites in communities with strong apartment demand based on demographics and transportation connections, and we believe they have great prospects for success.” Harbor Station South in Bayonne will consist of 651 units spread over two buildings. The project is located near the 34th Street Station of the Hudson-Bergen Light Rail system, which provides connections to New York City. A ferry station is also being planned in the vicinity with service to Manhattan and Staten Island. Amenities will include a rooftop pool overlooking the Hudson River, concierge service, a pet center, and a bike …