HANOVER PARK, ILL. — American Street Capital (ASC) has arranged a $3.8 million acquisition loan for a 64-unit multifamily complex in Hanover Park, a suburb of Chicago. Built in 1962, the property features four 16-unit buildings. Floor plans are all two-bedroom units. Igor Zhizhin of ASC arranged a 20-year, non-recourse loan that features a 30-year amortization schedule. A correspondent agency lender provided the loan.
LA VERGNE AND NOLENSVILLE, TENN. — US Storage Centers has purchased three self-storage facilities in metro Nashville for an undisclosed price. The facilities include a 68,660-square-foot, 641-unit property at 5565 Murfreesboro Road and a 59,590-square-foot, 485-unit facility located at 211 New Paul Road in La Vergne. The third asset is a 67,113-square-foot, 528-unit property located at 2001 Johnson Industrial Blvd. in Nolensville. The properties feature climate-controlled units, ground-floor units and parking. US Storage Center was self-represented, while Ashley Compton of Colliers International’s Self Storage Group represented the undisclosed seller in the deal. US Storage Center currently owns and operates 11 self-storage facilities in Tennessee.
BOCA RATON, FLA. — A trio of developers — Giles Capital Group, Rosemurgy Properties, Schmier Property Group — in partnership with Wheelock Street Capital have broken ground on Uptown Boca, a $200 million mixed-use project in South Florida. The development, which will be located at the corner of Glades Road and 95th Avenue South in Boca Raton, will feature 150,591 square feet of retail space. Lucky’s Market and Silverspot Cinema will anchor the project. In addition, Uptown Boca will offer 456 Class A apartments. Additional tenants will include Bolay, a healthy restaurant concept, and Chick-fil-A. Marc Wiener Architecture, a local firm, provided design services for the retail portion of the project. Roxanne Register and Nicole Fontaine of the Boca Raton office of Katz & Associates are the leasing agents for the retail portion of the project. Retailers are expected to open their doors in summer 2019, and multifamily units are projected to be available for occupancy by early 2020. “With no new significant development in over two decades, this type of lifestyle component is long overdue in West Boca,” says Alexander Rosemurgy, CEO of Rosemurgy Properties. “It will truly create the complete shop-dine-live experience that this area deserves.” — Taylor …
Fundamentals in the Orlando multifamily market are exceptionally strong and should remain healthy as long as this economic cycle continues. Following a period of no construction after the recession, new supply is finally starting to catch up with pent-up demand held in check during the downturn. Even with over 7,000 units projected to be delivered annually for the next several years, occupancy rates should hold strong between 95 and 96 percent. Supported by continued economic expansion in the Orlando metro area as well as strong population and job growth, we remain bullish on the multifamily market and do not see the potential risk of oversupply any time in the near future. The justification for continued new construction makes sense given Orlando’s history. As in most markets throughout the country, the recession halted new multifamily development in Orlando. From 2007 to 2009, there was virtually no new supply added to the market. It was not until 2010 that construction picked up again, and by that time, post-recession job creation had already taken off, causing a tremendous amount of pent up demand for housing. Each year since, new supply has been quickly leased, and it has not yet slowed. As of July …
HOUSTON — Mattress Firm has filed for Chapter 11 bankruptcy protection as part of the Houston-based retailer’s plan to restructure its balance sheet and ultimately close up to 700 stores across the country. The U.S. Bankruptcy Court in Delaware has appropriated approximately $250 million in debtor-in-possession financing to Mattress Firm to support the company’s operations during the Chapter 11 proceedings. Mattress Firm has also received commitments for $525 million of senior secured credit facilities to support its post-bankruptcy operations. The company expects to complete the restructuring process within the next 60 days. Mattress Firm currently has more than 3,000 stores in the U.S., and will remain the largest specialty mattress retailer in the country following the Chapter 11 proceedings. The company will close 200 underperforming stores immediately and then will determine the fate of the remaining 500 stores in the coming weeks. According to Jeff Green, partner with Hoffman Strategy Group, one positive aspect about the Mattress Firm locations are that they are typically on the pad of a shopping center, which makes them more visible and therefore more valuable. However, the chain is significantly overbuilt given the company’s “propensity to locate stores too close to existing stores and the …
NEW YORK CITY — NKF Capital Markets has arranged a $66 million mezzanine loan for 1 Seaport, a 60-story, 98-unit luxury condominium tower in the Financial District of Manhattan. Dustin Stolly, Jordan Roeschlaub and Nick Scribani of NKF Capital Markets secured financing on behalf of borrower Fortis Property Group through lender Mack Real Estate. The property features two floors of amenities, including a hydrotherapy area and pool that spans the entire 30th floor, as well as a Spa with 360-degree views of Manhattan. The anticipated sellout of the building exceeds $275 million.
ELMWOOD PARK, N.J. — Marcus & Millichap has brokered the sale of a 117,000-square-foot industrial facility in Elmwood Park. The five-acre property, which is located at 1 Paul Kohner Place, sold for $10.9 million at a 6 percent capitalization rate. Donovan Mackey, Mark Taylor, David Beyel, Mitch Cowan and Joe Batres of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also a limited liability company.
CLINTON AND BROCKTON, MASS. — Marcus Partners has acquired the Northeast Logistics Portfolio, a three-building industrial portfolio in Clinton and Brockton. The sales price was undisclosed. The properties, which total 730,000 square feet, include 100 Adams Road in Clinton as well as 525 Campanelli Drive and 1010 West Chestnut Street in Brockton. Edward Maher, Matthew Pullen, James Tribble and Samantha Hallowell of NKF Capital Markets represented the seller, NorthBridge Partners, in the transaction.
LAWRENCEVILLE, N.J. — HFF has negotiated the sale of Steward’s Crossing, a 240-unit apartment community in Lawrenceville. The sales price was undisclosed. Located at 1000 Stewards Crossing Way, the 12-building property is spread across 12 acres. Amenities include a clubhouse, 24-hour fitness center, swimming pool with sundeck, grilling areas, dog park, walking paths and covered parking. HFF represented the seller, Merion Realty Partners and a joint venture partner, in the transaction. Berkshire Group purchased the property.
BROOKLINE, MASS. — Jewish Community Housing for the Elderly (JCHE) has announced plans for a 62-unit affordable seniors housing community in Brookline, a town just southwest of downtown Boston. The community, which has not yet been named, will be located in the densely populated neighborhood of Coolidge Corner. Construction is scheduled to begin in the first quarter of 2019 for completion in summer 2020. JCHE and synagogue Congregation Kehillath Israel (KI) are working together to create a multi-generational village center that simultaneously addresses the issues of social isolation and housing affordability. KI will lease space on its Harvard Street campus to JCHE to develop the property, which will be connected both physically and programmatically to the synagogue. The community, located on a half-acre site, will also offer 1,000 square feet of retail space and a public pocket park. Although the property features no parking, the transit-oriented development is near to the MBTA Green Line and bus line, and also offers transportation via Zip Car, Brookline’s ElderBus service and JCHE’s van service.
