CHICAGO — Cohen Financial, a division of SunTrust Bank, has secured a $5.8 million loan for the refinancing of Workshop 4200 located at 4200 W. Diversey Ave. in Chicago. The 153,000-square-foot industrial property has been renovated into a workshop for creative and artisan tenants such as photographers, visual and sculptural artists, candle makers, coffee roasters and furniture makers. Workshop 4200 features a gallery space in the common area that hosts events, meetings, happy hours and showcases tenant artwork. Many of the artist tenants have relocated to the building from other properties in the city. Dan Rosenberg and Matt Terpstra of Cohen Financial arranged the loan with Morgan Stanley.
CHICAGO — Summit Design + Build LLC has broken ground on a 15,000-square-foot office and retail development in Chicago’s Clybourn corridor. Developer R.A. Zweig Inc. owned the site and purchased the neighboring lot to expand the new building’s footprint. A former retail building that had sat vacant for over four years was demolished in the summer of 2017 to make way for the new addition to the Clybourn corridor. The property, located at 2300 N. Clybourn Ave., will feature first-floor retail space and second-floor creative office space. Completion is slated for the end of this year. Amstadter Architects is the project architect.
COSTA MESA, CALIF. — The Bascom Group has acquired Sunset Cove Apartments, an infill multifamily community located in Costa Mesa. The company purchased the property for $33.3 million, or $270,731 per unit. Built in 1970, Sunset Cove features 123 apartments. Brian Eisendrath, Annie Rice and Brandon Smith of CBRE arranged the debt financing for the acquisition, while Jim Fisher, Jeff Rowerdink, Joe Leon and Mike Smith of Berkadia brokered the transaction. The name of the seller was not released.
BEAVERTON AND TIGARD, ORE. — Trion Properties has purchased three multifamily properties totaling 174 units in metro Portland. The acquisitions include a two-property portfolio in Beaverton and a 71-unit multifamily community in Tigard. In Beaverton, Trion purchased the 41-unit Menlo Square, located at 5930 SW Menlo Drive, for $5.7 million, and the 62-unit Center Square Apartments, located at 12310 SW Center St., for $8.5 million. Continental Partners arranged $4.8 million and $7.7 million in acquisition financing for the purchases, respectively. Cody Hagerman and Tyler Johnson of HFO represented the buyer and seller, a private seller, in the portfolio transaction. Additionally, Trion acquired Maple Tree Apartments, a 71-unit property located at 10890 SW Canterbury Lane in Tigard. A private seller sold the property for $10.1 million. Continental Partners arranged a $8.1 million loan for the acquisition. Liz Tilbury and Ben Murphy of Tilbury Ferguson Investment Real Estate represented the buyer and seller in the deal.
REDWOOD CITY, CALIF. — Levin Johnston has arranged the sale of Velocity at Sequoia Station, a multifamily community located at 1331 Jefferson Ave. in Redwood City. Old Adobe Management Co. sold the property to a private owner and investor for $15 million. The property features 30 apartment units. Adam Levin and Robert Johnston of Levin Johnston represented the seller and buyer in the 1031 exchange transaction.
SEATTLE — Capitol Seniors Housing, a Washington, D.C.-based private equity firm, has completed renovations to four of its independent living and assisted living communities in the Seattle metro area. MBK Senior Living, based in Irvine, Calif., operates all four properties. The communities include Northgate Plaza, Mountlake Terrace, The Creekside and Island House. Renovations included the addition of wine/coffee bistro areas, activity spaces, fitness rooms, game rooms and libraries. Interior work included new furniture, fixtures, flooring, paint, cabinets and lighting upgrades. Community exteriors received fresh paint and landscaping. Residential suite renovations included new paint, flooring, quartz countertops, stainless steel appliances and light fixtures.
ALBUQUERQUE — Marcus & Millichap has brokered the sale of a Motel 6, located at 1701 University Blvd. NE in Albuquerque. The 117-room property, which was renovated in 2015, sold for an undisclosed price. Allan Miller, Chris Gomes and Joseph Jaques of Marcus & Millichap’s Dallas office represented the seller, a limited liability company, and buyer, another limited liability company. Matthew Reeves of Marcus & Millichap was the broker of record in New Mexico.
EAST ORANGE, NEWARK, N.J. — Gebroe-Hammer Associates has brokered three separate sales of multifamily properties in the East Orange and Newark corridor for a combined $31.7 million. The properties include 245 units spread across four buildings. The buildings are located at 742 Park Ave. and 110 Halsted St. in East Orange; and 25 Van Velsor Place, and 103 Chancellor Ave., in Newark. The $6.7 million sale of 26 units at 742 Park Ave. set a new benchmark price of $257,692 per unit for the municipality. Debbie Pomerantz of Gebroe-Hammer procured the buyer, Nova Appian LLC in the sale of 742 Park Ave and David Oropeza of Gebroe-Hammer represented the seller, 742 Park Avenue West Urban Renewal LLC. Oropeza also represented the sellers of 110 Halsted St., ABS9 110 Halsted LLC in the $5.6 million sale. The buyer was Saket Properties & Management LLC. The properties at 25 Van Velsor Place and 103 Chancellor Ave., which include a total of 191 units, sold for a combined $19.3 million. The buyer and seller were not disclosed.
NEW YORK CITY — Meridian Capital Group has arranged $28 million in cash-out refinancing for seven commercial properties in Brooklyn. The seven-year loan, which was provided by New York Community Bank, features a rate of 3.85 percent and a 30-year amortization schedule. Bryan Geffen of Meridian represented the undisclosed borrower in the transaction. The properties are located at 1010-1032 Nostrand Ave., 330 Empire Blvd., 1500-1506 Fulton St., and 1917-1921, 2819 and 2828 Church Ave. The tenant roster includes Rite Aid, Subway, and H&R Block. All seven buildings are located throughout Brooklyn’s Crown Heights, Flatbush and East Flatbush neighborhoods.
ELMWOOD PARK, N.J. — The Stro Companies has acquired 475 Mola Boulevard, a 45,000-square-foot industrial building in Elmwood Park for $4.1 million. SB One Bank provided the acquisition financing. The seller was an owner occupant. Stro plans to relaunch the asset with a complete reposition and upgrade program, including interior and exterior improvements that will subdivide the existing two units into four. Currently 32,000 square feet of the building sits vacant.