Property Type

Bell Partners Buys 196-Unit Olmsted Place Apartments in Boston for $103M

by Nellie Day July 26, 2017

BOSTON — Bell Partners has purchased the 196-unit Olmsted Place apartment complex in the Boston submarket of Jamaica Plain for $103 million. The community is located at 161 S. Huntington Ave. Olmsted Place debuted in 2015. It is fully leased. The community overlooks Jamaica Pond, part of the Emerald Necklace park system designed by legendary landscape architect Frederick Law Olmsted. The seller was a joint venture between Boston Residential Group and the Carlyle Group. The JV purchased the site in 2012 for $10 million from Home for Little Wanderers, a nonprofit, then completed the development. “We are thrilled to have created a win for our partnership and for the City of Boston by creating middle-class housing in a community that has long needed it,” says Curtis Kemeny, CEO of Boston Residential Group. Olmsted Place features studios to three-bedroom units. The units range in size from 530 square feet to 1,300 square feet. The community was the first new residential project for several decades in a rapidly improving section of Jamaica Plain. Boston Residential Group is a residential developer with projects in Boston submarkets such as Back Bay, South Boston and the Charlestown Navy Yard. The Carlyle Group is a Washington, …

July 26, 2017

Multifamily New Jersey Northeast

Azure Partners Completes Sale of 219-Unit Apartment Property in Newark, New Jersey

by Amy Works July 25, 2017

NEWARK, N.J. — Azure Partners has completed the disposition of The Addison, two 15-story apartment towers located at 380 and 420 Mount Prospect Ave. in the Forest Hill section of Newark, for an undisclosed price. The property features 219 units in a mix of studio, one-, two- and three-bedroom layouts, ranging from 700 square feet to 1,750 square feet. At the time of sale, the property was 99 percent occupied. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the seller in the deal. The name of the buyer was not released.

July 25, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

Ready Capital Structured Finance Secures $12.1M Loan for Mixed-Use Building in the Bronx

by Amy Works July 25, 2017

NEW YORK CITY — Ready Capital Structured Finance has arranged a $12.1 million loan for the refinancing, renovation and stabilization of a mixed-use building located at 926 Southern Blvd. in the Woodstock neighborhood of the Bronx. The undisclosed borrower will use the loan to complete a gut renovation and reconfiguration of the loft apartments and street-level retail suites. The 50,700-square-foot building features residential units and 6,700 square feet of retail space. The non-recourse, interest-only loan features a 24-month term with one extension option, flexible pre-payment and is inclusive of facilities to provide future funding for capital expenditures and interest and carry reserves. David Cohen of Ready Capital negotiated the financing.

July 25, 2017

Hospitality Loans Massachusetts Northeast

HREC Capital Markets Arranges $6.2M in Refinancing for 208-Room La Quinta Inn & Suites in Massachusetts

by Amy Works July 25, 2017

SPRINGFIELD, MASS. — HREC Capital Markets Group has arranged a $6.2 million senior loan for the refinancing of a La Quinta Inn & Suites, located at 100 Congress St. in Springfield. The hotel features 208 guestrooms. John Siska of HREC’s Boston office negotiated the loan for the borrower, a private owner-operator. A local community bank provided the financing.

July 25, 2017

New Jersey Northeast Office

Markeim Chalmers Negotiates $2.4M Sale of Two Office Buildings in Cherry Hill, New Jersey

by Amy Works July 25, 2017

CHERRY HILL, N.J. — Markeim Chalmers Inc. has arranged the sale of two adjacent office buildings located at 401 and 403 Route 70 in Cherry Hill. Becca Inc. sold the buildings, which total 35,700 square feet, to a local investor for $2.4 million. Kevin Burns of Markeim Chalmers represented the seller and buyer in the deal.

July 25, 2017

Connecticut Northeast Retail

Angel Commercial Facilitates $1M Sale of Retail Strip Center in Bridgeport, Connecticut

by Amy Works July 25, 2017

BRIDGEPORT, CONN. — Angel Commercial has arranged the sale of a retail strip center located at 4086-4108 Main St. in Bridgeport. A private investor acquired the property from Applebaum Schneider for $1 million. Luigi’s Italian Pastries anchors the 6,380-square-foot property. Lester Fradkoff of Angel Commercial represented the seller and buyer in the deal.

July 25, 2017

California Industrial Western

Rexford Industrial Buys 1.2 MSF Industrial Facility in Los Angeles

by Nellie Day July 25, 2017

LOS ANGELES — Rexford Industrial Realty has purchased a 1.2 million-square-foot industrial facility in the South Bay submarket of Los Angeles for an undisclosed sum. The facility is located at 20001-20021 Rancho Way and 2301-2399 E. Pacifica Place in Rancho Dominguez. The master-planned park was built between 1987 and 1989. It includes five industrial buildings and one flex building, each residing on its own parcel. Known as Rancho Pacifica Park, the facility was 99 percent leased at the time of sale. Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey and Nico Napolitano of Cushman & Wakefield represented the seller in this transaction.

July 25, 2017

California Office Western

Bridgeton Holdings Sells The Pioneer Office Building in San Francisco for $34M

by Nellie Day July 25, 2017

SAN FRANCISCO — Bridgeton Holdings has sold The Pioneer Building, a 37,104-square-foot office building in San Francisco’s Mission District, to American Realty Advisors for $34 million. The building is fully leased to Musk Industries, a venture backed by Elon Musk. The new lease with Musk Industries is for a 10-year term with space delivered in “as-is” condition. NKF’s Kyle Kovac, Michael Taquino and Daniel Cressman represented Bridgeton Holdings in this transaction.

July 25, 2017

California Healthcare Office Western

Anchor Health Properties Purchases Fletcher Parkway Medical Center Near San Diego

by Nellie Day July 25, 2017

LA MESA, CALIF. — Anchor Health Properties has purchased Fletcher Parkway Medical Center, an 82,024-square-foot medical office building in the San Diego suburb of La Mesa, for an undisclosed sum. The building is situated adjacent to Sharp Grossmont Hospital, just north of the Interstate 8/California 125 interchange. Sharp HealthCare anchors the center. The asset features services like Surgical Care Affiliates (SCA) surgery center, radiology, laboratory, diagnostics, cardiology, pediatrics, ophthalmology, rehabilitation and hospice. HFF’s Evan Kovac, Andrew Milne and Trent Jemmett represented the seller, The Abbey Company, in this transaction.

July 25, 2017

Loans Multifamily Oregon Seniors Housing Western

Capital One Closes $12M HUD Refinancing for 128-Bed Skilled Nursing Facility Near Portland

by Nellie Day July 25, 2017

GRESHAM, ORE. — Capital One has provided a $12 million fixed-rate HUD 232/223(f) loan to refinance Regency Gresham, a 128-bed skilled nursing facility in the Portland suburb of Gresham. Regency Gresham was built in 1960 and expanded in 1976. The owners recently converted four-person rooms and semi-private rooms to private ones. The sponsors will use proceeds of the loan to extend their renovation program to other areas of the facility, modernize the building’s infrastructure, improve common area appearance, and enable additional therapy services. Joshua Rosen originated the transaction.

July 25, 2017

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