PHOENIX — Globe Corp. has obtained $86 million in financing for a four-property office and industrial portfolio based in Arizona. The portfolio contains two Class A office buildings and two industrial warehouses in Phoenix, Tempe and Scottsdale. The loan for one property, 101 Corporate Center, served as acquisition financing and the remaining were refinancings. Debt for the two industrial warehouses, 8990 S. Kyrene Road and Riverside Commerce Park, was consolidated into a single loan structure. Each of the three long-term, fixed-rate loans were closed with separate life insurance companies. Walker & Dunlop arranged the loans.
DENVER — Crestone Partners has obtained $70.6 million in financing for Granite Place at Village Center, a 299,568-square-foot office tower in the Denver submarket of Greenwood Village. The 10-story building is located at 6165 S. Willow Drive. The property is fully leased to Charter Communications and CSG International. HFF secured the six-year, fixed-rate, interest-only loan through Principal Real Estate Investors. Loan proceeds were used to acquire the property. The borrower was not disclosed.
LAS VEGAS — The Wolff Company has announced has broken ground on Revel Las Vegas, a 132-unit independent living community in Las Vegas. The three-story property will offer a mix of studio, one-bedroom and two-bedroom layouts. It is scheduled to open in 2018. Revel Las Vegas will be the sixth seniors housing community that Wolff has developed since 2016. The Arizona-based developer plans to invest between $300 million and $400 million annually in independent living developments in the United States.
SALT LAKE CITY — PolarityTE has leased a 178,000-square-foot industrial facility in Salt Lake City. The facility is located at 1960 S. 4250 West. PolarityTE is developing tissue-regenerative medical procedures and technology. Jim Sheldon of Newmark Grubb ACRES executed the transaction.
ESCONDIDO, CALIF. — JCH Senior Housing Investment Brokerage has arranged the sale of a 51-unit assisted living community in Escondido, located between San Diego and Los Angeles. A regional for-profit operator acquired the property from a single-asset nonprofit operator for $18.5 million, or $365,000 per unit. The seven-building property was built in phases between 1980 and 2002.
READING, PA. — Hunt Mortgage Group has provided a $28.4 million conventional Fannie Mae loan for the acquisition of Reed Farm Apartments, a multifamily property located in Reading. Loan terms include a 12-year term with a 30-year amortization period and an 11.5-year yield maintenance period. The Reading-based sponsor purchased the subject as part of a 1031 exchange. Reed Farm Apartments is a 242-unit garden-style apartment complex consisting of 35 two-story residential structures, including a farm house that was built pre-1930 and converted into an apartment unit in 2003. The property was built in two phases between 2003 and 2005. Jame Conley of HFF represented the undisclosed sponsor in the financing.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of two contiguous four-story apartment buildings in the Prospect-Lefferts Gardens section of Brooklyn. The buyer, 558-566 Parkside LLC, acquired the properties from 566 Parkside LLC for $14.6 million. Located at 558-566 Parkside Ave. the buildings offer a total of 59 apartments. Michael Guttman of Rosewood represented the buyer, while Aaron Jungreis, also of Rosewood, represented the seller in the transaction.
TROY, N.Y. — KeyBank Real Estate Capital has arranged an $11.6 million Freddie Mac first mortgage loan for Summit Apartments in Troy. Situated on 10 acres, the property comprises four three-story apartment buildings offering a total of 108 units. Hayley Suminski of Key’s Commercial Mortgage Group arranged the financing with a seven-year term, two-year interest-only period and 30-year amortization schedule. The undisclosed borrower used the loan to refinancing existing debt.
NEPTUNE, N.J. — An affiliate of Weiss Realty has acquired an office building located at 1800-1836 W. Lake Ave. in Neptune for $8.6 million. James Gunning, Donna Falzarano and Kyle Saviano of CBRE Capital Markets Debt and Structured Finance arranged a $6 million permanent loan from Natixis of behalf of the buyers, West Lake Neptune LLC and West Lake Neptune 11 LLC, for the acquisition. Built in 2010, The three-story building offers 48,492 square feet of office space. Current tenants include Hackensack Meridian Health, the Department of Treasury for the State of New Jersey and West Lake Pharmacy. Fred Meyer of NAI Mertz and Jack Sudia of NAI Atlantic Coast Realty brokered the transaction. The Meyner and Landis Law Firm of Newark, N.J., represented the undisclosed seller, while Saverio Celeste of Fort Lee and William Schmidt of West Orange represented the buyer in the deal.
PITTSBURGH — The Community Builders Inc. (TCB), a nonprofit developer of mixed-income housing, has opened Hillcrest Residences, a 66-unit seniors housing community in Pittsburgh’s Carrick neighborhood. The community features eight handicap-accessible apartments to allow residents to age in place. Amenities include a community room with library, garden, business center, fitness room, outdoor terrace, private room for health services, laundry rooms and 36 parking spaces. The Urban Redevelopment Authority of Pittsburgh, the HUD Neighborhood Stabilization Program, Federal Home Loan Bank of Atlanta, Citizens Bank and The Pennsylvania Housing Finance Agency both contributed to the development. Through partnerships with local organizations such as the American Health Care Group, Greater Pittsburgh Community Food Bank and UPMC Stroke Institute, Hillcrest residents will have access to supportive services. The University of Pittsburgh School of Nursing provides quarterly health screenings, monthly healthy eating tips, exercise and fall prevention workshops.