Property Type

HFF Arranges $100M in Financing for Office Park in Norwalk, Connecticut

by Amy Works November 20, 2017

NORWALK, CONN. — HFF has secured $100 million in financing for Merritt 7, a six-building, 1.4 million-square-foot office park in Norwalk. The borrower is a separate account managed by New York-based Clarion Partners. Riaz Cassum and Lauren O’Neil of HFF arranged the five-year, fixed-rate loan through a correspondent life insurance company. Situated on 22 acres along Norwalk River, Merritt 7 comprises six buildings and features a fitness center, conference centers, car care, two full-service cafeterias, a Starbucks Coffee location and a unisex salon. At the time of financing, the office park was 97 percent leased to a diverse tenant roster including General Electric, Factset Research Systems, Datto and Frontier Communications.

November 20, 2017

Loans Multifamily Northeast Pennsylvania

Greystone Provides $20.1M Refinancing for West Philadelphia Multifamily Complex

by Amy Works November 20, 2017

PHILADELPHIA — Greystone has provided $20.1 million in Freddie Mac financing for West Village, an apartment community located in West Philadelphia. The three separate Freddie Mac Small Balance Loans feature 10-year terms and interest-only payments for three years with 30-year amortization schedules. West Village features 86 units in a mix of three-, four- and five-bedroom layouts. Community amenities include parking, roof decks for some units and a community courtyard. Jason Yuen of Greystone originated the financing for the borrower, West Village Group.

November 20, 2017

Multifamily New York Northeast

Rosewood Realty Negotiates $14.2M Sale of Apartment Building in the Bronx

by Amy Works November 20, 2017

NEW YORK CITY — Rosewood Realty Group has brokered the sale of a six-story apartment building located at 3971 Gouveneur Ave. in the Kingsbridge Heights neighborhood of the Bronx. Hds Funding Co. sold the property to a private investor for $14.2 million. Built in 1928, the 65,394-square-foot building features 67 units. At the time of sale, 36 of the apartments were vacant. Aaron Jungles of Rosewood represented the seller, while Mike Kerwin and Ben Khakshoor, also of Rosewood, represented the buyer in the transaction.

November 20, 2017

Connecticut Multifamily Northeast

Up Realty Acquires Three Multifamily Properties in Connecticut for $6.7M

by Amy Works November 20, 2017

HARTFORD AND NEW BRITAIN, CONN. — Up Realty, a New York-based investment group, has purchased three multifamily properties located in Connecticut in three separate transactions totaling $6.7 million. In the first deal, the buyer acquired Mark Twain Apartments, located at 367-381 Farmington Ave. in Hartford, for $2.6 million, or $40,000 per unit. The property features 65 apartments in a mix of studio, one-, two- and three-bedroom layouts. In the second transaction, Up Realty purchased Candlewood Apartments, located at 123-131 Clinic Ave. in New Britain, for $2.6 million, or $66,250 per unit. Situated on 1.7 acres, the property features 40 two-bedroom apartments. In the third deal, the buyer acquired Cardinal Hill Apartments, located at 265 Kensington Ave. in New Britain, for $1.5 million, or $51,724 per unit. The 29-unit property features large studio units with private balconies. Steve Pappas of Chozick Realty represented the undisclosed sellers and procured the buyer in all three transactions.

November 20, 2017

Industrial New Hampshire Northeast

Cushman & Wakefield Brokers $6.6M Sale of 98,595 SF Flex Building in Nashua, New Hampshire

by Amy Works November 20, 2017

NASHUA, N.H. — Cushman & Wakefield has arranged the sale of a flex building located at 472 Amherst St. in Nashua. BSP Cotton Road LLC, an entity related to Brady Sullivan Properties, sold the property to Pinnacle Properties for $6.6 million. Situated on 7.7 acres, the two-building property totals 98,595 square feet and is leased to multiple tenants. Tom Farrelly, Sue Ann Johnson and Denis Dances of Cushman & Wakefield, in collaboration with Charles Panasis, Ben Kelley and James Tobin of Brady Sullivan Properties, represented the seller in the deal.

November 20, 2017

Alabama Loans Multifamily Southeast

Capital One Provides $39M Fannie Mae Acquisition Loan for Apartment Community Near Montgomery

by Camren Skelton November 20, 2017

PIKE ROAD, ALA. — Capital One has provided a $39 million Fannie Mae loan for the acquisition of The Grand Reserve at Pike Road, a 376-unit apartment community in Pike Road, roughly 12 miles southeast of Montgomery. Chad Thomas Hagwood of Capital One arranged the 10-year, fixed-rate loan with three years of interest-only payments and a 30-year amortization schedule on behalf of the borrower, an entity owned by EBSCO Income Properties. Trimback Construction, the seller, developed the property in 2013. Grand Reserve features a swimming pool, business center, playground, pet park and biking, hiking and jogging trails.

November 20, 2017

Loans Restaurant Retail South Carolina Southeast

Eyzenberg Arranges $22.6M Construction Loan for Retail Complex in Myrtle Beach

by Camren Skelton November 20, 2017

MYRTLE BEACH, S.C. — Eyzenberg & Co. has arranged a $22.6 million construction loan for the development of a 42,000-square-foot retail project located at 1410 N. Ocean Blvd. in Myrtle Beach. The three-story, oceanfront complex will include a live entertainment venue, restaurants and retail space. David Eyzenberg and Ao Sun of Eyzenberg & Co. arranged the non-recourse financing at 60 percent loan-to-cost through Gamma Real Estate. Tin Roof, a restaurant/entertainment operator, will occupy the third floor of the building with a 10,000-square-foot flagship location. The rooftop will include a covered, air-conditioned restaurant space, as well as an open-air terrace. Signed tenants on the ground floor include BurgerFi and General Store. Florida-based restaurant Papa’s Raw Bar is slated to take space on the first and second floors. The development is scheduled to open in April 2018.

November 20, 2017

Florida Industrial Southeast

Westmount Realty Capital Sells 332,250 SF Industrial Portfolio in Tampa

by Camren Skelton November 20, 2017

TAMPA, FLA. — Westmount Realty Capital LLC has sold a 332,250-square-foot, 14-building industrial portfolio located in Tampa’s Westside submarket. The sales price and seller were not disclosed. The portfolio includes six showroom and flex buildings on West Waters Avenue, two rear-load, dock-high buildings on Sunstate Street and six front-load, dock-high distribution warehouse buildings on Pioneer Park Boulevard. Westmount originally acquired the portfolio in 2013 and invested in exterior upgrades. The portfolio’s occupancy rates improved during Westmount’s ownership from 75 to 94.5 percent.

November 20, 2017

Retail Southeast Virginia

JLL Arranges Sale of 98,066 SF Shopping Center in Hampton Roads

by Camren Skelton November 20, 2017

HAMPTON, VA. — JLL has arranged the sale of Mercury Plaza, a 98,066-square-foot shopping center located at the intersection of West Mercury Boulevard and Power Plant Parkway in Hampton, roughly 10 miles southeast of Newport News in the Mid-Atlantic’s Hampton Roads region. Margaret Caldwell and Margaret Jones of JLL arranged the transaction on behalf of the seller, New York-based Olshan Properties. Atlanta-based Branch Properties acquired the property for an undisclosed price. Walmart Neighborhood Market and Marshalls anchor Mercury Plaza, and Burlington shadow-anchors the property. The center also includes five national tenant outparcels and additional development opportunities.

November 20, 2017

Affordable Housing Multifamily North Carolina Southeast

Woda Group Breaks Ground on Two Affordable Housing Projects in North Carolina

by Camren Skelton November 20, 2017

ROCKY MOUNT AND ZEBULON, N.C. — The Woda Group Inc. has broken ground on two multifamily communities in North Carolina: Ravenwood Crossing in Rocky Mount and Shepard Greene in Zebulon. The $9 million Rocky Mount development will include 80 affordable townhomes for seniors, families and single renters. Financing was provided through low income housing tax credits (LIHTC), loans allocated by the North Carolina Housing Finance Agency, the City of Rocky Mount, Community Affordable Housing Equity Corp. (CAHEC) and the Bank of Tennessee. Shepard Greene, a $6.4 million community in Zebulon, will include 50 affordable homes for seniors age 55 and over. Bank of America is providing equity for the project and a USDA Rural Development 538 loan will be implemented by Bellwether Enterprise. The project is also utilizing LIHTC and other state loans allocated by the North Carolina Housing Finance Agency.

November 20, 2017

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