Property Type

Capitol Seniors Housing Completes Renovations of Four Communities in Seattle

by Amy Works May 2, 2018

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.

May 2, 2018

Acquisitions Hospitality New Mexico Western

Marcus & Millichap Arranges Sale of Motel 6 in Albuquerque

by Amy Works May 2, 2018

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.

May 2, 2018

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Brokers Three Multifamily Sales for Combined $31.7M

by David Cohen May 1, 2018

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.

May 1, 2018

Loans New York Northeast Retail

Meridian Capital Arranges $28M in Refinancing for Commercial Portfolio in Brooklyn

by David Cohen May 1, 2018

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.

May 1, 2018

Acquisitions Industrial New Jersey Northeast

Stro Companies Acquires 45,000 SF Industrial Building in Elmwood Park

by David Cohen May 1, 2018

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.

May 1, 2018

Acquisitions Industrial New Jersey Northeast

Marcus & Millichap Negotiates $1M Sale of Industrial Building in Hackensack

by David Cohen May 1, 2018

HACKENSACK, N.J. — Marcus & Millichap has negotiated the sale of a 7,200-square-foot industrial property in Hackensack for $1 million. The building is located at 174 Lodi St. in Hackensack, 14 miles northeast of Manhattan. The sole tenant of the building is a laundry services company. Steve Lim of Marcus & Millichap represented the seller in the transaction, a private investor and the buyer, also a private investor.

May 1, 2018

Foster-Ridge-Distribution-Center-San-Antonio

Development Industrial Texas

Koontz Begins Work on 327,000 SF Distribution Center in San Antonio

by Taylor Williams May 1, 2018

SAN ANTONIO — Koontz Corp., a San Antonio-based development firm, has begun work on Foster Ridge Distribution Center, a 327,000-square-foot industrial facility in northeast San Antonio. The property will be situated on a 21-acre site that is located near a distribution center leased to Dollar General and an 871-acre site that was acquired by H-E-B last fall. The cross-dock facility will feature 32-foot clear heights, 75 dock-high overhead doors, 130-foot truck courts and an ESFR sprinkler system. Foster Ridge Distribution Center will be able to accommodate a single large user or multiple smaller tenants. The groundbreaking ceremony will be held later this week and completion is slated for the first quarter of 2019. Houston-based Powers Brown is serving as the architect for the project and San Antonio-based R.C. Page is serving as general contractor. HFF arranged financing for the project through Voya Financial Inc. and Dallas-based Catlyn Capital Corp.

May 1, 2018

Development Industrial Self-Storage Texas

HSM to Open 763-Unit Self-Storage Facility in Metro Dallas on May 7

by Taylor Williams May 1, 2018

GARLAND, TEXAS — Under the auspices of a limited partnership, Henry S. Miller Cos. (HSM) will open a 763-unit self-storage facility at 1200 State Highway 66 in Garland, a northeastern suburb of Dallas. The grand opening of the facility, which totals 77,000 net rentable square feet, is set for Monday, May 7. Approximately 88 percent of the units will be climate-controlled and 12 percent will be non-climate-controlled. Pennsylvania-based self-storage REIT CubeSmart will manage the facility.

May 1, 2018

Loans Multifamily Texas

NXT Capital Closes $19M Loan for Refinancing of Apartment Community in Dallas

by Taylor Williams May 1, 2018

DALLAS — NXT Capital, a Chicago-based lender, has provided a $19 million first mortgage loan for the refinancing of a 94-unit apartment community located in the Uptown area of Dallas. The Class A property includes amenities such as a pool, resident lounge, fitness center, pet washing stations and concierge services. The non-recourse loan featured a floating interest rate. The borrower and name of the property were not disclosed.

May 1, 2018

Loans Multifamily Student Housing Texas

Hunt Mortgage Provides $9.1M Acquisition Loan for Student Housing Property in Waco

by Taylor Williams May 1, 2018

WACO, TEXAS — Hunt Mortgage Group has provided a $9.1 million first mortgage bridge loan for West Campus Lofts, a 180-bed student housing property serving Baylor University in Waco. The loan features a 24-month term and a floating interest rate. West Campus Lofts totals 72 one-, two-, three- and four-bed units and offers amenities such as a pool and spa, 24-hour fitness center, game rooms and a study lounge. The property is located roughly half a mile from campus and was 85 percent occupied at the time of loan closing. The borrower, California Private Capital Group LLC, which manages more than 1,500 multifamily units in California and Texas, used the financing to purchase and complete the lease-up of West Campus Lofts.

May 1, 2018

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