MILWAUKEE — MCR has purchased the 169-room Courtyard by Marriott Milwaukee Downtown for an undisclosed price. MCR will also manage the property, which is located at 300 W. Michigan St. Hotel features include Wi-Fi, a fitness center, indoor pool, convenience store, restaurant and bar and four event spaces. MCR is a hotel owner-operator that has invested in 103 hotel properties with more than 12,000 rooms in 27 states.
MILWAUKEE — Healthcare Trust Inc. has acquired Aurora Health Center in Milwaukee for $6 million. The 25,466-square-foot outpatient facility and surgical center is 95 percent leased to subsidiaries of Aurora Health Care. Completed in 2000, the property is less than one mile from Aurora’s flagship 882-bed hospital, St. Luke’s Medical Center. Ben Appel, Evan Kovac, Andrew Milne, Anthony Frogameni, Matt DiCesare and Jaime Fink of HFF marketed the property on behalf of the seller, Atkins Cos.
CAMBRIDGE, MASS. – Forest City Realty Trust, in a joint venture with Madison International Realty, has closed on the acquisition of the interest of Forest City’s partner in five assets at University Park at MIT in Cambridge. The transaction values the undisclosed partner’s share of the assets at a total of $302 million, including assumption of debt. The assets include three office buildings: 300 Massachusetts Ave., 350 Massachusetts Ave. and 38 Sidney St., comprising a total of 486,000 square feet of life science office space; a 975-space parking facility; and the commercial space adjoining the Le Meridian Cambridge-MIT hotel. Forest City is the 100-percent owner of seven other life science office buildings and four multifamily communities that are also part of the University Park at MIT campus.
FARMINGTON, MICH. — Colliers International has brokered the sale of the Professional Pavilion in Farmington, a northern suburb of Detroit. The sales price was not disclosed. The 21,338-square-foot medical office building is located at 23133 Orchard Lake Road. The buyer, Healthcare Real Estate Services LLC, plans to do interior and exterior upgrades, including repaving the parking lot, lobby renovations and new landscaping plans. The company also plans to add an additional 14,600-square-foot building along the same road. Two tenants at the property include Beaumont Pediatrics and South Oakland Gastroenterology Associates. Gary Grochowski and Bryan Barnas of Colliers represented both the buyer and the seller, Ziegler-Michigan 5 LLC.
PHILADELPHIA — SSH Real Estate and Young Capital, in partnership with the real estate arm of Quilvest Private Equity, have announced a $100 million recapitalization of the 880,000-square-foot 123 South Broad Street and Witherspoon Building complex in Philadelphia’s central business district. Currently, the property is 95 percent leased, with Wells Fargo as the anchor tenant renting 225,000 square feet of space across multiple floors. The complex was previously split into two condominium units with separate ownership. Unit 1 comprised of 255,000 square feet from the basement through the fifth floor of both 123 South Broad Street and the Witherspoon Building. Unit 2 comprised floors six through 30 of 123 South Broad Street and six through 11 of the Witherspoon Building, totaling 625,000 square feet. SSH Real Estate and Young Capital partnership acquired Unit 1 earlier this year, and with Quilvest’s investment in Unit 2, the 725,000-square-foot 123 South Broad office building will be under common ownership for the first time in 20 years. As part of the transaction, the partnership secured a loan facility from Guggenheim Commercial Real Estate Finance, which includes capital to complete leasing and capital improvements for the building. HFF served as the broker for the financing. Additionally, …
KANSAS CITY, MO. — Block & Co. Inc. Realtors has negotiated the sale of Two Ten Center in North Kansas City for $2.8 million. The 15,057-square-foot shopping center is located on the northeast corner of I-29 and Armour Road. The property is 90 percent leased to tenants such as Quiznos, Care ATC, Donut King and Insure One. Max DiCarlo of Block & Co. negotiated the sale on behalf of the buyer, Mariam LLC. Block & Co. will handle leasing and property management for the center.
NEWARK, N.J. — Arbor Realty Trust has funded a $41.5 million bridge loan for the acquisition of a multifamily property located in Newark’s Forest Hills section. The deal provides a three-year adjustable loan term. Stephen York of Arbor’s New York City office originated the loan. The undisclosed borrower used the loan to acquire 452 units at closing, with the intent to purchase the remaining 28 units over the next three years. The garden-style apartment community features studio, one- and two-bedroom layouts, on-site laundry facilities, parking and landscaped courtyards.
NEW YORK CITY – Monticello Asset Management, through one of its investment vehicles, has provided $31.2 million bridge-to-HUD loan for New Broadview Manor Home For Adults, a 200-bed seniors housing facility on Staten Island. The borrower is The W Group at New Broadview LLC, which will use the funds to acquire the property. New Broadview was built in 1974, with a fifth floor added in 1999. Of the 200 beds, 116 are licensed for the New York State Assisted Living Program (ALP). The remaining 84 beds will be managed by an affiliated home health care agency. The community totals 42,694 square feet on 0.8 acres of land. The facility is located in the residential South Beach section of Staten Island near the Verrazano Bridge and one block from the ocean and boardwalk.
NEW YORK CITY – Q10|New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, has secured a $2.9 million loan for the acquisition of a walk-up apartment building located in the Sunnyside neighborhood of Queens. The undisclosed borrower opted for a 20-year Hybrid ARM loan through the Freddie Mac Small-Balance Loan program. The rate on the initial five-year term is fixed at 3.58 percent followed by a floating-rate period of the remainder of the term (180 months). During the floating-rate period, the coupon is reset every six months and is based on a spread over a six-month LIBOR index. The non-recourse, PAR loan amortizes over 30 years. The four-story building features 16 units. Jeanne Cronin of Q10|New York Realty Advisors arranged the financing.
SCOTTSDALE, ARIZ. — CBRE has arranged a $37 million refinancing for Andara Senior Living, a 170-unit independent living and assisted living community in the Phoenix suburb of Scottsdale. The borrower is The Reliant Group, which acquired the community in 2013 from the original developer. At that time, Reliant brought in Senior Lifestyle Corp. as operator and implemented a capital improvement plan, leading to an occupancy rate regularly above 90 percent. The Freddie Mac loan includes a seven-year term, fixed rate and 36 months of interest-only payments. Aron Will of CBRE National Senior Housing, along with Andrew Behrens and Jesse Weber of CBRE Multifamily Institutional Group, arranged the financing.
