Property Type

RealtyShares Closes $2.4M Equity Financing for Sheraton Hotel in Irving

by Taylor Williams October 10, 2017

IRVING, TEXAS — RealtyShares, a San Francisco-based financial intermediary, has closed a $2.4 million equity investment for the Sheraton DFW Airport Hotel, a 302-room hotel located at 4440 W. John Carpenter Freeway in Irving. The company arranged the funds on behalf of The Buccini/Pollin Group, a Delaware-based investment and management firm. The property, which is located about eight miles from the Dallas-Fort Worth International Airport, features three restaurants, 23 banquet and meeting rooms and 25,000 square feet of meeting space.

October 10, 2017

Florida Loans Multifamily Southeast

Berkadia Secures $98.9M in Acquisition Financing for Two Apartment Assets in Florida

by Camren Skelton October 10, 2017

COCONUT CREEK AND SARASOTA, FLA. — Berkadia has arranged $98.9 million in financing for the purchase of two multifamily assets in Florida. Advenir, a South Florida-based real estate investment company, purchased both communities from Wood Partners, an Atlanta-based multifamily developer and investor. Charles Foschini and Christopher Apone of Berkadia arranged a $52.3 million loan for Crown Pointe, a 360-unit multifamily community in Coconut Creek, as well as a $46.6 million loan for Gateway Lakes, a 358-unit apartment community in Sarasota. Both Freddie Mac loans feature seven-year terms, three years of interest-only payments and a loan-to-value ratio of 80 percent. Constructed in 1986, Crown Pointe features a clubhouse, fitness center, two pools with a spa and a 626-seat performing arts center. Gateway Lakes, constructed in 1996, features a newly redesigned clubhouse, fitness center and a pool area with a sundeck.

October 10, 2017

Multifamily Southeast Tennessee

Cushman & Wakefield Arranges $85.4M Sale of Multifamily Asset in Nashville’s Cool Springs District

by Camren Skelton October 10, 2017

FRANKLIN, TENN. — Cushman & Wakefield has arranged the sale of ALARA Cool Springs, a 386-unit apartment community in Franklin, a city 20 miles south of Nashville in the metro’s Cool Springs submarket. Robert Stickel, Chris Spain, Alex Brown and Brad Boston of Cushman & Wakefield represented the seller, American Realty Advisors, in the transaction. Los Angeles-based IMT Capital purchased the property for $85.4 million, according to the Nashville Business Journal. Constructed in 1997, ALARA Cool Springs features a resort-style pool, outdoor lounge and fireplace, fitness facility and nature trails. In addition, the property is located within walking distance to numerous retail and dining options.

October 10, 2017

Florida Office Southeast

NayaUmi Purchases Four-Building Office Complex in Miami for $40M

by Camren Skelton October 10, 2017

MIAMI — NayaUmi LLC has purchased Lennar Corporate Center, a four-building office complex in Miami, for $40 million. NayaUmi is a partnership between Naya USA LLC, led by Yoav Merary, and Coast Capital Partners LLC, led by Guy Sharon. Hermen Rodriguez, Ike Ojala and Tracey Goo of HFF represented the seller, Colony Realty Partners, and procured the buyer. Christopher Apone and Charles Foschini of Berkadia arranged a 10-year, $28.6 million loan through a CMBS lender on behalf of the buyer. The loan features partial interest-only payments and a 72 percent loan to value ratio. Located at 700, 730, 760 and 790 N.W. 107 Ave., Lennar Corporate Center was originally built by Lennar Corp. and has served as the title insurance company’s headquarters since 1982. The property was 63 percent leased at the time of sale to tenants affiliated with Lennar, including Rialto Capital Management, Eagle Home Mortgage and North American Title Co.

October 10, 2017

Multifamily Southeast Tennessee

Michaelson Acquires Apartment Community in Knoxville for $17.8M

by Camren Skelton October 10, 2017

KNOXVILLE, TENN. — Michaelson Real Estate Group has purchased Viera Cedar Bluff, a 184-unit multifamily community in the Cedar Bluff neighborhood of Knoxville, for $17.8 million. Located at 424 N. Cedar Bluff Road, the community is roughly 10 miles west of downtown Knoxville. Viera Cedar Bluff includes one- and two-bedroom floor plans with an average size of 849 square feet. Constructed in 1986, the community was recently renovated to include repaved parking lots, new roofs and interior and exterior updates, including renovated hardwood flooring and stainless steel appliances. Community amenities include a pool, fitness center, business center, hiking and jogging trails and an on-site laundry facility.

October 10, 2017

Florida Retail Southeast

HFF Brokers Sale of 36,900 SF Whole Foods-Leased Store in Tampa

by Camren Skelton October 10, 2017

TAMPA, FLA. — HFF has arranged the sale of a 36,900-square-foot building fully leased to Whole Foods Market in Tampa. Constructed in 2012, the building is situated on 6.3 acres in Tampa’s Carrollwood community. Daniel Finkle, Luis Castillo and Eric Williams of HFF represented the seller, Weingarten Realty Investors, in the transaction. The sales price and buyer were not disclosed.

October 10, 2017

Multifamily New Jersey Northeast

One Wall Partners Acquires 16-Property Multifamily Portfolio in New Jersey for $63M

by Amy Works October 10, 2017

EAST ORANGE, WEST NEW YORK AND JERSEY CITY, N.J. — One Wall Partners (OWP) has purchased a 16-property multifamily portfolio from Shapco Property Management for $63 million in an off-market transaction. With the acquisition, OWP is now the largest property owner in East Orange and one of the largest transit-oriented workforce housing owner/operators in Northern New Jersey. Comprising 14 buildings in East Orange, one in West New York and one in Jersey City, the portfolio features a total of 516 apartment units and 300 parking spaces/garages. The unit mix includes 230 one-bedroom apartments and more than 286 two- and three-bedroom units.

October 10, 2017

Delaware Industrial Northeast

Boxwood Industrial Park to Acquire Former General Motors Assembly Plant in Wilmington, Delaware

by Amy Works October 10, 2017

WILMINGTON, DEL. — Boxwood Industrial Park LLC, an affiliate company of Harvey, Hanna & Associates, has agreed to acquire the former General Motors assembly plant site, located at 801 Boxwood Road in Wilmington, for an undisclosed price. Wanxiang America Inc. is selling the 142-acre site, which includes more than 3 million square feet of former automobile manufacturing space, for an undisclosed price. Built in 1946, the site most notably served as a General Motors assembly plant until it closed in July 2009. The company plans to announce redevelopment plans for the site in the coming weeks.

October 10, 2017

Holiday-Inn-Boston-Bunker-Hill-Area-Somerville-MA

Hospitality Loans Massachusetts Northeast

HFF Secures Refinancing for 623-Room Hotel Portfolio in Boston Suburbs

by Amy Works October 10, 2017

NATICK AND SOMERVILLE, MASS. — HFF has arranged refinancing for a three-property hotel portfolio in the Boston suburbs of Natick and Somerville. Distinctive Hospitality Group received the 10-year, fixed-rate loan, which was provided by Bank of America’s CMBS Group. The portfolio comprises the 251-room VERVE-Crowne Plaza Boston-Natick and the 188-room Hampton Inn Boston-Natick in Natick as well as the 184-room Holiday Inn Boston Bunker Hill Area in Somerville. Located at 1360 Worcester St., VERVE-Crowne Plaza Boston-Natick underwent a renovation in 2012 and features a fitness center, a business center, 17,000 square feet of event space and a full-service restaurant. Hampton Inn Boston-Natick, located at 318 Speen St., was completed in 1976 and renovated in 2008. The hotel features a fitness center, a business center, 12,000 square feet of meeting space and a restaurant. Located at 30 Washington St. in Somerville, Holiday Inn Boston Bunker Hill Area was most recently renovated in 2013 and features a fitness center, a basketball court, an indoor pool, a business center, 9,700 square feet of meeting and event space, and a restaurant and lounge. Mark Remington, Alan Suzuki and Evan Parker of HFF secured the financing for the borrower.

October 10, 2017

Multifamily Northeast Pennsylvania

Gebroe-Hammer Facilitates $14M Sale of 20-Property Multifamily Portfolio in Philadelphia

by Amy Works October 10, 2017

PHILADELPHIA — Gebroe-Hammer Associates has brokered the sale of a 20-property multifamily portfolio in Philadelphia. A private investor acquired the 83-unit portfolio from West Village UCA for $14 million. Situated on the 3200 block of Powelton Avenue, 11 of the properties (3201-3027) are on the odd side of the street while two are even-numbered buildings (3214 and 3220). The 3214-3218 Pearl St. properties feature three two-unit townhomes with patios and garages, as well as an additional loft in two of the units. The properties at 311-313 N. 33rd St. include a 24-unit building with an adjacent parking lot. The portfolio comprises a mix of studio, one-, two-, three- and four-bedroom layouts, totaling 144 beds. Eli Rosen of Gebroe-Hammer Associates represented the seller and procured the buyer in the deal.

October 10, 2017

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