WOODCLIFF, N.J. — Cushman & Wakefield has arranged $26.2 million in financing on behalf of Hudson Equities Management. The financing is secured by 300 Tice Boulevard, a 240,291-square-foot office property. Streamline Realty Funding provided the four-year, floating-rate financing. At the time of financing, the property was 78.5 percent occupied by a variety of tenants in the auto, pharmaceutical and financial services industries. John Alascio, Sridhar Vankayala and Andre Hass of Cushman & Wakefield represented the sponsor in the transaction.
HOUSTON — First Industrial Realty Trust Inc. has broken ground on First 290 @ Guhn Road, a 126,250-square-foot distribution center located at 6913 Guhn Road in northwest Houston. The front-load facility will feature 32-foot clear heights, an ESFR sprinkler system, 185-foot truck court, 137 parking stalls and up to 46 trailer stalls. Completion is slated for summer 2018. Stream Realty Partners will handle leasing of the facility.
ORLANDO, FLA. — ARA Newmark has arranged the $57 million sale of The Place on Millenia, a 371-unit apartment community located along the I-Drive Corridor in Orlando. Scott Ramey and Kevin Judd of ARA Newmark arranged the transaction on behalf of the seller, B&M Management. Millburn & Co. acquired the asset. In addition, Matthew Williams of NKF Capital Markets secured a seven-year, $40 million Freddie Mac acquisition loan with two years of interest-only payments and a floating interest rate of 3.51 percent. The Place on Millenia offers one- to three-bedroom floor plans and features a fitness center, clubhouse and a swimming pool with sundeck and cabanas.
SPRING, TEXAS — Greystone has provided a $36.4 million bridge loan for the acquisition of Parkside Place Apartments, a 384-unit multifamily community in Spring, about 45 minutes north of Houston. The property features amenities such as a pool, demonstration kitchen, complimentary coffee bar, fitness and business centers, a movie-screening room with an arcade and a game room. Donny Rosenberg of Greystone originated the loan, which carries a two-year term with two six-month extensions, on behalf of Houston-based Ilan Investments.
BIRMINGHAM, ALA. — KeyBank Real Estate Capital has closed a $35.2 million Freddie Mac loan for the refinancing of Retreat at Greystone, a 312-unit multifamily community in Birmingham. Caleb Marten and Chris Black of KeyBank originated the seven-year loan with a 30-year amortization schedule on behalf of the undisclosed borrower. Constructed in three phases between 2015 and 2016, the property includes 26 two-story apartment buildings. Community amenities include grilling stations, a fitness center and a swimming pool.
NEWARK, N.J. — Love Funding has arranged a $7.9 million loan for the construction and permanent financing of Carrino Plaza Apartments, a new affordable and special needs community in Newark. Carrino Plaza Apartments will offer 60 one-, two- and three-bedroom units in one mid-rise building located in the North Ward of Newark. In addition to three multifamily floors, the property will contain partial ground-floor commercial space. Additionally, 49 of the residential units will be restricted to those earning less than 60 percent of the area median income under the Low-Income Housing Tax Credit program, and 10 rental-assistance units will be reserved for residents who receive mental health services. The development is being led by Resetarits Construction Corp. The project team includes Jose Carballo Architectural Group, Signature Custom Homes and Interstate Realty Management Co.
FLOWER MOUND AND GRAND PRAIRIE, TEXAS — Dallas-based SWBC Real Estate LLC has sold two multifamily properties totaling 662 units in the Dallas area for $100 million. Virginia-based Weinstein Properties purchased the 358-unit River Walk Village in Flower Mound and the 304-unit Timberview Ranch in Grand Prairie from SWBC. Construction of the two Class A properties was completed in 2016 and 2017, respectively. Will Balthrope, Drew Kile and Joey Tumminello of Marcus & Millichap’s Institutional Property Advisors (IPA) division brokered the sale.
TAMPA, FLA. — JLL has arranged the sales of two build-to-suit industrial facilities located within Crossroads Commerce Center in Tampa. The seller, Blue Steel Development LLC, acquired 71.5 acres within Crossroads Commerce Center in 2016 to develop both facilities. Ryan Vaught, John Dunphy and Robyn Hurrell of JLL represented Blue Steel in both transactions. NewSouth Window Solutions, a replacement window and door provider, acquired a 238,094-square-foot build-to-suit facility for $14.3 million, and Colonial Grocers, a wholesale grocery distributor, purchased a 112,800-square-foot facility for $7.5 million. Gary Godsey and Caleb Lewis of JLL represented Colonial Grocers in the transaction. With the completion of these sales, Crossroads Commerce Center is 50 percent sold and occupied. Blue Steel has build pads for two additional buildings within the park, one totaling 215,434 square feet and the other totaling 77,760 square feet.
CHARLOTTE, N.C. — HFF has arranged the sale of a 232,000-square-foot distribution warehouse located at 6100 Harris Technology Blvd. in Charlotte. The building is located within Northwoods Business Park, roughly 10 miles from Uptown Charlotte. The sales price was not disclosed, but the Charlotte Business Journal reports the asset sold for $19.4 million. Chris Norvell, Ryan Clutter and Patrick Nally of HFF arranged the transaction on behalf of the seller, Sun Life Financial/Bentall Kennedy. Hartz Mountain Industries Inc. purchased the building. Constructed in 1994, the warehouse features 24-foot clear heights, truck courts up to 170 feet, 34 loading doors and an ESFR sprinkler system. At the time of sale, the warehouse was fully leased to three tenants, including Iron Mountain, a Boston-based information management services company.
NEW BEDFORD, MASS. — Fantini & Gorga has arranged a $5 million loan for the acquisition and redevelopment of a property located at 222 Union St. in New Bedford. The undisclosed borrower is converting the property from office and retail space into a 46,600-square-foot boutique hotel. The new 68-room hotel will be a brand of Ascent Hotel Collection. Keith Wentzel and Despina Hixon of Fantini & Gorga arranged the financing through a New England regional bank.