WHITE PLAINS, N.Y. — Houlihan-Parnes Realtors has arranged a $12.5 million first mortgage for an office building located at 4 W. Red Oak Lane in White Plains. Christie Houlihan of Houlihan-Parnes secured the non-recourse loan, which features a fixed rate for seven years and a five-year extension option, for the undisclosed borrower. The 132,995-square-foot building was 99 percent leased at the time of financing.
NEW YORK CITY — CTA Architects, as architect, and Brend Renovation, as general contractor, have completed a $10 million exterior renovation of Morningside Gardens, a six-building, 980-unit apartment complex in Manhattan’s West Harlem section, for Morningside Heights Housing Corp. The project repaired 560,000 square feet of façades and 80,500 square feet of roofs. Renovations included repairs to and repointing of the brick façade; replacement and repairs of deteriorated and delaminated metal-clad blue stone window sills; renovations to selection flashings, lintels and concrete balconies and rails; gutter and scupper drain repairs; waterproofing of roofs; replacement of all roof rails; and repairs to rooftop elevator bulkheads. Morningside Heights Housing Corp. manages the apartment complex and support facilities.
RIDGEFIELD, N.J. — KW International has signed a long-term lease for an industrial building located at 2 Bell Drive in Ridgefield. The Carson, Calif.-based company will occupy the entire 83,000-square-foot speculative building. Mike Markey, Jon Tesser and Reid Wilbraham of Colliers International represented the tenant, while Stephen Elman of Cushman & Wakefield represented the landlord, Sitex Group, in the deal.
ONTARIO, CALIF. — MGR Services has acquired Empire Towers I through IV, a four-building, 400,976-square-foot office campus in Ontario, for $78.5 million. The Class A campus is located at 3633 and 4141 Inland Empire Blvd. and 3800 and 4200 Concours St. The property is 88 percent leased to Liberty Mutual, Wells Fargo, City National Bank, Merrill Lynch and Allstate, among others. The property was built between 1991 and 2005. The common areas underwent a renovation between 2014 and 2016. David Milestone and Brett Green of NGKF Capital Markets secured acquisition financing on behalf of MGR Services, which represented itself in the transaction. The firm’s Kevin Shannon, Ken White, Michael Moore and Brunson Howard represented the seller, a joint venture between CIP Real Estate and Guggenheim Partners.
LOS ANGELES — CityView has sold the 204-unit Solimar apartment community in Los Angeles to a private investor for $75 million. The community is located at 1500 W. Pacific Coast Highway. Solimar sits adjacent to the Harbor Park Municipal Golf Course and the Ken Malloy Harbor Regional Park, where a $90 million renovation is nearing completion. It is the final property from CityView Los Angeles Fund I, which built or renovated more than 2,500 housing units in 21 projects throughout the greater Los Angeles area.
DETROIT — The Griswold, a $24 million apartment community, has opened in Detroit. The apartments, which sit atop a 10-story parking garage and retail structure, occupy floors 11 through 15 and consist of 80 one-, two- and three-bedroom units. The apartment homes feature open floor plans with nine-foot ceilings, floor-to-ceiling windows, granite countertops, stainless steel appliances and concrete floors. Apartments range from 750 to 1,600 square feet with rental rates from $1,030 to $3,500. The community is located at 1117 Griswold St. The Griswold is Detroit’s first new residential downtown construction project in 25 years, according to Fourmidable, which is managing the property. Roxbury Group was the developer, Walbridge was the construction manager and Kraemer Design Group served as the architect.
DENVER — Camden Property Trust has opened Camden Lincoln Station, an upscale, transit-oriented apartment community in the Denver submarket of Lone Tree. Units include stainless steel appliances, electric cooktops, quartz countertops and islands. Camden Lincoln Station also features a fitness center, yoga studio and two large courtyards with fire pits, gas grills, seating, lawn games and outdoor table tennis. This is Camden’s eighth community in the Denver metro area.
NORMAL, ILL. — Triad Real Estate Partners has brokered the sale of an eight-property, 391-bed student housing portfolio at Illinois State University in Normal. The sale price was not disclosed. The properties were built in the 1980s and are located within two blocks of campus. The portfolio was 99 percent occupied for the 2016-2017 school year. Green Street Realty purchased the portfolio with plans to renovate the units. An investment group based in Evanston was the seller. Young America Realty manages the properties.
ONTARIO, CALIF. — Nellson LLC has leased a 302,080-square-foot industrial/R&D facility in Ontario. The space is located at 1000 S. Etiwanda Ave. The full-service bar and powder nutrition provider is relocating from its campus in Irwindale. Nellson plans to build out a lab to support corporate research and development efforts, commercial scale-up and testing of customer formulations. The firm will invest approximately $40 million to $50 million in the Ontario facility. The lease transaction was valued at $30 million. Frank Geraci of Voit’s Inland Empire office represented both the renter and the landlord, IDI Gazeley, in this lease transaction.
NEW BERLIN, WIS. — Grandbridge Real Estate Capital has arranged a $4.7 million loan for the refinancing of an industrial property in New Berlin near Milwaukee. The building consists of 80,720 square feet and sits on approximately seven acres. The 15-year, fixed-rate loan includes a 15-year amortization schedule. An insurance company provided the capital.
