LAS VEGAS — Alston Construction has completed a 68,875-square-foot, built-to-suit facility for 3G Productions in Las Vegas. The new facility is located on 5.4 acres at the corner of Euclid Avenue and Russell Road. The firm completed a 51,400-square-foot concrete tilt up building with a 16,875-square-foot steel/concrete deck mezzanine to be used in the future by the owner. PFIILP Eastern Russell 70 LLC owns the $9 million project. 3G Production will offer the facility as a corporate event venue.
SACRAMENTO, CALIF. — Monticello Asset Management, through one of its investment vehicles, has participated in a $14.3 million bridge-to-HUD loan to 2200 Gramercy Drive LLC. The borrower will use the funds to acquire an assisted living and skilled nursing facility in Sacramento. Built in 1991, the seller is a private owner planning to retire. The property features 85 assisted living beds and 120 skilled nursing beds. The operator of the facility plans to implement a $2 million capital improvement plan throughout the facility. Improvements include new floors, wallpaper and beds, along with upgrades to technology, the rehabilitation gym, lighting and the dining room, among other improvements.
WEEHAWKEN, N.J. — Landsea has closed on a $102.3 million construction loan for Avora, a condominium project in Weehawken. With occupancy scheduled for first quarter 2018, the 11-story building will feature 184 condominium units in one-, two- and three-bedroom layouts, 6,000 square feet of ground-floor retail space, a private screening theater, a business center, a fitness center, an outdoor pool, sun decks, grilling areas and an amphitheater. Thomas Didio, Michael Gigliotti and Dan Cashdan of HFF secured the financing through Bank of the Ozarks for the developer.
NEW BRUNSWICK, N.J. — Saxum Real Estate has purchased a vacant retail building, located at 37 Easton Ave. in Brunswick, for an undisclosed price. Completed in 2009, the two-story building features 18,000 square feet of space that can be reconfigured to multi-tenant retail, office and residential space. Marc Duval, Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the undisclosed seller in the deal.
EASTCHESTER, TUCKAHOE AND GREENBURGH, N.Y. — Q10 New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, has arranged an $8.9 million permanent loan secured by three properties in Westchester County, N.Y. The borrower is a long-term owner of the properties, which include a retail strip center in Eastchester and two warehouse/industrial buildings in Tuckahoe and Greenburgh. The warehouse buildings are net-leased to Verizon. Jeanne Cronin of Q10 secured the five-year loan, which features a 30-year amortization schedule, through a community bank for the borrower.
CHERRY HILL, N.J. — Cronheim Mortgage has arranged $8.2 million in refinancing for two office properties located in Cherry Hill. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage secured the 42-month loan, which features a 30-year amortization and prepayment flexibility, for the undisclosed borrower. The two buildings offer a total of 112,965 square feet of office space.
MANASQUAN, N.J. — Ariel Property Advisors has arranged a $1.8 million acquisition loan for the $2.4 million purchase of a mixed-used property, located at 140 Main St. in Manasquan. The 6,000-square-foot property features four retail units and five residential units. Ariel’s Capital Services Division arranged the non-recourse seven-year loan for an undisclosed borrower.
AMARILLO, CLEBURNE, CONROE, CYPRESS AND FORT WORTH, TEXAS — KeyBank Real Estate Capital originated and fully underwrote a $62 million term loan for Caddis, which used the proceeds of the loan to recapitalize a five-property seniors housing portfolio in Texas. The newly built assisted living and memory care facilities total 352 units and 406 beds. Operated under the Heartis brand, the properties include Heartis Amarillo in Amarillo, Heartis Cleburne in Cleburne, Heartis Conroe in Conroe, Heartis Cypress in Cypress and Heartis Eagle Mountain in Fort Worth. Grant Saunders and Jay Jordan of KeyBank’s Healthcare Group arranged the financing.
PLANO, TEXAS — Marcus & Millichap has brokered the sale of an office building located at 2000 N. Central Expressway in Plano. A limited liability company sold the 29,216-square-foot building for an undisclosed price. The property was fully leased at the time of sale. Ron Hebert of Marcus & Millichap represented the seller, while Hebert and Zachary Ryan, also of Marcus & Millichap, procured the buyer, a California-based individual/personal trust.
HOUSTON — HFF has arranged financing for The Plaza at Enclave, an office building located at 1254 Enclave Parkway in Houston. Wally Reid, Matt Kafka and Dustin Selzer of HFF secured the 15-year, fixed-rate loan through Allianz Real Estate of America for the borrower, a foreign investor. The six-story, 344,296-square-foot property features a health club and fitness center, café with indoor and outdoor seating, courtyard and an entrance plaza with a multi-level fountain system. Anchored by DOW Chemical, the property was 98 percent leased at the close of financing.