Property Type

Tropical Smoothie Cafe to Open First Locations In Idaho

by Nellie Day March 21, 2017

BOISE, IDAHO — Tropical Smoothie Cafe has signed a franchise agreement to open four restaurants in Idaho, with the first cafe slated to open in Boise this June. The new restaurants will mark the brand’s entry into the state. KMP TSC LLC will own and operate the locations. KMP TSC will target additional markets throughout the state for further development and is currently scouting sites in Eagle, Nampa, Caldwell, Twin Falls, Pocatello, Idaho Falls, Coeur d’Alene and Spokane. Celebrating its 20th anniversary in 2017, Tropical Smoothie Cafe is a fast-casual restaurant concept with over 550 locations nationwide.

March 21, 2017

Colorado Multifamily Seniors Housing Western

Blueprint Partners Expands into Mountain States with New Partnership

by Nellie Day March 21, 2017

DENVER — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has partnered with Pamela Pyms and Hayden Behnke, both seniors housing real estate brokers in Denver. Since 2011, Pyms and Behnke have worked as a team structuring seniors housing sale transactions in the Mountain States. The pair also assists developers in sourcing equity and debt and arrange partnerships among institutional investors and national operators. The new additions represent wider market coverage and local expertise in Colorado and the surrounding region for Blueprint. Prior to joining Blueprint. Pyms owned and operated Pyms Capital Resources, a real estate brokerage firm focused on the senior living industry.

March 21, 2017

Loans Multifamily New York Northeast Office

Eastern Consolidated Arranges $85M Loan for 12-Story Property in Manhattan

by Haisten Willis March 21, 2017

NEW YORK CITY — Eastern Consolidated’s capital advisory division has arranged an $85 million refinancing loan for a 12-story, 140,000-square-foot building with 133 residential and eight commercial units located at 2030 Broadway in Manhattan. Jonathan Aghravi and Charles Han represented the borrower, Ormonde Equities LLC, and secured the loan from a life insurance company. Since acquiring the property in 2004, the sponsor has repositioned it with a series of capital improvements. The property is located in the Upper West Side neighborhood of Lincoln Square, near the Lincoln Center. Transportation is available via the 1, 2, 3, B and C trains.

March 21, 2017

New Jersey Northeast Office

Berger Organization Acquires Office Tower in Newark, N.J.

by Haisten Willis March 21, 2017

NEWARK, N.J. — The Berger Organization has acquired 33 Washington Street, a 450,000-square-foot, 18-story office tower located in downtown Newark. The property was built for Horizon Blue Cross/Blue Shield and is now home to multiple tenants. Located on 1.6 acres across the street from Washington Park, the building is in the James Street Commons Historic District. Nearby attractions include the Newark Museum, John Ballantine House and Newark Public Library. The property sits two blocks from the Newark Broad Street commuter light rail and a half a mile from Newark Penn Station. The tower, which was completed in 1970, features a fitness center, shared conference rooms, on-site parking, a granite lobby and views of the Manhattan skyline. HFF marketed the property on behalf of the seller, LNR Property.

March 21, 2017

Industrial Loans New Jersey Northeast

G.S. Wilcox Secures $56M Financing for Industrial Portfolio in New Jersey

by Haisten Willis March 21, 2017

SOUTH BRUNSWICK, MOONACHIE & TETERBORO, N.J. — G.S. Wilcox & Co. has secured $56 million in financing for a six-building industrial portfolio located in South Brunswick, Moonachie and Teterboro. Al Raymond of G.S. Wilcox arranged the 12-year loan, which includes a 3.25 percent fixed interest rate. Thrivent Financial for Lutherans, one of the firm’s correspondent lenders, provided the financing.

March 21, 2017

Connecticut Multifamily Northeast

Chozick Realty Brokers $7M Sale of Brookside Apartments in Bristol, Connecticut

by Haisten Willis March 21, 2017

BRISTOL, CONN. — Rick Chozick and Steve Pappas of Chozick Realty Inc. have brokered the sale of Brookside Apartments in Bristol. The sales price was $7 million or roughly $89,743 per unit for the 78-unit garden-style complex. Brookside Apartments was constructed in 1961 and renovated in 2003. The unit mix includes 12 one-bedroom, 41 two-bedroom and 25 three-bedroom apartments, of which 14 are townhouse style. The property is located at 111-159 Union Street. Chozick Realty represented the seller, Bristol Brookside LLC, and procured the purchaser, Up Realty, a New York-based investment group.

March 21, 2017

Hospitality Northeast Pennsylvania

Cronheim Secures $12M Financing for Holiday Inn Express & Suites in Metro Philadelphia

by Haisten Willis March 21, 2017

KING OF PRUSSIA, PA. — Cronheim Hotel Capital has secured $12 million in financing for a Holiday Inn Express & Suites in King of Prussia, a suburb of Philadelphia. The 10-year, non-recourse CMBS loan includes a fixed interest rate.

March 21, 2017

Loans Multifamily Southeast Tennessee

Mesa West Provides $88.3M Loan to Refinance Apartment High-Rise in Nashville

by Taylor Williams March 21, 2017

NASHVILLE, TENN. — Mesa West Capital has provided Magellan Development Group $88.3 million in first mortgage debt for the refinancing for The SoBro, a 313-unit, Class A apartment complex in downtown Nashville. Magellan, which is headquartered in Chicago, owns the 33-story building located at 205 Demonbreun St. The SoBro was completed in 2016 and consists of one-, two- and three-bedroom apartments. The building was 25 percent leased at the time of the loan closing.

March 21, 2017

Industrial North Carolina Office Southeast

CBRE Brokers Sale of 13-Building Portfolio in Greater Charlotte Area

by Taylor Williams March 21, 2017

CHARLOTTE, N.C. — CBRE has arranged the sale of the Charlotte Industrial Park Portfolio, a 13-property asset totaling 486,512 square feet of Class A office and warehouse space throughout the Charlotte area. Patrick Gildea, Anne Johnson and Bryan Crutcher of CBRE represented the seller, Maryland-based Artemis Real Estate Partners, in the transaction. At the time of sale, the Charlotte Industrial Park Portfolio was 95 percent occupied. Boston-based Albany Road Real Estate purchased the properties.

March 21, 2017

Florida Multifamily Southeast

Roger B. Kennedy Breaks Ground on $65M Apartment Project in Orlando

by Taylor Williams March 21, 2017

ORLANDO, FLA. — Roger B. Kennedy Construction has broken ground on Drake Midtown Apartments, a five-story, 263-unit apartment development in the Lake Mary submarket of Orlando. Unicorp National Developments Inc. is developing the $65 million project, which is slated for completion in June 2018. Goldman Sachs Bank USA provided financing for the property.

March 21, 2017

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