Property Type

Berkeley Point Capital Provides $8.4M in HUD Refinancing for Nursing Homes in Ohio

by Kristin Harlow August 16, 2017

BURBANK, GALION AND SHELBY, OHIO — Berkeley Point Capital has provided three HUD 232/223(f) loans for the refinancing of nursing homes in Ohio for borrower JAG Healthcare Group Inc. Berkeley Point Capital provided a $6 million loan for Burbank Parke Care Center, an 86-bed facility located in Burbank, about 45 miles south of Cleveland. A $1 million loan will be used for Galion Pointe, a 45-bed facility in Galion, about 60 miles north of Columbus. A $1.4 million loan will be used for Shelby Pointe, a 46-bed facility in Shelby, about 15 miles north of Galion. Frank Cassidy of Berkeley Point Capital secured the loans with Ginnie Mae.

August 16, 2017

Mixed-Use Northeast Office Pennsylvania Retail

KeyBank Secures $44.7M in Financing for Mixed-Use Assets in Philadelphia

by Amy Works August 16, 2017

PHILADELPHIA — KeyBank Real Estate Capital has provided a $44.7 million CMBS first mortgage loan for Rodin Place, a mixed-use building, and an adjacent retail property located in Philadelphia. Totaling 241,884 square feet, the assets include a single-story retail building, leased by Target, and one six-story office and retail building. John Christen of Key’s Commercial Mortgage Group arranged the financing with a 10-year term, five-year interest-only period and 30-year amortization schedule. Loan proceeds were used to refinance existing debt.

August 16, 2017

Industrial New Jersey Northeast

Sitex Group Develops 271,195 SF Spec Industrial Building in Mahwah, New Jersey

by Amy Works August 16, 2017

MAHWAH, N.J. — The Sitex Group is developing a 271,195-square-foot speculative industrial building located at One Sharp Plaza in Mahwah. Situated on 20.7 acres, the warehouse will feature 36-foot clear ceiling heights, 36 dock doors, ESFR sprinklers, two drive-in doors and parking for 25 trailers and 184 cars. Completion is slated for the end of first quarter 2018. The Sitex Group has retained Kenneth Lundberg and Patrick Lennon of NAI James E. Hanson to broker the lease of the facility.

August 16, 2017

Delaware Loans Multifamily Northeast

Greystone Closes $32M in Financing for Multifamily Property in Newark, Delaware

by Amy Works August 16, 2017

NEWARK, DEL. — Greystone has provided a $26.6 million Fannie Mae DUS loan in combination with $5.3 million in preferred equity from New York Mortgage Trust for the acquisition of Autumn Park, a multifamily property in Newark. The Fannie Mae DUS loan includes a 7/6 adjustable rate at three years of interest-only and a 30-year amortization schedule. The community features 358 apartments in a mix of one-, two- and three-bedroom layouts. Keith Hires of Greystone originated the transaction, while Ryan Ade and Neil Campbell of HFF assisted in the deal.

August 16, 2017

Massachusetts Multifamily Northeast

Colliers Facilitates $11.4M Sale of Residential Redevelopment Property in Boston

by Amy Works August 16, 2017

BOSTON — Colliers International has arranged the sale of a residential redevelopment property located at 27-29 Isabella St. in Boston’s Bay Village neighborhood. Marist Fathers sold the property New Boston Ventures for $11.4 million. The buyer plans to redevelop the property into nine high-end residential condominiums. Chris Sower, Scott Dragos and Tom Hynes of Colliers represented the seller, while Harry Collings of New Boston Ventures provided in-house representation for the buyer in the deal. Stephen Horan and Patrick Boyle, also of Colliers, procured acquisition and construction financing from Hingham Institution for Savings for the buyer.

August 16, 2017

New York Northeast Retail

Marcus & Millichap Arranges $5.3M Sale of Retail Property in Syracuse, New York

by Amy Works August 16, 2017

SYRACUSE, N.Y. — Marcus & Millichap has arranged the sale of a retail property located in Syracuse. A limited liability company sold the property to a private investor for $5.3 million. Rite Aid occupies the 12,738-square-foot property on a net-lease basis. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller and buyer in the deal.

August 16, 2017

California Hospitality Retail Top Stories Western

Sudberry Properties, Ayres Hotels Break Ground on Retail Center, Hotel Near San Diego

by Nellie Day August 16, 2017

CHULA VISTA, CALIF. — Sudberry Properties and Ayres Hotels have broken ground on Millenia Commons, a 131,800-square-foot “lifestyle destination center” and a 135-room Ayres Hotel in the San Diego suburb of Chula Vista. The center and hotel will be part of the 210-acre, multi-billion-dollar Millenia master-planned community, which is currently being developed in South San Diego County. Millenia Commons will include tenants like HomeGoods, Cost Plus World Market, Ross Dress for Less, buybuy Baby, Mattress Firm, Hurricane Grill & Wings, Papagayos Grill & Cantina, Menchie’s Frozen Yogurt, Great Clips, Jamba Juice, McDonald’s and Pacific Dental Services. Flocke & Avoyer is handling the project’s retail leasing efforts. The retail component will extend on both sides of Millenia Avenue, just south of Birch Road, on two separate parcels. The urban design will place an emphasis on walkability and outdoor gathering spaces. The design of the center is intended to complement the style of the overall Millenia master plan. Sudberry Properties is the developer of Millenia Commons, which Andrew Hull Stevenson Architects designed. Hazard Construction is doing the initial grading and infrastructure work for this component, though Sudberry is in the process of selecting additional contractors. The boutique hotel is scheduled to open …

August 16, 2017

Nevada Retail Western

JLL Income Property Trust Acquires Montecito Marketplace in Las Vegas for $63M

by Nellie Day August 15, 2017

LAS VEGAS — JLL Income Property Trust has acquired Montecito Marketplace, a 190,000-square-foot shopping center located in Las Vegas, for $63 million. Smith’s Grocery and TJ Maxx anchor the fully leased property, which is home to national and regional retailers, restaurants, banks and personal service tenants. The seller in the transaction was undisclosed. Jones Lang LaSalle Income Property Trust Inc. is a REIT that owns and operates a portfolio of high quality office, retail, industrial and apartment properties across the U.S.

August 15, 2017

California Loans Multifamily Western

L&B Realty Receives $90M to Refinance South Beach Marina Apartments in San Francisco

by Nellie Day August 15, 2017

SAN FRANCISCO — A state pension fund advised by L&B Realty has received $90 million to refinance the 414-unit South Beach Marina Apartments in San Francisco. The Class A community is located at 2 Townsend St. South Beach Marina Apartments was built in 1989. The mid-rise property contains five buildings and 4,708 square feet of ground-floor retail that is currently occupied by two restaurants and a salon. Amenities include two tennis courts, a luxury lobby/lounge area, community/billiards room, landscaped courtyard, outdoor pool, and spa and fitness center. Grandbridge Real Estate Capital originated the 12-year, interest-only loan.

August 15, 2017

Multifamily Washington Western

JRK Buys Carroll’s Creek Landing Apartments Near Seattle for $60M

by Nellie Day August 15, 2017

MARYSVILLE, WASH. — JRK Property Holdings has acquired the Carroll’s Creek Landing apartment complex in the Seattle suburb of Marysville for $60 million. The community is located at 18111 25th Ave. Carroll’s Creek was built in 2002. It features two- to four-bedroom units. Community amenties include a welcome center, basketball half-court, clubhouse with fireside lounge, and barbeque/picnic area. Kenny Dudunakis, David Sorensen and Ben Johnson of Berkadia represented the seller, Maryland-based Gateway Trident LLC, in this transaction.

August 15, 2017

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