Property Type

First Advisors Breaks Ground on Apartment Project in Port Arthur, Texas

by Taylor Williams February 5, 2018

PORT ARTHUR, TEXAS — First Advisors Inc. has broken ground on The Reserve at Pinewood Village, an apartment project that will be located along State Highway 365 in Port Arthur, about 90 miles east of Houston. The first phase of the project, which is slated for a late fall completion, will deliver 190 units. Construction of all units is scheduled for completion by summer 2019. Amenities will include a clubhouse, fitness center, pool, dog park and nature trails. Houston-based Davis-Penn Mortgage Co. provided construction and permanent financing for the project.

February 5, 2018

Topgolf Opens 65,000 SF Venue in El Paso

by Taylor Williams February 5, 2018

EL PASO — Dallas-based Topgolf has opened a 65,000-square-foot, three-level venue in the Mesa Hills neighborhood on El Paso’s north side. The El Paso venue is the company’s 10th in Texas and its 52nd in the country, including facilities opening soon in markets such as Albuquerque, Columbus, Miami, Pittsburgh and St. Louis. More than 500 full- and part-time employees were hired in advance of the opening.

February 5, 2018

Loans Multifamily Texas

LMI Capital Closes $37M Refinancing for 800-Unit Apartment Complex in Houston

by Taylor Williams February 5, 2018

HOUSTON — LMI Capital has closed a $37 million loan to refinance an 800-unit apartment complex in the Galleria area of Houston. The loan features a 10-year term, fixed interest rate and three years of interest-only payments. Brandon Brown of LMI Capital placed the loan through one of the firm’s agency relationships. The borrower and property name were not disclosed.

February 5, 2018

Loans Multifamily Texas

Dougherty Arranges $5.1M Acquisition Loan for 106-Unit Apartment Asset in Dallas

by Taylor Williams February 5, 2018

DALLAS — Minneapolis-based Dougherty Mortgage LLC has arranged a $5.1 million Fannie Mae loan for the acquisition of Wynnewood Gardens, a 106-unit multifamily asset in south Dallas. The pet-friendly property offers a pool, clubroom and picnic and grilling areas. Dougherty secured the 12-year loan through a partnership with Old Capital Lending on behalf of the borrowers, E.J. Wynnewood LLC and PLB Wynnewood LLC.

February 5, 2018

Loans Multifamily New Jersey Northeast

Hunt Mortgage Group Provides $15.2M in Refinancing for Five-Property Multifamily Portfolio in New Jersey

by Amy Works February 5, 2018

KEANSBURG, CLEMENTON, KEARNY, AMBOY AND WESTVILLE, N.J. — Hunt Mortgage Group has provided refinancing for a five-property multifamily portfolio in New Jersey. The borrower, Norse Holdings, received five Freddie Mac Small Balance loans totaling $15.2 million. The refinancing loans include: – $4.6 million for the 44-unit Beachview Gardens located at 544-560 Beachway Ave. in Keansburg – $4.4 million for the 56-unit Clementon Norse Apartments located at 222 White Horse Pike in Clementon – $1 million for the nine-unit 165 Quincy Ave Apartments in Kearny – $1.3 million for the 12-unit property at 388 Smith St. in Amboy – $3.8 million for the 48-unit Woodbine Apartments located at 300 Broadway in Westville Steven Cox and Kris Molloy of Hunt Mortgage Group secured the financing for the borrower.

February 5, 2018

Industrial Multifamily Northeast Pennsylvania

Colliers Arranges $4.1M Sale of Former Red Bell Brewery in Philadelphia

by Amy Works February 5, 2018

PHILADELPHIA — Colliers International has brokered the sale of the former Red Bell Brewery site, located at 1500 N. 31st St. in Philadelphia. MM Partners LLC purchased the site for $4.1 million. The buyer plans to redevelop the property into residential apartment units with ground-floor retail space. Situated on 2.2 acres, the vacant building consists of three sections that total 204,276 square feet of interior building space. Red Bell Brewery was constructed in the 1890s for the F.A. Poth & Sons Brewing Co. Later it was owned by Abe L. Brewery LP. The property has been vacant for 20 years. Michael Barmash of Colliers International/Philadelphia brokered the transaction.

February 5, 2018

New York Northeast Office

Alpha Equity, Vasco Ventures Acquire 150,000 SF Office Building in Hempstead, New York

by Amy Works February 5, 2018

HEMPSTEAD, N.Y. — A joint venture between Alpha Equity Group and Vasco Ventures has purchased The Clinton Pavilion, a multi-tenanted office building located at 50 Clinton St. in Hempstead. The acquisition price was not released. The buyers have a $3 million renovation planned for the 150,000-square-foot building. The renovation includes a complete makeover of the parking structure, a redesigned lobby, updated common areas, a newly landscaped building plaza, HVAC updates and a new facade design. The name of the seller was not disclosed.

February 5, 2018

Connecticut Northeast Retail

Pearce Real Estate Negotiates $5.5M Acquisition of Retail Property in Rocky Hill, Connecticut

by Amy Works February 5, 2018

ROCKY HILL, CONN. — Pearce Real Estate has arranged the acquisition of a retail property located at 323 Cromwell Ave. in Rocky Hill. Jordan Realty purchased the property from Broad Street III for $5.5 million. CVS/pharmacy occupies the 15,000-square-foot building. DeForest Smith of Pearce Real Estate represented the buyer in the 1031 exchange transaction.

February 5, 2018

Industrial Northeast Rhode Island

Sweeney Real Estate Brokers $1.4M Sale of 213,457 SF Industrial Building in Rhode Island

by Amy Works February 5, 2018

LINCOLN, R.I. — Sweeney Real Estate & Appraisal has arranged the sale of an industrial building located at 50 Industrial Circle in Lincoln. Lincoln Freight Terminal sold the property to 50 Industrial Circle LLC for $1.4 million. The property feature 213,457 square feet of industrial space. Thomas Sweeney of Sweeney Real Estate represented the seller, while George Paskalis of MG Commercial represented the buyer in the deal.

February 5, 2018

Colorado Office Western

Northstar Commercial Partners Buys 52,000 SF Office Property in Denver for $17.1M

by Nellie Day February 5, 2018

DENVER — Northstar Commercial Partners has purchased Offices at the Art, a 52,000-square-foot office property in Denver, for $17.1 million. The Class AA asset is situated along Broadway. Offices at the Art was built in 2015. It enjoys access to Broadway, Speer Boulevard, Interstate 25, Cherry Creek, Capitol Hill and downtown Denver.

February 5, 2018

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