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The-Wescott-Stamford-CT
ConnecticutMultifamilyNortheast

TH Real Estate Sells 261-Unit Apartment Community in Connecticut for $67M

by Amy Works

STAMFORD, CONN. — TH Real Estate, an affiliate of Nuveen, a TIAA company, has completed the sale of The Wescott, an apartment community located in Stamford. A private New Jersey-based investment group acquired the 261-unit property for $67 million. Built in 1986, the property features an indoor/outdoor pool, clubroom with kitchen, media lounge and billiards room, fitness center, tennis courts, basketball court, outdoor courtyard and garage parking. Most units have been renovated with new kitchens, featuring granite counters, stainless steel appliances, and new cabinets, baths, lighting and fixtures. The property also features a 8,500-square-foot vacant commercial space, which was formerly occupied by medical tenants. Jeffrey Dunne, Gene Pride and Eric Apfel of CBRE represented the seller in the deal.

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100-Adams-Rd-Clinton-MA
IndustrialLoansMassachusettsNortheast

Transwestern Consulting Group Arranges Two Loans Totaling $22.8M for Warehouses in Massachusetts

by Amy Works

CLINTON AND MEDFORD, MASS. — Transwestern Consulting Group has arranged two loans totaling $22.8 million for NorthBridge Partners. The loans will finance the acquisition and future leasing costs for two warehouses in Massachusetts. Transwestern secured a long-term, non-recourse $13.9 million loan for 100 Adams Road, a warehouse in Clinton, through Middlesex Savings Bank. The 345,000-square-foot building is fully occupied by five tenants. Completed in 2000, the property features 30-foot clear ceiling heights, 53 loading docks and one drive-in door. Transwestern also arranged a long-term, non-recourse $8.9 million loan for 23 Sycamore Ave. in Medford through HarborOne Bank. The warehouse features 91,000 square feet of high-bay warehouse space.

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New JerseyNortheastOffice

Cushman & Wakefield Brokers Sale of Two Office Buildings in Paramus, New Jersey

by Amy Works

PARAMUS, N.J. — Cushman & Wakefield has facilitated the sale of two retail buildings, located at 80 and 100 W. Century Road in Paramus. The Frisch School, a co-educational high school, purchased the 25,000-square-foot property at 100 W. Century Road, and 80 W. Century LLC acquired the 70,000-square-foot building at 80 W. Century Road. A private entity plans to relocate to 80 W. Century Road, while M&T Bank will occupy the remaining space. M&T Bank sold the properties, which it acquired in 2015 with its acquisition of Hudson City Savings Bank. The acquisition prices were not released. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, Frank DiTommaso II, David Sherman, David DeMatteis, Mark Zaziski, William Hartman and Lou D’Avanzo of Cushman & Wakefield represented the seller in the deal.

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LoansMultifamilyNortheastPennsylvaniaSeniors Housing

Capital Funding Negotiates $25.5M Bridge-to-HUD Loan for Skilled Nursing Facility in Pennsylvania

by Amy Works

WASHINGTON, PA. — Capital Funding Group, a Baltimore-based lender, has closed a $25.5 million bridge-to-HUD loan for the acquisition of Washington County Health Center, a skilled nursing facility in the Pittsburgh suburb of Washington. Craig Casagrande of Capital Funding originated the loan. No further details were disclosed.

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Falchi-Building-NYC
New YorkNortheastOffice

Savanna Launches $35M Capital Improvement Plan at 711,194 SF Office Building in Queens

by Amy Works

NEW YORK CITY — Savanna has launched a $35 million capital improvement plan at Falchi Building, a five-story, 711,194-square-foot office and retail building located in the Factory District of Long Island City in Queens. The capital improvement program will be focused on modernizing the lobby and common areas, including the building systems, and reconfiguring the retail spaces to maximize value. The lobby renovation will revitalize the building entrance and improve the existing ground-floor retail space, which is a food-focused corridor similar to Chelsea Market. The new lobby will include Stonehard flooring, an accent wall with LED backlighting at the entrance, rectangular linear light fixtures, built-in retail millwork kiosks with stone countertops, and black porcelain accent subway tile. The lobby and retail corridor work is scheduled for completion in early 2018. Savanna has retained Cushman & Wakefield to manage leasing efforts at the property.

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MultifamilyTexas

Partnership to Build 228-Unit Apartment Community in Metro Dallas

by Taylor Williams

ROCKWALL, TEXAS — A partnership between two development firms, AMCAL Equities LLC and Atticus Real Estate Development, will build a 228-unit apartment community in the eastern Dallas metro of Rockwall. The property, which will be branded Harbor Urban Center Apartments, will offer amenities such as a rooftop garden, courtyards and outdoor kitchen areas, a fitness center, business center and an internet cafè with a coffee bar. The U.S. Department of Housing and Urban Development (HUD) is financing the project, which was designed by Humphreys & Partners Architects, through its 221(d)(4) program. The $34.8 million construction to perm loan features a fixed 3.7 percent interest rate. The co-developers expect to complete Harbor Urban Center Apartments in October 2019.    

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MultifamilyTexas

StreetLights Residential Opens 337-Unit Apartment Community in Deep Ellum

by Taylor Williams

DALLAS — StreetLights Residential has opened The Case Building, a 337-unit multifamily community located at 3131 Main St. in the Deep Ellum area of Dallas. The 17-story building is the first multifamily high-rise community in the neighborhood and offers amenities such as co-working spaces, a catering kitchen, private resident bar, fitness center and bike storage services. Units range in size from 500 to 1,300 square feet. SLR Construction LLC served as general contractor for the project, and WDG Architecture provided design services. Dallas-based Westdale will manage the property.  

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IndustrialTexas

Exeter to Develop 600,000 SF of Speculative Industrial Space in Metro Austin

by Taylor Williams

BUDA, TEXAS — Exeter Buda Land LP, an affiliate of Philadelphia-based Exeter Property Group, will develop approximately 600,000 square feet of industrial space on a speculative basis in Buda, a city just south of Austin along the Interstate 35 corridor. The company expects to begin construction of Phase I, which will deliver 300,000 square feet, in early 2018. The project is expected to create at least 50 new jobs.

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MultifamilyTexas

Greystar Sells 372-Unit Apartment Community in Dallas

by Taylor Williams

DALLAS — Greystar Real Estate Partners LLC has sold Avana West Lemmon, a 372-unit multifamily community located at 3600 Wheeler St. in the Highland Park area of Dallas. The property features 18,000 square feet of ground-floor retail space and amenities such as two pools, a clubhouse, fitness center and business center. The Connor Group, an Ohio-based investment firm, purchased the asset for an undisclosed price and will rebrand it as Highland Park West Lemmon.

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MultifamilyTexas

Marcus & Millichap Brokers Sale of Two Apartment Buildings Totaling 287 Units in Stillwater

by Taylor Williams

STILLWATER, OKLA. — Marcus & Millichap has brokered the sale of Squires Landing Apartments and Wicklow Apartment Community, two multifamily assets totaling 287 units in Stillwater, home of Oklahoma State University. Derek Wilson of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a private partnership. Both parties requested anonymity. The properties sold at a sub-6 percent cap rate.

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