LOS ANGELES — Thorofare Capital has arranged a $23 million, floating-rate commercial mortgage for a retail property located in the Koreatown neighborhood of Los Angeles. The borrower was not disclosed. The property offers 50,000 square feet of retail space. Kevin Miller and Felix Gutnikov of Thorofare Capital secured the financing.
LOS ANGELES — SCG America has acquired a 34,000-square-foot land parcel at 400 S. Broadway in downtown Los Angeles. The company will develop a 34-story high-rise condominium on the site featuring 7,000 square feet of ground-floor retail and commercial space. The property is slated for groundbreaking in October and completion in 2020.
YPSILANTI AND HOLT, MICH. — UnitedHealthcare has invested $16.9 million in two new affordable multifamily projects in Michigan. The $17.2 million New Parkridge will offer 86 affordable apartment units, as well as on-site support services to help improve residents’ access to healthcare, education, job training and childcare. UnitedHealthcare is investing $8 million in the project, which is located in Ypsilanti, approximately 10 miles southeast of Ann Arbor. Ypsilanti Housing Commission and Chesapeake Community Advisors are the project developers. UnitedHealthcare is also investing $8.9 million in Prestwick Village, a 66-unit affordable housing project with support services in Holt, approximately 10 miles south of Lansing. Construction is currently underway on the $10.7 million project, which is slated to be complete by the end of the year. T.R. Hovey Construction LLC is the general contractor for Prestwick Village, and Gryphon Group is the developer.
WEST BEND, WIS. — The Opus Group has broken ground on a 60,000-square-foot office building in West Bend, approximately 40 miles northwest of Milwaukee. The two-story building will serve as the headquarters for Delta Defense LLC and the United States Concealed Carry Association, which provides education, training and legal protection for gun owners. The facility, situated on 36 acres, will feature a member services call center, training center and complete video and audio studio. In addition, 8,000 square feet of the first floor will serve as a fulfillment center to ship books, DVDs and other items that the company produces and sells. Kahler Slater Architects is providing design services for the project, which is slated for completion in early 2017. Opus is providing construction, development and engineering services.
DAYTON, OHIO — Namdar Realty Group has acquired Salem Plaza, a 141,616-square-foot shopping center in Dayton, for an undisclosed price. Garrison Investment Group sold the property, which is located at 45-15 Salem Ave. Burlington Coat Factory occupies 70 percent of the shopping center. Family Dollar is another tenant at Salem Plaza. Marcus & Millichap represented the seller in the transaction, and Joel J. Gorjian of Namdar Realty Group represented the buyer internally.
SALINE, MICH. — Colliers International has brokered the sale of a 107,780-square-foot industrial building in Saline, approximately 10 miles south of Ann Arbor, for an undisclosed price. PICC Properties LLC sold the facility to American Soy Products, which will use the location as its new headquarters. The warehouse was formerly occupied by Associated Spring. The buyer plans to move into the space during the first quarter of 2017 after the building undergoes renovations. Peter E. Kepic and Peter J. Kepic of Colliers International represented the seller in the transaction. The property is located at 1445 Barnes Court.
CHICAGO — MB Real Estate Services Inc. has arranged a lease expansion and renewal for the Alzheimer’s Association in Chicago. The Alzheimer’s Association has occupied 62,043 square feet at Michigan Plaza since 2003 and has inked a deal to occupy 78,517 square feet of space until 2030 — a 16,474-square-foot expansion. Michigan Plaza is a two-building, Class A office complex that totals 2 million square feet. The property consists of 205 N. Michigan Avenue, a 44-story tower, and 225 N. Michigan Avenue, a 25-story tower. Fujikawa Johnson & Associates designed the complex, which features amenities such as a 10,000-square-foot fitness center, a 4,000-square-foot conference center, an emergency child care facility, access to the East Loop ped-way and indoor access to over 25 restaurants. Kathleen Bertrand and Mark Buth of MB Real Estate represented the undisclosed landlord in the transaction, and John Goodman and Richard Schuham of Savills Studley represented the Alzheimer’s Association.
NEW YORK CITY — Tahl Propp Equities, Bellwether Enterprise Real Estate Capital and Enterprise Community Investment have announced the closing of a deal to finance the acquisition and renovation of five affordable housing communities in Harlem. The deal allows for the rehabilitation of all 18 buildings, totaling 549 units, keeping the apartments as affordable to low-income housing for the next 40 years. Additionally, all buildings have federal project-based Section 8 contracts, which will further preserve affordability through rental subsidies for the property owners. The five properties are Gladys Hampton Houses (2144 Frederick Douglas Blvd. and 400 St. Nicholas Ave.), New West I and II (8-56 W. 111th St.) and Riverside I and II (602-622 W. 135th St.). Costs, including acquisition and rehabilitation, total nearly $135 million. New York City Department of Housing Preservation and Development provided a $15.2 million loan and Low-Income Housing Tax Credits resulting in $35.9 million in equity; and New York City Housing Development Corp. provided $62.3 million in Tax Exempt Bonds for construction financing through Bellwether Enterprise. Other sources of funding include a seller note, transfer of existing reserves, deferred developer fee and income from operations. Enterprise Community Investment syndicated the tax credit equity to finance the …
BOSTON — Clarion Partners has completed the sale of a 13-story office and retail building located at 535-545 Boylston St. in Boston. An undisclosed buyer acquired the 184,642-square-foot building for $100.5 million. At the time of sale, the property was 87 percent leased to a variety of tenants, including TD Bank, GNC and three restaurants. Robert Griffin, Edward Maher, Matthew Pullen, Jim Brady and Jason Cameron of NGKF Capital Markets represented Clarion Partners in the deal.
NEW YORK CITY — Eastern Union Funding has arranged a $4.8 million loan for the refinancing of a five-story, mixed-use brownstone in Tribeca. The borrowers are two private owners. Located at 78 Franklin St., the property has undergone a $2 million renovation, which gutted the 2,000-square-foot apartments, upgraded the lobby, hallways and façade, and new stairs, elevator, HVAC and roof. The property’s commercial tenant is Aqua Studio, an underwater cycling studio. David Betesh and Ted Matalon of Eastern Union arranged the financing, which was provided by First American International Bank.