Property Type

Palmdale Apartments in Long Beach Sells for $3.1M

by Nellie Day April 13, 2017

LONG BEACH, CALIF. — Forward 6th Street Investments LLC has acquired the 24-unit Palmdale Apartments in Long Beach for $3.1 million. The community is located at 845 E. 6th St. It was built in 1924. The property was recently renovated to include hardwood floors and granite countertops in all units. The LLC plans to carry out additional renovations to the exterior common areas, as well as further unit upgrades. Robert Stepp and Michael Toveg of Stepp Commercial represented both the buyer and private seller in this transaction.

April 13, 2017

Georgia Retail Southeast

PGIM Sells 420,556 Retail Center in Metro Atlanta for $109M

by John Nelson April 13, 2017

ALPHARETTA, GA. — PGIM Real Estate has sold North Point Market Center, a 420,556-square-foot retail center located across the street from North Point Mall at 6200 N. Point Parkway in Alpharetta. The sales price was undisclosed, but the Atlanta Business Chronicle reports PGIM sold the property to CBRE Global Investors for nearly $109 million. North Point Market Center was nearly fully leased at the time of sale to tenants such as Nordstrom Rack, PetSmart, Five Guys, Stein Mart and Dick’s Sporting Goods. PGIM, which owns the nearby Avalon, purchased the retail center in 1998 in a joint venture and has been the sole owner since 2013.

April 13, 2017

Georgia Multifamily Southeast

JE Dunn Construction Breaks Ground on Apartment Community in Metro Atlanta

by John Nelson April 13, 2017

ALPHARETTA, GA. — JE Dunn Construction has begun building a four-story, 168-unit apartment community within the Alpharetta City Center development. The property will also feature 40,000 square feet of retail space and 115 below-grade parking spaces. The apartment community is JE Dunn’s fourth project with multifamily developer South City Partners. The Alpharetta City Center project is a redevelopment plan that includes civic buildings, public spaces, residential, office, retail and mixed-use buildings.

April 13, 2017

Arkansas Loans Multifamily Southeast

Pillar Originates $25.5M HUD Loan for Multifamily Property in Little Rock

by John Nelson April 13, 2017

LITTLE ROCK, ARK. — Pillar, a division of SunTrust Bank, has originated a $25.5 million HUD loan for the refinancing of Metropolitan Apartments, a 260-unit multifamily community in Little Rock. The market-rate property was fully occupied at closing. Evan Hom of Pillar’s New York office originated the 35-year loan on behalf of the borrower, Transcontinental Realty Investors/Adobe Properties, a Dallas-based multifamily property owner and developer. The HUD financing features a fixed interest rate and a 35-year amortization schedule.

April 13, 2017

Florida Multifamily Southeast

Franklin Street Brokers $21.3M Sale of Apartment Community in Orlando

by John Nelson April 13, 2017

ORLANDO, FLA. — Franklin Street has arranged the $21.3 million sale of Chowder Bay Apartments, a 304-unit multifamily community located at 4700 Rio Grande Ave. in Orlando. Fieldstone Properties LLC, a private equity investment firm, sold the asset to Dominium Management Services LLC, a Minneapolis-based apartment development and management company. Chowder Bay is a gated complex that features a swimming pool and sundeck, fitness center, lighted tennis courts and a children’s playground. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street’s Tampa office represented the buyer and seller in the transaction.

April 13, 2017

Industrial Loans Massachusetts Mixed-Use Northeast Office Retail

Transwestern Secures Financing for Boston Celtics Practice Facility in Brighton, Mass.

by Haisten Willis April 13, 2017

BRIGHTON, MASS. — Transwestern Consulting Group (TCG) has arranged a construction and permanent financing loan on behalf of NB Development Group for 40 Guest St. in Brighton. According to public records, the loan amount was $76 million. TCG’s Chris Skeffington and Andrew Stone, along with NB Development’s Jim Halliday and Kevin Doyle, arranged the loan with East Boston Savings Bank. Part of the Boston Landing mixed-use development, 40 Guest St. is a planned 160,000-square-foot facility that will house the Boston Celtics’ new training and practice facility known as the Auerbach Center at New Balance World Headquarters. The project also includes two floors of Class A laboratory and office space totaling 83,500 square feet, plus 5,700 square feet of retail space. The project broke ground in November 2016, with completion expected in mid-2018. TCG provides leasing and property management services for Boston Landing.

April 13, 2017

Loans New York Northeast Office

Natixis Provides $250M Refinancing Loan for Office Property in NYC

by Haisten Willis April 13, 2017

NEW YORK CITY — Natixis has provided a $250 million first mortgage CMBS loan to JEMB Realty for the refinancing of 75 Broad St. in Manhattan. JEMB Realty purchased the office tower in 1999, and has renovated it into a property geared toward high-tech tenants. More than $50 million in improvements have been made to the 34-story, 650,000-square-foot property in recent years. Steve Kohn and Alex Hernandez of Cushman & Wakefield advised the borrower in the transaction.

April 13, 2017

New York Northeast Retail

Construction Begins on American Girl Place Store at 75 Rockefeller Plaza in NYC

by Haisten Willis April 13, 2017

NEW YORK CITY — Englewood Construction’s retail group has begun construction on a 40,000-square-foot American Girl Place store located at 75 Rockefeller Plaza in New York City. American Girl will move to the new space this fall from its current location at 609 Fifth Ave. The 75 Rockefeller Plaza store will be the 12th project Englewood has completed for American Girl since 2008. Cincinnati-based architecture firm FRCH Design Worldwide designed the new American Girl store, which will span two floors with direct entrances from both 51st and 52nd streets.

April 13, 2017

Loans Multifamily New York Northeast

KeyBank Provides $11.6M Financing for Multifamily Property in Rochester, N.Y.

by Haisten Willis April 13, 2017

ROCHESTER, N.Y. — KeyBank Real Estate Capital has provided an $11.6 million Freddie Mac first mortgage loan for Kings Court Manor Apartments in Rochester. The 184-unit multifamily property was built between 1968 and 1970. Dirk Falardeau of Key’s commercial mortgage group arranged the financing with a seven-year term, two-year interest-only period and a 30-year amortization schedule. The loan was used to refinance existing debt.

April 13, 2017

New Jersey Northeast Retail

M&M Brokers $2.6M Sale of Retail Property in Elizabeth, N.J.

by Haisten Willis April 13, 2017

ELIZABETH, N.J. — Marcus & Millichap has brokered the $2.6 million sale of a 16,208-square-foot retail property in Elizabeth. Michael Lombardi of Marcus & Millichap’s New Jersey office marketed the property on behalf of the seller, a private investor. Lombardi also secured and represented the buyer, another private investor. The property is located at 251 N. Broad St.

April 13, 2017

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