Property Type

Pillar Originates $11.3M Fannie Mae Loan for Refinancing of Multifamily Property in Cincinnati

by Kristin Harlow February 9, 2017

CINCINNATI — Pillar has originated an $11.3 million Fannie Mae loan for the refinancing of The Gramercy on Garfield. Built in 1992, the Class A multifamily property is located in downtown Cincinnati. The property consists of 148 studio, one- and two-bedroom units, as well as amenities such as a swimming pool, outdoor kitchen, clubroom and a parking garage. The Gramercy on Garfield also includes 16,000 square feet of street-level retail space. The 10-year, fixed-rate loan features a 30-year amortization schedule. Joe Markech of Pillar originated the loan. The borrower was a developer and manager of multifamily properties in Southwest Ohio. Chip Kupferberg of BlueMark Capital was the mortgage banker.

February 9, 2017

Mixed-Use North Carolina Southeast

TriBridge Residential Breaks Ground on Retail Portion of $50M Mixed-Use Development in Charlotte

by John Nelson February 9, 2017

CHARLOTTE, N.C. — TriBridge Residential has broken ground on the retail portion of One305Central, a $50 million mixed-use development located in Charlotte’s Plaza Midwood neighborhood. The Shopping Center Group will market the 10,000 square feet of retail space and 2,000 square feet of patio space for dining and entertainment tenants. The project team for the retail portion, which will be housed in a redeveloped building located at the corner of Central and Clement avenues, includes Hood Architecture and Roper Construction. In addition to the retail space, One305 Central will also feature 281 apartments, which will be complete this summer, along with resident-only parking and 65 parking spaces allocated for retail and dining customers. TriBridge Residential acquired One305Central’s five-acre site in 2014 for $7.8 million. Citizens Bank provided construction financing for the mixed-use development.

February 9, 2017

Florida Loans Multifamily Southeast

Hall Structured Finance Closes $37.7M Construction Loan for Apartment Community in Central Florida

by John Nelson February 9, 2017

KISSIMMEE, FLA. — Hall Structured Finance has closed a $37.7 million construction loan for Millennium at Citrus Ridge, a 326-unit apartment community located in Kissimmee, a suburb of Orlando. Hall Structured Finance originated the loan on behalf of the developer, DLC Residential. Situated two miles from Walt Disney World Resort, the property will feature a clubhouse, resort-style pool, fitness center, conference facility and social lounge. Millennium at Citrus Ridge’s units will average about 1,000 square feet. Hall Structured Finance has now closed six construction loans for apartment communities in Florida.

February 9, 2017

Illinois Midwest Office

SVN Brokers $5M Sale of Office Building in Chicago

by Kristin Harlow February 9, 2017

CHICAGO — SVN has brokered the $5 million sale of a three-story office building located in Chicago’s Fulton Market district. The 18,000-square-foot building is located at 170 N. Halsted St. Scott R. Maesel of SVN represented the buyer, Shapack Partners and Focus Development. The site, along with an adjacent north parcel, will encompass a future 250,000-square-foot office building. The seller was an owner-user who operated Aaron’s Machinery at the location for more than 40 years.

February 9, 2017

Georgia Loans Office Southeast

NXT Capital Provides $36.5M Acquisition Loan for Office Park in Metro Atlanta

by John Nelson February 9, 2017

TUCKER, GA. — NXT Capital has provided a $36.5 million acquisition loan for Lakeside Centre, a six-building office park in the Atlanta suburb of Tucker. Situated adjacent to Interstate 285, U.S. Highway 78 and U.S. Highway 29, the office park features a fitness center, lake views, walking trails, café conference room, on-site management, an on-site bank with a drive-thru and 24/7 security. The borrower and details of the financing were undisclosed.

February 9, 2017

Florida Seniors Housing Southeast

SLIB Negotiates $15.5M Sale of Two Seniors Housing Communities in South Florida

by John Nelson February 9, 2017

HOLLYWOOD AND PEMBROKE PARK, FLA. — Senior Living Investment Brokerage (SLIB) has arranged the $15.5 million sale of Emerald Park and The Plaza at Pembroke Park, two assisted living communities in South Florida. Emerald Park in Hollywood was built in 1998 and features 73 units. The Plaza at Pembroke Park in Pembroke Park features 79 units, and was remodeled in 2012. The buyer and seller were not disclosed. Bradley Clousing and Jeffrey Binder of SLIB led the transaction.

February 9, 2017

Florida Loans Mixed-Use Southeast

Ready Capital Structured Finance Closes $8.1M Loan for Mixed-Use Project in Miami

by John Nelson February 9, 2017

MIAMI — Ready Capital Structured Finance has closed an $8.1 million loan for the refinancing and renovation of a 66,262-square-foot mixed-use property located at 8300 N.E. 2nd Ave. in Miami’s Little River neighborhood. Originally built in 1951, the property will be renovated to include a food and boutique market on the first and mezzanine floors, office space on the second floor and a roof deck offering 360-degree views of Miami. The two-year loan features interest-only payments, one extension option, flexible prepayments and a facility for future capital expenditures, tenant improvements and leasing commissions.

February 9, 2017

Multifamily Oregon Western

Land and Houses Buys Yard Apartment Tower in Portland for $126.7M

by Nellie Day February 9, 2017

PORTLAND, ORE. — Land and Houses has acquired the 284-unit Yard Apartment Tower in Portland for $126.7 million. The community is located at 22 N.E. 2nd Ave. in a former industrial neighborhood on Portland’s east side. The 21-story tower is part of the Portland Development Commission’s Burnside Bridgehead Master Plan, an effort to revitalize entrepreneurial development in Portland. Yard was completed in 2016. It was sold pre-stabilization at 50 percent occupancy. Land and Houses is a subsidiary of a Bangkok-based investment firm. This is its first investment in Portland. Philip Saglimbeni and Elizabeth Davis of Institutional Property Advisors represented the buyer. Davis also represented the seller, Block 67 LLC, with assistance from Pete Shelton and Kim Grant.

February 9, 2017

California Office Western

Encino Corporate Plaza Sells for $35.5M

by Nellie Day February 9, 2017

LOS ANGELES — Encino Corporate Plaza, a 126,275-square-foot office complex in the Los Angeles submarket of Encino, has sold to an undisclosed investor through receivership for $35.5 million. The center is located at 16661 Ventura Blvd. Encino Corporate Center was built in 1968 and fully renovated in 1988. It is currently 76 percent leased, housing a mix of medical and professional services tenants. Trigild will remain on board as property manager. HFF’s Andrew Harper and Evan Kovac brokered the sale.

February 9, 2017

California Loans Retail Western

Mesa West Capital Arranges $35.7M Refinancing for Retail Center in Walnut Creek

by Nellie Day February 9, 2017

WALNUT CREEK, CALIF. — Mesa West Capital has originated a $35.7 million first mortgage loan for the refinancing and repositioning of Rossmoor Shopping Center in Walnut Creek. A joint venture between Citivest Commercial and Tallen Capital Partners was the borrower. The borrower acquired the property in 2012 and is implementing a city-approved redevelopment plan for the 108,000-square-foot property. In addition to upgrading the exterior façade, expanding the inline space and adding new retail pads, the plan also includes adding an additional 27,000 square feet of net rentable area to the existing property. Steve Fried and Seth Hall of Mesa West Capital originated the five-year, non-recourse, floating-rate loan for the borrower.

February 9, 2017

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