Property Type

PCCP Provides $66M Loan for 105-Unit Multifamily Property in Midtown Manhattan

by Amy Works February 3, 2017

NEW YORK CITY — PCCP has provided a $66 million senior loan to Coral Realty for the recapitalization and lease-up of Theater House, a newly developed apartment tower located at 237 E. 34th St. in the Kips Bay submarket of Midtown Manhattan. The 25-story property is 99 percent complete with move-in slated for March. Theater House features 105 units in studio, one- and two-bedroom layouts, 7,000 square feet of indoor and outdoor communal space, a 24/7 gym facility and a 24/7 doorman. Coral Realty is a privately owned real estate firm focused on developing residential units in New York City and Florida.

February 3, 2017

Loans Northeast Pennsylvania Retail

HFF Arranges Financing for Retail Center in Philadelphia’s Center City

by Amy Works February 3, 2017

PHILADELPHIA — HFF has arranged permanent financing for the retail portion of Rodin Square, a 79,233-square-foot newly built mixed-use property in Philadelphia’s Center City. Ryan Ade, Chris Munley and Mark West of HFF secured the 20-year, fixed-rate loan through Principal Real Estate Investors for the borrower, a partnership between Rodin Group and Benenson Capital Partners. Whole Foods Market anchored the property, which is situated on 2.9 acres at 501 N. 22 St. Additional tenants include Thomas Jefferson Hospital, CVS/pharmacy and Santander Bank.

February 3, 2017

Industrial New Jersey Northeast

NAI Hanson Arranges Sale of 26,000 SF Industrial Building in South Hackensack, New Jersey

by Amy Works February 3, 2017

SOUTH HACKENSACK, N.J. — NAI James E. Hanson has brokered the sale of an industrial building located at 262 Green St. in South Hackensack. Alan Party Rental acquired the 26,000-square-foot building from A&E Green Realty, Rosemont Court Associates and Dody Road Associates for an undisclosed price. The freestanding building features 2,500 square feet of office space, 40 parking spaces, two tailgates and one drive-in door. Jeff DeMagistris and Thomas Vetter of NAI Hanson represented the sellers in the deal.

February 3, 2017

Loans Massachusetts Multifamily Northeast

NorthMarq Secures $2.3M in Refinancing for Seven-Property Multifamily Portfolio in Massachusetts

by Amy Works February 3, 2017

DOUGLAS AND WHITINSVILLE, MASS. — NorthMarq Capital has finalized $2.3 million in refinancing for a portfolio of multifamily properties. The firm secured a $1 million in refinancing for four properties in Douglas: 347, 349, 353 and 355 Main Street. Additionally, NorthMarq arranged $1.3 million in refinancing for three properties in Whitinsville: 258-260 Church Street, 87 East Street and 87.5 East Street. The seven-property portfolio features 41 apartment units. The transaction was structured with a 10-year term on a 30-year amortization schedule. Ed Riekstins of NorthMarq arranged the financing through its seller/servicer relationship with Freddie Mac for the undisclosed borrower.

February 3, 2017

Industrial Northeast Pennsylvania

LBP Manufacturing Signs 101,935 SF Industrial Lease in Jessup, Pennsylvania

by Amy Works February 3, 2017

JESSUP, PA. — LBP Manufacturing has signed a lease for 101,935 square feet of industrial space at 7 Alberigi Drive in Jessup. The national food packaging manufacturer will occupy space at Endurance Real Estate Group’s three-building I-81/NEPA Bulk-Industrial Portfolio. Daniel Walsh and Gerry Blinebury of Cushman & Wakefield represented the landlord, an affiliate of Endurance, while Jason Webb, Lee Fittipaldi and Kris Bjorson of JLL represented the tenant in the deal.

February 3, 2017

Iowa Midwest Multifamily Student Housing

Opus Completes Construction of Student Housing Building at Iowa State University

by Kristin Harlow February 3, 2017

AMES, IOWA — The Opus Group has completed construction of Geoffroy Hall, a 193,000-square-foot residence hall on the Iowa State University campus in Ames. The building consists of eight stories and 784 beds. Totaling 392 rooms, the student housing building also includes an activity room, study areas and community spaces on each floor. “Front porch” spaces serve as areas for residents to socialize and meet in groups. Opus Design Build LLC was the design builder while Opus AE Group LLC served as architect, structural engineer and interior designer.

February 3, 2017

Affordable Housing Loans Midwest Multifamily Wisconsin

Associated Bank Arranges $10M Construction Financing for Affordable Housing Project in New London, Wisconsin

by Kristin Harlow February 3, 2017

NEW LONDON, WIS. — Associated Bank has arranged $10 million in financing for the construction of Beacon Avenue Cottages, an affordable housing project in New London, about 25 miles northeast of Appleton. The property will consist of 40 apartment units in five cottage-style buildings at 580 Freemont St. The property will include a mix of two- and three-bedroom units, each with its own entrance and garage. Amenities will include a clubhouse, fitness center and laundry room. Completion is slated for spring 2018. Commonwealth Development Corp. is developing the project. Associated Bank provided a $4.7 million construction loan. In addition to the loan, $4.9 million was obtained in low-income housing tax credit equity and $510,000 was funded through an Affordable Housing Program grant. Bryan Schreiter of Associated Bank originated the loan, while Michael McGovern of Associated Bank managed the equity investment through a National Equity Fund Inc. proprietary fund.

February 3, 2017

Midwest Minnesota Multifamily

Monument Capital Acquires Apartment Community in Eagan, Minnesota

by Kristin Harlow February 3, 2017

EAGAN, MINN. — Monument Capital Management has acquired Lexington Hills Apartments in Eagan. The seven-building community consists of 168 units and is located at 4116 Lexington Ave. South. Amenities include a clubhouse, fitness center, swimming pool and detached garages. The community recently underwent $1.8 million in renovations, and upgrades will continue under the new ownership.

February 3, 2017

Hospitality Kansas Midwest

NAI Martens Brokers Sale of Two Hotels in Wichita, Kansas

by Kristin Harlow February 3, 2017

WICHITA, KAN. — NAI Martens has brokered the sale of The Northrock Suites and Wichita Inn North in Wichita. A hotel investor group purchased the hotels with plans to flag them as a Comfort Inn & Suites and a Super 8. Neither the sales prices nor the seller were disclosed. Northrock Suites was built in 1996, and consists of four stories and 101 rooms. Wichita Inn North was built in 1998, and consists of three stories and 96 rooms. Troy Farha of NAI Martens brokered the transaction.

February 3, 2017

Illinois Midwest Office

Home Chef Signs 29,095 SF Office Lease at the Wrigley Building in Chicago

by Kristin Harlow February 3, 2017

CHICAGO — Home Chef has signed a 29,095-square-foot office lease at the Wrigley Building in Chicago. The site will serve as the weekly meal delivery service’s new headquarters. Home Chef previously occupied headquarters space at 225 West Ohio St. The company will occupy the 14th floor of both the North and South Wrigley Towers, which are connected by a sky bridge. John Skalla and Craig Nadborne of Bradford Allen competed the lease transaction on behalf of Home Chef. The transaction is a sublease between Home Chef and Extreme Reach, which was represented by John Ziesmer and Kevin Moore of Avison Young.

February 3, 2017

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