NEW YORK CITY — Ariel Property Advisors has brokered the sale of a development site located at 417 Gerard Ave. in the Mott Havens section of the South Bronx. Treetop Development purchased the site from Galaxy General Contracting for $5 million, or $100 per buildable square foot. Zoned M1-4/R8A, the 9,816-square-foot site provides 49,680 buildable square feet as-of-right. Jason Gold, Scot Hirschfield, Marko Agbaba and Victor Sozio of Ariel Property Advisors represented the seller and procured the buyer in the deal.
AURORA, Ill. — Evergreen Real Estate Group, a Chicago-based developer of market-rate multifamily properties, is nearing completion of its St. Charles Senior Living independent living development. The 60-unit, $24 million project is a redevelopment of St. Charles Hospital, a historic Art Deco building in the Chicago suburb of Aurora. The renovations began in February, and move-ins are scheduled to begin in December. Designed by Wybe J. Van der Meer, the former hospital was completed in 1932, with additional renovations made to the interior of the structure in the decades that followed. Until the redevelopment, the building had stood vacant since 2010, the year it was named to the National Register of Historic Places. Evergreen Real Estate Group collaborated with Invest Aurora, the Northern Lights Development Corp., the City of Aurora, the Illinois Housing Development Authority (IHDA) and the Illinois Department of Commerce and Economic Opportunity, along with several private lenders and investors, to secure the financing and tax credits needed to fund the rehabilitation. Approximately $3 million was obtained through the River Edge Redevelopment Zone program, created in 2006 to incentivize riverfront development in several Illinois cities. The balance of the project’s development cost was covered by a combination of …
TROY, MICH. — Vista Capital Co. has closed $16 million in refinancing for the Homewood Suites located in Troy, a northern Detroit suburb. Part of the 10-year loan will be used to fund renovations over the next five years. The financing was awarded to a European-based investment bank. Opened in 2002, the Homewood Suites in Troy features 150 suites, an indoor heated pool, fitness center, executive business center and approximately 1,200 square feet of meeting space.
YPSILANTI, MICH. — Colliers International has arranged the sale of Arbor Square Plaza, a retail center located at 4003 Carpenter Road in Ypsilanti. Arbor Square Plaza LLC sold the 27,816-square-foot property to VDG Arbor Square LLC for an undisclosed sum. The property is occupied by Subway, Sprint, The Bread Basket, UPS and State Farm. Jim Chaconas of Colliers represented the seller.
DETROIT — Pillar has originated an $11.8 million Fannie Mae DUS loan for Detroit Savings Bank Apartments in downtown Detroit. The 10-year term loan features a 30-year amortization schedule. David Wilkins of Pillar originated the financing for Capitol Park Partnership. Built in 1895, the 12-story building features 56 market-rate apartment units on the top seven floors and The Archdiocese of Detroit on the first five floors.
PLEASANT HILL, IOWA — NorthMarq Capital has closed a $6.2 million refinancing for Golf View Apartments, a multifamily property located in Pleasant Hill near Des Moines. Jason Kinnison of NorthMarq’s Omaha office arranged the financing for the undisclosed borrower. The multifamily property features 84 apartment units.
DALLAS — Colliers International has arranged the sale of Northgate III, a 95,204-square-foot industrial property in Dallas. The buildings are located at 12002 and 12092 Forestgate Drive. Lizzy Blake of Colliers represented the seller, Mountain West Industrial, and Tom Grant of Lee & Associates represented the buyer, P.S.C. Properties LLC.
DENTON, TEXAS — Marcus & Millichap has brokered the sale of Denton Medical Office Building, a 12,892-square-foot office property located in Denton. The single-story, multi-tenant medical office building is located at 3331-3333 Colorado Blvd. Lab Corp. and Health Texas Provider Network fully occupy the space. Cody Payne and Wayne Bares of Marcus & Millichap represented the buyer and seller in the transaction. Both parties were undisclosed private investors.
DALLAS — Workplace interior furnishings company Teknion Corp. will relocate its Dallas/Fort Worth office and showroom to KPMG Plaza at HALL Arts. The 18-story, 500,000-square-foot office tower is located in the Arts District of Dallas. The company will move into an 8,000-square-foot space designed by Vanderbyl Design on the building’s 16th floor. TVSdesign will assist Vanderbyl in the execution of the space. Kim Butler, the director of leasing at HALL Group, represented the landlord in the lease, and Jeff Eiting of CBRE represented Teknion. The company will move into its new space in spring 2017.
CYPRESS, TEXAS — Caddis, a Dallas-based real estate developer, has opened Heartis Cypress, a 78-unit assisted living and memory care community in the Houston suburb of Cypress. Oregon-based Good Neighbor Care manages the 63,000-square-foot community, which Caddis owns. Development costs were not disclosed. A unique feature of the community is its main street, a stretch of the community featuring a movie theater, 1950s-style ice cream parlor, art studio, auto repair, planting nursery and other stores. Each establishment has its own storefront aligned complete with streetlights and park benches. Austin-based KATUS designed the community. The Dallas office of Amegy Bank provided financing.