ATLANTA — Dekel Capital, a Los Angeles-based real estate merchant bank, has arranged a $10.6 million loan for the acquisition and renovation of The Villas on Briarcliff, an 82-unit apartment community located in Atlanta’s North Druid Hills neighborhood. The property features a resort-style pool, 24-hour fitness center and detached garages. Dekel Capital arranged the 18-month, interest-only, floating-rate loan through Berkadia Commercial Mortgage.
BRIDGEPORT, W.VA. — Pittsburgh-based Civil & Environmental Consultants Inc. (CEC) has moved its Bridgeport office to Charles Pointe, a $1.5 billion, 1,700-acre mixed-use community within West Virginia’s I-79 High Technology Corridor. The environmental firm has leased 18,600 square feet of office space at 600 Marketplace Ave. for its 65 Bridgeport employees. CEC provides civil, ecological, environmental and survey services, as well as wastewater collection, transmission and treatment solutions to the mining, oil and gas and real estate industries, as well as to the public sector.
CHICAGO — Cushman & Wakefield has arranged the sale of two newly renovated industrial properties along Chicago’s I-55 corridor for $14.3 million. 51st Holdings LLC purchased the assets, which total 391,483 square feet, from Venture One Real Estate LLC. Venture One acquired the properties in 2014 and completed a renovation that included restored roofs, facade improvements, updated loading docks, revamped office space, lighting and electrical upgrades, and interior and exterior painting. 6500 West 51st St. was vacant at the time of sale, while 6400 West 51st St. was fully occupied by NADC Group, a logistics and supply chain management firm. Larry Goldwasser, Sally Macoicz, Colin Green and Michael George of Cushman & Wakefield represented both parties in the transaction.
COLUMBUS AND REYNOLDSBURG, OHIO — Lancaster Pollard has closed two refinancing loans totaling $5.5 million for multifamily properties in Ohio. Both properties were participating in the federal Low-Income Housing Tax Credit Program and have recently exited their initial 15-year credit period. Homeport Inc. was the borrower for both loans. In the first deal, Lancaster Pollard originated and underwrote a $3.5 million fixed-rate FHA loan for Pheasant Run Apartments, a 136-unit property located in Reynoldsburg. The FHA loan, which features a 35-year term, paid off existing debt and provided $1 million for repairs and renovations. In the second transaction, Lancaster Pollard originated and underwrote a $2 million fixed-rate Fannie Mae loan for Emerald Glen Apartments, a 130-unit complex in Columbus. The nine-year term financing paid off current debt and provided $350,000 for repairs and renovations. Both loans were paired with additional financing from the Ohio Housing Finance Agency.
BLACK RIVER FALLS, WIS. — Marcus & Millichap has arranged the $4.4 million sale of Comfort Inn & Suites Black River Falls. The 75-room hotel was originally constructed in 1997 as a Holiday Inn Express & Suites. The property is located at W10170 Highway 54 E. in Black River Falls, approximately 53 miles southeast of Eau Claire. Amenities include a porte-cochère, indoor pool and whirlpool and meeting space. Jon Ruzicka of Marcus & Millichap listed the property on behalf of the seller, a limited liability company. Ruzicka also secured the buyer, a private investor.
BUFFALO, MINN. — Mid-America Real Estate has brokered the sale of Buffalo Crossing, a 19,753-square-foot retail property for $3.8 million. A local investment group acquired the property from an undisclosed seller. The shopping center is located in Buffalo, approximately 40 miles northwest of Minneapolis. Situated along Highway 55, Buffalo Crossroads is anchored by Jimmy John’s and Anytime Fitness. Mark Robinson of Mid-America represented the buyer in the transaction.
CLINTON TOWNSHIP, MICH. — FM Capital has acquired a $2.8 million non-performing loan that is secured by three K&S industrial buildings in Clinton Township, approximately 25 miles northeast of Detroit. The three facilities total 54,000 square feet and were constructed between 1989 and 2002.
SUNNYVALE, CALIF. — Google Inc. (NASDAQ: GOOG) has entered into a purchase agreement to buy eight office buildings in Silicon Valley from NetApp (NASDAQ: NTAP) for $250 million, according to a document filed with the Securities and Exchange Commission on March 9. The tech companies amended the filing on March 11. NetApp plans to lease back an unspecified portion of the office footprint from Google, according to the filing. The office properties, located in Sunnyvale in Santa Clara County, include the following: • 1299 Orleans Drive (46,170 square feet) • 1277 Orleans Drive (42,624 square feet) • 1260 Crossman Ave. (95,464 square feet) • 1240 Crossman Ave. (125,648 square feet) • 549 Baltic Way (110,160 square feet) • 641 Baltic Way (88,320 square feet) • 611 Baltic Way (43,372 square feet) • 633 Caribbean Drive (43,372 square feet) According to the filing, the sale is expected to close prior to April 12, 2016, and in no circumstance later than April 22. NetApp, a data storage management provider and servicer, recently announced it would cut roughly 12 percent of its workforce, according to the Silicon Valley Business Journal. NetApp currently has more than 12,000 employees in more than 150 offices worldwide. …
ATLANTA — Too often hoteliers are so immersed in executing their business plans they miss golden opportunities that suddenly arise, according to hotel experts speaking at the 28th annual Hunter Hotel Conference. During the “State of the Industry” panel, executives from Blackstone, Starwood Capital Group, Rockbridge, MCR Development LLC and Apple Hospitality REIT took the stage to discuss opportunities they see in the marketplace. Tyler Morse, CEO and managing partner of MCR Development, said the lodging industry in the United States will present ample opportunities in the next couple years. “The hotel space in particular in the U.S. economy is going to be great in 2016 and 2017. The rest of the world is kind of a disaster,” said Morse. “Funds are coming to the U.S. as a flight to quality. The U.S. is where the growth is, and the hotel business is a beneficiary of that.” In a real-world example of being opportunistic, Brian Kim, managing director of real estate at Blackstone, spoke about how the firm’s recent $6.5 billion sale of Strategic Hotels & Resorts to Beijing-based Anbang Insurance Group Inc. wasn’t the original strategy for Blackstone. Having just closed on the Strategic purchase in December 2015, Blackstone’s …
NEW YORK CITY — A partnership between Westbrook Partners and RXR Realty has received $162 million in first mortgage financing for the conversion of Hall Street Complex, a 10-building, 665,000-square-foot mixed-use complex in Brooklyn. Michael Tepedino, Steven Klein and Christopher Peck of HFF arranged the floating-rate loan through Starwood Property Trust Inc. for the borrower. The loan proceeds were used to acquire the property and will fund the repositioning of the asset into a creative loft office property. Located across the street from Brooklyn Navy Yard, Hall Street Complex features an exposed brick-and-mortar industrial design, 14-foot ceilings, expansive window lines, large and flexible 4,500-square-foot to 28,000-square-foot floor plates and Manhattan skyline views.
