ROYAL OAK, MICH. — Bernard Financial has arranged a $10 million Fannie Mae DUS loan for a mixed-use building in Royal Oak. Kevin Kovachevich of Bernard Financial Group secured the financing for the borrower, Eight55 South Main Apartments LLC. The five-story building features 48 apartments and 5,509 square feet of ground-floor retail space.
KALAMAZOO, MICH. — Cohen Financial has arranged a $10 million HUD 223(f) fixed-rate loan through Pillar’s lending program for Landing Apartments in Kalamazoo. The 35-year loan will refinance the original short-term bank loan that Cohen Financial secured for the acquisition of the property. The borrower, Trillium Ventures MSV, acquired the 180-unit multifamily property in 2015. Cathy Bronkema of Cohen Financial arranged the financing for the borrower.
BLOOMINGDALE, ILL. — Brown Commercial Group represented Korpack in the lease of a 56,269-square-foot of industrial space at 290 Madsen Drive, Suite 101, in Bloomingdale. Korpack is a single-source supplier of standard and custom packaging, as well as packaging machinery and automation solutions. Additionally, the company subleased its original 18,252-square-foot headquarters at 1232 Hardt Circle in Bartlett, Ill., to an undisclosed subtenant. Dan Brown and Jim Peitrarosso of Elk Grove Village, Ill.-based Brown Commercial represented Korpack in the lease and sublease, respectively. Al Caruana of Cushman & Wakefield and Aaron Rosdal of Prologis represented the landlord, ProLogis, in the new headquarters lease.
SEALY, HOUSTON and ALVIN, TEXAS — Hunt Mortgage Group has provided four Fannie Mae loans totaling $21.8 million to refinance four multifamily properties in metro Houston for the same sponsor, William Doogan. The properties include: Edgewood Apartments. Hunt Mortgage Group provided a $3.9 million loan facility to refinance Edgewood Apartments. The garden-style property comprises nine two- and three-story residential buildings totaling 136 units. Edgewood Apartments is located in Sealy, about 50 miles west of Houston. Amenities include an outdoor saltwater pool, spa, two playgrounds and a common laundry facility. Savannah Place Apartments. Savannah Place Apartments is located in the Eldridge neighborhood of Houston, 23 miles east of the Houston central business district. Hunt provided a $7 million loan to refinance the property, a garden-style complex with 13 two- and three-story residential buildings plus a single-story leasing office. There are 260 parking spaces on-site, including 152 carport spaces, enabling each unit to have an assigned/reserved covered space. Harpers Mill Apartments. Hunt Mortgage Group provided a $5 million loan to refinance Harpers Mill Apartments, a 130-unit garden-style property with 13 two-story residential buildings and a two-story leasing office. Harpers Mill Apartments has 238 parking spaces. Property amenities include two common laundry facilities …
SAN ANTONIO — Casey Development Ltd. has opened The Keep Storage at Westover Hills in San Antonio. The property is a 106,000-square-foot, Class A self-storage facility located at the northeast corner of Highway 151 and Ingram Road. The facility provides 671 storage units and 10 mini offices. The storage units vary in size from five- by five-foot lockers to 10- by 30-foot units, and73 percent are climate controlled. The Keep Storage at Westover Hills is Casey Development’s first self-storage facility. Future Keep Storage facilities in San Antonio are under development in Stone Oak, Thousand Oaks/Henderson Pass and on Vance Jackson Road outside Loop 410. Amenities include on-site management, a digital surveillance system with closed-circuit visual hallway monitoring, individual door alarms and controlled access entry.
BRYAN, TEXAS — Oldham Goodwin Capital (OGC) has arranged the sale of Javelina Station Apartments, a 360-bed student housing community located at 1300 W. Corral Ave. in Kingsville, to ApexOne Investment Partners. Oldham Goodwin Capital is a subsidiary of Oldham Goodwin Group LLC. Javelina Station Apartments is located within walking distance of Texas A&M University — Kingsville. Amenities include a swimming pool, outdoor kitchen and barbecue area, fitness center, theater room, game room, study room and coffee bar.
SAN ANTONIO — Institutional Property Advisors (IPA) a division of Marcus & Millichap, has brokered the sale of Boardwalk Med Center, a 276-unit apartment community in northwest San Antonio. Will Balthrope, Drew Kile and Jordan Featherston of IPA represented the seller and procured the buyer, an affiliate of Starlight U.S. Multi-Family. The property is located at 7838 Huebner Road, near the South Texas Medical Center, the University of Texas at San Antonio and the world headquarters of USAA. Completed in two phases in 2011 and 2014, Boardwalk Med Center’s community amenities include a swimming pool, fitness center, outdoor fire pit and a dog park. Unit amenities include granite countertops, black appliances and full-size washers and dryers.
PLANO, TEXAS — Venture Commercial’s David Schnitzer has represented the firm of R. E. Lopez and Associates LP in the acquisition of a 16,000-square-foot office building in Plano for a relocation and expansion of its law offices. The two-story building, named The 550, is located at 550 E. 15th St. at the southeast quadrant of 15th Street and North Central Expressway. Lopez will occupy the top floor and will lease out the bottom floor of the building. Brandon Crow and Wilson Stafford of EDGE Realty Partners represented the seller, 4 Green House Holdings I LLC.
SANDY SPRINGS, GA. — Bluerock Residential Growth REIT Inc. (BRG) has purchased the Nevadan Apartments, a 480-unit apartment community located in Sandy Springs, for $68.3 million. BRG purchased the asset in a joint venture transaction with the Carroll Organization. BRG invested $23 million in the transaction and sourced a $48 million senior loan for the acquisition and renovation. The Carroll Organization is a 10 percent stakeholder in the joint venture. Built in 1990 near I-285 and GA 400, Nevadan Apartments features a clubhouse, resort-style swimming pool, poolside grill/lounge, 24-hour fitness center, tennis courts and underground parking. Units average nearly 1,100 square feet. Bo Moore, Dan Phelan and John Weber of ARA Newmark represented the seller, AION Partners, in the transaction.
MIAMI BEACH, FLA. — Madison Capital has acquired a retail and parking development located at 2000 Collins Ave. in Miami Beach’s South Beach district for $57.3 million. The property features a six-story parking deck and about 40,000 square feet of retail space leased to luxury retailers and upscale restaurants. The property is part of a mixed-use development built in 2010 that houses the Boulan South Beach hotel and occupies an entire city block between 20th and 21st streets and Collins and Liberty avenues. Newmark Grubb Knight Frank was the sole broker of the deal. Dockerty Romer arranged a five-year, $30.3 million acquisition loan through Wells Fargo on behalf of Madison Capital.
