Property Type

Cronheim Mortgage Secures $28M Loan for 294,141 SF Shopping Center in New Jersey

by Amy Works February 11, 2016

MANVILLE, N.J. — Cronheim Mortgage has arranged $28 million in financing for Marketplace at Manville, a shopping center located in Manville. The 15-year loan has a 30-year amortization schedule and a 3.8 percent interest rate. The 294,141-square-foot retail center is occupied by Walmart Supercenter, Reading Cinemas, Dollar Zone, Retro Fitness, GNC, McDonalds, Sleepy’s and Great Clips. Constructed in 1999, the property is managed by Purchase, N.Y.-based National Realty & Development Corp. Andrew Stewart and Dev Morris of Cronheim Mortgage secured the financing, which was placed with AG Life.

February 11, 2016

Loans Multifamily Northeast Pennsylvania

Colliers Negotiates $24M Loan for Acquisition, Redevelopment of West Philadelphia High School

by Amy Works February 11, 2016

PHILADELPHIA — Colliers International Capital Markets has arranged $24 million of debt for the acquisition and redevelopment of a former West Philadelphia High School, located at 4700 Walnut St. in Philadelphia. The 442,000-square-foot building will be converted into a 298-unit multifamily property. The three-year adjustable loan is interest only at LIBOR plus 3.75 percent and was done as a Section 47 Historic Tax Credit transaction. Kristopher Wood and John Banas of Colliers arranged the loan for the undisclosed borrower.

February 11, 2016

New York Northeast Office

Cushman & Wakefield Arranges Sale of Development Site in Brooklyn

by Amy Works February 11, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a development site located at 431 Carroll St. in Brooklyn’s Gowanus neighborhood. Alloy Development purchased the property from MCP President Street LLC, managed by EcoRise Development, for $2.7 million, or $338 per buildable square foot, in an all-cash transaction. Situated in an M1-2 zoning district, the site allows for approximately 8,200 buildable square feet and offers 50 feet of frontage along Nevins Street and 82 feet of frontage along Carroll Street. The buyer plans to develop the corner site into an office building. Winfield Clifford and Brendan Maddigan of Cushman & Wakefield handled the transaction.

February 11, 2016

Hospitality Loans New York Northeast

Thorofare Capital Funds $7.5M Bridge Loan for Brooklyn Hotel

by Amy Works February 11, 2016

NEW YORK CITY — Thorofare Capital has funded a $7.5 million bridge loan for a hotel located in Brooklyn. The fixed-rate loan has a 65 percent loan-to-value ratio. Proceeds of the loan will be used to refinance the 56-room hotel. The name of the borrower was not released.

February 11, 2016

New Jersey Northeast Office

JLL Brokers 70,863 SF Office Lease in New Jersey for FC USA

by Amy Works February 11, 2016

MONTVALE, N.J. — JLL has arranged a 15-year lease for FC USA at an office building located at 5 Paragon Drive in Montvale. The company will occupy 70,863 square feet of space at the 119,254-square-foot, Class A office building. FC USA is relocating from 69 Spring St. in Ramsey, N.J., and will occupy a portion of the first floor and the entire second floor at the two-story commercial office building. Phillip Lipper, Thomas Reilly and Scott Lesh of JLL represented the tenant, while Gregory Barkan of CBRE Inc. represented the landlord, Lone Star Funds, in the transaction.

February 11, 2016

Indiana Midwest Multifamily Student Housing

Prime Property Investors Sells Student Housing Portfolio Near Purdue University for $47.2M

by Christina Cannon February 11, 2016

WEST LAFAYETTE, IND. — Prime Property Investors has sold a 25-building student housing portfolio near Purdue University in Indiana for $47.2 million. The portfolio includes a total of 777 beds. Prime Property Investors owned and managed all of the buildings, which include a mix of studio, one-, two-, three- and four-bedroom units. The buildings operated at 100 percent occupancy in the 10 years that Prime Property Investors owned them. Prime Property Investors sold the assets in 18 separate transactions. The undisclosed buyers included a combination of local, national and foreign investment groups. Purdue University had a fall 2015 enrollment of 39,000 students.

February 11, 2016

Indiana Midwest Multifamily Seniors Housing

Greystone Arranges $44.8M Sale of Two Communities near Indianapolis

by Christina Cannon February 11, 2016

INDIANAPOLIS — A private equity investment fund has purchased Traditions at Reagan Park and Traditions at Solana, both independent living, assisted living and memory care communities in the Indianapolis metropolitan area, for $44.8 million. Greystone, a real estate lending, investment and advisory company, arranged the deal through its Real Estate Advisors group. The seller was Leo Brown Group. Traditions at Reagan Park and Traditions at Solana are both newly constructed communities with 81 units and 105 units, respectively.

February 11, 2016

Iowa Loans Midwest Multifamily

NorthMarq Arranges $27M Refinancing Loan for Multifamily Property in Iowa

by Christina Cannon February 11, 2016

WEST DES MOINES, IOWA — NorthMarq Capital has arranged a $27 million refinancing loan for a 250-unit multifamily property in West Des Moines. Broadmoor at Jordan Creek II is located at 6500 Ep True Parkway. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged the financing for the undisclosed borrower through Freddie Mac.

February 11, 2016

Midwest Multifamily Wisconsin

Colliers International Brokers $8.4M Sale of Apartment Complex in Wisconsin

by Christina Cannon February 11, 2016

LAKE GENEVA, WIS. — Colliers International has brokered the sale of an apartment community in Lake Geneva, for $8.4 million. Geneva Meadows Apartments is a 108-unit apartment complex located at 1157 S. Wells St. Geneva Meadows LLC sold the property, which it has owned since the property’s construction in 1992. GPC Real Estate LLC acquired the complex, which is 97 percent occupied. All units at Geneva Meadows Apartments are two-bedroom/one-bathroom units that are 1,000 square feet. Brian Pohl and Tyler Hague of Colliers International represented the seller in the transaction. Jim Loarie of Oxford Development represented the buyer.

February 11, 2016

Illinois Midwest Retail

MB Real Estate Negotiates $6.8M Sale of Retail Property in Suburban Chicago

by Christina Cannon February 11, 2016

ELK GROVE VILLAGE, ILL. — MB Real Estate has brokered the sale of a 24,910-square-foot retail property in Elk Grove Village, approximately 25 miles northwest of Chicago. A private family purchased Strawberry Hill Plaza for $6.8 million as part of a 1031 exchange. Located at 601-633 Meacham Road, the shopping center was built in 1986 and is situated on 3.1 acres. The building is a single-story, multi-tenant center that has parking for 172 vehicles. Tenants at Strawberry Hill Plaza include Subway, The Great American Bagel and Merlin Muffler. McDonald’s and Taco Bell are both situated on outparcels to the shopping center. David Kimball and Jay Beadle of MB Real Estate represented the buyer in the transaction. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the undisclosed seller, which had owned the property since its construction in 1986.

February 11, 2016

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