NEW YORK CITY — Cushman & Wakefield has arranged $38 million in financing to increase proceeds on the existing construction loan for a multifamily property at 33 Lincoln Road in Brooklyn’s Prospect Lefferts Gardens neighborhood. The borrower, Lincoln Park Partners, will use the loan to complete the development of a nine-story residential building featuring 141 apartment units and retail space. The loan was provided by Santander Bank. Preston Flammang of Cushman & Wakefield arranged the two-year loan for the borrower.
NEW BRITAIN, CONN., AND POUGHKEEPSIE, N.Y. — Cronheim Mortgage has arranged two loans totaling $9.5 million for two retail properties in New Britain and Poughkeepsie. Andrew Stewart and Dev Morris of Cronheim secured both 10-year loans, which feature a 4.22 percent fixed rate and 25-year amortization schedule. The loans were placed with Fidelity & Guaranty Life Insurance Co. In New Britain, an undisclosed borrower received $3.5 million in financing for Brittany West Plaza, a 39,438-square-foot retail property. The property is currently 100 percent leased to a variety of national and regional tenants, including Subway, TD Bank, Hair Cuttery, Gloria’s Nails and Arthur Murray Dance Studio. In Poughkeepsie, an undisclosed borrower received $6 million in financing for Poughkeepsie Plaza, a 170,966-square-foot community shopping center. Originally constructed in 1958, the property was partially enclosed in 1978, with various additions from 1983 to 2004.
BROOKHAVEN, GA. — Emory University has purchased roughly 60 acres of commercial property at Executive Park, an office park located near the interchange of North Druid Hills Road and I-85 in Brookhaven. The private university purchased the property, totaling roughly 400,000 square feet of office space in nine buildings, from Equity Commonwealth for an undisclosed price. Emory has several programs operating at Executive Park, including Orthopaedics, Brain Health, Medical Science Education, Continuing Education and Health Information Technology, according to James Wagner, president of Emory University.
NASHVILLE, TENN. — Champion Real Estate Co. has purchased Village Green Hills Apartments, a newly constructed, 82-unit apartment complex in Nashville, for $22.5 million. The apartment complex is within walking distance of Greens Hills Mall and Hill Center with Nashville’s only Whole Foods Market and Trader Joe’s. Champion and its affiliates currently own six multifamily properties in Nashville consisting of nearly 200 rental units with product ranging from entry-level studios and student housing to high-end townhomes.
RALEIGH, N.C. — The Preiss Co. has acquired Campus Edge, a 546-bed student housing community located near the North Carolina State University campus in Raleigh. Preiss plans to begin a $2.2 million renovation on the property this year, which should be complete by fall 2017. The community consists of 13 two- and three-story, garden-style buildings with furnished and unfurnished units. Property amenities include a computer lab, resort-style swimming pool, fitness center, tanning bed, volleyball and basketball courts, dog park, clubhouse with a game room and a car wash area. The community’s furnished units, which comprise roughly 88 percent of inventory, feature nine-foot ceilings, patios or balconies, appliances, full-sized washers and dryers, private bathrooms, walk-in closets, monitored intrusion alarms, extended basic cable and high-speed Internet.
BRADENTON, FLA. — KeyBank Real Estate Capital has provided a $10.2 million bridge loan for Centre Court Apartments, a 180-unit affordable housing community in Bradenton. The property operates under the Section 42 Low Income Housing Tax Credit (LITHC) with 108 units reserved for renters earning 60 percent area median income (AMI) and 27 units restricted to 30 percent AMI. John Gilmore IV of KeyBank’s community development lending division originated the loan on behalf of the borrower, Foundation for Affordable Rental Housing Holdings Inc., a nonprofit organization based in Delaware. Centre Court Apartments is sponsored by Harmony Housing, a 501(c)(3) nonprofit organization.
KNOXVILLE, TENN. — Berkadia has arranged a $10.1 million acquisition loan for The Element at Cedar Bluff, a 223-unit apartment community in Knoxville formerly known as Warren House Apartments. The property is situated roughly 10 miles from the University of Tennessee and Neyland Stadium. The borrower, SCBP Knoxville Associates LLC, a partnership between Springer Capital and Brookside Properties, used the loan to acquire the property and fund future renovations totaling roughly $5 million. The Element at Cedar Bluff’s amenities include a new fitness center, resort-style swimming pool, granite countertops and stainless steel appliances. The property was 93 percent occupied at the time of financing. Corby Chaffin of Berkadia’s Houston office arranged the floating-rate loan through Latitude Management Real Estate Investors, a Southern California-based institutional debt fund specializing in bridge lending.
MILWAUKEE — Physicians Realty Trust, a healthcare REIT, has executed a series of purchase and sales agreements, as well as a letter of intent, to acquire 52 medical office facilities from the Catholic Health Initiatives (CHI) for $724.9 million. The CHI portfolio is 94 percent leased and contains 3.1 million square feet of space across 10 states. Approximately 93 percent of the in-place net operating income during the first year will stem from new 10-year lease agreements. The portfolio purchase price includes $32.9 million of future capital improvements, most of which will be completed in the next five years. Physicians Realty Trust expects to close the acquisition in two tranches, the first of which will close this month and cost $202 million. The acquisitions are subject to customary closing conditions, which include the Vatican’s approval to purchase 35 facilities. Catholic Health Initiatives, the fifth largest non-profit health system in the United States, owns over 103 hospitals.
NOVI, MICH. — Novi-based The Kroger Co. of Michigan will invest $180 million in Michigan’s grocery sector during 2016 by adding three Kroger Marketplaces stores and six new fuel centers. The grocer will also increase its ClickList online shopping service to 22 locations and remodel 11 existing stores. The new stores will be located at 12 Mile Road and Stephenson Highway in Royal Oak, M-59 and Elizabeth Lake Road in White Lake Township and at 26 Mile Road and Van Dyke Avenue in Shelby Township. The Kroger Co. of Michigan includes 129 Kroger stores, 69 fuel centers and 103 pharmacies. Kroger Marketplace stores average 110,000 square feet and are multi-department stores that offer full-service grocery, pharmacy, outdoor living products, electronics, home goods and toys.
ST. JOSEPH, MICH. — NorthPoint Capital Funding has arranged the $7 million refinancing of The Whitcomb Senior Living Community, a 134-unit community in St. Joseph, located in the southwest corner of the state along the banks of Lake Michigan. Originally constructed as a hotel in 1928, the property was converted to seniors housing in 1973. NorthPoint Capital Funding is a subsidiary of NorthPoint Capital Group, a lender based in Chicago.