BOSTON AND LOS ANGELES — Boston-based Sperry Van Ness International Corp. (SVNIC) has partnered with Los Angeles-based DealPoint Merrill to form a private equity firm. Operating under the name of SVN DealPoint Merrill Realty Partners, the new firm will capitalize on SVNIC’s access to investment opportunities, which will be then matched by DealPoint Merrill’s development experience. Kevin Maggiacomo, president and CEO of SVNIC, explains that the “goal of the new partnership is to build preeminent investor value by acquiring co-investment assets, which are fundamentally sound but undervalued.” “On a risk-adjusted basis, we prefer apartments, multi-tenant retail, self-storage and medical properties,” notes David Frank, CEO of DealPoint Merrill. “The new partnership will secure multiple rounds of real estate equity investment with the first tranche of approximately $100 million in the first year to acquire property in the name of the partnership.” SVNIC has approximately $9.1 billion in annual sales volumes and 190 national sales offices. DealPoint Merrill has acquired more than $2 billion in assets and attracted more than $1 billion in equity for commercial real estate investments.
NEW YORK CITY — Pembrook Capital Management LLC has secured a $20 million first mortgage loan for the acquisition of a retail property located at 468 Columbus Ave. in Manhattan’s Upper West Side. The property is currently a three-story, 15,000-square-foot vacant retail asset with the potential for residential development. The undisclosed borrower plans to lease the current three floors to a retail tenant and redevelop the property for residential use by adding five additional floors of apartments. Upon completion, the new property is expected to be eight stores with 31,000 square feet of rentable space. Terence Baydala of Pembrook arranged the financing.
HOLMDEL, N.J. — Cronheim Mortgage has arranged $13.4 million in refinancing for Kohl’s Plaza, a retail plaza located at the intersection of Route 35 and Union Ave. in Holmdel. The 10-year loan, which was placed with Voya Insurance and Annuity Co., features a 25-year amortization schedule. Purchase, N.Y.-based National Realty & Development Corp. manage the property, of which Tarrytown, N.J.-based Gibraltar Management also owns an interest. An 87,932-square-foot Kohl’s and a 37,020-square-foot Stein Mart anchor the property. Other tenants include Jersey Mike’s, 7-Eleven, Harmon Stores and Beach Bum Tanning. Andrew Stewart, Dev Morris and Allison Moravec of Cronheim Mortgage secured the financing for the borrower.
O’FALLON, MO. — St. Louis-based TriStar Properties is developing Bramblett Hills, a 204-unit apartment community located near the intersection of Highway K and Mexico Road in O’Fallon. Contegra Construction Co. is serving as general contractor for the project. Situated on 11 acres, Bramblett Hills will feature 17 freestanding three-story buildings with a combination of one-, two- and three-bedroom apartments. Ranging from 770 to 1,330 square feet, the residences will feature full kitchens with stainless steel appliances, granite countertops, vinyl plank flooring, bay windows and vaulted ceilings in third-floor homes. Additionally, a combination of detached garages and carports will offer covered parking for 204 vehicles and supplement ample open-air parking. Community amenities will include a 2,500-square-foot clubhouse featuring a fitness center, a business center, multi-purpose community spaces, a zero-entry swimming pool with waterfall waterscape, poolside cabanas and trellised outdoor cooking and fireplace lounges. Additional on-site amenities include a dog park and recycling center. The first phase, including the clubhouse and 36 residences, is slated to open in September. Full build-out is scheduled for September 2016.
CHICAGO — Ziegler has closed two loans, totaling $135 million, for Covenant Retirement Communities (CRC). The loans include $112.8 million of Series 2015A fixed-rate refunding bonds and $22.34 million of Series 2015B variable rate refunding bonds sold directly to the bank. Illinois-based CRC, a not-for-profit organization that owns and operates continuing care retirement communities, has several locations across the country. CRC’s Obligated Group consists of 14 communities in eight states: four in California, four in Illinois, and one each in Colorado, Connecticut, Florida, Michigan, Minnesota and Washington. As of December 2014, the Obligated Group properties comprised 4,769 total units, with 3,065 independent living units, 755 assisted living units and 949 skilled-nursing beds. Proceeds of the Series 2015A Revenue Refunding Bonds, together with trustee-held funds, were used to advance refund CRC’s outstanding Series 2005 bonds in the amount of $118.1 million, fund a debt service reserve fund, and pay certain costs of issuance.
KANSAS CITY, MO. — Village Green has acquired ICON on the Plaza Apartments in Kansas City for an undisclosed price. The company plans to redevelop and reposition the three-tower apartment community, located in Country Club Plaza, to be one of its City Apartments brands. The redevelopment community will feature studio, one-, two- and three-bedroom apartments and penthouses; a 24/7 fitness center; Zen garden; resort swimming pools; bark park/dog run; rooftop Sky Club with gourmet kitchen, two-sided fireplace, lounge and bar seating, large television and gaming area; an outdoor Sky Park with fire pit and lounge seating overlooking Country Club Plaza; theater room; business center/conference room; dog wash; and a bike storage and repair area. The property’s new name and models will be announced in June. Village Green Construction is the contractor for the redevelopment project, which is slated for completion in spring 2016.
WESTLAND, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of an industrial building located at 38309 Abruzzi Drive in Westland. Abruzzi Properties LLC sold the 14,200-square-foot property to Sriraj Holding LLC for an undisclosed price. Canada-based NutraNorth, a manufacturer and packager of vitamins and supplements, is the parent company of the buyer. This acquisition is the company’s first American venture. Bob Frank of Friedman represented the seller in the transaction.
PHOENIX – The 96-unit Aura at Midtown in Phoenix has sold to Capital Real Estate for $8.6 million. The community is located at 3623 North 5th Ave. It is situated inside Encanto Village. The seller, Pathfinder Partners and Avenue North, was represented by Steve Gebing, Cliff David, Richard Butler, Brian Tranetzki and Trevor Hardy of Marcus & Millichap.
CONCORD, CALIF. – The 40-unit Modera Apartments in Concord has sold to a group of local investors for $7.3 million. The community was built in 1969. CBRE’s Keith Manson represented both the buyers and the seller, Graham Chernoff of Cumberland Holdings, in this transaction. The buyers were in a 1031 exchange.
IRVINE, CALIF. – AREO Inc. has signed a five-year lease renewal for 44,253 square feet of manufacturing and distribution space in Irvine. The space is located at 15041 Bake Parkway. The home accent products and eco-friendly housewares manufacturing and distribution company was represented by Jeff Saywitz of the Saywitz Company. The landlord, Buckhead Phoenix, was represented by CBRE’s Greg Haly.