Property Type

Arbor Commercial Funds $29.8M in Loans for Six Multifamily Properties Across Michigan

by Christina Cannon November 10, 2015

UNIONDALE, N.Y. — Arbor Commercial Mortgage LLC has funded six loans totaling $29.8 million for multifamily properties across Michigan. All of the loans fall under the Fannie Mae, Freddie Mac and FHA 223(f) programs. Mike Jehle of Uniondale-based Arbor Commercial originated all of the loans. Here are the details of each financing transaction: Aspen Lakes Estates Apartments in Holt, Mich., is a 213-unit complex. The borrower received $20.4 million under the FHA 233(f) loan program. The 35-year refinancing loan features a 20-year amortization schedule. Oakwood Villa Apartments in Royal Oak, Mich., is a 100-unit property. The borrower received a $2.7 million Fannie Mae refinancing loan that features a 20-year amortization schedule. Garfield Park Apartments in Fraser, Mich., is a 110-unit apartment complex. The borrower received a $2.2 million Freddie Mac refinancing loan. The loan includes a seven-year term and 30-year amortization schedule. Danbury Apartments is a 66-unit property in Grand Rapids, Mich. The borrower received a $1.9 million Freddie Mac acquisition loan that features a 20-year term and 30-year amortization schedule. North Park Cooperative in Detroit is a 94-unit multifamily property. The borrower received a $1.6 million Fannie Mae acquisition loan that has a 10-year term and 10-year amortization schedule. …

November 10, 2015

Loans Midwest Multifamily

NorthMarq Arranges Two Apartment Loans Totaling Nearly $10M in Ohio

by Christina Cannon November 10, 2015

KETTERING AND CHILLICOTHE, OHIO — NorthMarq Capital has arranged nearly $10 million in refinancing for two multifamily properties in Ohio in separate transactions. In the first arrangement, PLK Communities LLC obtained a $7.7 million refinancing loan through Fannie Mae for Thirty43 by the Greene in Kettering, a southern suburb of Dayton. The 120-unit property is located at 3043 Fountain Circle. The loan features a 10-year term and 30-year amortization schedule. Susan Branscome of NorthMarq arranged the financing. In the second transaction, Noah Juran of NorthMarq arranged a $2.2 million refinancing loan for University Hilltop Apartments, an 84-unit property located at 590-600 W. Fifth St. in Chillicothe, approximately 45 miles south of Columbus. The non-recourse loan features a fixed rate and 20-year amortization schedule. NorthMarq arranged the financing for the undisclosed buyer through its correspondent relationship with a life insurance company.

November 10, 2015

Indiana Midwest Multifamily

CBRE Brokers Sale of 400-Unit Multifamily Complex in Carmel, Indiana

by Christina Cannon November 10, 2015

CARMEL, IND. — CBRE Group Inc. has brokered the sale of a 400-unit multifamily community in Carmel, a northern suburb of Indianapolis. The Village on Spring Mill, located at 14637 Handel Drive, is a Class A complex that was purchased by Monarch Investment for an undisclosed price. Monarch Investment was acting on behalf of a private investor based on the West Coast. The buyer plans to upgrade unit interiors with new appliances, lighting, hardware and countertops. Steve LaMotte Jr. and Dane Wilson of CBRE’s Central Midwest Multifamily team represented the seller, Meridian Realty Investments. Monarch Investment was self-represented.

November 10, 2015

Arizona Retail Western

Cushman & Wakefield Arranges $14.5M Sale of Shopping Center near Phoenix

by Nellie Day November 9, 2015

LITCHFIELD PARK, ARIZ. — Cushman & Wakefield has arranged the $14.5 million sale of Camelback Crossing, a 94,156-square-foot, Bashas’-anchored shopping center in the Phoenix suburb of Litchfield Park. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller, Nevada Holding Co. L.P., in the transaction. Madison Plaza 1 LLC, an entity formed by a California investor, purchased the 93.3 percent occupied center.

November 9, 2015

California Office Western

Private Investor Acquires Medical Office Building in Culver City for $6.5M

by Nellie Day November 9, 2015

LOS ANGELES — A private investor has purchased an 8,568-square-foot medical office building in the Los Angeles submarket of Culver City for $6.5 million. The building is located at 10801 Venice Blvd. It was built in 1979. Lloyd Bakan and Gary Berwick of Avison Young represented the seller, also a local private investor.

November 9, 2015

California Multifamily Western

Mariposa Place Apartments in Los Angeles Sells for $4.7M

by Nellie Day November 9, 2015

LOS ANGELES — A local real estate syndicator has purchased the 24-unit Mariposa Place Apartments in Los Angeles for $4.7 million. The community is located at 501 Mariposa Place. The buyer acquired the property through a 1031 exchange transaction. The seller was Lion Real Estate Group. Keller Williams Commercial Studio City executed the transaction.

November 9, 2015

California Office Western

Regus Corp. Signs 11-Year Lease in Arcadia

by Nellie Day November 9, 2015

ARCADIA, CALIF. — Regus Corp. has signed an 11-year lease at Arcadia Gateway Centre. The center is located at 440 E. Huntington Drive. The company will occupy the entire third floor, totaling 16,400 square feet. Other notable tenants at the center include Oracle Corp. and Arroyo Insurance. Carl Anderson represented the landlord, Arcadia Gateway Centre Delaware Partners LLC.

November 9, 2015

California Multifamily Seniors Housing Western

WNC Appoints Howard Heitner to Advisory Board

by Nellie Day November 9, 2015

IRVINE, CALIF. — WNC, an investor focused on affordable real estate including seniors housing, has named 35-year industry veteran Howard Heitner to its advisory board. Heitner began his career in 1976 with the Federal Reserve Board in Washington, D.C. He has also served as president and member of the investment committee of JRK Residential America; as chief operating officer of SunAmerica Affordable Housing Partners; and spent nearly two decades as a partner with O’Melveny & Myers LLP. Heitner earned a bachelor’s degree from Bucknell University, as well as an M.B.A. and juris doctorate from the University of Chicago. He has served as chairman of the board of The Los Angeles Conservancy, and as a member of the Hollywood Community Housing Board, Shelter Partnership Board, Menorah Housing Foundation Board, Curtis School Board and Adobe Community Board’s finance committee. Heitner joins other WNC advisory board members Jim Ashby, CEO of CareMeridian; Denise Kiley, a low-income housing tax credits (LIHTC) specialist; and Michael Novogradac, managing partner in the San Francisco office of Novogradac & Company LLP.

November 9, 2015

Children's-Health-Andrews-Institute-Rendering-Front-entrance

Healthcare Texas

McCarthy to Build New Healthcare Facility in Metro Dallas

by Haisten Willis November 9, 2015

PLANO, TEXAS — McCarthy Building Cos. has been awarded a new facility that will house the Children’s Health Andrews Institute for Orthopaedics and Sports Medicine on the Children’s Health Plano campus. McCarthy partnered with design architect Page on the development, which broke ground on Nov. 6. Located on the southwest corner of Preston Road and Quincy Lane, the facility will house the new Children’s Health Andrews Institute, the first institute of its kind in Texas, offering pediatric orthopaedic and sports medicine care, as well as pediatric-focused injury prevention, rehabilitation and therapy. When completed in 2017, the four-story, 185,000-square-foot building will include four operating rooms, an imaging center, physical therapy space and orthopaedic and other pediatric clinics. The institute will also feature indoor and outdoor athletic performance facilities, including a half-size football field and running track. A new five-level parking structure accommodating 1,000 cars will connect to the building.

November 9, 2015

Office Texas

CREA Investments Acquires Three Office Buildings in Metro Dallas

by Haisten Willis November 9, 2015

ADDISON, LAS COLINAS AND RICHARDSON, TEXAS — CREA Investments, a privately held real estate investment services firm, has acquired three office buildings in the Dallas area. The properties include The Belvedere,in Addison, The Meridian in Las Colinas and 2929 NCX in Richardson. Cushman & Wakefield will handle leasing and management services for all three properties. The Belvedere, which features 141,180 square feet of Class A office space, will undergo renovations to corridors, restrooms and the building lobby. The asset also offers 100 percent structured parking. The Meridian, which features 100,359 square feet of office space, will undergo renovations to all corridors, restrooms and a tenant lounge, as well as building systems. Capital improvements also include the addition of spec suites on two floors. 2929 NCX features 85,089 square feet of office space. Since the acquisition, renovations to the lobby, corridors, and restrooms have been completed. Spec suites ranging from 1,500 square feet to 2,000 square feet are also under construction. In addition, the building has been repainted.

November 9, 2015

Newer Posts

Older Posts