MORGANTOWN, W.VA. — Campus Evolution Villages has refinanced Campus Evolution Villages Morgantown, a 924-bed, 280-unit student housing property located minutes away from West Virginia University. Each unit is fully furnished and features private bedrooms and bathrooms for each resident. Amenities at the center include a newly renovated clubhouse with a 24-hour fitness center, resort-style pool with hot tub, volleyball court, sun deck, basketball court, 24-hour computer lounge, tanning beds and a free shuttle bus service to West Virginia University’s downtown, Evansdale and Health Sciences campuses. Steven Vornea with JL Hunter arranged the financing for CEV.
DALLAS — Richman Ascension, an affiliate of The Richman Group, has broken ground on its first multifamily project in Dallas. Named The Parc at White Rock, the $51 million development will span 291 units. The community will be a five-story complex with views of nearby White Rock Park. Offering studios, one- and two-bedroom units ranging from 580 to 1,230 square feet, The Parc will include private balconies and quartz or granite countertops in select units, as well as wood plank flooring throughout. A two-level clubhouse includes a clubroom, fitness center, media lounge, pool and four garden courtyards. The Parc is within walking distance of the White Rock DART station. The project is scheduled to open in fall 2016.
DALLAS — KDC and McCarthy Building Cos. have celebrated the topping out of 1920 McKinney, a 12-story, 150,000-square-foot office building in Uptown Dallas. Located at 1920 McKinney Ave. at Harwood Street, the Class A office building features six stories of office space on top of a six-story parking structure with 8,500 square feet of ground-floor retail and restaurant space. Located one block from Klyde Warren Park, the tower will feature a ratio of three parking spots for every 1,000 square feet of office space. Construction on 1920 McKinney began in September 2014. BOKA Powell is the project architect, JLL is leasing the office space and The Retail Connection is responsible for ground-floor retail leasing. The project is scheduled for completion in April.
FRISCO, TEXAS — GBT Realty Corp., a national real estate development company based in Brentwood, Tenn., will develop the second Sprouts Farmers Market in Frisco and the 40th in Texas. GBT acquired 2.3 acres of the 12-acre retail site at Eldorado and Teel parkways on Feb. 16 from CMTEX Inc. for $1.1 million. To date, GBT has developed four locations in two states for the grocer. The construction of Sprouts Farmers Market is in conjunction with a 63,900-square-foot retail center planned by CMTEX Inc. The store is scheduled to open in early 2017.
HOUSTON — Berkadia has financed Villas at Cypresswood, a multifamily property located at 9844 Cypresswood Drive in Houston. Jonathan Gilfillan and Cutt Ableson of Berkadia’s Houston office worked to secure the seven-year, floating-rate refinancing loan for the borrower, Community Management. The $24 million loan, which also features an interest-only component combined with a 30-year amortization schedule, was originated through Berkadia’s Freddie Mac program. The 270-unit property, located 25 miles northwest of downtown Houston, features one-, two- and three-bedroom floor plans with faux wood floors and blinds, double paneled windows, home intrusion alarms and garden tubs. Community amenities include a pool, grilling areas, fitness center and controlled access gate.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of the FreshDirect facility, located at 23-30 Borden Ave. in Long Island City. Fresh Property I LLC sold the property to Atlas Capital for $48 million. The property totals approximately 276,705 square feet on a 654-foot by 329-foot irregular lot, 90 percent of which includes state-of-the-art material management and refrigeration/freezer systems. Since acquiring the property in 1999, Fresh Property I had completed substantial capital improvements and upgrades to a majority of the buildings systems. Bob Knakal, Jonathan Hageman and David Chkheidze of Cushman & Wakefield represented the seller, while Scott Rosen of Akron Trotter Property Group represented the buyer in the transaction.
BURLINGTON, MASS. — Colliers International has arranged $45 million in refinancing for Third Avenue, a newly constructed Class A retail walking street in located off Middlesex Turnpike in Burlington. Colliers secured the 22.5-year loan, which features a fixed-rate, for Nordblom Co. through Sun Life Assurance Company of Canada, a correspondent life company lender. Jeff Black and Kevin Phelan of Colliers represented the borrower in the transaction.
PHILADELPHIA AND WARMINSTER, PA. — Newmark Grubb Knight Frank (NGKF) has brokered the sales of two industrial properties in the greater Philadelphia area. In the first transaction, Wolf Pack LP acquired a 21,500-square-foot industrial building, located at 3015 Darnell Road in Philadelphia, for $1 million, or $47.67 per square foot. Neil Shupak and Justin Bell of NGFK represented the sellers, Jerry and Brenda Frebowitz, in the transaction. In the second deal, D&B Pharma Real Estate Partners acquired an industrial building located at 200 Park Ave. in Warminster for $3.8 million, or $25.67 per square foot. Situated on 5.8 acres, the 150,000-square-foot building features 26-foot ceiling heights, off-street parking and loading capabilities. Shupak and Bell represented the undisclosed seller, while Kurt Eisenschmid of Penn’s Grant Realty represented the buyer in the transaction.
DANVERS, MASS. — Marquis Health Services, a division of Tryko Partners, has completed a $2.6 million renovation of The Brentwood Rehabilitation and Healthcare Center, located at 56 Liberty St. in Danvers. Built in 1972, the 159-bed property was renovated to include a dedicated 32-bed sub-acute care unit and a new 2,300-square-foot therapy gym. The sub-acute care unit features a neurologist-led stroke recovery program and the gym offers rehabilitation therapy seven days per week with state-of-the-art equipment, including a smart car to train patients in automobile transfers. Additionally, the patient rooms were renovated to include a traditional suite with a full residential set-up including kitchen, living room, bedroom and bathroom. Marquis Health Services acquired the property in late 2013.
BINGHAMTON, N.Y. — HREC Investment Advisors has arranged the sale of a Comfort Inn located in Binghamton. Shree Hari Holdings LLC acquired the 104-room property for an undisclosed price. Ted Anka, Ketan Patel and Geoff David of HREC Investment Advisors represented the seller, Binghamton Hotel Partners, in the transaction.