Property Type

IPA Arranges Sale of USC Student Housing Portfolio for $39.1M

by Nellie Day October 16, 2015

LOS ANGELES — Institutional Property Advisors (IPA) has arranged the sale of The Shrine Collection, a 324-bed, 103-unit student housing community near the University of Southern California (USC), for $39.1 million. The sales price equates to just under $380,000 per unit and approximately $120,700 per bed. Ron Harris, IPA executive vice president of investments, director Paul Darrow and associate director Michael DiSimone advised the seller and procured the buyer, a joint venture between Stuho and Cambridge Capital Advisors. Situated on seven parcels of land totaling more than two acres, the properties are Chez Ronne, The Bungalows, Roma, Pisa, Corsica and Habitat Soozee. All are located one block from USC’s main campus, one block west of Figueroa Street and less than two miles from downtown Los Angeles. The portfolio’s properties feature controlled entry, security services, USC network accessibility, 24-hour on-site laundry facilities and all residents have the use of a fitness center.

October 16, 2015

Illinois Loans Midwest Office

Prime Finance Provides $19.5M Refinance Loan for 195,000 SF Office Building in Suburban Chicago

by Christina Cannon October 16, 2015

NORTHBROOK, ILL. — Prime Finance has provided the owners of a 195,000-square-foot office building, located at 400 Skokie Blvd. in Northbrook, with a $19.5 million refinance loan arranged by Draper and Kramer. The ownership group, a partnership between Romanek Properties, Bachmann Associates and Syndicated Equities, will use $2.5 million of the loan proceeds to make building improvements. Upgrades will include a conference center, expanded fitness center and improvements to all common areas. The Class A office building is leased and managed by CBRE. Dan Graham and Peter Clifton of CBRE lead leasing efforts at the building. Bill Barry and Bill Stewart of Draper and Kramer arranged the financing for the owners.

October 16, 2015

Midwest Minnesota Multifamily

Marcus & Millichap Brokers $9M Sale of 54-Unit Apartment Building in Minneapolis

by Christina Cannon October 16, 2015

MINNEAPOLIS — Marcus & Millichap has brokered the $9 million sale of Dean Parkway, a 54-unit apartment property located at 2920 Dean Parkway in Minneapolis. Josh Talberg, Mox Gunderson, Dan Linnell and Adam Haydon of Marcus & Millichap represented the undisclosed seller. Talberg also represented the undisclosed buyer.

October 16, 2015

Loans Midwest Minnesota Mixed-Use

Oak Grove Capital Originates $9.3M FHA Loan for New Mixed-Use Property in Minneapolis

by Christina Cannon October 16, 2015

MINNEAPOLIS — Oak Grove Capital has originated a $9.3 million FHA loan for the construction of Broadway Flats, a mixed-use property located in north Minneapolis. The property will include commercial space and workforce housing. Ken Dayton and Pat McMullen of Oak Grove Capital arranged the loan. The property is being built in an effort to revitalize the damage resulting from a tornado in 2011. The 19,000-square-foot commercial space is slated to open in April 2016, followed by the opening of 103 housing units in July 2016. Building amenities will include a business center, fitness room, conference room and underground parking. Plans to integrate a metro transit shelter into the exterior of the building should go into effect in 2017.

October 16, 2015

Loans Michigan Midwest Multifamily Student Housing

Latitude Management Closes Senior Bridge Loan for 65-Unit Student Housing Complex in Grand Rapids, Michigan

by Christina Cannon October 16, 2015

GRAND RAPIDS, MICH. — Latitude Management, which specializes in providing short-term, floating-rate loans to middle-market commercial real estate sponsors, has closed on a senior bridge loan for a student housing complex, The Lofts at 5 Lyon, in Grand Rapids. The loan was used for the acquisition, renovation and conversion of a multifamily property into student housing. Renovations at the 65-unit, 175-bed property include interior unit upgrades, aesthetic improvements and the addition of common areas. The housing complex is fully occupied. The loan was originated out of Latitude Management’s third discretionary debt fund, Latitude Management Real Estate Capital III.

October 16, 2015

Midwest Mixed-Use Wisconsin

U.S. Bank Invests $7.2M in New 110,000 SF Mixed-Use Development in Milwaukee

by Christina Cannon October 16, 2015

MILWAUKEE, WIS. — U.S. Bank has provided $7.2 million in equity for the development of a 100,000-square-foot mixed-use project on eight acres in Milwaukee. Freshwater Plaza will be located in Walker’s Point at the corner of South First Street and East Greenfield Avenue. The construction cost of the initial phase is $28.8 million. The $7.2 million in equity was raised through the federal New Markets Tax Credit Program, which is designed to spur revitalization efforts of low-income and impoverished communities across the country. The development will feature 76 apartments, including 20 percent to be set aside for lower-income residents; a Cermak Fresh Market grocery store; and other as yet unnamed retailers. The City of Milwaukee is providing tax-increment financing, and the Wisconsin Economic Development Corp. provided a brownfield grant. The property is slated to open by the end of 2016. Endeavour Corp., Wangard Partners Inc. and Freshwater Plaza Corp. are the project developers. Catalyst Construction LLC is the general contractor.

October 16, 2015

Multifamily New York Northeast

Joint Venture Launches Leasing at One Sixty Madison in NoMad

by Amy Works October 16, 2015

NEW YORK CITY — J.D. Carlisle Development Corp., in partnership with DLJ Real Estate Capital Partners and Mitsui Fudosan America Inc., has launched leasing at One Sixty Madison, a new residential tower located in NoMad, at the nexus of Chelsea, Gramercy and Midtown. Designed by SLCE Architects, the 45-story octagonal building features 319 rental residences in a mix of studios, one- and two-bedroom homes. The interior spaces, which were designed by Philip Koether Architects, feature floor-to-ceiling windows, oak floors and panoramic views. On-site amenities include the Three Sixty Lounge atop the building, an indoor fireplace, two expansive rooftop terraces, a 14,000-square-foot Park Lounge, a fitness center, valet and concierge services, bicycle storage and a fully attended lobby.

October 16, 2015

Hospitality Northeast Pennsylvania

Laurus Corp. Acquires DoubleTree by Hilton Hotel in Pittsburgh

by Amy Works October 16, 2015

PITTSBURGH — Laurus Corp. has acquired the DoubleTree by Hilton Hotel – Green Tree in Pittsburgh for an undisclosed price. The 460-room property recently underwent a $20 million top-to-bottom makeover and Laurus plans to invest $7 million to improve customer experience at the hotel by enhancing operations, delivering top-tier culinary experiences across the hotel’s existing restaurants and opening Asado Grill restaurant. The hotel features 40,000 square feet of flexible, multi-functional meeting space and a 13,000-square-foot indoor athletic training center. The hotel will be managed by TPG Hospitality. The name of the seller was not disclosed.

October 16, 2015

Massachusetts Northeast Office

The Davis Companies Sells Tower Point in Boston for $62.1M

by Amy Works October 16, 2015

BOSTON — The Davis Companies (TDC) has completed the disposition of Tower Point, a brick-and-beam office building located at 27-43 Woodworm St. in Boston’s Seaport District. Rockpoint Group purchased the 155,170-square-foot property for $62.1 million. TDC originally acquired the property in 2013 and invested significant capital with the goal of increasing the building’s appeal to creative and tech sectors. The company upgraded the property with modern finishes, renovated the building’s fitness center and locker rooms and added a 7,500-square-foot outdoor courtyard. As a result of the repositioning, the building’s occupancy increased from 74.3 percent to 95 percent at the time of sale. Current tenants include Rethink Robotics, Healthways, NPR, Zerto and Owner IQ. Edward Maher Jr. of Newmark Grubb Knight Frank represented TDC in the transaction.

October 16, 2015

New York Northeast Office

Cushman & Wakefield Arranges Sale of Century Plaza on Long Island

by Amy Works October 16, 2015

MINEOLA, N.Y. — Cushman & Wakefield has brokered the sale of Century Plaza, an office building located at 330 Old Country Road in Mineola on Long Island. TIAA-CREF sold the 115,000-square-foot office property to Lalezarian Properties for an undisclosed price. Originally built in 1990 and renovated in 2009, the three-story property features 475 covered parking spaces. At the time of sale, the property was 95 percent leased to a variety of tenants, including Oracle America Inc., Did-it.com, Liberty Mutual Insurance, Veritext Corp., Nationwide Mutual Insurance, and Kelly, Rode & Kelly LLP. Andrew Merin, David Bernhaut, Gary Gabriel, Kyle Schmidt and Andrew MacDonald of Cushman & Wakefield represented the seller and procured the buyer in the transaction.

October 16, 2015

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