Property Type

Ventures Development Begins Construction on South 400 Apartments in Fort Worth

by Haisten Willis October 7, 2015

FORT WORTH, TEXAS — Ventures Development Group (VDG) has begun construction on the first multifamily development in the Near Southside Community of downtown Fort Worth. The 2.1-acre parcel is located at the corner of Jennings and Broadway avenues across the street from the Broadway Baptist Church. In conjunction with the development, the local tax increment district has approved infrastructure improvements, updated streetscapes and environmental remediation. VDG has engaged the multifamily division of Stream Realty Partners to manage the five-story, 209-unit community, which will also include 2,600 square feet of ground-floor retail space and four live/work studio lofts. South 400 Apartments will include amenities such as a sky lounge overlooking the Fort Worth skyline and private terraces.

October 7, 2015

Picone Construction Continues Work on 52,000 SF Mixed-Use Project in Buffalo

by Amy Works October 7, 2015

BUFFALO, N.Y. — Picone Construction Corp. is constructing a $4.5 million, five-story mixed-use building at 301 Ohio St. in Buffalo. The 52,000-square-foot property will house two restaurants, 10,000 square feet of commercial space and 21 one- and two-bedroom apartments. Residential units will feature balconies overlooking the Buffalo River. Designed by Chaintreuil, Jenson, Stark Architects, the project is slated for completion in 2016.

October 7, 2015

Industrial Maine Northeast Office Retail

CBRE | The Boulos Company Arranges Two Transactions in Maine

by Amy Works October 7, 2015

PORTLAND AND AUBURN, MAINE — CBRE | The Boulos Company has arranged two transactions in Maine. In the first transaction, Wayne Enterprises LLC has acquired a retail and office investment property at 622-624 Congress St. in Portland. The 21,112-square-foot property is currently occupied by United States Postal Service and Mercy Hospital. The seller was Stone Coast Properties LLC. Joe Porta of CBRE | The Boulos Company arranged the transaction. In the second transaction, CEVA Logistics signed a lease for 47,000 square feet of industrial space at 55 Logistics Dr. in Auburn from Gendron & Gendron Inc. Craig Young and Chris Paszyc of CBRE | The Boulos Company arranged the transaction. The sales prices of the transactions were not released.

October 7, 2015

Multifamily Texas

HFF Arranges Sale, Financing for 376-Unit Apartment Community in Houston

by Haisten Willis October 7, 2015

HOUSTON — HFF has arranged the sale and financing for Summer Cove, a 376-unit apartment community in southeast Houston. HFF marketed the property on behalf of the seller, Edgewood Properties. Westmount Realty Capital purchased the asset for an undisclosed amount. In addition, HFF secured a seven-year, 3.9 percent, fixed-rate acquisition loan on behalf of the buyer through Freddie Mac’s CME program. The securitized loan will be serviced by HFF through its Freddie Mac program plus seller/servicer program. Situated on 13.8 acres, Summer Cove is located at 725 FM 1959 just off I-45. The property is 99.5 percent occupied and includes one- and two-bedroom floorplans averaging 729 square feet. Community amenities include three swimming pools, a fitness center, business center, covered parking and gated access. Todd Stewart, Todd Marix, Chris Curry and JC Clemens led the HFF investment sales team representing the seller. Tyler Ford led HFF’s debt placement team.

October 7, 2015

Illinois Midwest Multifamily Seniors Housing

Koelsch Begins Construction on $13.3M Memory Care Community in Illinois

by Christina Cannon October 7, 2015

BLOOMINGDALE, Ill. — Seniors housing developer Koelsch Senior Communities has started construction on Lakeview Memory Care Community in Bloomingdale, about 25 miles west of Chicago. The 46-unit, 65-bed memory care community totals 33,958 square feet and will cost $13.3 million to complete. Koelsch expects to open the community’s doors in October 2016. RJ Development Services is the developer of the community. Olympia, Wash.-based Koelsch will be general contractor, interior designer and, when complete, operator of the community. Wedgwood Architects of Vancouver, Wash., provided architectural services. Koelsch owns and operates 17 seniors housing communities in Arizona, Montana, Idaho, Washington, Texas, Illinois and California.

October 7, 2015

Industrial Northeast Vermont

Nedde Real Estate Brokers 5,000 SF Warehouse Lease in Vermont

by Amy Works October 7, 2015

WILLISTON, VT. — Nedde Real Estate has arranged the lease of 5,000 square feet of warehouse/storage space at 54 Echo Place in Williston. Green Mountain Imports, the parent company of Evelots.com, will occupy the space. The property is owned by Malcolm Willard. Grant Butterfield of Nedde Real Estate brokered the transaction.

October 7, 2015

Hospitality Texas

Marcus & Millichap Arranges Sale of 167-Room Hotel in College Station

by Haisten Willis October 7, 2015

COLLEGE STATION, TEXAS — Marcus & Millichap has arranged the sale of Aggieland Inn (formerly Ramada), a 167-room hospitality property located in College Station. Chris Gomes of Marcus & Millichap’s Dallas office, along with Allan Miller of the firm’s San Antonio office and Jake Gaddy of the Austin office, marketed the property on behalf of the seller, a limited liability company. Gomes procured the buyer, a private investor. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office referred the seller to Gomes. Fluellen and Hoover previously represented the seller during the acquisition and disposition of student housing apartment assets. Aggieland Inn is located at 1502 Texas Ave. S., one block from the Texas A&M University campus. Built in 1972, the hotel is situated on roughly four acres. The hotel includes an outdoor swimming pool, a banquet hall and a restaurant and lounge. The buyer is planning a multimillion-dollar renovation before reopening in the first quarter of 2016.

October 7, 2015

Loans Michigan Midwest Multifamily Seniors Housing

Silver Arch Closes $4.75M Refinancing for Assisted Living Facility in Michigan

by Christina Cannon October 7, 2015

LAKE CITY, MICH. — Silver Arch Capital Partners has closed a $4.75 million loan for the owner/operator of Belle Oakes Living Center, a 48-unit, 32,000-square-foot assisted living facility on 20 acres in Lake City, approximately 40 miles southeast of Traverse City. The loan is a refinancing of an existing mortgage, which will help the community pay off debt incurred as part of an 11-unit expansion. Constructed in 2002 and renovated in 2012, Belle Oakes is situated in Missaukee County, in Michigan’s lower peninsula. Silver Arch Capital Partners is a private commercial real estate lender based in New Jersey.

October 7, 2015

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $4.3M Fannie Mae Loan for Apartments in Minneapolis suburb

by Christina Cannon October 7, 2015

CRYSTAL, MINN. — Dougherty Mortgage LLC has closed a $4.3 million Fannie Mae refinancing loan for LouAnn Terrace Apartments in Crystal, a Minneapolis suburb. The 71-unit complex is located at 7201 36th Ave. N. and was built in 1971. The loan has a 10-year term. The borrower is Lou-Ann Terrance Limited Partnership. Amenities include controlled access entry, a grilling area, on-site management and on-site laundry.

October 7, 2015

Industrial Midwest Ohio

Lancaster Port Authority Begins Development on 50,400 SF Industrial Building in Ohio

by Christina Cannon October 7, 2015

LANCASTER, OHIO — The Lancaster Port Authority and Lancaster Area Community Improvement Corp. (LCIC) have broken ground on a 50,400-square-foot, $2.4 million industrial building in Rock Mill Industrial Park in Lancaster, about 31 miles southeast of Columbus. The new building will be able to expand 25,000 square feet and will have 28-foot ceiling heights. The property is situated on a 6.6-acre lot and is slated for completion in early 2016. The City of Lancaster awarded Rock Mill Industrial Park a community reinvestment area designation providing 100 percent / 15-year real property tax abatement on improvements. Rock Mill Industrial Park is zoned heavy industrial and has full utilities.

October 7, 2015

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