COBLESKILL, N.Y. — New Jersey-based financial intermediary Cronheim Mortgage has arranged an undisclosed amount of financing for a 24,506-square-foot retail strip center in Cobleskill, located west of Albany. Shadow-anchored by Walmart, the center was 90 percent leased at the time of sale to tenants such as Dollar Tree, AT&T, Rent-A-Center, Cutting Crew Hair Salon and The Shoe Dept. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the 15-year loan through an undisclosed, Oregon-based life insurance company. The borrower is National Realty & Development Corp.
BLOOMFIELD, N.J. — Local brokerage firm The Kislak Co. Inc. has negotiated the $11 million sale of Franklin Towers, a 63-unit apartment complex located in the Northern New Jersey community of Bloomfield. The six-story historic building was originally constructed in 1928 and offers 56 one-bedroom units, five two-bedroom apartments and two three-bedroom residences. Robert Holland and Tom Scatuorchio of Kislak represented the seller and procured the buyer, both of which were limited liability companies, in the transaction.
WASHINGTON, N.J. — Marcus & Millichap has brokered the $7.3 million sale of the Apple Montessori School in Washington, about 60 miles west of New York City. The newly constructed, 10,000-square-foot school features an outdoor pool, approximately 5,000 square feet of dedicated playground space and a covered drop-off area. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
NEWARK, CALIF. — Mesa West Capital has provided a joint venture between Palisade Group and Pearlmark with $30 million in first mortgage debt for the acquisition, renovation and lease-up of 7411 Central Avenue, an industrial building in Newark. Built in 1998, the 143,000-square-foot property was fully vacant at the time of financing and acquisition. The property features a clear height of 24 feet, 33 dock-high doors, 12 grade-level doors and 310 parking stalls. David Pelaia and Josh Blank of JLL’s West Los Angeles office arranged the financing.
WOODBURN, ORE. — Ethos Commercial Advisors has secured construction financing for WB Commerce, a speculative industrial park in Woodburn. Situated on 11 acres off Highway 214, WB Commerce will feature two buildings offering a total of 154,000 square feet of industrial space. Daniel Natsch and Matthew Illias of Ethos Commercial Advisors originated a 24-month construction loan at a 62 percent loan-to-cost ratio with a national debt fund for the undisclosed borrower.
HIALEAH, FLA. — A partnership between Prestige Cos. and Brunetti Organization has completed Flamingo Village, a 341-unit apartment community located at 2200 E. Fourth Ave. within the 200-acre Hialeah Park Race Track & Casino campus. The community is situated on 13 acres and represents the largest development on the site since the casino opened in 2013. Brunneti is the master developer of Hialeah Park, which is located about 11.5 miles northwest of Miami. Centennial Bank provided a $60.7 million construction loan to the co-developers for Flamingo Village, which features floorplans ranging in size from 890 to 1,375 square feet in garden-style and townhome layouts. Monthly rental rates range from $2,600 to $3,375, according to Apartments.com. Amenities include two clubhouses, swimming pools, wide landscaped walkways, a fitness center with a yoga and meditation studio, business center, pet play area, a park and tanning deck. Flamingo Village is situated within walking distance of the Hialeah Metrorail station.
CARLSBAD, CALIF. — RF Partners LLC has completed the disposition of a flex office and industrial property, located at 5935 Darwin Court in Carlsbad, to a private local owner-user investor for $14.2 million. Situated within the Carlsbad Research center, the two-story, 54,351-square-foot creative flex office building was built in 1991 and renovated in 2005 and 2024. Matt Pourcho, Dennis Visser, Matty Sunberg, Anthony DeLorenzo and Don Trapani of CBRE represented the seller in the transaction.
SCOTTSDALE, ARIZ. — Mark IV Capital Properties has completed the sale of Paradiso, a two-story, multi-tenant medical office building in Scottsdale. Albany Road Real Estate Partners acquired the property for $13.3 million. The 59,445-square-foot asset features a large central courtyard with decorative fountains and seating areas, private entrances and balconies, covered breezeways, patios off several ground-floor suites and full-length storefront windows. The property is located at 11000 N. Scottsdale Road. Eric Wichterman, Alexandra Loye, Chris Toci and Mike Coover of Cushman & Wakefield represented the seller in the transaction.
GREENVILLE, S.C. — JLL has arranged a $59 million loan for the cross-collateralized, cash-out refinancing of three affordable housing communities in the Upstate South Carolina region totaling 598 units. The properties include Paris Park and Terrain at Haywood in Greenville and Mauldin Meadows in Mauldin. Carter Wroblewski, Taylor Allison and Sydney Powell of JLL arranged the three-year, interest-only loan through Truist Bank. The borrower, Affordable Upstate, purchased the properties between December 2021 and September 2022 and has since invested $13.6 million in capital improvements. The company purchased each community using a similar equity structure, which allowed for the cross collateralization, according to JLL. The properties are managed by NOAH Property Management and feature self-imposed rent restrictions of 60 percent and 80 percent of the area median income (AMI).
LANCASTER, CALIF. — Hanley Investment Group Real Estate Advisors has directed the sale of a multi-tenant retail property located adjacent to Smart & Final Extra! at Antelope Valley Plaza in Lancaster. PacWest Management sold the property to an Orange County, Calif.-based private investor for $3.9 million. Ayda Kach and Sean Cox of Hanley Investment Group represented the seller, while Samer Khalil of Newmark represented the buyer in the deal. Located at 2062-2072 W. Ave. J, the 8,119-square-foot property is fully leased to a variety of tenants, including Pho Shop, Sub-Machine, Boba Tea, Salvadorian Restaurant, La Ramadita and The Best Ceviche. Antelope Valley Plaza offers 127,000 square feet of retail space.