Property Type

Klein Enterprises Breaks Ground on Apartment Community in Metro Baltimore

by John Nelson November 13, 2015

TOWSON, MD. — Klein Enterprises has broken ground on Southerly Square Apartments, a 175-unit multifamily community in Towson, roughly 10 miles north of Baltimore. The property is located on Southerly Road close to the Baltimore Beltway and adjacent to Goucher College. The apartment community will feature an integrated five-story, 361-space parking garage. Community amenities will include a private courtyard with a swimming pool, fire pit, bocce ball court, fitness center, game room with billiards, theater room, café and a rooftop balcony. Units will feature stainless steel appliances, full-sized washer and dryer units, walk-in closets, high-speed internet access, high ceilings and a patio or balcony. Columbia National Real Estate Finance LLC is providing construction financing for the project. Klein Enterprises is developing Southerly Square with Taylor Property Group. Klein expects to deliver the apartment community by spring 2017.

November 13, 2015

Industrial Loans Texas

Cohen Financial Secures $6M Refinancing Loan for Self-Storage Portfolio

by Haisten Willis November 13, 2015

LUFKIN, TEXAS — Cohen Financial has secured a $6 million loan to refinance a portfolio of five self-storage facilities located in the east Texas city of Lufkin. The portfolio consists of 1,719 units spanning 264,040 square feet. Each facility features recreational vehicle and boat storage spaces. Lufkin is located 120 miles north of Houston and 170 miles southeast of Dallas, and all of the storage facilities are within a six-mile radius. Kenneth Fox of Cohen Financial’s San Francisco office originated the fixed-rate loan through Symetra Insurance Co. A San Francisco Bay-area investor/owner group is the borrower.

November 13, 2015

Loans Louisiana Retail Southeast Uncategorized

HFF Arranges $27.7M Refinancing of Grocery-Anchored Shopping Center in New Orleans

by John Nelson November 13, 2015

NEW ORLEANS — HFF has arranged a $27.7 million loan for Algiers Plaza, a recently renovated, 236,389-square-foot shopping center located along General deGaulle Drive in New Orleans. The Winn Dixie-anchored shopping center has recently added Petco, Ross Dress for Less, T.J. Maxx and Burke’s to its tenant roster. Existing tenants include Payless Shoe Source, Buffalo Wild Wings, Mattress Firm and Walgreens. Algiers Plaza was 85 percent leased at the time of financing. De’On Collins and Travis Anderson of HFF arranged the floating-rate loan through BBVA Compass on behalf of the borrower, N3 Real Estate. N3 will use the loan proceeds to pay off a construction loan, acquire all of the minority partnership interests and fund future capital improvements and leasing costs at the property.

November 13, 2015

Loans Multifamily Texas

BMC Capital Provides Trio of Loans in Metro Dallas, Houston and Beaumont

by Haisten Willis November 13, 2015

GARLAND, KATY AND BEAUMONT, TEXAS — BMC Capital has provided loans in the Texas cities of Garland, Katy and Beaumont totaling $8.2 million. In the first transaction, Tony Talamas of BMC Capital’s Houston office arranged a $1.7 million loan for the purchase of a 50-unit, garden-style multifamily property built in 1959 in Garland. The loan featured a 20-year term with 4.2 percent interest for five years, a 30-year amortization schedule and a step-down pre-payment premium. The non-recourse loan also featured one year of interest-only payments while the new owner makes upgrades and implements repairs/renovations to the property. The loan was arranged through one of BMC Capital’s correspondent agency relationships under the Freddie Mac Small Balance program. In the second transaction, Talamas arranged $4.5 million loan for the refinancing of an unanchored, multi-tenant retail strip center in Katy. The property was 57 percent occupied and 70 percent leased at the time of application. Talamas arranged a permanent loan with one of BMC Capital’s correspondent credit union relationships. The loan featured a five-year, fixed-rate term with 4.8 percent interest, 25-year amortization schedule and no pre-payment penalty. In the third transaction, Talamas arranged a $2 million loan for the purchase of a multifamily property …

November 13, 2015

Georgia Loans Multifamily Southeast

Pillar Originates $7.5M Fannie Mae Loan for Historic Apartment Building in Atlanta

by John Nelson November 13, 2015

ATLANTA — Pillar, an affiliate of Guggenheim Partners, has originated a $7.5 million Fannie Mae loan for the refinance of The Roosevelt, a 120-unit multifamily building located in Atlanta’s Grant Park historic district. Gabe Seghi of Pillar’s Boca Raton, Fla., office originated the fixed-rate, 10-year loan with a 30-year amortization schedule on behalf of the borrower, a regional multifamily owner/operator. Pillar is a national Fannie Mae DUS lender.

November 13, 2015

Mixed-Use Retail Texas

CBRE Global Investors Fund Acquires Mixed-Use Center in Dallas

by Haisten Willis November 13, 2015

DALLAS — A fund sponsored by CBRE Global Investors has acquired Mockingbird Station, a Class A mixed-use lifestyle center in Dallas totaling 560,468 square feet. The development includes retail space, an office tower and luxury loft-style apartments. Located at 5307, 5321 and 5331 E. Mockingbird Lane, the property sits just north of downtown. The development is built around Mockingbird Station, a stop for the DART light rail system serving the Dallas-Fort Worth area, and is also located directly off I-75. Mockingbird Station includes a 10-story, 148,878-square-foot office tower that is 94 percent occupied, as well as an adjacent parking garage containing 177 spaces. The 197,367-square-foot retail component, which is 92 percent occupied, includes restaurants, an eight-screen movie theater, a comedy club and several retailers. Mockingbird Station also includes 211 apartments, which are 96.7 percent occupied. The team is planning upgrades to select components throughout the units, which include the installation of updated solid surface countertops, tile backsplashes, premium fixtures and washer/dryers. The team is also planning to upgrade the property’s entranceway, leasing office and amenities.

November 13, 2015

Mixed-Use Retail Texas

M&M Arranges Sale of Mixed-Use Development in Colleyville

by Haisten Willis November 13, 2015

COLLEYVILLE, TEXAS — Marcus & Millichap has arranged the sale of The Village at Colleyville, a medical office and multifamily mixed-use building in Colleyville. The property was 100 percent occupied at the time of the sale. Nick Fluellen, Ron Hebert, Bard Hoover, Trey Caldwell and Scott Ogilvie of Marcus & Millichap’s Dallas office procured the buyer, a 1031-exchange investor. Built in 2009, the property is located at 5232 Colleyville Blvd. in Colleyville. The building features 15,000 square feet of medical office space and 30 multifamily units. Colleyville Family Medicine leases the medical office space.

November 13, 2015

Midwest Missouri Retail

Inland REIT Acquires 158,046 SF Shopping Center in Kansas City

by Christina Cannon November 13, 2015

KANSAS CITY, MO. — Inland Real Estate Income Trust Inc. has acquired a 158,046-square-foot retail center in Kansas City. According to The Kansas City Star, NorthPoint Development Co. sold the property at a price “in excess of $30 million.” The Village at Burlington Creek is located at 6300 N. Revere Drive and was constructed between 2007 and 2012. The center was 98 percent leased at the time of sale and is anchored by a 28,009-square-foot Sprouts Farmers Market. The shopping center features more than 45 tenants including Impact Fitness, SPIN! Pizza, Bonefish Grill, Northland Dermatology, Bank of Oklahoma and KC Dry Cleaning. Mark Cosenza of Inland brokers the transaction on behalf on Inland.

November 13, 2015

Illinois Midwest Multifamily

Sedgwick Properties Breaks Ground on 30-Unit Apartment Building in Chicago

by Christina Cannon November 13, 2015

CHICAGO — Sedgwick Properties has broken ground on a 30-unit luxury apartment building in Chicago’s Wicker Park neighborhood. The five-story building, located at 1545 W. North Ave., is slated for completion in spring 2016. The apartment building will offer one-, two- and three-bedroom units that will range from $1,900 to $4,000. Unit amenities include custom cabinetry, quartz countertops, tile backsplashes, washers and dryers and private balconies. Community amenities include valet dry cleaning service, bicycle storage and gated parking. The development will also include 2,600 square feet of retail space. The building will be located two blocks from the Kennedy Expressway and will be a short walk to the Chicago Transit Authority’s Blue Line. Sedgwick Properties will serve as the architect, designer, developer and general contractor for the project.

November 13, 2015

Illinois Midwest Mixed-Use

Mixed-Use Facility in Chicago Suburb Nears Full Occupancy

by Christina Cannon November 13, 2015

GLENVIEW, ILL. — Midtown Square, a mixed-use development in the northern Chicago suburb of Glenview, is 90 percent leased, according to High Street Residential, a subsidiary of Trammell Crow Co. Situated on 2.7 acres, Midtown Square opened in November 2014. The four-story building is comprised of 138 Class A luxury apartment units and approximately 9,000 square feet of retail space. CorePower Yoga opened for business in early 2015 and occupies 5,000 square feet of the ground-floor retail. The apartments are one- and two-bedroom units that feature balconies or patios, quartz countertops, 9-foot ceilings, gas ranges, washers and dryers, a breakfast bar and walk-in closets. Community amenities include a clubroom, wine room, dog wash station, business center, bicycle storage, heated garage parking, storage lockers and a 24-hour fitness center.

November 13, 2015

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