INDEPENDENCE TOWNSHIP, MICH. — Bernard Financial Group has arranged a $3 million loan for Independence Square Apartments in Independence Township, a northern Detroit suburb. The property includes 140 units across 10, two-story buildings located on Van Norman Lake. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the loan for the borrower, Independence Square LP. The lender, Ameritas Investment Partners, Inc. is a servicing correspondent of Bernard Financial Group.
FLORESVILLE, TEXAS — Marcus & Millichap has arranged the sale of Oakland Hills, a newly constructed 120-unit apartment complex in Floresville. Joe James and Kent Myers of Marcus & Millichap’s Austin office represented the unnamed seller. James and Myers also procured the buyer, a limited liability company. Construction on Oakland Hills was completed this year on an 11-acre site at 386 Paloma Drive at the intersection of Veterans Drive and Paloma Drive. Amenities at the complex include a gym, swimming pool, business lounge, gated entry, covered parking and a clubhouse.
TRENTON, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of R & A Storage, a 230-unit industrial self-storage building in Trenton. Land Holding LLC sold the building, located at 5620 Hoover St., to Ariganello Management LLC. Paul Feldman of Friedman represented the seller in the transaction.
HOUSTON — HFF has arranged the sale and acquisition financing of 3000 Post Oak, a 441,523-square-foot Class A office building in Houston’s Galleria submarket. HFF marketed the property on behalf of the seller, a joint venture between an affiliate of Five Mile Capital Partners LLC and Crocker Partners. FG Asset management purchased the property. The 19-story property is 100 percent leased to Bechtel, an engineering and construction firm. Jeff Hollinden, Dan Miller and Trent Agnew led HFF’s investment sales team representing the seller.
DALLAS — CBRE Capital Markets has arranged the sale of Oakmont Industrial Group’s 1.3-square-foot, Class A industrial portfolio in Dallas. The portfolio includes three cross-dock warehouses located just north and south of DFW International Airport. The buildings include flexible designs, 32-foot clear heights, fire protection systems, high-density dock doors and ample trailer storage. Jack Fraker, Frank Fallon, Josh McArtor, Jonathan Bryan, Heather McClain Venegoni and Ryan Thornton of CBRE arranged the transaction on behalf of Oakmont Industrial Group.
BOSTON — HFF has placed a $150 million mortgage on 125 Summer St., a Class A office tower in Boston’s Financial District. Located along the Rose Kennedy Greenway, the 475,303-square-foot, transit-oriented property offers access to the MBTA and commuter rail lines via South State Station. Additionally, the 22-story property features below-grade parking for 273 vehicles, a Bright Horizons daycare and a Starbucks. HFF worked on behalf of the borrower, Oxford Properties Group, to secure the fixed-rate loan through Guggenheim Commercial Real Estate Finance LLC. Oxford acquired the property as part of a larger officer portfolio in September. Riaz Cassum, John Fowler and Patrick McAneny of HFF represented the borrower in the transaction.
CAMBRIDGE, MASS. — Roseview-PMRG Fund I has acquired 100 CambridgePark Drive, a Class A office building located in Cambridge, from Transatlantic Investment Management. The five-story, 135,572-square-foot property sold for $41.5 million. Constructed in 1992, the brick-clad office building features 27,100-square-foot floor plates and is leased to various tenants, including Cambridge Systematics, Cambridge Savings Bank, ICF International and Modo Labs. Roseview-PMRG plans to invest several million dollars to reposition the property, including renovating the lobby and other common areas. Roseview-PMRG Fund I is a $250 million discretionary fund formed by PM Realty Group and The Roseview Group in July 2014 to acquire and reposition office properties across the United States. The acquisition of 100 CambridgePark is the fund’s first purchase.
NORWALK, CONN. — NorthStar Real Estate Income II has originated a $41 million senior loan for a newly constructed data center in Norwalk. Constructed in 2014 as a build-to-suit, the state-of-the-art data center features more than 167,000 square feet of rentable space. Additionally, the property is 100 percent master leased, with a 21-year net lease, to an affiliate of Cervalis LLC, a provider of information technology infrastructure solutions. The loan is the third transaction completed between the borrower, a commercial real estate owner and operator, and investment vehicles sponsored by NorthStar Asset Management Group Inc., NorthStar Income II’s sponsor. The three transactions total more than $137 million.
TEWKSBURY, MASS. — OCR Tewksbury, an affiliate of Ocean Gate Realty Advisors, has purchased a multifamily community located at 1535 Main St. in Tewksbury, a suburb of Boston. The 56-unit, garden-style property sold for $10 million. Simon Butler and Biria St. John of Cushman & Wakefield/New England represented the seller, Omni Properties, in the transaction. East Boston Savings Bank arranged financing for the acquisition. Ocean Gate Realty Advisors is a privately held real estate investment company with offices in Boston and New York City.
TRINITY, FLA. — The new Holiday Inn Express in Trinity, a town in west Florida roughly 33 miles northwest of Tampa, will be the first-ever hotel in the city. The 86-room hotel will feature a swimming pool available 24 hours, fitness center and 46-inch TVs and Wi-Fi in every room. Berkshire Hathaway HomeServices Florida Porperties Group brokered the sale of the hotel, which will be delivered in fall 2015. MPH Hotels will operate the new Holiday Inn Express upon completion.