RICHMOND HILL, GA. — Berkadia has brokered the sale of and arranged financing for Ashton of Richmond Hill, a 232-unit affordable housing property located at 505 Harris Trail in Richmond Hill, a suburb of Savannah, Ga. The community’s amenities include a clubhouse, tennis court, volleyball court, picnic area, playground, swimming pool, community laundry room and 24-hour emergency maintenance. Savannah-based Kole Management Co. purchased the property from Ashton Partners GA LLC for $14.7 million. Andrew Mays, Paul Vetter, Mark Boyce and Cole Whitaker of Berkadia brokered the transaction. Berkadia also arranged acquisition financing for the transaction. Lloyd Griffin, Frank Brown and Brett Bennett of Berkadia arranged the $11.8 million Freddie Mac loan with a fixed interest rate of 4.16 percent and a 30-year amortization schedule.
ERLANGER, KY. — NorthMarq Capital has arranged a $10.3 million loan for the refinancing of Donaldson Road Center II, a 258,947-square-foot industrial property located at 1325 and 1335 Donaldson Road in Erlanger. Alstom Power is the anchor tenant at the facility. Susan Branscome of NorthMarq’s Cincinnati office arranged the 10-year loan with a 20-year amortization schedule through an unnamed life insurance company.
For the first time in a long time in Central and Northern New Jersey, we can stop talking about the light at the end of the tunnel. The market has emerged into full sunshine, and the lingering aftereffects of the recession are now fully in the rearview mirror. The current strength of the market and robust activity in terms of new commercial development is something we have not seen for some time. Not only are there more opportunities for developers to get financing, but with rates at low ebb as well, developers are moving to take advantage. At the same time, banks and financial institutions are motivated and aggressively looking to make deals. The result is a perfect storm of sorts: the money is there, developers are willing and ready, and retailers are looking for quality space. That dynamic is good news not only for Central and Northern New Jersey, but also for all of the metropolitan New York City market. It is noteworthy that very few of the big box retail spaces that became available in the wake of high-profile closings and bankruptcies from brands like Linens ’N Things and Borders are still available. Slowly but surely, the inventory …
KANSAS CITY, MO. — Baltimore-based MMA Capital Management has completed the sale of Whispering Lake Apartments, a 384-unit multifamily property located in Kansas City. El Dorado Hills, Calif.-based L5 Investments purchased the property with an $11.7 million acquisition loan arranged by Grandbridge Real Estate Capital. Developed in 1989, the 384-unit, garden-style multifamily property features one- and two-bedroom units with balconies or patios. On-site amenities include a swimming pool, clubhouse with lake views, newly remodeled fitness center, outdoor grilling area and an 18-acre lake with fishing dock. Brett Meinzer, Michael Sullivan, Grant Kollman, Alex Blagojevich, David Gaines of Marcus & Millichap represented the seller in the transaction. Paul Harbor of Grandbridge originated the 10-year loan, which features a 30-year amortization schedule and three years of interest-only payments. The financing was arranged through Freddie Mac.
SCHAUMBURG, ILL. — NorthMarq Capital has arranged $10 million in refinancing for Beech Pointe Apartments, a multifamily property located in Schaumburg. The property features 192 residential units. Sue Blumberg of NorthMarq Capital secured the 10-year loan, which features a 30-year amortization schedule, through NorthMarq’s seller-servicer relationship with Freddie Mac.
OMAHA, NEB. — Investors Realty Inc. has brokered the sale of two shadow-anchored shopping centers in Omaha. The assets, Fort Plaza and Weber Plaza, sold for $7 million. Tenants of the centers include First National Bank, VooDoo Taco, Dollar General, Citi Trends and the Douglas County Treasurer. Ember Grummons of Investors Realty represented the buyer, Baceline Investments LLC, while Erin Pogge and Lindsay Bans of The Lerner Company represented the undisclosed seller in the transaction.
WARREN, MICH. — L. Mason Capitani Inc. CORFAC has brokered the sale of an industrial property located at 27450 Gloede Drive in Warren. Division 6 Fabrication and Installation acquired the 24,000-square-foot property for an undisclosed price. The buyer plans to use the facility to expand its company needs. Division 6 services the medical, educational, governmental and corporate industries with carpentry and millwork. Andrew Greiner and Jason Capitani of L. Mason Capitani represented the undisclosed seller in the transaction.
EAST VILLAGE, ILL. — @properties Commercial has brokered the sale of a mixed-use property located at 1656 W. Chicago Ave. in East Village. Sedgwick Investments acquired the property for $2.3 million from BP Building. The buyer plans to lease the five residential units and the ground-floor retail space. Lizzie Kaplan of Sedgwick Investments provided in-house representation for the buyer, while Michael Weber and Ian Feinerman of @properties Commercial represented the seller in the transaction.
COLLEGE STATION, TEXAS — Berkadia has originated a $34.1 million loan for Woodlands of College Station, a student housing community in College Station. Jackson Cloak of the firm’s Irvine office secured the financing through Berkadia’s Fannie Mae program. The San Diego-based borrower will use the loan to refinance existing debt on Woodlands of College Station, which is located at 1725 Harvey Mitchell Parkway, approximately two miles south of Texas A&M University. The community, which is 98 percent occupied, consists of 21 buildings and 276 units that offer two-, three- and four-bedroom layouts. Community amenities include study areas, a cyber café, basketball and volleyball courts, fitness center and a resort pool.
HARLINGEN AND EL PASO, TEXAS — Sealy & Co., a commercial real estate investment and operating company, has acquired a 902,715-square-foot, Class A industrial portfolio in the Rio Grande Valley and El Paso. Four buildings totaling 758,715 square feet are located in El Paso, and the remaining building totaling 144,000 square feet are located in Harlingen. The portfolio, which is currently 95 percent leased, consists of five buildings developed between 1997 and 2001. The El Paso buildings are located less than five miles from the Zaragoza Bridge, which is the main distribution border crossing between Juarez, Mexico and El Paso.