ABERDEEN PROVING GROUND, MD. — St. John Properties Inc. has signed DRS Technologies to lease totaling 15,000 square feet within The Government and Technology Enterprise (The GATE at APG) project. This is the 50th lease at the 416-acre business park located in Aberdeen Proving Ground in Harford County. Since acquiring the rights to continue to develop The GATE at APG from the Department of Army in 2009, the Baltimore-based firm has developed 12 office and R&D buildings totaling more than 600,000 square feet at the property. St. John Properties has also leased roughly 530,000 square feet of new space. Tenants at The GATE feature some of the top defense contractors in the nation, including The Boeing Co., CACI, General Dynamics, CSC, Raytheon, Science Applications International Corp. (SAIC), Engility, DSCI and Lockheed Martin. DRS Technologies plans to move 50 employees to The GATE this fall.
Property Type
PINE HILL, N.J. — Gebroe-Hammer Associates has brokered the sale of Chalet Gardens, a multifamily property located in Pine Hill, a suburb of Philadelphia. The 95-percent occupied, 484-unit apartment complex sold for $26 million. The 31.58-acre gated community comprises 49 two-story buildings with 348 one-bedroom and 136 two-bedroom units. Each unit features central air conditioning, private entrances, patios or balconies, eat-in kitchens, oversized closets and separate laundry rooms with full-sized washer and dryer. Community amenities include a swimming pool, tennis court, fitness center, playground and recreation area. Chalet Gardens recently underwent a more than $3 million capital improvements program to renovate units and install new windows. Joseph Brecher and Adam Zweibel of Gebroe-Hammer Associates represented the seller and identified the buyer in the transaction. Richard Kelin of Livingston, N.J.-based Feinstein, Raiss, Kelin & Booker LLC provided legal counsel to the buyer.
EAST MORICHES, N.Y. — The New York office of Berkadia Commercial Mortgage has arranged a $34 million loan for Walden Pond Apartments, a multifamily property located in Long Island’s East Moriches. Situated on 38 acres, the property offers 324 one- and two-bedroom units, tennis courts, a pool and a fitness center. The property was 97 percent occupied at loan closing. John DiCrocco of Berkadia secured the 10-year, fixed-rate loan through Berkadia’s Freddie Mac program.
HANOVER, N.H. — Capital One Specialty Healthcare Real Estate, part of Capital One Bank’s Commercial Real Estate Group, has provided an $8.8 million HUD 232/223(a)(7) loan to refinance Wheelock Terrace in Hanover. Constructed in 2000, the assisted living facility consists of a three-story building on a well-landscaped, 11-acre site. The property is owned by Terrace Communities, which owns assisted living communities in New Hampshire, Vermont, Maine and Florida. Carolyn Whatley of Capital One Bank originated the non-recourse, fixed-rate loan, which features a 35-year amortization schedule.
MEDFORD, MASS. — Boston-based EagleBridge Capital has arranged $6.3 million in acquisition and construction financing for the Residences at St. Francis Condominiums, an under-construction multifamily property located at One St. Clare Road in Medford. The property features 18 condominiums ranging in size from 651-square-foot, one-bedroom units to 1,835-square-foot, three-bedroom units. Nine of the units will be three-story townhouses with private roof decks. Additionally, the units will feature granite countertops, painted solid oak custom cabinets, stainless steel appliances, hardwood floors in the living areas and ceramic tile in the bathrooms and kitchens. The property also offers 36 parking spaces.
CHICAGO — Property Markets Group will develop a new $35 million luxury apartment community in Chicago. The development will be adjacent to the University of Illinois at Chicago’s campus located at 1350 S. Union Ave. in University Village. Chicago-based architectural firm Brininstool + Lynch will design the project, which will include 130 residential units and will consist of a U-shaped building connected by a courtyard and amenity space. The development will also include a 500-square-foot, ground-level retail area and 70 parking spaces.
BEECHWOOD, OHIO — Marcus & Millichap has brokered the $34.3 million sale of Pavilion Shopping Center, a 249,873-square-foot shopping center east of Cleveland in Beachwood. The property is located near I-271 at 24055 Chagrin Blvd. Stein Mart, Marshalls, Big Lots, Petco and Michaels co-anchor the shopping center. Two freestanding out-parcel buildings leased to Ruby Tuesdays and Huntington National Bank were included in the sale. Scott Wiles and Craig Fuller of Marcus & Millichap’s Cleveland office, along with Erin Patton of the firm’s Columbus office, represented the seller, a Cleveland-based private joint venture. Wiles, Fuller, Patton and CJ Jackson, an associate in the Columbus office, represented the buyer, Devonshire REIT of Whitehouse, Ohio.
GRAND RAPIDS, MICH. —MidCap Financial LLC has provided an $8.6 million loan for Titan Real Estate Investment Group to acquire an independent living facility in Grand Rapids. MidCap Financial provided the first mortgage floating rate loan with a term of up to four years. The loan not only financed the acquisition, but will also enable the borrower to complete capital improvements and reposition the property within its market. The 153-unit independent living facility was built in 1984 by a local developer and operator team that operated the facility up until the sale. Los Angeles-based Titan Real Estate Investment Group is a real estate investment firm, and Titan SenQuest is its senior housing operating platform. This is Titan SenQuest’s sixth senior housing acquisition since it was formed in 2012. Jason Dopoulos of Lancaster Pollard arranged the financing.
LAWRENCE, KAN. — NorthMarq Capital has secured a $3.3 million loan for the acquisition of Natural Grocers by Vitamin Cottage, a 13,251-square-foot retail property in Lawrence. The natural foods store is located at 1301 W. 23rd St. and is adjacent to the campus of the University of Kansas. Stephen Bye and Mark Lindgren of NorthMarq Capital’s Denver office structured the loan on a seven-year term with a 30-year amortization schedule. NorthMarq arranged financing for the borrower, an affiliate of Boulder, Colorado-based Pedersen Development Co. through its relationship with a national bank.
BEVERLY HILLS, CALIF. – A 68,423-square-foot office building in Beverly Hills has received $25 million in financing. The Class A building is located at 315 South Beverly Drive. It is currently 95 percent occupied. The financing includes a $21-million first mortgage and a $4-million mezzanine loan. The non-recourse loan carries a 10-year term with five years interest-only and a fixed interest rate. The loans were provided by Lucent Capital.