Property Type

Aberdeen-NJ-Hudson-Ridge-Age-Restricted-Building

RPM to Develop Apartments and Age-Restricted Housing in Aberdeen, N.J.

by Jaime Lackey June 18, 2015

ABERDEEN TOWNSHIP, N.J. — RPM Development Group will develop a three-building affordable housing project that will include rental units for seniors and people of all ages, as well as a new senior community center, in Aberdeen Township. The project, which will feature two residential buildings, will be located on 14 acres on Church Street formerly occupied by South River Metals Corp. Hudson Ridge Senior Residence at Aberdeen will offer 67 one-bedroom and eight two-bedroom rental units of age-restricted housing for those 55 years or older. The second residential building, Hudson Ridge Residence at Aberdeen, will provide 70 one-, two- and three-bedroom rental units that will not have age restrictions. Preference on the rentals will be given to households that were impacted by Hurricane Sandy. Combined cost for constructing the two residential buildings will be $44 million. The site plan also calls for a separate 2,500-square-foot senior community center available for use by all residents of Aberdeen. Site work is anticipated to begin in the fall, with buildout expected to take two years. The project, which will strive for LEED certification, will be constructed with government assistance, including Community Development Block Grant (CDBG) Disaster Relief funding, along with 4 percent low-income housing …

June 18, 2015

Connecticut Northeast Office

Baywater and True North Buy 110,000 SF Office Building in Stamford

by Jaime Lackey June 18, 2015

STAMFORD, CT. — Darien, Conn.-based Baywater Properties and an affiliate of True North Management Group of White Plains, N.Y., have acquired a 110,000-square-foot commercial office building at 2777 Summer Street in Stamford. At the time of acquisition, the seven-story office building was less than 50 percent occupied. The Baywater-True North venture plans to invest in a significant renovation of the building’s common areas, including the front lobby. The venture recently signed a lease for approximately 14,000 square feet with Keller Williams Realty, and is in active discussions with tenants whose needs total more than 15,000 square feet. The property offers on-site security, 24/7 key-card access, covered parking, shuttle service to the Stamford Transportation Center and a deli/café in the lobby.

June 18, 2015

Hospitality Texas

HREC Arranges Sale of Crowne Plaza Houston Northwest Brookhollow Hotel

by Haisten Willis June 18, 2015

HOUSTON — HREC Investment Advisors has arranged the sale of the 294-room Crowne Plaza Houston Northwest Brookhollow located in Houston. The buyer, Unique Hotel Management Group, is a regional hotel investor. The seller is a special servicer that acquired the hotel through foreclosure. Mike Armstrong and Hank Wolpert of HREC represented the seller during the transaction. The hotel is located in Brookhollow in northwest Houston on U.S. Highway 290 and is within a short drive to Houston’s Energy Corridor. The hotel is located near major shopping, sports and entertainment venues in Houston.

June 18, 2015

Loans Retail Texas

Metropolitan Capital Advisors Arranges $6.25M Credit Facility for Fitness Chain

by Haisten Willis June 18, 2015

DALLAS — Metropolitan Capital Advisors (MCA) has arranged a senior secured credit facility for Austin-based Bandon Holdings LLC, the largest Anytime Fitness franchisee in Texas and the third largest in the United States. Bandon owns and operates 17 Anytime Fitness health and fitness clubs across Central and North Texas. The credit facility was made up of a term loan and development/acquisition line of credit secured by leasehold and business assets. The loan was used to retire existing debt. The line of credit will fund the development and acquisition of additional Anytime Fitness locations as well as planned renovations and equipment purchases/upgrades over the next three years. MCA secured the credit facility with BBVA Compass. Sunny Sajnani of MCA arranged the financing.

June 18, 2015

Retail Texas

M&M Arranges Sale of 28,662 SF Retail Property in San Antonio

by Haisten Willis June 18, 2015

SAN ANTONIO — Marcus & Millichap has arranged the sale of Fairview Shopping Center, a 28,662-square-foot retail property located in San Antonio. Chad Knibbe of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, a limited liability company. Fairview Shopping Center is located at 24200 Interstate 10 W. near the Dominion, The RIM Shopping Center and La Cantera Mall on North Interstate 10.

June 18, 2015

Multifamily Texas

Westmount Realty Capital Acquires Apartment Community in Houston

by Haisten Willis June 18, 2015

HOUSTON — Westmount Realty Capital LLC has acquired the Braesridge Apartments located at 11100 Braesridge Drive in southwest Houston. Westmount is rebranding the garden-style apartment community as Westmount at Braesridge. The three-story asset was constructed in 1982 and consists of 542 units totaling 413,276 square feet on 16.7 acres, for an average of 32 units per acre. The apartments are a mix of one- and two-bedroom units ranging from 550 square feet to 1,300 square feet with elevators to all third floor units. Amenities include a clubhouse, complimentary assigned covered parking, a courtyard area with two gazebos, dining hall with full kitchen, two swimming pools, a business center and limited access gates. Westmount’s planned interior renovations will include lighting and plumbing fixture updates, cabinetry, countertops, appliances and faux wood flooring. Exterior improvements will address wood/stucco repair, landscaping, upgrades to the leasing office, parking lot repairs and upgraded exterior lighting. Westmount has budgeted to upgrade the pool area with new seating areas, pool furniture and the addition of an outdoor kitchen. The Dallas office of NorthMarq Capital arranged financing for the acquisition.

June 18, 2015

Loans Multifamily Texas

BMC Capital Provides $6.2M Loan for Multifamily Portfolio in Dallas

by Haisten Willis June 18, 2015

DALLAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $6.2 million cash out refinancing for a portfolio of four apartment properties consisting of 116 units located in Dallas. The non-recourse loan featured a 10-year term with 4.6 percent interest, a 30-year amortization schedule and three years of interest-only payments. The loan was arranged through one of BMC Capital’s correspondent agency relationships.

June 18, 2015

Hospitality Michigan Midwest

Royal Dearborn Hotel and Convention Center Is Up for Sale in Metro Detroit

by Katie Sloan June 18, 2015

DEARBORN, MICH. — Savills Studley has been chosen to market the sale of the Royal Dearborn hotel and convention center in Dearborn. The 773-room, 854,000-square-foot hotel, located on 32 acres at 600 Town Center Drive, is across the street from the world headquarters of Ford Motor Co. The Royal Dearborn is the second largest hotel in Michigan. The hotel features 55,602 square feet of meeting and exhibition space comprised of a 17,000-square-foot grand ballroom, a rotunda and numerous meeting and breakout rooms. The hotel also offers two food and beverage outlets, an indoor swimming pool and fitness center, business center, gift shop and expansive outdoor parking. “There are numerous repositioning options for the property, including splitting the asset into two smaller hotels, or even reducing the size of the hotel component by converting the top floors to residential use and transforming parts of the ground-level space into retail,” says Marc Magazine, executive managing director of Savills Studley’s U.S. Capital Markets Hotel Group.

June 18, 2015

Iowa Midwest Multifamily

NorthMarq Capital Arranges $5M Refinance of Stonegate Apartments

by Katie Sloan June 18, 2015

CEDAR RAPIDS, IOWA — NorthMarq Capital has arranged the $5 million refinancing of Stonegate Apartments, a 108-unit multifamily property located at 4200 Armar Drive SE in Cedar Rapids. Jason Kinnison of NorthMarq arranged the fully amortizing, 23-year loan on behalf of the borrower through an undisclosed life insurance company. Stonegate Apartments was built in 2003 and offers two-bedroom/two-bath units.

June 18, 2015

Indiana Midwest Multifamily

New York Life Provides $15.3 Million Mortgage Loan for Canal Overlook Apartments

by Katie Sloan June 18, 2015

INDIANAPOLIS — New York Life Real Estate Investors has provided $15.3 million in refinancing for Canal Overlook Apartments, a 132-unit, Class A residential property located in Indianapolis. The loan has a term of 20 years. The complex is owned by a private investor and was completed in 1988.

June 18, 2015

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