BUFFALO, N.Y. — KeyBank has provided $16.3 million in financing for the construction of Mass Ave Community Homes, an affordable multifamily development in Buffalo. The community will include 46 units across a total of 16 scattered sites with nine newly constructed buildings and seven rehabilitated buildings. The buildings will feature one-, two-, three- and four-family residences. Additionally, the community will feature an on-site management office, community space, a computer lab, a laundry facility and a community kitchen. The development is slated for completion in third quarter 2015. The total development budget for Mass Ave Community Homes is $13.4 million. KeyBank provided approximately $10 million in Low Income Housing Tax Credit equity and $6.3 million in a construction loan. Project partners include PUSH Buffalo and Syracuse, N.Y.-based Housing Visions. When complete, the project will provide housing options to families with incomes ranging from 40 to 80 percent below the area median income.
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BALDWINSVILLE, N.Y. — NorthMarq Capital has arranged an $11.58 million in refinancing of Center Point at Radisson, a 121-unit multifamily property located in Baldwinsville. The loan has a 10-year term and 30-year amortization schedule. Sam Berns of NorthMarq Capital’s Rochester, N.Y., office arranged the loan for the borrower through its seller/servicer relationship with Freddie Mac.
BURLINGTON, VT. — Nedde Real Estate has brokered the lease of 40 Sears Lane in Burlington. Champlain College has leased the 25,405-square-foot building for an undisclosed price. The tenant plans to use the building for campus-wide physical plant maintenance. Doug Nedde of Nedde Real Estate represented the landlord, RFC Realty LLC, in the transaction.
PLANO, TEXAS — KBS Real Estate Investment Trust II (KBS REIT II), a public non-traded real estate investment trust based in Newport Beach, Calif., has sold Plano Business Park in Plano to an affiliate of Exeter Industrial REIT III for $23.4 million. The three-building, 283,559-square-foot Plano Business Park is located at 3801, 3901 and 4001 E. Plano Parkway on approximately 19.9 acres of land. The buildings feature front parking, rear loading, 24-foot ceiling clearance and ESFR sprinkler systems. Plano Business Park is located at the intersection of Shiloh Road and Plano Parkway. KBS REIT II originally acquired the asset for $16.75 million in March 2010.
DRIPPING SPRINGS, TEXAS — JCI Residential has begun work on Belterra Springs, a two-story, 152-unit apartment community in Dripping Springs, which is about 25 miles west of Austin. The nine-acre property will be completed in June 2015 with units ranging from 745 square feet to 1220 square feet. The community’s clubhouse will include a movie theater, 24-hour fitness center, meeting rooms, and a resort-style pool. Unit interiors will have stainless appliances, granite counters in kitchens and baths, faux wood flooring, nickel finish light fixtures and ceiling fans.
HOUSTON — AMG Guaranty Trust has sold the Cypresswood Kroger Center, a 34,730-square-foot retail center located in northwest Houston, to a private investor based in California. Garrette Matlock and James Bell of Marcus & Millichap represented the seller. At the time of the sale, the center was approximately 95 percent occupied. Major tenants include Memorial Hermann Healthcare System, Burger King, Chase Bank, Subway, Great Clips, Wingstop, Smoothie King and Willie’s Grill and Ice House. All of the leases are triple-net. The center’s 55,795-square-foot Kroger supermarket shadow-anchor was not a part of the sale. The terms of the sale were not released.
DALLAS, TEXAS — Chris Parker of Mark One Capital, a wholly owned subsidiary of Marcus & Millichap Capital Corp., has arranged $3.06 million in debt refinancing for Park Place, an 82-unit multifamily community that was built in the East Dallas submarket in 1974. The loan was structured with a seven-year term and amortizes over 25 years with a fixed interest rate of 4.85 percent. The loan structure includes a 12-month period of interest-only installments. The LTV was 75 percent. “We are seeing a significant trend in the market of increased interest-only loans by lenders and this is driving many opportunities for investors to purchase and reposition properties in the East Dallas submarket,” Parker says.
MOUNTAIN VIEW, CALIF. — Rockwood Capital has acquired a five-building office campus near downtown Mountain View for a reported $154 million. The 17-acre Mountain View Corporate Center campus is located at 301-381 E. Evelyn Ave. It is one of only a few large-scale office campuses in Silicon Valley where employees can walk or bike to Caltrain and nearby retail amenities. The campus was previously occupied by Hewlett-Packard Co., though it is now home to multiple tenants like Mozilla and Coursera. Like many other Silicon Valley tech campuses, Mountain View Corporate Center provides outdoor amenities like volleyball and basketball courts, along with easy access to nearby trails such as Stevens Creek. Rockwood plans to enhance the property over time. This wouldn’t be the first time the firm has employed this strategy in Silicon Valley. It has a history of acquiring, repositioning and developing transit-oriented office properties in this area. Rockwood transformed the former Mayfield Mall into a 520,000-square-foot office property. It also took 690 E. Middlefield Road and turned it into a 340,000-square-foot, build-to-suit development for Synopsys’ global headquarters, among other transactions. Mountain View Corporate Center’s seller, a global investment manager, was represented by Greg Cioth, Andy Zighelboim, Edmund Najera, Nate …
SAN FRANCISCO – A 128,678-square-foot office building at 3175 Hanover Street in San Francisco has received $86.5 million in acquisition financing. The single-tenant building is located within the Stanford Research Park, which is home to companies like VMware and Hewlett-Packard. The 700-acre Stanford Research Park includes 10 million square feet throughout 160 buildings and facilities. It contains more than 23,000 employees at 150 companies, including Tesla, which uses the park for its headquarters and research facility. The park was originally developed by the adjacent Stanford University in 1951. The building is fully leased to global law firm Cooley LLP. It was acquired by a Sand Hill Property Company joint venture. The non-recourse financing was arranged by John Nelson of CBRE's San Francisco office. It was provided by a Wall Street lender.
COMMERCE, CALIF. — 99 Cents Only Stores has leased a 615,000-square-foot industrial building in the Los Angeles submarket of Commerce. The building is situated on 27.5 acres at 6100 Garfield Ave. within the Garfield Corporate Center. This is the largest industrial lease in Los Angeles County so far this year, according to CBRE, which represented 99 Cents. The transaction was also the largest industrial infill lease ever signed in Los Angeles County, according to JLL, which represented the landlord, KTR Capital Partners. Once completed in the second quarter of this year, the Garfield Corporate Centerwill be the largest new free-standing industrial development in the Central Los Angeles market. It will serve as the company’s new corporate headquarters. 99 Cents Only was represented by CBRE’s John Privett, Cameron Merrill and Richard Rizika. KTR was represented by JLL's Barry Hill, Paul Sablock, Tim O'Rourke, Mike Fowler and Zac Sakowski.