POOLER, GA. — Developer Carolina Holdings Inc. has opened Mill Creek Landing, a retail strip center located at 6 Mill Creek Circle in Pooler, roughly 10 miles outside of Savannah. The property is located at the intersection of Pooler Parkway and I-95 in front of Sam’s Club and adjacent to the new Tanger Outlets Savannah, which opened in April of this year. Mill Creek Landing’s tenant roster includes Chipotle Mexican Grill and Five Guys Burgers and Fries, the first locations in Pooler for both restaurants. The development team included architect McMillan Pazdan Smith, civil engineer LeCraw Engineering and general contractor Harper Corp. GrandSouth Bank provided construction financing for the project.
BOSTON — KeyBank Real Estate Capital has provided $215 million in senior debt financing for Harbor Point in Boston. The multifamily property offers 1,284 affordable and market-rate apartment units. The 20-year loan, which was placed through Freddie Mac, features a 35-year amortization period, 10 years of interest-only payments and a sub-3.65 percent interest rate. Dirk Falardeau, Todd Goulet and Mathew Purtell of KeyBank originated the loan for the sponsors, Corcoran, Mullins, Jennison Inc.
NEPTUNE CITY, MATAWAN AND ABERDEEN, N.J., AND WILMINGTON, DEL. — HFF has secured $65 million in financing for a three-property, 974-unit multifamily portfolio in New Jersey and Delaware. The portfolio includes the 20-building, 428-unit Brighton Arms located on West Sylvania Ave. in Neptune City; the 24-building, 268-unit Tree Haven located at 120 and 130 Ravine Dr. in Matawan and 33 Aberdeen Road in Aberdeen; and the 28-building, 278-unit Valley Run at 2601 Carpenter Road in Wilmington. Jim Cadranell and Jon Mikula of HFF represented the borrower, PRC Group, to secure the fixed-rate financing for the portfolio in three separate transactions through Investors Bank.
NEW YORK CITY — TerraCRG has brokered the purchase of a development site located at 333 Johnson Ave. in Brooklyn’s Bushwick neighborhood. Normandy Real Estate Partners, Royalton Capital LLC and Sciame Development purchased the site for $26.7 million. The buyers plan to develop a commercial complex on the site with retail, restaurant and office space. Additionally, the new property will feature 40,000 square feet of outdoor space and the restaurant space will be clustered on the White Street-facing courtyard with the opportunity for rooftop dining, as well as on-site artisanal food production space. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented the buyers, while Sydney Blumstein of Corcoran represented the undisclosed seller in the transaction.
PORT JEFFERSON, N.Y. — Port Jefferson-based Rail Realty has broken ground for the development of an apartment complex in Port Jefferson. The two-building community will feature 74 one- and two-bedroom, market-rate apartment units. Additionally the community will feature full amenities and secure on-site parking. The Town of Brookhaven Industrial Development Agency provided economic incentives for the project, which is expected to create 69 construction jobs and five permanent positions.
NEW YORK CITY — GFI Realty Services has arranged the sale of two contiguous multifamily buildings located at 241-245 Ocean Parkway in Brooklyn’s Kensington section. The assets sold for $10.3 million, or $323,000 per residential unit. The properties consist of a combined 32 two- and three-bedroom apartment units and 24,000 square feet of air rights. The buyer plans to renovate the properties. Neither the buyer nor the seller were disclosed; Erik Yankelovich of GRI Realty represented the both parties in the transaction
SAN DIEGO – The 12-unit Village North Senior Garden Apartments in San Diego has sold to the San Diego Housing Commission (SDHC) for $14.7 million. The affordable seniors housing community is located at 7720-7780 Belden Street. SDHC was represented by CBRE’s Jim Neil, Eric Comer and Merrick Matricardi. The sellers, Village North LLC and Belden Village LLC, were self-represented in this transaction.
PHOENIX – A joint venture between True North Management Group and Crown West Realty has purchased three buildings within the Cotton Center business park in Phoenix. The sales price was not disclosed. The acquisition included Corporate Cotton Center I, II and III, located at 4645, 4625 and 4675 E. Cotton Center Parkway. Two of the spaces are flex office buildings, while the third is a corporate office building. Cotton Corporate Center I is a 116,858-square-foot, Class A office property. The building includes a two-story lobby, fitness center, men’s and women’s bathrooms with locker rooms, a cafeteria/restaurant and a break room. The building was constructed in 2001 as a build-to-suit for Aetna, though it’s currently vacant. Cotton Corporate Center II and III is a Class A flex office complex that contains two single-story buildings that were constructed in 2000. The complex totals 147,627 square feet. It was 87 percent occupied at the time of sale.
LOS ANGELES – Camden Glendale, a 315,391-square-foot, mixed-use project in Los Angeles, has opened its doors. The development includes 16 live-work units and six ground-floor retail spaces. It is located at 3924 San Fernando Road in the Glendale submarket. Notable employers in the area include Disney and DreamWorks. The project’s multifamily component features a pool and spa, two roof decks, four courtyards, a fitness center with yoga rooms and a barbecue area. It was designed by TCA Architects and built by Bernards.
SAN DIEGO – The 44-unit Imperial Crest Apartments in the San Diego submarket of Imperial Beach has sold to Rodney A. Johnson for $6 million. The community is located at 1030-1042 15th Street. It was fully occupied at the time of sale. Johnson was represented by Dave Savage of ACI Apartments. The seller, Imperial Crest Apartments II LLC, was represented by Anton Burman of ACI Apartments.