Property Type

M&M Arranges Sale of 220-Unit Apartment Building in Dallas

by Haisten Willis February 6, 2015

DALLAS — Marcus & Millichap has arranged the sale of The Villas of Sorrento, a 220-unit apartment property located in Dallas. Norman Eastwood, of Marcus & Millichap’s Dallas office, marketed the property on behalf of the seller, a partnership. Eastwood also procured the buyer, a limited liability company. The Villas of Sorrento is located at 3130 Stag Road, just east of I-45 and south of Loop 12. Built in 1996, features one-, two- and three-bedroom floor plans ranging from 624 square feet to 1,039 square feet. At the time of listing, the occupancy was 96 percent.

February 6, 2015

Greystone Bassuk Group Closes $140M Refinancing for Apartment Tower in Brooklyn

by Amy Works February 6, 2015

NEW YORK CITY — Greystone Bassuk Group has closed a $140 million credit enhancement from Helaba Landesbank Hessen-Thüringen under The New York State Housing Finance Agency 80/20 Program for an affiliate of The Dermot Company and Lowe Enterprises Investment Management LLC. The financing was structured with $90 million of 2010 Series A low-floater, tax-exempt bonds; $9 million of 2015 Series A low-floater, tax-exempt bonds; and $41 million of 2015 Series B low-floater taxable bonds issued as permanent financing for 66 Rockwell Place in Brooklyn. Loan proceeds were used to repay Dermot’s existing construction loan and reduce the developer’s equity in the project. Located on the corner of Flatbush Avenue and Rockwell Place, 66 Rockwell is a 42-story apartment building featuring 326 residential units, 7,000 square feet of retail space and 40,000 square feet of garage parking.

February 6, 2015

Industrial New Jersey Northeast

HFF Brokers $19.5M Sale of 212,000 SF Industrial Facility in New Jersey

by Amy Works February 6, 2015

SECAUCUS, N.J. — HFF has brokered the sale of an industrial facility, formerly Daffy’s Distribution Center, in Secaucus. Situated on 20 acres on Daffy’s Way, the property features 212,000 square feet of warehouse space. Sitex Group LLC sold the property to MEPT, a real estate equity fund advised by Bentall Kennedy, for $19.5 million. HFF’s Michael Nachamkin led the firm’s investment sales team that represented the seller in the transaction.

February 6, 2015

New York Northeast Office Retail

Meadow Partners Converts 866 United Nations Plaza into Commercial Condo Property in NYC

by Amy Works February 6, 2015

NEW YORK CITY — Meadow Partners, through an affiliate, has converted 866 United Nations Plaza, a 471,000-square-foot office building, into a commercial condominium property containing office, retail and garage space. Located at the base of two 32-story residential towers on 48th Street in New York City, the property offers six 78,000-square-foot floors and units ranging in size from less than 1,000 to more than 50,000 square feet. Additionally, units can be combined and demised to accommodate users of varying sizes. Sale prices range from under $1 million to more than $60 million, depending on unit size, view and floor plan. Built in 1965, the property features two lobbies, 24/7 security, 17-foot travertine walls and polished granite floors, six elevators, a separate service entrance with loading dock and oversized freight elevator, and an underground parking garage. Rudder Property Group is marketing the building, which is managed by Jones Lang LaSalle.

February 6, 2015

Connecticut Loans Multifamily Northeast Seniors Housing

Capital One Bank Closes $52M in Refinancing for Seniors Housing Community in Connecticut

by Amy Works February 6, 2015

NORTH BRANFORD, CONN. — Capital One Bank has closed a $52 million senior secured term loan for the refinancing of Evergeen Woods, a continuing care retirement community in North Branford. The property features 227 independent living units, 22 assisted living units and 50 skilled nursing beds. The Shelter Group and affiliates of Herbert J. Sims & Co jointly own the facility. First Niagara also participated in arranging the loan.

February 6, 2015

New Jersey Northeast Retail

Margules Properties Buys Jersey City’s Sip Triangle Building for $2.5M

by Amy Works February 6, 2015

JERSEY CITY, N.J. — Margules Properties has acquired the Sip Triangle Building in Jersey City for $2.5 million from an undisclosed seller. Located at 48-58 Sip Ave. and two blocks from the PATH Station in Journal Square, the 6,000-square-foot building features four retail stores and significant air rights. The property is adjacent to a 64-unit residential building with eight retail stores at 60 Sip Ave. that Margules Properties purchased in 2012. Benjamin Greenstein of Capital Realty Associates represented the buyer in the transaction.

February 6, 2015

Loans Maryland Mixed-Use Southeast

Phillips Realty Capital Arranges $51M Construction Loan for Mixed-Use Development

by John Nelson February 6, 2015

GAITHERSBURG, MD. — Phillips Realty Capital (PRC) has structured a $51 million construction/permanent loan for the next phase of the 125-acre Watkins Mill Town Center in Gaithersburg. The Majestic at Watkins Mill will be a five-story structure with 243 residential units, 10,500 square feet of retail space, landscaped terraces with fountains, a dog wash and theater room. The design team includes developer BP Realty Investments LLC — a joint venture between Kline & Associates and Henry Investments — and Donohoe Construction Co. Stephen Shaw, Jr. and Daniel Shiff of PRC arranged the loan through Cardinal Bank and Burke & Herbert Bank on behalf of BP Realty Investments.

February 6, 2015

Florida Hospitality Loans Southeast

PCCP Provides $30.6M Acquisition/Renovation Loan for InterContinental Tampa

by John Nelson February 6, 2015

TAMPA, FLA. — PCCP LLC has provided a $30.6 million senior loan to The Arden Group for the acquisition and renovation of the InterContinental Tampa, a 323-key hotel in Tampa’s Westshore submarket. The Arden Group is investing $5.4 million in capital improvements, including upgraded guestrooms, bathrooms, meeting rooms, common areas, mechanical systems and elevators. Built in 1984 and located at 4860 W. Kennedy Blvd., the hotel underwent a major renovation that was completed in 2008 when it was converted to an InterContinental. It is part of the Urban Centre mixed-use complex, which includes more than 500,000 square feet of Class A office space.

February 6, 2015

Florida Industrial Southeast

CBRE Brokers $5.2M Sale of Industrial Portfolio in Riviera Beach

by John Nelson February 6, 2015

RIVIERA BEACH, FLA. — CBRE has brokered the $5.2 million sale of a 69,071-square-foot industrial portfolio located on four acres in Riviera Beach. An affiliate of KTR Capital Partners sold Flamingo Commerce Center, located at 7655 Enterprise Drive and 7656 Byron Drive, to Denholtz Riviera LLC. The property was 75 percent leased at the time of sale. Dominic Montazemi, Scott O’Donnell, Miguel Alcivar, Jeffrey Kelly, Robert Smith, Kirk Nelson and Jason Hochman of CBRE represented the buyer in the transaction.

February 6, 2015

Georgia Loans Multifamily Southeast

Grandbridge Arranges $4.9M Loan for Two Apartment Communities in South Georgia

by John Nelson February 6, 2015

VALDOSTA, GA. — Grandbridge Real Estate Capital has arranged a $4.9 million loan secured by The Timbers Apartments and Heather Glen Apartments in Valdosta. Bill Mattice of Grandbridge arranged the refinance loan through Freddie Mac. The loan features a seven-year term, 30-year amortization schedule and one year of interest-only payments. Both properties are fully occupied, according to Mattice.

February 6, 2015

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