Property Type

HFF Arranges Financing for Apartment Complex in Austin

by Haisten Willis February 24, 2015

AUSTIN, TEXAS — HFF has arranged financing for Avendaro at Canyon Creek, a 296-unit, Class A, garden-style multi-housing complex in northwest Austin. HFF worked on behalf of the borrower, Griffis Residential, to secure the nine-year, 3.6 percent, fixed-rate loan through a correspondent life insurance company. Loan proceeds were used to acquire the property, and HFF will service the loan. Avendaro at Canyon Creek is situated on 23.8 acres at 9807 Ranch Road 620 N. Located along State Highway 620, the property is approximately 17 miles north of downtown Austin near State Highway 45 and I-35. The 13 two- and three-story buildings are composed of one-, two- and three-bedroom units averaging 965 square feet. Eric Tupler, Josh Simon, Casey Wenzel, Leon McBroom and Bryan Harvey led the HFF debt placement team.

February 24, 2015

Loans Multifamily Northeast Pennsylvania

NorthMarq Capital Arranges Three Multifamily Loans Totaling $61.48M in Pennsylvania

by Amy Works February 24, 2015

ALLENTOWN, QUAKERTOWN AND READING, PA. — NorthMarq Capital has arranged a total of $61.48 million in refinancing for three multifamily properties in Pennsylvania. Robert Ranieri of NorthMarq Capital’s Greater Westchester, N.Y./Conn. regional office secured the financing through the firm’s seller-servicer relationship with Freddie Mac for each transaction. Located at 1207 E. Congress St. in Allentown, the 548-unit Congress Apartments received $36.3 million in refinancing. The 7-year loan features a 30-year amortization schedule. In Quakertown, the 264-unit Quakertown West apartment community, located at 491 S. Ninth St. received an $18.2 million loan, featuring a 7-year term and a 30-year amortization schedule. Additionally, the 148-unit Antietam Arms apartment community, located at 850 Carsonia Ave. in Reading, received $6.98 million in financing, also with a 7-year term and a 30-year amortization schedule.

February 24, 2015

Mixed-Use New York Northeast

Upper West Side Development Site Sells for $13.3M

by Amy Works February 24, 2015

NEW YORK CITY — Citicore has brokered the sale of a development site located at 207 West 75th St. between Amsterdam and Broadway in the Upper West Side. Howard Neu purchased the 14,750-square-foot site for $13.3 million from Felipe Coello. The site features a 5,000-square-foot property, with a 2,500-square-foot basement. Beach Bum Tanning leases ground-floor space at the building on a month-to-month basis, while the second floor is currently vacant. Timour Shafran and Benjamin Shafran of Citicore brokered the transaction.

February 24, 2015

Loans New Jersey Northeast Retail

Triangle Equities Receives $7.5M Loan for 62,000 SF Shopping Center

by Amy Works February 24, 2015

FREEHOLD, N.J. — Triangle Equities has received a $7.5 million loan for its 62,000-square-foot retail property, Freehold Raceway Village, in Freehold. The loan was provided by CIBC, and it follows the successful recapitalization of the shopping center. Located at 200-220 Trotters Way, the shopping center is 100 percent occupied by a variety of tenants, including Big Lots, Huffman Koos, Dick’s Sporting Goods, The Home Depot, Toys R Us, Raymour & Flanigan and Christmas Tree Shoppes.

February 24, 2015

Loans Massachusetts Mixed-Use Northeast

Fantini & Gorga Arranges $7M Loan for Boston Mixed-Use Portfolio

by Amy Works February 24, 2015

BOSTON — Fantini & Gorga has arranged $7 million in permanent financing for a mixed-use portfolio in the John Eliot Square section of Roxbury, a neighborhood in Boston. The financing was arranged on behalf of Roxbury Highland LLC with a major regional financial institution. The four-property portfolio consists of 52 apartments and two commercial spaces, totaling 33,000 square feet of rentable space. Tim O’Donnell and Jason Cunnane of Fantini & Gorga arranged the financing.

February 24, 2015

Florida Multifamily Southeast

CBRE Capital Markets Brokers $85.1M Sale of Apartment Community in Tampa

by John Nelson February 24, 2015

TAMPA, FLA. — CBRE Capital Markets has brokered the $85.1 million sale of Camden Bayside Apartments, an 832-unit waterfront rental community in Tampa. Cortland Partners purchased the asset, located at 6301 S. Westshore Blvd., from Houston-based Camden Property Trust, a multifamily REIT. Camden Bayside’s amenities include two car care centers, two resort-style swimming pools, a fitness center, conference room, business center with Wi-Fi, bayside gazebos, dog park, tennis courts and boat storage areas. John Selby and Sean Williams of CBRE Capital Markets represented Camden Property Trust in the transaction.

February 24, 2015

Industrial North Carolina Southeast

PIRET Acquires 51 Percent Interest in $57M North Carolina Industrial Portfolio

by John Nelson February 24, 2015

VANCOUVER — Pure Industrial Real Estate Trust (PIRET), an industrial REIT based in Vancouver, has purchased a 51 percent interest in the $57 million acquisition of three industrial assets in North Carolina. The three bulk distribution/warehouse facilities are located in the Greensboro/Winston-Salem markets and total roughly 1.3 million square feet. The assets are 100 percent leased to three tenants. The properties are located at 6104 and 6105 Corporate Park Drive in Greensborough and 3928 Westpoint Blvd. in Winston-Salem. The acquisition was funded with a $29 million bridge loan facility and $14.1 million that PIRET provided from existing working capital for its share of the balance of the purchase price. After completing the acquisition, PIRET’s portfolio of assets under management will total 177 properties spanning 17.5 million square feet.

February 24, 2015

Georgia Loans Office Southeast

Lucror Resources Closes $11.2M Financing for Atlanta Flatiron Building Renovation

by John Nelson February 24, 2015

ATLANTA — Lucror Resources LLC, an Atlanta-based developer, has closed an $11.2 million new markets tax credit transaction with Invest Atlanta and JPMorgan Chase to finance the renovation of the Atlanta Flatiron Building. Upon completion of the renovation, the 11-story office building will house the Microsoft Innovation Center and Women’s Entrepreneur Initiative. Georgia Tech’s Enterprise Innovation Institute will assist in the management of the building. Phase I of the renovation is slated for a summer 2015 completion. Aaron Kowan, Jason Cordon and Matt Brodnan of The Private Client Law Group represented Lucror in the negotiations. Drew Marlar of Kutak Rock represented Invest Atlanta, and Andrea Burke and Benjamin Swartzendruber of Applegate & Thorne-Thomsen represented JPMorgan Chase.

February 24, 2015

Industrial Maryland Southeast

Terreno Realty Corp. Buys 115,000 SF Distribution Center in Maryland for $10.4M

by John Nelson February 24, 2015

ANNAPOLIS JUNCTION, MD. — Terreno Realty Corp. has purchased a 115,000-square-foot distribution center in Annapolis Junction for approximately $10.4 million. The industrial property is located at 9070 Junction Drive approximately three miles from Fort Meade in the central Baltimore/Washington corridor. The property consists of 25 dock-high loading bays and five grade-level loading positions. The building is currently 38 percent leased to two tenants.

February 24, 2015

Florida Office Southeast

Marcus & Millichap Brokers $5.1M Sale of Office Building in Miami

by John Nelson February 24, 2015

MIAMI — Marcus & Millichap has brokered the $5.1 million sale of a 30,000-square-foot office building located at 1850 S.W. 8th St. in Miami’s Calle Ocho neighborhood. Constructed in 1972, the five-story building features ground-level retail space and four stories of office suites. Alex Zylberglait of Marcus & Millichap’s Miami office represented the seller, a limited liability company based in Miami, and the buyer, a limited liability company based in North Miami. Included in the purchase was two additional lots comprising 0.3 acres that are currently being used as parking for the nearby Praxis Institute.

February 24, 2015

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