SAN CLEMENTE, CALIF. — Meta Housing Corporation has completed the $32.4-million Cotton’s Point Senior Apartments in San Clemente. The community is located at 2358 N. El Camino Real. The 76-unit, affordable housing complex accommodates seniors aged 62 and older. It is currently 95 percent occupied. Community amenities include a large community courtyard with two adjacent community rooms to encourage social interaction, a fitness center, tech room, numerous seating areas, a putting green and a barbeque grilling station. Residents also have access to many complimentary classes and services that focus on learning, wellness and creativity. Western Community Housing acted as both a co-developer and a general partner for the project. The community was designed by YM Architects. Public-sector financing was provided by the City of San Clemente; the County of Orange; the Mental Health Services Act; the State of California Multi-Housing Program; and the Federal Home Loan Bank of San Francisco’s Affordable Housing Program.
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RICHARDSON, TEXAS — Spear Street Capital has acquired the Galatyn Park Office Portfolio, an 800,000-square-foot, four-building office campus located in the Galatyn Park mixed-use development in Richardson. The development currently includes 600,000 square feet of available office space. Galatyn Park is an 80-acre, mixed-use development located in central Richardson. Construction on the Galatyn Park office portfolio began in 1997 and now includes a 336-room Renaissance Hotel, a performance arts center, nature preserve, 285-unit apartment complex and the 1 million-square-foot Blue Cross Blue Shield headquarters. Galatyn Park is served by a DART light rail station and is adjacent to the 186-acre CityLine mixed-use development.
DURHAM, N.C. AND FLORENCE, S.C. — Grandbridge Real Estate Capital has closed $17.1 million in first mortgage loans for The Shops at Erwin Mill in Durham and Crossroads Shopping Center in Florence. Taylor Williams of Grandbridge’s Jacksonville, Fla., office originated both loans. The 10-year loan for the refinancing of the 86,901-square-foot Shops at Erwin Mill was arranged through an unnamed life insurance company. The 10-year loan for the refinancing of the 110,675-square-foot Crossroads was arranged with a 30-year amortization schedule and two years interest-only payments through an unnamed CMBS lender.
NEW YORK CITY — TerraCRG has brokered the sale of a mixed-use building located at 328 Marcus Garvey Blvd. in the Bedford-Stuyvesant neighborhood of Brooklyn. The property sold for $2.05 million or approximately $360 per square foot or $410,000 per unit. The four-story building features three residential units and 1,800 square feet of retail space divided into two retail units. The three residential units and one of the retail units were vacant at the time of closing. Matthew Cosentino, Eric Satanovksy and Robert McDonald of TerraCRG represented the seller in the transaction. Additional terms of the transaction were not disclosed.
MINNEAPOLIS — Grandbridge Real Estate Capital has secured an $8.4 million first mortgage loan to refinance an apartment portfolio in Minnesota. The properties are located in the Twin Cities metro area and include seven buildings totaling 220 units. Tony Carlson of Grandbridge’s Minneapolis office originated the 10-year, fixed-rate loan that features a 20-year amortization schedule. A life insurance company provided funding for the loan for the undisclosed borrower. The loan required no personal guaranty and loan proceeds were used to retire existing debt. The properties were fully occupied at closing.
DALLAS — NXT Capital has provided a $23 million first mortgage to finance the acquisition of a 495-unit, Class B apartment complex in Dallas. The property includes studio, one- and two-bedroom apartments with balconies or patios as well as a clubhouse and pool, cyber café, gym and business center.
PENSACOLA, FLA. — Marcus & Millichap has brokered the $4.1 million sale of a net-leased retail property located in Pensacola. Walmart Neighborhood Market has a 20-year ground lease on the asset. Don McMinn and Zachary Taylor of Marcus & Millichap’s Atlanta office represented the seller, a Tennessee-based developer, in the transaction. Patrick Furlong of Marcus & Millichap’s Seattle office secured and represented the buyer, a private investor based in California that purchased the asset in a 1031 tax-deferred exchange. Kirk Felici of Marcus & Millichap assisted in the transaction.
NORTH HANOVER TOWNSHIP, N.J. — CBRE Group Inc. has arranged the sale of a 9,333-square-foot property in North Hanover Township for $1.4 million. Located at 189 Jacobson New Egypt Road, the newly constructed freestanding property is fully net-leased to Dollar General for a 10-year term with two five-year option periods. Charles Berger and Elli Klapper of CBRE’s Investment Properties Group represented the seller in the transaction. The buyer, an out-of-state investor, offered an aggressive capitalization rate for the asset and plans to hold the corporately guaranteed property for investment purposes.
MUNSTER, IND. — Paine/Wetzel TCN Worldwide has arranged the lease of a 56,800-square-foot space at 9200 Calumet Ave. in Munster. AM Manufacturing Co. will occupy space in the Munster Lake Business Center. AM Manufacturing makes equipment for the pizza, tortilla, bagel and baking industries. The company is expanding its facilities and relocating from Dolton, Ill. Ed Wabick of Paine/Wetzel TCN Worldwide arranged the lease for the landlord, Munster Development LLC.
MANSFIELD, TEXAS — SHOP Cos. Investment Sales has arranged the sale of Matlock Center, a 40,027-square-foot shopping center shadow-anchored by a Walmart Neighborhood Market in Mansfield. The property is 40 miles southwest of downtown Dallas at the intersection of Matlock Road and Debbie Lane. At the time of closing, Matlock Center was 90 percent leased to tenants including Subway, Pizza Hut, Great Clips, Liberty Tax Service, Advance America and No Frills Grill. Tommy Tucker of SHOP Cos. Investment Sales represented the seller, a Dallas-based limited liability company. The buyer was an Arlington-based limited liability company.