CHARLESTON, S.C. — URS Capital Partners has acquired Pepperhill & Palmetto Apartments, a 266-unit apartment community in Charleston. The property will soon be renamed Ashley Village. The New York-based investor purchased the asset using a mix of debt and private equity. Chris Kinder of CK Realty Partners arranged Fannie Mae financing on behalf of URS. Ashley Village is the second Charleston apartment community that URS has purchased in the past 12 months.
Property Type
BLOOMINGTON, MINN. — Dougherty Mortgage LLC has originated a $10 million HUD loan to refinance an apartment property in Bloomington, a southern suburb of Minneapolis. Heritage Hills Apartments consists of two apartment buildings with a total of 135 units. Dougherty's Minneapolis office arranged the 35-year loan, which includes a 35-year amortization schedule, for Heritage/France Avenue Apartments LLLP.
FLETCHER, OHIO — Industrial Property Brokers has arranged the sale of a 297,940-square-foot industrial facility in Fletcher, approximately 35 miles south of Dayton. Robinson Investments Ltd. purchased the facility located at 6990 U.S. Route 36 East for an undisclosed price. Robinson Investments is the owner of Robinson Warehouse, Wright Distribution Centers Inc., Logan Express LLC and Robinson Building Solutions. Robinson Warehouse will be housed at the Fletcher facility, which is approximately 32 miles from the company’s corporate headquarters in Bellefontaine, Ohio. Robinson Warehouse provides the facilities and labor to supply a variety of logistic functions such as purchasing and procurement, packaging, transportation, warehousing, and reverse logistics. Tim Echemann of Industrial Property Brokers represented the buyer in the transaction. The seller was undisclosed.
INDIANAPOLIS — Lee & Associates has arranged the lease of a 9,260-square-foot retail space for Michigan-based brewery HopCat in Indianapolis. Hopcat Broad Ripple will occupy space in the Broad Ripple Garage located at 6280 College Ave. The Indianapolis brewery will be Hopcat’s first location outside of Michigan. The new brewery is set to open in August with 130 taps. Ben Andrews of Sperry Van Ness represented the tenant in the transaction. Bart Jackson and Scot Courtney of Lee & Associates represented the landlord, 6280 LLC, an entity of Keystone Realty Group.
WYNCOTE, PA. — Meridian Capital Group, on behalf of Lindy Property Management Company, has arranged a $92.3 million mortgage for the purchase of the Towers of Wyncote located at 8440 Limekiln Pike in Wyncote. The 1,095-unit, three-tower multifamily community the property was originally constructed in 1968 and renovated in 2008. Community amenities include a movie theater, outdoor swimming pool, spa, tennis courts, sports complex, business center and conference room. The 8-year loan, which was 80 percent of the purchase price, features a competitive fixed-rate of 3.625 percent and was provided by a regional balance sheet lender. David Fisher of Meridian Capital’s Iselin, N.J., office negotiated the transaction.
PITTSBURGH, PA. — KeyBank Real Estate Capital, on behalf of NSP Inc., has arranged a $139 million refinance loan for a four-property multifamily portfolio. The 1,382-unit portfolio comprises two assets in Pittsburgh, one property in Cincinnati and one asset in Lexington, Ky. The financing was structured as a non-recourse, fixed-rate CMBS first mortgage for $120 million and a $19 million fixed-rate mezzanine financing placed with a third-party investor. The facilities are 5-year, coterminous tenor. Randy Martin and Jon Reible of KeyBank arranged the loan for the borrower.
SADDLE BROOK, N.J. — Marcus & Millichap has brokered the sale of the ground lease of Park 80 East for $5.6 million. Located in Saddle Brook, the 75,000-square-foot net-leased office building was purchased by a New York-based exchange buyer for a 6 percent cap rate in an all-cash transaction. Michael Lombardi of Marcus & Millichap’s Net Leased Property Group New Jersey office marketed the property on behalf of the undisclosed seller.
MERRIMACK, N.H. — Calkain Companies has arranged the sale of a two-building, net-leased multi-tenant property in Merrimack. A private buyer acquired the property for $5.3 million. The property is an outparcel to Merrimack Premium Outlets and located near Fidelity Investments’ corporate campus. Tenants of the newly constructed four-tenant center include Starbucks Coffee, Digital Federal Credit Union and Qdoba Mexican Grille. Stanley Wyrwicz of Calkain’s Boston office represented the undisclosed seller in the transaction.
BOSTON — CBRE/New England has brokered the sale of 95 Border Street located on 1.32 acres in East Boston. Sisson Realty Trust sold the 23,000-square-foot industrial facility to Neighborhood of Affordable Housing (NOAH) for $1.6 million. NOAH plans to redevelop the site into Coppersmith Village, a transit-oriented residential community. Within walking distance to the MBTA Maverick Station and a planned water taxi station, the property will feature 56 rental apartments and 3,000 square feet of retail space, which is slated for restaurant use. Mark Reardon, David Corkey and Jake Borden of CBRE/New England represented the seller in the transaction.
TULSA, OKLA. — The RADCO Cos. has purchased Southern Slope, a 142-unit apartment community in Tulsa’s Jenks submarket. Using a mix of bridge debt and private equity, the Atlanta-based multifamily investor purchased the asset for roughly $6 million from the lender seller in an off-market transaction. RADCO plans to implement interior upgrades, as well as overhaul the property’s exterior and amenities. As part Southern Slope’s overhaul, the property will be renamed Ashford Ridge. It is RADCO’s second apartment community in Tulsa. Raymond Lord and Benjamin Davis of NAI Commercial Properties brokered the transaction.