LONG BEACH, CALIF. — Meta Housing Corp. has broken ground on Long Beach & 21st Apartments, a $16.4 million, 41-unit seniors housing property in Long Beach. To be located at 2114 Long Beach Blvd., the affordable housing complex will offer one- and two-bedrooms residences for adults ages 55 and older. Amenities will include a community activity room, community kitchen, library and rooftop deck. Meta Housing is partnering with PATH Ventures in the development of the project. PSL Architects has designed the facility to achieve LEED Silver certification. Bank of America provided construction financing and equity for the project. Completion is slated for the summer of 2015.
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COVINA, CALIF. — Argent Retail Advisors has arranged a 42,000-square-foot retail lease at Grand Covina Plaza in the Los Angeles suburb of Covina for Stater Bros. Supermarket. Constructed in 1956 and remodeled in 1992, the 112,000-square-foot Grand Covina Plaza houses tenants including Dollar Tree, KFC, 7-Eleven, H&R Block and RadioShack. Stater Bros. Supermarket will occupy space previously leased by Albertsons and is set to move in during the fourth quarter. Terry Bortnick of Argent Retail Advisors represented the property owner, locally based Grand Covina Plaza LLC, in the 15-year lease agreement.
FORT LAUDERDALE, FLA. — Stiles Construction has topped off construction on Elan 16Forty, a 261-unit luxury apartment community at 1640 E. Sunrise Blvd. in downtown Fort Lauderdale. Greystar owns the project and will operate it upon completion in September. Elan 16Forty will feature one-, two- and three-bedroom units ranging in size from 686 to 1,599 square feet. The community will feature 2,300 square feet of ground-level retail space, a gourmet demonstration kitchen, community room, business center, game room, resort-style swimming pool, sun deck with cabanas, outdoor grilling stations and a rooftop terrace.
DAVENPORT, FLA. — NorthMarq Capital has arranged a $36.3 million loan to refinance Victoria Park Apartments, a 348-unit multifamily community located at 1000 Victoria Park Blvd. in Davenport, about 35 miles southwest of Orlando. Melissa Marcolini Quinn and David Schofield of NorthMarq’s Orlando office arranged the 10-year loan with a 30-year amortization schedule through a CMBS lender.
BOCA RATON, FLA. — Meridian Capital Group LLC has arranged $31 million to refinance seven unanchored shopping centers in Orlando, Tampa, Kissimmee, Sanford and Sarasota. The properties total 200,000 square feet and house 80 tenants. The retail centers include Westchase Town Center in Tampa; The Gateway and Osceola Gateway in Kissimmee; The Shoppes of East Colonial and Hunter Creek Shoppes in Orlando; Sanford Town Center in Sanford; and Sarasota Palms Plaza in Sarasota. Michael Brown and Adam LeBlanc of Meridian’s Boca Raton office arranged the 10-year, non-recourse loan through a CMBS lender. The loan has a fixed interest rate of 4.88 percent and features five years of interest-only payments.
CORAL GABLES, FLA. — Grandbridge Real Estate Capital has closed a $24.5 million first mortgage loan for The Mile at Coral Gables, a 13-story luxury apartment project under construction at 3622 S.W. 22nd St. in Coral Gables. Once complete, the property will feature 3,000 square feet of ground-level retail space and 119 apartment units, with amenities including a swimming pool, fitness center and 175-space parking garage. Phil Carroll of Grandbridge originated the three-year interest-only loan through an unnamed bank.
LEXINGTON, S.C. — Newmark Grubb Wilson Kibler has brokered the $5.5 million sale of a two-story, 51,512-square-foot office building located at 113 Reed Ave. in Lexington. TD Bank currently occupies the property. Jeremy Wilson of Newmark Grubb Wilson Kibler represented the buyer, ET Lexington LLC, in the transaction. Ben Kelly of NAI Avant represented the seller.
DAVENPORT, IOWA — Love Funding has arranged a $7.5 million HUD loan for the Union Arcade commercial building in downtown Davenport. The loan will be used to convert Union Arcade into a mixed-use, market-rate multifamily residential and retail space. Harry Cheatham of Love Funding’s St. Louis office secured the HUD loan for the building’s owner, Financial District Properties. The non-recourse loan features a 40-year term. The lower level of the Union Arcade was built in 1915 to house the Union Savings Bank and Trust. The upper level was built in 1924. The property has been awarded federal and state historic tax credits. Once the renovation is complete, Union Arcade will offer 68 rental units along with 8,100 square feet of commercial space.The historic building’s renovation is a part of the revitalization of downtown Davenport. Financial District Properties, which bought the building in 2012, is also investing $10 million to create 29 apartments in Davenport’s Wells Fargo building downtown.
ELGIN, ILL. — Arthur J. Rogers & Co. has arranged the lease of four properties in Elgin, located approximately 45 miles northwest of Chicago. The properties are located within the Rogers Business Parke-Elgin, a development consisting of four buildings totaling 232,000 square feet. The leases include a 9,890-square-foot property at 2521 Technology Drive for Precision Dormer LLC, a manufacturer and seller of high-speed steel and carbide round tools; a 4,500-square-foot property at 2531 Technology Drive for Intellisource Inc., a graphic production and promotional company; a 3,900-square-foot property at 2541 Technology Drive for Winegard Co., a manufacturer of television reception products; and a 1,690 square-foot property at 2521 Technology Drive for ONSITE Woodwork, a family-owned premier woodworking company. Chris Zannis of Arthur J. Rogers & Co. negotiated the leases. Facilities at Rogers Business Parke-Elgin offer both 100 percent office suites and mixed-use office/warehouse space, with units ranging from 2,000 to 58,000 square feet.
ZIMMERMAN, MINN. — Marcus & Millichap has brokered the $5 million sale of The Pines I & II, a 64-unit apartment property in Zimmerman, a rural community located approximately 42 miles northwest of Minneapolis. The address of the Pines I & II is at 25685 3rd St. West. The property, which was built in two phases in 2005 and in 2006, features several different floor plans. Amenities include attached covered garages, a large community room and fitness center. The property closed at below a 7 percent cap rate. Michael Ahles, Mox Gunderson and Chris Collins of Marcus & Millichap’s Minneapolis office represented the seller, a developer, and the buyer, a partnership.