PLAINFIELD, N.J. — Brick, N.J.-based Tryko Partners has acquired Liberty Village, an affordable apartment building located at 205 Liberty St. in Plainfield. The building features 96 Section 8 Homeowners Assistance Program residences, which range in size from one to four bedrooms. The buyer plans to renovate the property, including parking lots and sidewalks, adding a laundry facility and community rooms, as well as upgrading the electrical infrastructure throughout the property. Tryko secured financing for the acquisition through Community Preservation Corp. Terms of the transaction were not released.
Property Type
LYNDHURST, N.J. — HFF has arranged $51.5 million in financing for Vermalla Lyndhurst, a Class A multifamily community in Lyndhurst. Completed in early 2014, the property features 296 apartment units in one-, two- and three-bedroom floorplans ranging in size from 827 to 1,918 square feet. The units feature hardwood floors, quartz countertops, energy-efficient stainless steel appliances, in-residence washers and dryers and nine-foot ceilings. The community amenities include an 8,000-square-foot clubhouse, outdoor heated pool, fire pit, cyber café, fitness center, media lounge, billiards room and a 4,000-square-foot dog park. Thomas Didio and Michael Lachs of HFF secured the fixed-rate loan through a life insurance company for the borrower, Russo Development.
WARWICK, R.I. — Fantini & Gorga has arranged $27.5 million in permanent first mortgage financing for the Cowesett Hills Apartment community in Warwick. The borrower was Cowesett Hills Apartments LLC, an affiliate of Rhode Island-based The Picerne Real Estate Group. Situated on 68 acres of land at 3595 Post Road, the community features 456 apartment units. John Gorga and Jason Cunnane of Fantini & Gorga secured the financing through a national insurance company.
PHILADELPHIA — Meridian Capital Group has arranged a $21.7 million loan on behalf of Pantzer Properties for the acquisition of a multifamily property in Philadelphia. Located at 1601 Sansom St., the 13-story property features 80 units with 11,192 square feet of retail space. The units were previously leased and operated by Oakwood Corporate Housing as a short-term furnished corporate rental facility. The five-year loan, provided by a local balance sheet lender, features a competitive fixed-rate of 3.13 percent and interest-only payment for the first two years followed by a 30-year amortization schedule. Drew Anderman, Alan Blank and David Bollag of Meridian’s New York City headquarters negotiated the transaction.
DALLAS — The first Bonobos in Dallas has opened at 1901 N. Henderson Ave. The 1,240-square-foot store is the first in the Dallas area and second in the state of Texas. Michael Miller of United Commercial Realty represented Bonobos in the lease transaction. Matthew Heisley of Open Realty Advisors represented the landlord, Henderson Main LP. Bonobos is a New York City-based retailer of men’s clothing.
KILGORE, TEXAS — Stan Johnson Co. has arranged the sale of a 14,820-square-foot retail property in Kilgore leased to Walgreens to an institutional REIT based in New York for an undisclosed price. Todd Moore, Jim Gibson and Donny Joseph of Stan Johnson’s Houston office represented the seller, an unnamed investor based in Chicago, and the buyer in the transaction. The property is 100 percent leased to Walgreen Co. and is located at the intersection of Henderson Boulevard and Highway 259. Nearby tenants include Walmart Supercenter, Brookshire’s, Fred’s Store, Bealls and Hibbett Sports.
KATY, TEXAS — Mark One Capital has arranged $2.9 million in financing for a 20,000-square-foot retail property in the Houston suburb of Katy. Farhan Kabani, a senior director in the firm’s Dallas office, arranged the loan. The name of the borrower was not disclosed. The loan is structured with a 10-year term and amortizes over 25 years with a fixed interest rate of 4.25 percent.
HOUSTON — Hunington Properties has sold the Plaza at Bellaire, a 74,315-square-foot shopping center in Houston. The seven-acre property, located at the northeast corner of Bellaire Boulevard and Renwick Drive, is fully leased and anchored by 99¢ Only and Advance Auto Parts. Todd A. Carlson of Hunington Properties represented the seller, a local private partnership, in the transaction. The buyer was a local investor.
PEARLAND, TEXAS — HFF has closed the sale of SouthWind, a 312-unit multi-housing complex in the Houston of Pearland. HFF marketed the property on behalf of the seller, a TIC ownership group managed by Joseph and Henry Mandelbaum of RealTax Inc. An entity owned by JMG Realty bought the complex for an undisclosed amount. SouthWind is located at 9720 Broadway St., 15 miles south of downtown Houston. The property is 95.2 percent leased with one-, two- and three-bedroom units averaging 969 square feet. Amenities include a swimming pool, hot tub, fitness center, volleyball court, clubhouse, business center and playground. The HFF team included directors Chris Curry and Tre Banks along with senior managing directors Todd Marix and Todd Stewart.
SALT LAKE CITY — USAA Real Estate Company has announced plans to build a 590,000-square-foot logistics center in Salt Lake City. The dual distribution warehouses will be situated on 31 acres at the entrance to the master-planned Bonneville Center. The 480-acre Bonneville Center is located two miles west of Salt Lake City International Airport. The new Class A project is known as I-80 Logistics Center due to its close proximity to the interstate. The first phase of I-80 Logistics Center will include two buildings of 305,760 square feet and 283,920 square feet. Each building will be designed to accommodate up to six tenants. The properties can also be combined to accommodate a larger user that requires up to 650,000 square feet. The project is being co-developed by Seefried Properties. USAA originally acquired 57.4 acres near the Bonneville Center, 26.4 of which may be used to construct a third building with 502,320 square feet at a later date.