NEW YORK CITY — Marcus & Millichap Capital Corp. (MMCC) has arranged a $16.5 million loan for the refinancing of a 46-unit, mid-rise multifamily property in New York City. The seven-year loan carries a fixed interest rate of 3.7 percent and includes a 25-year amortization schedule and a 70 percent loan-to-value ratio. Christopher Marks and Steven Rock of MMCC arranged the loan. John Krueger, also of the firm, represented the borrower.
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CHELMSFORD, MASS. — CBRE/New England’s capital markets team has secured $16.1 million in financing for the purchase of The Meadows, a 180-unit, garden-style community located in suburban Boston. The buyer, a joint venture between Taurus Investment Holdings of Boston and Water Street/PhilMor Real Estate Investments LLC of Newton, Mass., purchased the multifamily asset for $20 million. The community, located approximately 1.5 miles from I-495 in Chelmsford, was constructed in 1987 with an average unit size of 668 square feet. The Meadows includes 10 three-story buildings with a unit mix of 18 studio, 42 one-bedroom and 120 two-bedroom units. John Kelly of CBRE worked on behalf of Taurus and Water Street/PhilMor to secure the financing.
NEWARK, N.J. — Three long-term leases totaling 53,000 square feet have brought 570 Broad in Newark to 85 percent occupancy. The 200,000-square-foot, 15-story tower was 20 percent leased in 2011, when The Berger Organization acquired a controlling interest in 570 Broad Street LLC, the partnership that owns the asset. Brendan Berger of The Berger Organization represented his company in negotiating the latest leases at 570 Broad. Programs for Parents leased 22,000 square feet, relocating from another Newark property. McElroy, Deutsch, Mulvaney & Carpenter LLP leased 19,000 square feet. Peter Blanchard and Lee Barnes of The Garibaldi Group served as the tenant’s broker in the transaction. Health Republic Insurance of New Jersey leased 12,000 square feet. Harlan Hollander of Cushman & Wakefield served as the tenant’s broker.
PEARLAND, TEXAS — CBRE has brokered the sale of Retreat at Shadow Creek Ranch, a 370-unit multifamily property in the Houston suburb of Pearland. Located at 2500 Business Center Drive, the community includes one- to three-bedroom apartments, as well as a fitness facility, internet café, resort-style pool and pet park. The complex was 90 percent occupied at the time of the sale, despite having opened in early 2013. The property is adjacent to master-planned community Shadow Creek Ranch and within walking distance of the Pearland Town Center. Ryan Epstein of CBRE represented the seller, McCann Realty Partners, in the transaction. Inland Real Estate Acquisitions Inc. purchased the asset.
COLLEYVILLE AND ALLEN, TEXAS — Gladstone Commercial Corp. has purchased two properties occupied by Crème de la Crème childcare in the Dallas/Fort Worth suburbs of Colleyville and Allen for $10.5 million. The Colleyville facility is located at 6805 Colleyville Blvd., in close proximity to State Highway 26. The Allen facility is located at 1207 W. McDermott Drive, near I-75 and the Sam Rayburn Tollway. Crème de la Crème will continue to operate both properties. Gladstone Commercial, which is based in McLean, Va., assumed a $6.3 million loan with Wells Fargo Commercial Mortgage as part of the transaction.
GRAPEVINE, TEXAS — Coldwell Banker Commercial Alliance DFW has brokered the sale of Grapevine I, a 38,709-square-foot office property in the Metroplex suburb of Grapevine. Located at 3500 William D. Tate Ave., the building was fully leased at the time of the sale to tenants including Academic Health Plans. Gary Walker and Renee Efimoff of Coldwell Banker Commercial Alliance DFW represented the seller, Skywalker Property Partners, which purchased both Grapevine I and the adjacent Grapevine II in August 2011 on behalf of Hangover Opportunity Fund LLC. OSK Investments LP acquired Grapevine II in August 2012. Jill Bayne of Alliance Commercial represented the buyer, a California-based investor completing a 1031 tax-deferred exchange.
ARLINGTON, TEXAS — Bradford Commercial has brokered the sale of a 35,417-square-foot warehouse in Arlington. The buyer, local developer Vaquero Ventures, will redevelop the currently vacant property as a retail facility. Located on more than four acres at 3500 S. Cooper St., the building is in proximity to The Parks at Arlington shopping mall and I-20. Nick Talley of Bradford Commercial represented both the buyer and the seller, Fort Worth-based EKIM Partners, in the transaction. The asset sold within 120 days of its initial listing.
PASADENA, CALIF. — Pasadena Clinical Physicians Neuroscience Centerhas received a $17.2-million refinance. The 49,652-square-foot medical office building is located at 630 South Raymond Ave. The loan carries a 10-year term and a 30-year amortization schedule. Financing was arranged by Ory Schwartzof NorthMarq Capital’s Los Angeles officethrough the firm’s relationship with an investment management firm.
SAN DIEGO – The 46-unit Kenora Terrace in the San Diego submarket of Spring Valley has sold to Doug Wetton Properties for $5.6 million. The community is located at 3541 Kenora Drive near State Routes 94 and 125 and Interstate 8. It was built in 1979. The seller, Pacifica Companies, was represented by HFF’s Hunter Combs. HFF also secured a three-year, interest-only acquisition loan for the buyer through a balance sheet lender.
DENVER – A 15-unit apartment building in Denver has sold to Loving Properties Inc. for $2.5 million. The community is located at 2421 South Gaylord Street. It was built in 1958. The buyer plans to complete a renovation at the property. The company was represented by Candace Loving. The seller, JDR Properties LLC, was represented by the Calame Lewallen Team at Pinnacle Real Estate Advisors.