WASHINGTON, D.C. — Beech Street Capital has provided $21.3 million in Freddie Mac CME loans to refinance a portfolio of two apartment complexes in northeast Washington, D.C. The apartment complexes, Fort Lincoln Senior Village I & II, total 363 units. Adam Bieber of Beech Street originated the 10-year loans on behalf of the borrowers, Fort Lincoln Senior Village No. 1 Associates and Fort Lincoln Senior Village No. 2 Associates. The loans have 10 years of interest only payments and were originated with a fixed interest rate.
ORLANDO, FLA. — Colliers International has arranged the $10.2 million sale of Parkwood Plaza, a 148,232-square-foot, grocery-anchored shopping center in Orlando. The retail center is locate at 3191 W. Colonial Drive. The sale includes an additional 12.9 acres of undeveloped land zoned for commercial use. Winn Dixie anchors Parkwood Plaza, and Bank of America, McDonald’s, Valvoline and a KFC/Taco Bell are all outparcel retailers. Cynthia Shelton and Kane Morris-Webster represented the seller in the transaction. The buyer was Highyon Assets Corp.
BROOKLYN PARK, MINN. — Ryan Cos. has begun construction on a multi-million dollar office and manufacturing facility for Olympus Surgical Technologies America in suburban Minneapolis. Located in Brooklyn Park, Minn., the two-story, 180,000-square-foot facility will consolidate the company’s operations, currently housed in five buildings, in one building. The project is scheduled for a September 2014 completion. Ryan Cos. will provide development, architecture and engineering, construction and capital market services for the project. Other partners on the project include RSP Architects and Jones Lang LaSalle.
ELK GROVE, ILL. — Berkadia Commercial Mortgage LLC has arranged a $43.5 million loan through Fannie Mae for the acquisition of Willow Crossing Apartments in Elk Grove Village, a northwest suburb of Chicago. Matt Greer, vice president at Berkadia, arranged the 10-year, floating-rate loan for Steadfast Income REIT. Loan terms include a 75 percent loan-to-value ratio and a variable interest rate tied to LIBOR. Located at 1031 Charlela Lane, the 579-unit building is situated on 27 acres and is 97 percent occupied. Amenities at the property include a resident clubhouse, playground and business center.
MAPLE GROVE, MINN. — The Opus Group has secured two leases for office and retail space at its Arbor Lakes development and sold 2.7 acres in Maple Grove, a northwest suburb of Minneapolis. Pro Ag Management Inc. will occupy 9,179 square feet on the second floor of the Arbor Lakes Development. With the addition of Pro Ag Management Inc., the office space is now fully leased. Additionally, Sola Salon Studios signed a lease to occupy 4,524 square feet of ground-level retail space in the same building. Opus sold 1.3 acres located at 11301 Fountains Drive North in the Fountains at Arbor Lakes development to KF Dental Co. LLC. Freddy’s Frozen Custard & Steakburgers purchased 1.4 acres located at 11600 Fountains Drive North. Colliers International represented the tenants and Opus in the leasing transactions. Ben Krsnak of Hempel Cos. represented KF Dental LLC in the land sale transaction. Zach Stensland of Colliers International represented Freddy’s Frozen Custard & Steakburgers. Chris Simmons and Kris Schisel, also from Colliers International, represented Opus in the land sale transactions.
FENTON, MO. — Gander Mountain, an outdoor speciality retailer, plans to open its first store in Missouri in the spring of 2014. The Fenton store will be located in an existing 96,000-square-foot space at the Gravois Bluffs Shopping Center. Once the remodeling is complete, the site will include 65,000 square feet of retail space. Headquartered in St. Paul, Minn., Gander Mountain Co. has 131 locations in 24 states. In addition to the Fenton location, new stores are planned for Indiana, North Carolina, Texas, Alabama, Georgia and Florida in 2014.
POMONA, N.Y. — Spirit Bascom Ventures, a joint venture between New York City-based Spirit Investment Partners LLC and Irvine, Calif.-based The Bascom Group LLC, has acquired the Avalon Crystal Hill apartments in Pomona for $33 million. The Class A apartment community, located 45 minutes north of midtown Manhattan, includes 169 units, as well as a clubhouse, fitness center and pool area. The seller was Avalon Bay Communities. Mark Dellilo and Jeff Bastow from BlueGate Partners represented the seller. Gary Mozer, Katie Rodd and Michael Anderson-Mitterling of George Smith Partners secured $27.1 million in financing from Natixis Real Estate Capital for the property.
NEW YORK CITY — Madison Realty Capital has purchased a single-borrower portfolio of six loans from a large commercial bank in an off-market transaction. The balance of the purchased loans, secured by multifamily and mixed-use properties owned by the same borrower, was approximately $18 million. “With significant changes in the bank regulatory environment, lenders continue to sell off non-performing and underperforming loans,” says Brian Shatz, co-founder and managing member of Madison Realty Capital. “Recently many of our bank counterparties have been looking to sell entire credits — in other words multiple loans with the same borrower — and this transaction is a prime example of the trend.”
READING, MASS. — Jones Lang LaSalle (JLL) has arranged the sale of Reading Commons, a 204-unit luxury apartment community located 10 miles north of Boston in Reading. Institutional investors advised by J.P. Morgan Asset Management purchased the property from an affiliate of Henderson Global Investors. Built in 2006, Reading Commons is near the intersection of Route 128 and Interstate 93. Amenities include a heated pool with grilling area, fitness center, movie theater, underground parking for 62 vehicles and 30 detached garages. Michael Coyne, Travis D’Amato and Jonathan Schneider, senior vice presidents, led the JLL team in the transaction, along with associates Kevin Gleason and Brendan Shields.
SEABROOK, N.H. — DDR Corp. has signed several anchor tenants for Seabrook Commons, a 380,000-square-foot center the firm is developing in Seabrook. The power center will open in the summer of 2014 at 95 percent occupancy. Anchor tenants include Walmart, Dick's Sporting Goods, PetSmart, Michaels, ULTA Beauty, Five Below and Panera Bread. Seabrook Commons will represent DDR's second consecutive year of adding a prime power center to its portfolio through ground-up development. In May 2013, the company opened the 900,000-square-foot Belgate Shopping Center in Charlotte, N.C.