SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $2.2 million loan for the Vanguard Office Building in Southfield. The 115,000-square-foot office building is located at 23800 W. 10 Mile Road. Kevin Kovachevich of Bernard Financial originated the loan for the borrower, Vanguard Owner LLC. Bloomfield Capital Partners LLC is the lender.
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BOSTON — Boston Realty Advisors (BRA) has sold 40 Berkeley Street, located near the intersection of Berkeley and Tremont Street, in Boston’s South End Neighborhood, for $17.2 million. The seven-story, 80,000-square-foot building currently operates as a hotel geared toward young travelers, hostellers, and those looking for an alternative to Boston’s high-priced hospitality choices. It previously served as a YWCA housing facility. The property was purchased by The Mount Vernon Company, which is based in Boston. The new ownership company is considering various options for the property but will not release any information until it begins its dialog with the neighborhood. Cornerstone Realty Capital arranged acquisition and improvement financing from a local bank.
MORRIS PLAINS, N.J. — Colliers International has arranged the sale of the 330,000-square-foot Morris Business Campus at 1000, 1100, and 1200 The American Road in Morris Plains for $6.85 million. The multi-tenant property was sold to local real estate investor and developer JMF Properties Group. The Morris Business Campus encompasses more than 28 acres of land and comprises three interconnected Class B office buildings that were renovated in 2001. The rear of the property features a walkway with direct access to the Morris Plains train station. The property is currently zoned as light industrial and is located two miles from Interstates 287 and 80, and is 45 minutes from New York City.
NEW YORK CITY — Silvershore Properties has purchased 27 East 20th Street for $3.3 million. The 5,200-square-foot four-story walk-up building, located between Park Avenue South and Broadway, features Rohm Thai Restaurant on the ground level and Bove Hair Salon on the second floor. Two full-floor apartments fill the two top floors. The property includes an additional 4,000 square feet of air rights. AY & Associates, which owned the building for more than 30 years, sold the property.
MAMARONECK, N.Y. — Rich Hendey and Steve McCulloch of Houlihan Parnes Realtors have placed a $1 million loan on 123-129 Halstead Avenue, an office and retail property located across the street from the train station in Mamaroneck. The non-recourse loan was done at par and has a fixed rate of 4 percent for a period of five years with a 30-year amortization schedule. The borrower has a five-year option to renew. The loan was placed with a regional bank and the borrowers were represented by John Nickelsberg of the law firm Rabine & Nickelsberg.
AUSTIN, TEXAS — HFF has arranged a $33 million loan for the construction of Hotel Granduca, a 194-room boutique hotel in Austin. The project, located at the corner of Bee Cave Road and Loop 360, will stand nine stories and include a library, ballroom, game room, fitness center, swimming pool and restaurant. A joint venture between The Interfin Companies and Riverside Resources, the property is slated for completion in late 2015. Doug Opalka, John Bourret and Casey Wenzel of HFF worked on behalf of the joint venture to arrange the loan through IBC Bank.
LITTLE ELM, TEXAS — Henry S. Miller Cos. has sold Little Elm Towne Crossing, a 170,000-square-foot retail property in the Dallas suburb of Little Elm. Henry S. Miller Cos. originally purchased the 21-acre parcel in 2005 and developed the neighborhood shopping center on the land in 2008. Tenants of the facility include anchors Hobby Lobby and 24 Hour Fitness, as well as Hibbets Sports, Planet Tan, Baskin-Robins and Monarch Dental. Robert Grunnah, Darrell Hurmis and Daniel Harris of Henry S. Miller Cos. arranged the sale. LETC Dunhill LLC acquired the asset.
SAN ANTONIO AND AUSTIN, TEXAS — Venture Commercial Real Estate has arranged two leases in Austin, as well as another lease and a land sale in San Antonio, on behalf of Fitness International LLC, which will open four new LA Fitness locations at the sites. John Zikos, Jonathan Cooper and Chris Booras of Venture worked with Walt Brown Jr. and Tim Dollander of Diversified Partners, master brokers for LA Fitness in the Southern U.S., on each of the deals. In Austin, Venture arranged a 40,000-square-foot lease at a facility to be constructed at 2020 W. Anderson Lane. In this arrangement, Alan Rust of Retail Solutions represented the unnamed landlord. Also in Austin, Venture arranged a 46,200-square-foot lease at a facility to be constructed in the Lamar Oaks shopping center, located at 4001 S. Lamar Blvd. In this lease, Adam Zmiel of The Weitzman Group represented the unnamed landlord. In San Antonio, Venture arranged a 45,000-square-foot lease at a facility to be constructed in the Vineyard shopping center, located at the corner of Loop 1604 and Blanco Road. In this deal, Thomas Tyng of REATA Real Estate Services represented the unnamed landlord. Finally, Venture arranged the sale of a six-acre parcel …
AMARILLO, TEXAS — Marcus & Millichap has brokered the sale of the 115-room Quality Inn Amarillo East, a hospitality property located at 1515 I-40 East in Amarillo. Constructed in 1985, the hotel offers free wireless internet, a business center, truck parking and free breakfast. The property is in close proximity to Rick Husband Amarillo International Airport, Amarillo Junior College and West Texas State University. Chris Gomes, Skyler Cooper and Jake Gaddy of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Cooper also procured the buyer, another private investor.
MOUNTAIN VIEW, CALIF. – The 373-unit Park Place Apartments and the 116,205-square-foot Mountain View City Center office building in Silicon Valley have received $173 million in senior debt refinancing. The properties are owned by Prometheus Real Estate Group. Park Place is located at 851 Church Street in Mountain View. The Class A community received $118 million in refinancing. The adjacent Mountain View City Center is located at 650 Castro Street. It received $55 in refinancing. The loan features a 10-year term and a 30-year amortization schedule. Financing was arranged by Jeff Weidell, Nate Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco office through the firm’s correspondent relationship with Allianz Real Estate of America. Allianz worked on behalf of Allianz Life Insurance Company of North America.