WACO, TEXAS — A partnership between Inland Real Estate Acquisitions LLC and The Scion Group has acquired View on 10th, a 718-bed student housing property located near Baylor University in Waco. View on 10th features 257 units and amenities such as a pool and hot tub, fitness center, business center with private study rooms, clubhouse and lounge and outdoor grilling and dining stations. The partnership acquired the property as part of a larger student housing portfolio deal that included a 622-bed complex in Charlottesville, Va., and a 489-bed property in West Lafayette, Ind. TSB Capital Advisors consulted for the buyers, and TSB Realty represented the undisclosed seller in the portfolio transaction. Walker & Dunlop originated fixed-rate loans for the portfolio through Freddie Mac.
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RICHMOND, TEXAS — Forman Capital, a direct lender based in Florida, has provided a $37 million construction loan for The Oaks of District West, an 87,244-square-foot retail project in the southwestern Houston suburb of Richmond. Developed by Ferguson Family Partners, The Oaks of District West will consist of 10 buildings that are 70 percent preleased, as well as central green space. Tenants that have committed to the project include pickleball concept The PICKLR, Grazia Italian Kitchen, Luckie’s Burger, Pacific Coast Tacos, Virtual Golf Bar and Pecan Jack’s Ice Cream. Daniel Eidson of Concord Summit Capital arranged the debt. Construction is set to begin in the coming weeks and is expected to be complete by mid- to late 2027.
RICHMOND, TEXAS — Local developer NewQuest has broken ground on an 87,502-square-foot retail project in Richmond, a southwestern suburb of Houston. The project is an expansion of The Grand at Aliana, a 650,000-square-foot retail power center, and the new space is preleased to Dick’s Sporting Goods (60,249 square feet) and Havertys Furniture (27,253 square feet). Both stores are expected to open before the end of the year. Matt Reed and Greg Bracchi of SHOP Cos. represented Dick’s Sporting Goods in the lease negotiations. Mark Reeder, Ed Heap, Jonathan Probst and Ryan Johnson of SRS Real Estate Partners represented Havertys. Josh Friedlander internally represented NewQuest in both sets of lease negotiations and partnered with the firm’s David Meyers on the Havertys deal.
NEW YORK CITY — BWE, a Cleveland-based commercial finance firm, has arranged two loans totaling $120 million for the refinancing of a pair of Marriott-branded hotels in the New York City. The financing consisted of $90 million for the 357-room Residence Inn Times Square hotel in Midtown Manhattan and $30 million for the 160-room Courtyard by Marriott Long Island City in Queens. Steve Perricone of BWE arranged the loans, both of which were structured with 15-year terms and 15-year amortization schedules. The name(s) of the direct lenders, as well as the regional hospitality investor that owns the properties, were not disclosed.
PRINCETON, N.J. — CBRE has brokered the sale of Nassau Park Pavilion, a 760,765-square-foot retail power center in Princeton. Grocer Wegmans anchors the center, which is also home to tenants such as Target, Home Depot, Five Below, Floor & Décor, Just Salad, Bluestone Lane and Mezeh. Chris Munley, Colin Behr, Ryan Sciullo and Casey Benson Smith of CBRE represented the seller, SITE Centers Corp., in the transaction. The buyer was Bridge 33 Capital, an investment firm with offices in Chicago, Seattle and Las Vegas. The sales price was not disclosed.
PHILADELPHIA — JLL has negotiated the $30.8 million sale of Shoppes at Wissinoming, a roughly 98,000-square-foot shopping center in northeast Philadelphia. Grocer ShopRite anchors the center, which was built on 11.3 acres in 2008, with a 67,846-square-foot store. Additional tenants include Wawa, Popeyes, AT&T, Elite Dental and Wissinoming Laundromat. Jim Galbally, Patrick Higgins and JP Colussi of JLL represented the seller, ARCTRUST, in the transaction. The buyer was an affiliate of Brown’s Real Estate. Shoppes at Wissinoming was 98 percent leased at the time of sale.
POUGHKEEPSIE, N.Y. — New Jersey-based financial intermediary Cronheim Mortgage has arranged $11.5 million in financing for Poughkeepsie Plaza, a 181,746-square-foot shopping center located north of New York City. Marshalls and TJX/HomeGoods anchor the property, which is also home to tenants such as Sierra Trading Post, Mattress Firm, Famous Footwear, J. Crew, Wendy’s and Chase Bank. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the debt on behalf of the borrower, regional owner-operator Mehlich Associates. The direct lender was not disclosed.
Priority Capital Closes $174M Financing for Multifamily Project in Santa Maria, California
by Amy Works
SANTA MARIA, CALIF. — Priority Capital Advisory, led by Founder and President Zachary Streit, has closed on $174 million in construction financing on behalf of the ownership of Blosser Ranch, a 160-acre master-planned development in Santa Maria. The financing funds both horizontal and vertical construction for the first phase, a three-story, 302-unit, garden-style apartment community on 12 acres. Additionally, the funding recapitalizes the remaining land within the entire development, positioning the borrower for the project’s six future subphases. The structured capital stack financing includes: The Class A multifamily property will feature studio, one-, two- and three-bedroom floor plans ranging in size from 490 to 1,188 square feet. Community amenities will include a pool and spa, clubhouse, fitness center, business center, outdoor barbecues, fire pits, a pet park and a playground. Completion of the first phase is slated for summer 2027. Upon full build-out, Blosser Ranch is planned to include approximately 1,500 single-family and multifamily residential units, retail space, a public park, a school and a water retention basin.
GREAT FALLS, MONT. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Talus Apartment Homes, a multifamily property in Great Falls. Brock Zylstra and Danny Shin of IPA, in association with Adam Christofferson as Marcus & Millichap’s broker of record in Montana, represented the seller and procured the buyer in the deal. Terms of the transaction were not released. Built in two phases in 2015 and 2018, Talus Apartment Homes features 288 studio, one- and two-bedroom layouts with open concept living areas. All units offer stainless steel appliances, modern cabinetry and washers and dryers. Community amenities include a resort-style swimming pool, 24-hour fitness center and a clubhouse with a theater and media room.
SAN FRANCISCO — REALM, in partnership with Cannae Partners, has purchased 340 Bryant Street, an office building in San Francisco’s South Beach submarket, for $10 million. At the time of sale, the 66,000-square-foot property was fully vacant. The seller was not disclosed. Originally constructed in 1932, the property was previously occupied by WeWork and renovated in 2015 with approximately $14.7 million of capital improvements. The four-story building features modern systems, exposed ceilings, creative finishes, a rooftop deck, showers, locker rooms and flexible zoning supporting office and research-and-development (R&D).