OMAHA, NEB. — Q10 | Daisley Ruff Financial has arranged $5 million in permanent financing for the 63-unit phase of Pinhook Flats apartment community in Omaha. Bob Chalupa, senior vice president at Q10 | Daisley Ruff Financial, arranged the 10-year, non-recourse loan that includes a fixed interest rate of 4 percent. Pinhook Flats is located at 6440 Cedar St. in the Aksarben Village area of Omaha.
DES PLAINES, ILL. — Brennan Investment Group LLC and DLJ Real Estate Capital Partners LLC have acquired approximately eight acres at 1780 Birchwood Ave. in Des Plaines. The partnership plans to build the Northeast O'Hare Industrial Center, a 140,000-square-foot warehouse and distribution building that will feature 32-foot clear ceiling heights, at the site. The development is located near Interstates 90 and 294 in Chicago's O'Hare Industrial submarket. Jonathan Kohn and Thomas Rodeno of Colliers International have been retained to market the property on behalf of Brennan Investment Group and DLJ Real Estate Capital Partners. The project is slated for completion in the third quarter of 2014.
SUN PRAIRIE, WIS. — Colony Brands Inc. has signed a 427,000-square-foot, long-term lease at Sun Prairie Business Park in suburban Madison. Colony will fully occupy the industrial property, which includes 17,100 square of office space on two levels and 31 loading docks. The property is located at 1615 Commerce Drive in Sun Prairie. Scott Furmanski, first vice president, and Chase Brieman, vice president at CBRE, represented the building’s owner, STAG Industrial Inc., in the transaction.Colony Brands, formerly known as The Swiss Colony Inc., is a provider of cheese and food gifts, holiday collectibles, apparel accessories and more.
NEW YORK CITY — Newcastle Investment Corp. has agreed to acquire a 52-property portfolio of seniors housing properties from affiliates of Holiday Retirement for approximately $1 billion. The 5,885-unit portfolio includes communities located across 24 states and was 91 percent occupied as of the end of the third quarter. The deal is expected to close in December. New York City-based Newcastle plans to invest approximately $300 million of equity to acquire the Holiday Retirement Portfolio and to fund the remainder of the purchase with non-recourse mortgage debt. Holiday will continue to manage the communities to be acquired by Newcastle, which have been split into two identical triple-net master leases. Lake Oswego, Ore.-based Holiday Retirement operates 333 independent living properties around the country.
NEW ROCHELLE, N.Y. — AvalonBay Communities has sold its Avalon on the Sound East apartment tower in New Rochelle to The DSF Group for $210 million. The sale marks the largest multifamily property sale recorded in Westchester County, according to HFF, which arranged the transaction. HFF marketed the 588-unit, 39-story building on behalf of Arlington, Va.-based AvalonBay. The sales price equates to approximately $357,000 per unit. Avalon on the Sound East is located at 40 Memorial Highway within a block of the Metro-North Railroad’s New Rochelle train station and less than a mile from Interstate 95. The high-rise building features one-, two- and three-bedroom units, and 7,607 square feet of ground-floor retail. Amenities include a 24-hour fitness center, outdoor heated pool, rooftop resident lounge, community room, game room, garage parking and 24-hour concierge service in the building. Jose Cruz and Scandalios, Kevin O’Hearn, Jeffrey Julien and Rob Hinckley of HFF arranged the transaction.
RAHWAY, N.J. — Law firm Feinstein, Raiss, Kelin and Booker LLC (FRKB) has represented JS Management in securing $11.3 million in refinancing for a nine-building multifamily portfolio in Rahway. JS Management worked on behalf of affiliated ownership entities Feld Properties, Nests Properties and Dunk Properties. Englewood Cliffs-based ConnectOne Bank provided the financing. The portfolio includes properties located throughout the city of Rahway on Bond, Hamilton, West Grand and West Main streets and East Grand and New Brunswick avenues. Michael Strauss, loan officer, and David Wigfield, attorney at Scura, Mealey, Wigfield & Heyer LLP, represented ConnectOne Bank in the transaction. Michael Donini of Madison Title Agency also assisted in the transaction.
HOPKINTON, MASS. — Colliers International has arranged a $5.6 million loan for the refinancing of a 69,000-square-foot flex building in Hopkinton, a western suburb of Boston. Colliers worked on behalf of the borrower, BCC Property I LLC, to refinance the maturing loan on the single-story building with a 10-year, fixed-rate loan through Northway Bank. Situated on seven acres, the fully leased property was last renovated in 2002. Ryan Bradley and Brian Gaswirth of the Boston office of Colliers’ capital markets group arranged the loan.
DALLAS — Parmenter Realty Partners has acquired The Tower at Cityplace, a 1.3 million-square-foot office building approximately one mile north of the Arts District in downtown Dallas. Located at 2711 N. Haskell Ave., the 42-story property was constructed in 1988 and offers close proximity to the upscale neighborhoods of Highland Park and West Village. The Tower at Cityplace features a 35,000-square-foot fitness center and spa, conference center with amphitheater and covered walkway to restaurants and additional amenities. Parmenter, which purchased the asset as the final property of Parmenter Realty Fund IV, will implement a capital improvement program for the building’s common areas. GE Capital provided financing for the deal, while Andrew Levy, Todd Savage and Elizabeth Malone at HFF represented the seller.
HOUSTON — LMI Capital has arranged a $43.4 million cash-out refinance loan for a five-property Houston multifamily portfolio. The properties, located in the Westheimer, Gulfgate and Clear Lake submarkets, total 1,300 units. The borrower has renovated each of the assets since acquiring the portfolio. Brandon Brown of LMI, in conjunction with colleague Ken Lawrence, originated the non-recourse refinancing at an interest rate of 3.6 percent through a Fannie Mae lender. The loan includes a 30-year amortization schedule, flexible prepayment options and the opportunity to convert to a seven-year fixed rate.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Spanish Village, a 145-unit multifamily property in Fort Worth. Located at 5700 Meadowbrook Drive, the apartment community offers studio, one- and two-bedroom floor plans as well as two on-site laundry facilities and a playground. The complex was originally constructed in 1969 and consists of 21 two-story buildings. Boyan Radic, Doug Banerjee, John Barker and Mason Green of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The same team secured and represented the buyer, a limited liability company.
