WESTFORD, MASS. — Fantini & Gorga has arranged $22 million in financing for the redeveloped, 131-unit Abbot Mill in Westford, a northwest suburb of Boston. Abbot Mill was redeveloped out of a series of brick building and features light-filled units with large windows. The former mill includes 103 underground parking spaces with direct access to the apartments. The project was supported by both federal and state historic tax credits. The financing was placed with a regional bank.
CARLSTADT AND PASSAIC, N.J. — Marcus & Millichap Capital Corp. (MMCC), has arranged $15.2 million in refinancing for two properties in northeast New Jersey for different sponsors. MMCC arranged $10.2 million for a 94,000-square-foot industrial property in Carlstadt. The 12-year loan includes a 20-year amortization schedule and 4.1 percent interest rate with a 70 percent loan-to-value ratio. The company also arranged a $5 million loan for a 108-unit garden apartment complex in Passaic. The 10-year loan amortizes over 30 years and includes a 2.9 interest rate with a 65 percent loan-to-value ratio. Joseph Belgiovine, an associate director in MMCC’s New Jersey office, arranged the loans.
FORT WASHINGTON, PA. — Laurus Corp. has acquired the 146-room Hilton Garden Inn in Fort Washington. Located 20 miles north of downtown Philadelphia, the six-story hotel features an indoor swimming pool, business center, guest laundry facility, the brand’s signature restaurant and bar and three meeting facilities totaling 3,350 square feet. Laurus plans to invest $1.9 million in the property toward renovations. The Hilton Garden Inn is adjacent to the Fort Washington Office Park, which includes nearly 6 million square feet of Class A office space. The office park is home to more than 100 companies such as GMAC/Ally, URS Corp., Honeywell, Verizon, FedEx and Johnson & Johnson.
DALLAS — Trammell Crow Co. and joint venture partner Prudential Real Estate Investors have broken ground on Trammell Crow Penn Distribution Center, a speculative industrial building totaling 823,379 square feet in southern Dallas County. The facility, to be located on 47 acres along I-20, will include 36-foot clear height ceilings and is designed for LEED certification. Construction is slated for completion in May 2014.
AUSTIN, TEXAS — Spire Realty Group LP has purchased Austin Oaks, a 445,322-square-foot office property in the Northwest Austin submarket. The 12-building, Class A complex is located at the southwest corner of Mopac Expressway and Spicewood Springs Road, in close proximity to U.S. 183 and Loop 360, as well as the Arboretum and Domain mixed-use developments. Spire was represented internally by Jon Ruff, senior vice president. Todd Mills and Casey Knust of CBRE represented the undisclosed seller.
HOUSTON — Marcus & Millichap has brokered the sale of Woodforest Shopping Center, a 113,831-square-foot retail property in Houston. The facility, located at 421-469 & 438-474 Uvalde Road, houses tenants including Palais Royal, dd’s Discounts and Advance Auto Parts. James Bell of Marcus & Millichap represented the seller, a REIT traded on the NYSE. Bell also secured the buyer, a partnership.
ROUND ROCK, TEXAS — A private Canadian real estate investment group has selected FirstService Residential Realty (FSRR) to manage the Landing at Round Rock, a 583-unit multifamily community approximately 19 miles north of Austin. Acquired by the Canadian group earlier this year, the property was constructed in 2001 and features townhomes with attached garages, hardwood floors, granite countertops and 10-foot ceilings. The asset, which was previously known as the Monterone at Round Rock, is located at 7711 O’Connor Drive and includes amenities such as five swimming pools, a theater and 24-hour fitness center. FSSR provides management services for a portfolio totaling more than 20,000 units nationwide.
FONTANA, CALIF. — REDA Bascom Ventures has purchased 16 acres of land in Fontana for an undisclosed sum. The joint venture between Real Estate Development Associates (REDA) and The Bascom Group plans to develop a 350,000-square-foot industrial/distribution building on the site. The land is located at 11100 Hemlock Ave. It sits adjacent to the JM Eagle Fontana manufacturing facility. REDA Bascom was represented by Kevin McKenna and Scott Sanders of Colliers International. The seller, JM Eagle, was represented by Rustin Mork, Anthony Dedeaux and Brett Dedeaux of Bingswanger Realty Advisors. REDA is currently looking for more development opportunities in the Inland Empire, Orange County and Los Angeles industrial markets.
DENVER — Peak Capital Partners has purchased The Artisan, a 434-unit apartment community in Denver, for an undisclosed sum. The community is located at 10025 E. Girard Ave. It is currently 97 percent occupied. Peak plans to launch a multi-million-dollar capital improvements project at The Artisan that will include exterior and interior renovations, enhanced landscaping and extensive interior upgrades. The seller, Prime Residential, was represented by HFF.
CASA GRANDE, ARIZ. – A 4,332-square-foot property in Casa Grande that is net leased to IHOP has sold to an unnamed buyer for $1.8 million. The property is located at 2064 East Florence Blvd. The lease is guaranteed by Romulus, which is one of the largest IHOP franchisees. The seller, a limited liability company, was represented by Don Morrow of Marcus & Millichap.
