RINCON, GA. — Colliers International has arranged $26 million in acquisition financing for Effingham Parc Apartments, a 352-unit, Class A apartment community located on 39 acres in Rincon. David Douvadjian, Thomas Welch and Brian Gaswirth of Colliers International arranged the 10-year, fixed-rate loan through UBS Real Estate Securities on behalf of the borrower, Panther Properties Investment LLC.
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TOWSON, MD. — Cushman & Wakefield has arranged $19.8 million in financing for Maryland Executive Park, a 206,144-square-foot, seven-building office campus located at 8501 and 8600 LaSalle Road in Towson. Gideon Gil, Alexander Hernandez and Sridhar Vankayala of Cushman & Wakefield arranged the three-year loan through EagleBank on behalf of the borrower, a Connecticut-based real estate fund manager.
PEMBROKE PINES, FLA. — Marcus & Millichap has arranged the sale of Pembroke Corners, a 30,007-square-foot shopping center located at 17201 Pines Blvd. in Pembroke Pines, a western suburb of Fort Lauderdale. The retail center is fully leased to CVS/pharmacy, Tire Kingdom and Goodyear. Lori Schneider of Marcus & Millichap’s Fort Lauderdale office represented the seller, a developer based in Tampa, in the transaction. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office secured and represented the buyer.
DAYTON, OHIO — UnitedHealthcare and U.S. Bank have celebrated the grand opening of Germantown Village, a new, 60-unit affordable housing community in Dayton’s Germantown-Broadway area. UnitedHealthcare invested $8.9 million in the $12.8 million affordable-housing community through a partnership with U.S. Bank subsidiary U.S. Bancorp Community Development Corp. UnitedHealthcare’s funding was secured through the use of Low-Income Housing Tax Credits (LIHTC), which was approved by the Ohio Housing Finance Agency. U.S. Bank also provided a construction loan for the development, bridging the LIHTC equity during construction. Additional funding was provided by the U.S. Department of Housing and Urban Development, the Ohio Housing Finance Agency and the city of Dayton. Developed by The Michaels Organization, the four-acre community includes 60 apartments in five two- and three-story buildings. Apartments include Energy Star appliances, ceramic tile and ceiling fans, among other amenities.
ALGONQUIN, ILL. — Maverick Commercial Mortgage Inc. has arranged an $11.2 million construction loan that will fund the completion of a 63-unit multifamily development in suburban Chicago. Riverside Plaza is a Class A residential and retail property located along the Fox River near the intersection of Route 31 and Route 62 in Algonquin. Riverside Plaza Development LLC, which acquired the property from the developer in 2011, will use the loan to complete exterior modification and interior build out of the apartments and ground-floor retail units. The five-story property features 9,101 square feet of retail space and 102 indoor parking spaces. An East Coast private lender funded the loan. The limited recourse loan includes a two-year term.
BROOK PARK, OHIO — Marcus & Millichap has arranged the $6.2 million sale of Brookgate Shopping Center, a 207,623-square-foot retail property in Brook Park, a southwest suburb of Cleveland. Craig Fuller, Scott Wiles and Erin Patton, investment specialists in Marcus & Millichap’s Cleveland and Columbus offices, marketed the property on behalf of the seller, a limited liability company. Fuller, Wiles and Pattan also represented the buyer, an out-of-state private investor. Brookgate Shopping Center is located at 5725 Smith Road and is anchored by Marc’s, Advance Auto Parts and Planet Fitness.
SUN PRAIRIE, WIS. — STAG Industrial Inc. has added a new tenant, which will occupy 427,000 square feet, to its warehouse and distribution property in Sun Prairie, a northern suburb of Madison. The new tenant is a major domestic catalog merchandising company and the lease has a term of more than 10 years. STAG Industrial Inc. is a full-service real estate company focused on the acquisition, ownership and management of single-tenant industrial properties throughout the United States. The company's portfolio includes 200 properties in 34 states with approximately 35.3 million rentable square feet.
NEWARK, N.J. — Tucker Development Corp. has broken ground on Springfield Avenue Marketplace, a $92 million urban, mixed-use development in Newark. Springfield Avenue will feature 125,000 square feet of retail space and 152 residential apartments. ShopRite, which signed a lease for 67,000 square feet, will be the anchor tenant at the development. Situated on the edge of the University Heights neighborhood, Springfield Avenue Marketplace will service the shopping needs of approximately 280,000 Newark residents, 180,000 members of the city's workforce and 60,000 college students and faculty. The development is part of Newark's Urban Enterprise Zone, where customers are entitled to a 50 percent reduction of sales tax on most purchases, along with the full exemption of state taxes on grocery and clothing purchases. The Goldman Sachs Urban Investment Group will provide approximately $65 million in financing for the development of Springfield Avenue Marketplace.
FARMINGDALE, N.Y. — RRDHC LLC has signed a lease for 13 acres at 1024 Broadhollow Road in Farmingdale, a village in Nassau County. The initial 45-year lease is valued at more than $75 million. RRDHC plans to develop a mixed-use property on the site that will include restaurant and hospitality space. Blair Gilbert of Exton, Pa.-based KW Commercial represented RRDHC LLC in the transaction. Peter Hofrichter of Tack Development represented the landlord.
WESTPORT, CONN. — Washington Trust’s Commercial Real Estate Group has provided a $10.5 million loan to 180 Westport Partners LLC for the acquisition and renovation of a mixed-used property in Westport. The 32,103-square-foot office/retail space is located in Westport’s downtown retail corridor at 180 Post Road, just one block from Main Street.