DECATUR, GA. — UC Funding has provided a $10.5 million loan to purchase a discounted mortgage note secured by a 1,069-unit, Class C, garden-style apartment complex in Decatur. The property consists of 41 two- and three-story buildings. The borrower, a repeat sponsor of UC Funding, will complete a $6.3 million renovation to the complex. The borrower has more than 35 years of real estate experience and its portfolio consists of 10,000 multifamily units 490 hotel rooms and 750,000 square feet of office space.
NASHVILLE, TENN. — Cushman & Wakefield | Cornerstone's capital markets group has arranged the $6 million sale of three distribution centers in Nashville. Atlanta-based Johnson Hailey Investments purchased the facilities from ProLogis-Nashville. The properties total 174,600 square feet and are located at 1416 and 1418 Antioch Pike and 1914-1919 Elm Tree Drive.
DOWNERS GROVE, ILL. — The Alter Group has announced it will develop Corridors North, a 600,000-square-foot, four-building office campus in Downers Grove, a western suburb of Chicago. The buildings will feature all-surface parking, on-site food service and a fitness center. The Alter Group will seek LEED certification for the development. The development is located at the intersection of I-88 and I-355 expressways and is part of the 108-acre Corridors – Chicago office campus.
TERRE HAUTE, IND. — Thompson Thrift Construction will begin work on the $11 million Warren Village Apartments project in Terre Haute later this month. The development will include the transformation of the vacant Warren Elementary School and an attached three-story building into 111 one-bedroom affordable apartments. Construction is slated for completion in 2015. The Warren Village Apartments project will seek LEED Silver certification. The Terre Haute Housing Authority is the developer, and Milestone Ventures Inc. is serving as a consultant. The school has been vacant since 2000.
BLUE SPRINGS, MO. — O’Reilly Development Co. has received approval from the Missouri Health Facilities Review Committee to develop a seniors housing community in Blue Springs, an eastern suburb of Kansas City. The review committee approved the application for 40 assisted living and 32 memory care units, which will be part of a larger continuum of care community. The entire seniors housing development will also include 76 independent living units. SWD Architects will design the project; Build LLC will serve as general contractor; and Arrow Senior Living will operate and manage the property. Construction is slated to begin before 2014.
DUNDEE, MICH. — The Reichle | Klein Group has arranged the $2.7 million sale of a single-tenant property in Dundee, located about 50 miles southwest of Detroit. Applebee’s occupies the 5,466-square-foot, net-leased property. Perrysburg, Ohio-based HIZ Properties II LLC sold the building, located at 119 Whitetail Drive. Joe Belinske and Marty Gallagher of Reichle | Klein Group represented the seller in the transaction.
OCEANSIDE AND STONY BROOK, N.Y. — Cronheim Mortgage has arranged $94.5 million in long-term, permanent financing for a three-property retail portfolio in Long Island. The three loans were placed with two of Cronheim's life insurance company lenders. The 15-year, fixed rate loans include 25-year amortization schedules and an average interest rate of 3.6 percent. Situated on Long Beach Road, Oceanside Plaza is a 292,000-square-foot power center anchored by Waldbaum's, Marshalls, Kohl's, Michael's and Bed Bath & Beyond. Brooktown I, II and III are located adjacent to one another on Nesconset Highway across from the Smithtown Mall in central Suffolk County. Anchors include Lowes Home Improvement, Walbaum's, Marshalls/HomeGoods, Michael’s, AMC Loews Cinemas and Staples. David Turley, Anna Westhoff and Janet Proscia of Cronheim Mortgage arranged the financing on behalf of the borrower, a family investment company.
NEW YORK CITY — Massey Knakal has arranged the sale of five adjoining multifamily buildings in the Brooklyn Heights neighborhood of Brooklyn for $13.3 million. The sale price equates to approximately $413 per square foot. The buildings total 32,075 square feet and are located at 54-66 Livingston St., between Clinton and Court streets. The apartment properties include 49 units, 33 of which are rent stabilized and 16 are free market. Three buildings share an elevator and the other two are walk-ups.
ROCHESTER, N.Y. — Agree Realty Corp. has acquired a 45,000-square-foot LA Fitness located on East Ridge Road in Rochester for $10.3 million. The recently opened LA Fitness has approximately 15 years remaining on its initial lease. With this acquisition, Agree Realty Corp. owns two properties occupied by LA Fitness. “LA Fitness is the premier operator in the fast-growing health and fitness sector. We continue to execute on high-quality, accretive opportunities that complement our portfolio of net-lease assets,” says Joey Agree, president and CEO of Agree Realty.
FRANKLIN, MASS. — Richards Barry Joyce & Partners LLC (RBJ&P) has brokered the sale of two industrial buildings in Franklin, located about 40 miles south of Boston. Novaya Real Estate Ventures purchased the two buildings, which are fully leased and located at 176 Grove St. and 130 Constitution Blvd. Williams-Sonoma Direct and Spirit Delivery & Distribution Services occupy the 169,968–square-foot building at 176 Grove St. Clark Cutler McDermott occupies the 59,970-square-foot building at 130 Constitution Blvd. John Lashar, partner, and Chris Skeffington, senior vice president at RBJ&P, represented the seller and procured the buyer in the transaction. RBJ&P has been retained as exclusive leasing agent for both buildings.