RALEIGH, N.C. — SoTHERLY Hotels, a lodging REIT focused on hotels in the southern U.S., has executed a $15.6 million loan, collaterized by a first mortgage on the DoubleTree by Hilton Raleigh Brownstone-University Hotel in Raleigh. CIBC Inc. provided the loan. The five-year loan is fixed at 4.78 percent and amortizes on a 30-year schedule. The proceeds from the loan were used to repay the existing first mortgage.
Property Type
WANDO, S.C. — Avison Young has arranged a 49,600-square-foot lease for office/warehouse space, located at 2509 Clements Ferry Road in Wando, 22 miles north of Charleston. Todd Garrett and Ben Poblano represented the landlord, Yeros Investments LLC, in the lease deal. David Seay of Seay Development represented the tenant, The Tides Commodity Trading Group Inc.
ELKHORN, WIS. — Dougherty Funding LLC has closed an $8.9 million loan for the new construction of Aurora Medical Office Building, a 30,000-square-foot medical center in Elkhorn, a southwest suburb of Milwaukee. Aurora Health Care has signed a 15-year lease, with two five-year extensions, for the property. The financing was arranged for ElkhornMedical Office Building LLC. Dougherty Funding serves as the lead lender in all of its transactions and funds each financing by selling loan participations to an extensive network of banks and institutional lenders throughout the U.S.
CHARLESTON, ILL. — Triad Real Estate Partners has arranged the sale of University Village, a 391-bed student housing property serving Eastern Illinois University in Charleston, about 50 miles south of Champaign. The property was an REO sale, owned by Fifth Third Bank in Chicago. The buyer was a Champaign, Ill.-based student housing operator that is looking to expand at Eastern Illinois University and other campuses around the Midwest. University Village is located 2.5 miles east of Eastern Illinois University, a public university with a fall 2012 enrollment of 11,178. The project suffered from high vacancy in recent years, posting 2012-13 occupancy of just more than 70 percent. The new owner plans to renovate and reposition the property, renting some units to families.
WILLOWBROOK, ILL. — NAI Hiffman has represented Illinois Property Solutions in two new leases at 500 Joliet Road in Willowbrook, a southwest suburb of Chicago, totaling 78,000 square feet. Environmental Technical Institute (ETI) will occupy approximately 50,000 square feet of office space in the building. ETI offers technical and professional training for persons looking to begin a career in the heating, air conditioning and refrigeration industry. Raths, Raths & Johnson (RRJ), a structural engineering and architectural service provider, will lease 28,000 square feet. Built in 1992, the two-story office building includes warehouse space. With these leases, the building is fully leased. Dan O’Neill and Jim Adler, both executive vice presidents with NAI Hiffman’s office services group, represented Illinois Property Solutions in both transactions. Jeff Janda and Mike Plumb of Lee & Associates represented Environmental Technical Institute. RRJ was represented by Paine/Wetzel.
AUBURN, N.Y. — CountryMax Stores plans to open a new 22,000-square-foot store in Auburn, located about 28 miles west of Syracuse. The retailer has purchased a 3.5-acre parcel at the Clinton Hill Town Center at 309 Genesee St. Bouck Real Estate represented CountryMax in the transaction. CountryMax Stores provides pet food and supplies, animal feed, lawn and garden items and a number of other rural lifestyle products.
WEST ORANGE, N.J. — The Hampshire Cos. and its joint venture partner, Paragon Realty Group, have sold a 13,946-square-foot medical office condominium located within Mount Pleasant Medical in West Orange. The medical office condo is within the recently redeveloped Class-A medical facility at 375 Mount Pleasant Ave. Current tenants include New Jersey Cardiology Associates, Urology Group of New Jersey, Muscio Pain Management, a new surgical center, and a dialysis center. The 113,000-square-foot, three-story facility is situated on 11 acres and offers access to area highways including Route 10 and I-280. Colliers International New Jersey is actively marketing the building with Frank Gunsberg as the exclusive broker.
HOWELL, N.J. — Commercial mortgage brokerage firm Eastern Union Funding has arranged $6.1 million in financing for a 24-unit multifamily portfolio in the Bushwick section of Brooklyn. David Metzger and Nate Hyman, managing directors at Eastern Union, arranged the loan. The three contiguous properties were completed last year and include eight units each. The nine-year loan provided by Investors Bank includes a 30-year amortization schedule.
LEWISVILLE, TEXAS — The industrial division of NAI Robert Lynn has arranged the lease of 266,640 square feet of industrial space in Lewisville to Nutritional Science Laboratories. The site, located on Lakepointe Drive, is part of a larger 391,000-square-foot facility. The remaining 125,000 square feet is available to another tenant or for a potential future expansion of Nutritional Science Laboratories. NAI’s Rick Medinis and Tyson Erwin represented landlord Exeter Property Group, while Alex Payne of Axis Realty Group represented the tenant.
DALLAS — CBRE’s Dallas Multi-Housing Group has brokered the sale of two north Dallas multifamily communities, St. Andrews Apartments and Montclair Apartments, to Miami-based private real estate lender and investment firm Pensam Capital. St. Andrews, a 312-unit, Class A property located at 9000 Vantage Point Drive, was sold by Strategic Capital Partners LLC of Chicago. Montclair, a 324-unit, Class A property located at 9001 Markville Drive, was sold by Crest Asset Management of Dallas. Ryan Reid and Dirk Goris, CBRE executive vice presidents, represented the sellers.