FAYETTEVILLE, N.C. — Berkeley Capital Advisors has brokered the sale of a 5,250-square-foot retail property in Fayetteville that is net-leased to USAA. The property traded for $2.4 million. Berkeley’s Steve Horvath and Jay Levell represented the seller, a South Carolina-based developer. The buyer was a private REIT.
GREENVILLE AND NORTH CHARLESTON, S.C. — Q10 | Professional Mortgage Co. has arranged two commercial loans totaling $16.5 million. Q10’s Bryan Thomason secured $8.5 million in fixed-rate construction financing for 98 East McBee Apartments, a 55-unit, Class multifamily project currently under way in Greenville’s central business district. Thomason also arranged an $8 million, fixed-rate, permanent loan for McCall Center, a 57,977-square-foot shopping center located in North Charleston. Terms of both loans were not disclosed.
CEDAR RAPIDS, IOWA — The new DoubleTree by Hilton Cedar Rapids Convention Complex in Cedar Rapids has opened, following a dramatic two-year, $144 million capital improvement and expansion plan led by the city. Formerly Crowne Plaza Five Seasons, the new convention complex was purchased by the city of Cedar Rapids in 2011. The project includes the adjacent 9,600-seat U.S. Cellular Arena, as well as an 80,000-square-foot convention complex. The 267-guestroom hotel features glass elements, and original sculptures and artwork throughout the lobby and public areas. Frew Development served as developer for the project.
HOPKINS, MINN. — Dougherty Mortgage LLC has arranged $20 million in refinancing for two seniors housing facilities located within the St. Therese Southwest senior community in Hopkins. The Terraces Assisted Living LLC received a $10.9 million HUD 232/223(a)(7) loan for the refinancing of The Terraces, an 86-unit assisted living/dementia care facility. The loan includes a 34-year amortization schedule. The Towers LLC received a $9.6 million HUD/FHA 223(a)(7) loan for the refinance of The Towers, a 224-unit, age-restricted seniors housing property. The owners plan to use the refinancing loans to reduce the interest rates on the loans and improve property operations. Golden Valley, Minn.-based Great Lakes Management Co. manages both properties.
ST. PAUL, MINN. — Welsh Construction has broken ground on the conversion of the former Church of St. Andrew into the Twin Cities German Immersion School. The 60,580-square-foot project is located in the Como Park area of St. Paul and will include renovating the existing school, converting the worship space into a gym and auditorium and constructing a new building to connect the existing structures. Construction is slated for completion by the end of November.
CHICAGO — Grand Warehouse Logistics Corp. has signed an 83,115-square-foot industrial lease at 1401-1505 E. 96th St. in Chicago. The space is located within the 2.2 million-square-foot Calumet Business Center, an industrial park on Chicago’s south side. Chris Gary of NAI Hiffman represented the landlord, Ashley Capital, in the transaction. Grand Warehouse Logistics is a family-owned and operated public warehouse and distribution center. The corporation selected this facility to service clients that operate within Calumet Business Center.
STAMFORD, CONN. — Cassidy Turley has arranged $84.5 million in first-mortgage financing for The LockWorks at Yale & Towne, a Class A, 329-unit multifamily property at Stamford’s Harbor Point mixed-use development. Noble Carpenter of Cassidy Turley represented Wafra Investment Advisory Group Inc., on behalf of an institutional investor, in arranging the 10-year, fixed-rate financing package through HSBC Bank USA. Wafra acquired the property in December 2012.
NEW YORK CITY — Rivercrest Realty Investors has sold an 18,850-square-foot, mixed-use building located at 138 Spring St. in Manhattan’s SoHo district for $48.5 million. Located on the southeast corner of Wooster Street, 138 Spring Street includes 4,600 square feet of retail space occupied by high-end eyewear retailer ILORI. The balance of the property includes 14,250 square feet of commercial loft space. Jeff Fishman, Brian Segall, Andrew Jacobs and Jonathan Butwin of RKF Investment Sales & Advisory Services represented the seller and the buyer, 138 Spring Owners LLC, in the transaction.
NEW YORK CITY — Centerline Capital Group has provided a $7 million Fannie Mae DUS loan to refinance 928-934 Myrtle Avenue Apartments, a multifamily property located in Brooklyn. Myrtle Avenue Apartments is a Class B multifamily portfolio that includes four five-story, walk-up residential buildings. Originally developed in 1906, and renovated in 2003, the multifamily property includes 104 units. The borrower is 928 Myrtle Avenue LLC, a New York-based limited liability company. Proceeds from the loan will be used to replace two existing loans. The 10-year loan includes a 30-year amortization schedule. Anita Pins in the New York office of Marcus & Millichap Capital Corp. arranged the loan.
BRANCHBURG, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has sold a building located at 51 Imclone Drive in Branchburg for approximately $6.2 million. The office property is a single-tenant, two-story that includes 63,213 square feet of space. “This sale will allow us to continue to execute on our strategy of redeploying proceeds into more strategic growth opportunities,” says Mitchell Hersh, president and CEO of Mack-Cali.
