SILVER SPRING, MD. — Alliant Capital LLC has arranged a $45.3 million acquisition loan for Woodvale Apartments, a 376-unit multifamily property in Silver Spring. Mary Dee Clancy of Alliance originated the 10-year, fixed-rate loan, which features a 30-year amortization schedule.
RICHMOND, VA. — Patricio Enterprises has signed a lease for 427,115 square feet of industrial space at 2705 Commerce Road in Richmond. The site is located just north of the intersection of Commerce and Bells roads. Rob Dirom and Joseph Marchetti of CBRE | Richmond represented the landlord, Alleghany Warehouse Co., in the transaction.
CLINTON TOWNSHIP, MICH. — Bernard Financial Group has arranged an $8.8 million loan for Green Valley Apartments, located at 42480 Green Valley Drive in Clinton Township, about 25 miles north of Detroit. The multifamily property includes 420 units. The borrower is Green Valley Apartment Complex LLC. Neil Gorosh of Bernard Financial originated the loan.
CHICAGO — A developer has acquired 6920 South Crandon Avenue, a 65-unit, 11-story affordable multifamily property in Chicago’s South Shore neighborhood.Scott Harris and Ryan Engle of Marcus & Millichap represented the seller, a limited liability company, and the buyer in the transaction. The property currently operates under a Housing Assistance Payment (HAP contract) administered by the Chicago HUD office. The HAP contract was recently renewed.
ST. JOHN, IND. — A Midwest-based developer has sold a net-leased Walgreens property, located at 9290 Wicker Ave. in St. John, about 20 miles north of Fort Wayne, for $3.5 million. Walgreens has approximately five years left on its lease at the 13,905-square-foot retail property. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The buyer was a private net-leased investment fund and was self-represented.
ROSEDALE, N.Y. — Ivy Equities has purchased Cross Island Plaza, a 230,000-square-foot office building at 133-33 Brookville Blvd. in Queens. Offered for sale under a bankruptcy court-approved plan, the building traded for $24.2 million, or approximately $108 per square foot. Cross Island Plaza has 75 tenants and was 88 percent leased at the time of sale. David Bernhaut, Gary Gabriel, Andrew Merin, Nat Rockett, Phil D’Avanzo and Grace Braverman of Cushman & Wakefield represented the seller, Block 12892 Realty Corp., in the transaction. The Cushman & Wakefield team also procured the buyer, Montvale, N.J.-based Ivy Equities.
NEW YORK CITY — Taconic Investment Partners has borrowed $17.9 million for capital improvements for The BankNote Building, a 400,000-square-foot building in the Hunts Point section of the Bronx. The seven-year, fully amortizing loan carries an interest rate of 4.25 percent and is a new kind of credit-based financing created by Lance Capital and CGA Capital Corp. The tenant improvement facility loan is unique because it is unsecured by the building itself but backed by a portion of the New York City’s rent cash flow, according to a statement from Lance Capital. Bonds tied to that facility were privately placed with institutional investors. The bonds carry the double-A rating of New York City. New York City’s Human Resources Administration has signed a 20-year, 200,000-square-foot lease and will occupy three floors of the BankNote building.
MOUNT OLIVE, N.J. — Marcus & Millichap has arranged the sale of a Sam’s Club ground lease, a 528,382-square-foot, net-leased property located in Mount Olive, about 38 miles west of Newark, for $9.3 million. Sam’s Club occupies the building. Mark Taylor, Dean Zang and Christopher Munley of Marcus & Millichap marketed the property on behalf of the seller, a New Jersey-based developer. Mark Taylor, Dean Zang and Christopher Munley represented the buyer, a developer, in the transaction.
PLANO, TEXAS — Granite Properties has broken ground on Granite Park IV, a 300,000-square-foot speculative office tower, and the 299-room Hilton Granite Park hotel in Plano. The two structures are part of a 90-acre mixed-use development located at State Highway 121 and the Dallas North Tollway. BOKA Powell is the design architect, architect of record and the interior designer on both projects. Woodbine Development Corp. is the development consultant for the hotel, Austin Commercial is the general contractor for the hotel and Balfour Beatty Construction is the general contractor for the office building. Granite Park IV is a 12-story office tower that is aiming to achieve LEED Silver certification. The property will feature a fitness center, conference space, a five-level parking garage and landscaped walkways with water features. The 262,500-square-foot hotel will feature 35,000 square feet of conference space, a restaurant, retail space, fitness center and an outdoor pool and lounge.
OKLAHOMA CITY AND AUSTIN, TEXAS — Steadfast Income REIT has acquired two apartment communities in separate transactions totaling $61 million. The communities include Deep Deuce at Bricktown in Oklahoma City and Vantage at Buda Ranch in Austin. Deep Deuce at Bricktown is a 294-unit property built in 2001. The community is 99 percent occupied and is located in downtown Oklahoma City's Bricktown neighborhood. The apartment community sold for approximately $38.22 million. Vantage at Buda Ranch is a 264-unit apartment community that Vantage Communities built in 2009. The property is 96 percent occupied and sold for approximately $23 million. Vantage at Buda Ranch is Steadfast's fourth apartment community in Austin.
