ATLANTA — Solon Mack Real Estate has acquired Bethesda Walk, a 68,271-square-foot shopping center in the Lawrenceville submarket of Atlanta, anchored by a Walmart Neighborhood Market. The center is located at the intersection of Lawrenceville Highway and Bethesda School Road. Margaret Caldwell and Kris Cooper led the Jones Lang LaSalle team that represented the seller, DLC Management Corp., in the transaction.
MIAMI, FLA. — The Harvard House Apartments, a formerly distressed North Miami Beach complex, has reopened following a renovation. Developers Carrfour Supportive Housing and the National Housing Trust partnered to redevelop the property into a 140-unit affordable housing community using $8 million in federal funds supported by HUD's Neighborhood Stabilization Program. The program revitalizes communities that have been negatively impacted by properties that were foreclosed upon or abandoned as a result of the recession. Harvard House is located at 2020 N.E. 169th St.
POMPANO BEACH, FLA. — CBRE has arranged a $10.4 million Freddie Mac loan for the refinancing of Palm Island Apartments, a 402-unit multifamily property at 401 N.W. 34th St. in Pompano Beach. The property was constructed in 1974 and is fully leased. The community consists of 13 two-story buildings and one clubhouse spanning 17 acres. Amenities include a laundry facility in each building, swimming pool, two tennis courts and a playground. Charles Foschini, Christian Lee and Christopher Apone of CBRE arranged the 10-year loan with a fixed interest rate below 4 percent on behalf of the borrower, Sample APTS LLC.
WASHINGTON, D.C. — MAC Realty Advisors has arranged a $28.6 million construction loan for the development of Kalorama West, a 117-unit apartment building in the Adams Morgan neighborhood of Washington, D.C. The borrower is a joint venture between Columbia General Corp. and Potomac Investment Properties. The sponsor developed and owned the adjacent 394-unit Dorchester House. Kalorama West is an expansion of the existing apartment building, which will be built on Dorchester House's surface parking lot. Construction of the five-story building is expected to begin next month, with completed slated for the first quarter of 2015. Andrew McAllister, Bruce Levin, Britton Browne and Nick Rubenstein led the MAC Realty team that arranged the loan through a national bank.
BLOOMINGTON, ILL. — Love Funding has arranged a $19.8 million HUD 223(f) loan for the refinancing of Wingover Apartments, a market-rate apartment community in Bloomington, located about 72 miles north of Springfield. The refinancing will allow the property owners to take on needed repairs and consolidate four separate mortgages into a non-recourse, fixed-rate loan with a term of 35 years. The ownership group includes Illinois State University graduate Darren Rogers and his business partners Donald Franke and Harold Hoeferle. Wingover Apartments was built in four stages between 2006 and 2009, and consists of 19 two- and three-story buildings and 250 apartment units. Love Funding Midwest regional director Bruce Gerhart secured the financing.
ST. PAUL, MINN. — Dougherty Mortgage LLC has arranged a $10.48 million refinancing loan for Lowertown Commons, a seven-story, 112-unit multifamily building located in St. Paul. The borrower was REE Lowertown LLC. The HUD 223(f) non-recourse loan has a 30-year term and a 30-year amortization schedule. Constructed in 1905 as a facility for the St. Paul Rubber Co., the historic building was rehabbed and converted to apartment units in 1985. Approximately $1.2 million in renovations will be completed as part of the refinancing. Lowertown Commons is owned and managed by Real Estate Equities.
OMAHA — Q10 | DaisleyRuff Financial has arranged $2.8 million in acquisition financing for a 46,000-square-foot office building located at 440 Regency Parkway in the Regency Office Park in Omaha.The fixed-rate loan includes a 24-year amortization schedule and was arranged by Bob Chalupa, senior vice president, of Q10 | Daisley Ruff Financial.
CHICAGO — NAI Hiffman has represented Mirvac Industrial Trust in signing a new tenant, Samuel, Son & Co., to 64,326 square feet of industrial space at 900 E. 103rd St. in Chicago. Other tenants within the building include Promet Steel and the city of Chicago. Samuel, Son & Co. distributes carbon steel, stainless steel and aluminum in North America and will use the Chicago location as a service center. Chris Gary of Hiffman’s industrial services group represented Mirvac in the transaction. Peter Bourke of Colliers represented Samuel, Son & Co.
NEW YORK CITY — Commercial mortgage brokerage firm Eastern Union Funding has arranged a $9.8 million acquisition loan for a 50,000-square-foot industrial property on Grand Street in Brooklyn. The 10-year loan includes an interest rate of 4 percent and a 15-year amortization schedule. Iselin, N.J.-based Investors Bank provided the financing. Ira Zlotowitz and Dov Zabrowsky of Eastern Union secured the loan.
NEW YORK CITY — Prime East Realty has sold an apartment building at 539 E. 87th St. in Manhattan’s Upper East Side neighborhood, for $8 million. Far East 87 LLC purchased the five-story, 10,068-square-foot building. Each of the 10 units include high ceilings, oversized doors, oak strip flooring, A/C window units, aluminum kitchen appliances, exposed brick walls and a washer and dryer. The apartments also feature marble windowsills, countertops and bathrooms, as well as recessed lighting. Thomas Gammino of Massey Knakal brokered the transaction.