DES MOINES — Dougherty Mortgage LLC has arranged a $4.4 million refinancing loan for 3801 Grand Place, a 60-unit assisted living and dementia care facility located in Des Moines. The non-recourse HUD loan has an amortization of 373 months (approximately 31 years) and was arranged for 3801 Grand Associates LP by Dougherty’s Minneapolis office. The seniors housing facility is an existing HUD facility built in 1994 and managed by Newbury Management Co.
ROSEMONT, ILL. — United Food and Commercial Workers Unions (UFCW) and Employers Midwest Health and Pension Funds is moving its headquarters from Park Ridge to the Northwest Plaza office complex in Rosemont, a northwest suburb of Chicago. The group has signed a lease for 20,688 square feet of office space. Rick Benoy, senior vice president of Jones Lang LaSalle, represented the building’s owner, a partnership including Fulcrum Asset Advisors LLC. Jon Springer, Paul Diederich and Gary Fazzio of CBRE represented the union benefit plan in the transaction. The Employers Midwest Health and Pension Funds provides health plans and/or pension benefits to full- and part-time UFCW workers in grocery stores, retail stores and nursing homes and in the food processing and meat packing industries. Northwest Plaza is a 328,000-square-foot, Class B office located at 9701-9801 W. Higgins Road.
FALMOUTH, MAINE — American Realty Capital Properties Inc. has purchased an office building occupied by TD Bank in Falmouth, a suburb of Portland, for $31 million. The net-leased, 143,030-square-foot property is located at 200 U.S. Route 1. The three-story building was built in 2001. The estimated capitalization rate of the property is 8.9 percent. Paragon Commercial Real Estate represented the building’s seller, West Falmouth Development LLC, in the transaction.
EWING TOWNSHIP, N.J. — Construction for The Gardens at Birmingham, an $11.7 million, 48-unit affordable housing community in Ewing Township, is under way and is slated for completion in early September. Located at 1460 Parkway Ave., the multifamily property includes a mix of one-, two- and three-bedroom units, ranging from 650 square feet to 1,360 square feet. Each apartment home includes Energy Star appliances, ceramic tile bathrooms and a washing machine and dryer. Lawrenceville, N.J.-based Community Investment Strategies Inc. is the developer, and Community Investment Strategies Management Inc. will provide management services for the property.
MILLVILLE, N.J. — Marcus & Millichap has arranged the sale of Save-A-Lot Plaza, a 33,705-square-foot, grocery-anchored shopping center in Millville, for $1.7 million. The shopping center is located at 622 N. Second St. and is co-anchored by a 17,205-square foot Save-A-Lot supermarket and an 8,100-square-foot Family Dollar. Other tenants include Little Caesars Pizza and a Chinese restaurant. At the time of the sale, the property was 82 percent occupied. Save-A-Lot Plaza was redeveloped in 2008 for its current anchor tenants. Brad Nathanson, senior director in Marcus & Millichap’s Philadelphia office, secured the buyer, a Pennsylvania-based limited partnership. New Vistas Corp. represented the seller, a New Jersey-based financial institution.
HAVERHILL, MASS. — Parsons Commercial Group Inc. has arranged the sale of 25 Avco Road, in Haverhill for $950,000. The 12,375-square-foot industrial building was built in 2008 and is located in the Ward Hill Industrial Park. Alex Berger, an associate at Parsons Commercial Group, procured the buyer and represented the seller, Avco Realty Trust.
DALLAS — The Dallas office of HFF has arranged $250 million in financing for three Omni hotels totaling 1,339 rooms. The three hotels include the 614-room Omni Fort Worth at 1300 Houston St. in Fort Worth, the 378-room Omni Houston at 4 Riverway in Houston and the 347-room Omni Chicago at 676 N. Michigan Ave. in Chicago. Whitaker Johnson, John Bourret and Jim Curtin of HFF's Dallas office led the team that arranged the 15-year, fixed-rate loan through Prudential Mortgage Capital Co. The HFF team arranged the loan on behalf of the buyer, Omni Hotels Corp., a subsidiary of Irving-based TRT Holdings.
DALLAS — Canyon Capital Realty Advisors LLC has provided a $15 million mezzanine construction loan for the development of Sylvan | Thirty, a 6.34-acre mixed-use project in Dallas. The project will include 201 residential units and 49,134 square feet of retail space. Sylvan | Thirty will be located at the intersection of Interstate 30 and Sylvan Avenue. The development is pre-leased to Cox Farms Market, Matador Meat & Wine, Teiichi Fish Market, Pearl Cup Coffee and Sync Yoga. The borrower, a partnership between Ozxaca Interests LLC and Wood Partners, plans to complete the first retail building and initial phase of residential properties by the end of the year.
BROKEN ARROW, OKLA. — Johnson Capital has arranged a $4.2 million loan to refinance the Mayfair Shopping Center, a 64,935-square-foot shopping center, and a ground lease held by Arvest Bank in Broken Arrow, a suburb of Tulsa. Jason Pumpelly of Johnson Capital's Dallas office, along with Brett Patrick of the firm's Tulsa office, arranged the 10-year loan through Morgan Stanley. The loan has a 30-year amortization schedule and a fixed rate of mid 4-percent.
PLANO, TEXAS — Stream Realty Partners has arranged a new 20,481-square-foot lease for office space in Plano for Marquis Software Solutions. The office space is located at 5160 Tennyson at Denbury Park II in Plano. Denbury Park II is a three-story, 102,600-square-foot office building in Plano's Legacy submarket. Todd Noonan of Stream Realty represented the tenant in the lease transaction. Jeff Ellerman of CBRE represented the sublandlord, Denbury Resources Inc.