GENEVA, ILL. — The RADCO Cos. has purchased Brittany Court, a 226-unit apartment complex in Geneva, for $27.8 million. Brittany Court, which was developed in 1989, is 95 percent occupied and is being rebranded as Ashford at Geneva. RADCO plans to upgrade the amenities and unit interiors and modernize the apartment complex. The property, located at 390 Brittany Court, is less than two miles from Geneva’s downtown shopping and business hub.
DETROIT — CBRE has arranged the $15.6 million refinancing of Studio One Apartments, a market-rate apartment project located in Detroit. The loan was funded through CBRE’s FHA-insured permanent loan program providing a fixed-rate, 30-year, fully amortizing loan. The multifamily property includes 124 apartment homes, in a mix of one- and two-bedroom layouts and ground floor commercial space. The property is located at 4501 Woodward Ave., in the Midtown neighborhood. Studio One Apartments was developed and is owned by Studio One Apartments LLC, a single-asset entity managed by Marcel Burgler of Prime Development.
KANSAS CITY, MO. — Steadfast Income REIT has purchased Library Lofts East, a 118-unit historic loft conversion in downtown Kansas City, for $12.7 million. The multifamily property includes a six-story building built in 1906 and a conjoined 10-story building built in 1923. The property was fully renovated and retrofitted in 2003. The property is located at 1004 Baltimore Ave. in the Library District. This is the fifth Kansas City property acquired for the REIT.
INDIANAPOLIS — The owner of Greentree Apartments , a 448-unit apartment complex in Indianapolis, has received an $11.5 million FHA Section 223 (a)(7) loan. The 35-year, non-recourse loan was funded by Huntoon Hastings Inc., a wholly owned subsidiary of Johnson Capital. The new debt, which was used to refinance an existing FHA insured 223(f) loan with a large prepayment penalty, is fully amortizing and carries a 3 percent fixed-interest rate. The owner, which is a family business with several properties in the area, purchased the property in 2007.
ST. LOUIS — Three different Crushed Red Urban Bake & Chop restaurants have received approximately $1.4 million in renovations. The properties include a 3,300-square-foot facility located at 8007 Maryland Ave. in Clayton; a 3,100-square-foot building located at 140 S. Kirkwood Road in Kirkwood; and a 5,600-square-foot property located at 313. N. Euclid Ave. in St. Louis. The Clayton location, which received $500,000 for renovations, opened recently, while the other two locations are slated to open by the end of summer. St. Louis-based Hilliker Corp. assisted Crushed Reds restaurants with site location, negotiating lease terms and allowance from landlords toward renovations. Shamel Contracting completed the Clayton remodeling.
ELMHURST, N.Y. — Pi Capital Partners has received $36 million for The Elm East, an 83-unit apartment complex in Elmhurst. The newly constructed mixed-use property includes 27,730 square feet of retail space and has a Starbucks and Subway. The Elm East is located at 86-55 Broadway. The five-year loan was provided by a regional bank and features a fixed-rate of 2.99 percent. Cary Pollack of Meridian Capital Group arranged the deal.
JOHNSON CITY, N.Y. — Johnson City Town Center, an 83,866-square-foot retail property, has sold for $10.8 million to a Canadian equity fund. The property is located at 420 Harry L Drive in Johnson City, about 70 miles south of Syracuse. The 34,627-square-foot Christmas Tree Shops anchors the retail center. Other tenants include Petco, Party City, Five Below and Lumber Liquidators. Steven Stoehrer and Preet Sabharwa of Marcus & Millichap represented the seller, a New York-based development fund, in the deal.
NORTH WALES, PA. — Geissele Automatics has purchased a 70,000-square-foot industrial property for $1.8 million in North Wales, located about 20 miles northwest of Philadelphia. The property is situated on 13 acres at 800 E. Walnut St. Geissele currently operates its production facility out of Norristown, a site which has housed the renowned defense contractor and rifle trigger manufacturing company for the past four years. The company is moving because it needs more space. Nick Adams of Jackson Cross Partners represented Geissele in the deal.
NEW YORK CITY — TGM Associates, an investment advisory firm focusing on multifamily properties, has renewed its 11,280-square-foot lease at 650 Fifth Ave. near Rockefeller Center for 10 more years. TGM will occupy the entire 28th floor of the 36-story office building in the Plaza District on 52nd Street. Built in 1979 and previously known as the Piaget Building, 650 Fifth Ave. is a 382,500-square-foot tower owned by 650 Fifth Avenue Co.
AUSTIN, TEXAS — Birmingham, Ala.-based The Sanders Trust has purchased Kyle Medical Plaza in Austin for $13 million. The 42,000-square-foot facility includes the Hays Surgery Center, MRI testing space, physical therapy and physician practices. The Hays Surgery Center features five operating rooms and is the first outpatient surgery center in the area.
