TALLAHASSEE — NorthMarq Capital has arranged a $30 million loan for the refinancing of Victoria Grand Apartments, a 320-unit community located at 2350 Phillips Road in Tallahassee. Melissa Quinn and David Schofield arranged the 10-year loan on behalf of the borrower, Victoria Grand Acquisition, through Freddie Mac. The loan includes two years of interest-only payments and a 30-year amortization schedule.
ST. PAUL, WHITE BEAR LAKE, MAPLE GROVE AND WOODBURY, MINN. — Oak Grove Capital has closed four loans totaling $56.8 million for affordable and market-rate multifamily properties in Minnesota. The loans include: $4.9 million HUD/GNMA 223(a)(7) refinancingfor Afton View Apartments in St. Paul; $5.9 million HUD/GNMA 223(a)(7) refinancingfor Lakewood Place Apartments in White Bear Lake; $20 million HUD/GNMA 223(a)(7) refinancingfor Mallard Ridge Apartments in Maple Grove; and $26.5 HUD/GNMA 223(a)(7) loan for Woodlane Place Townhomes in Woodbury.
BEACHWOOD, OHIO — The Pavilion Office Building, a 42,598-square-foot property, has sold to a private investor for $3.2 million. The property, located at 24100 Chagrin Blvd. in the metro Cleveland area, sold at 96 percent of the original listing price. Cooper Commercial Investment Group represented the buyer and seller, a private group based out of Beachwood, in the deal.
WILLOWBROOK, ILL. — TGM Associates has purchased TGM Willowbrook, a 712-unit multifamily property in Willowbrook, located about 20 miles from Chicago. The property is made up of 76 two-and three-story buildings and is located at 6060 Laurel Lane. Amenities at TGM Willowbrook include an athletic club, three heated swimming pools, tennis courts, resident center and fitness trails.
MILWAUKEE — Michael Best & Friederich LLP has renewed its 89,725-square-foot office lease for five more years in downtown Milwaukee. The office building is located at 100 E. Wisconsin Ave. and is managed by Reit Management & Research LLC. Steve Steinmeyer, Jack Keenan and Dan Jessup of Jones Lang LaSalle represented Michael Best in the deal and Kevin Armstrong and Steve White of CBRE represented the landlord, CommonWealth REIT. Michael Best & Friederich is a broad-based business law firm that has offices in Milwaukee, Madison, Waukesha and Manitowoc, Wis. and Chicago.
COLLINGSWOOD, N.J. — Ingerman has broken ground on the first phase of The Collings at The LumberYard, a $20 million apartment community in Collingswood, N.J. The first phase of the community will include 34 apartment homes in a mix of one-, two- and three-bedroom floor plans, including seven townhomes with private entrances. The Collings’ first phase, including the opening of a leasing center with a furnished model, is scheduled for completion this spring. The second phase will begin construction later this year and will include a five-story, mixed-use building featuring 70 apartments, as well as ground-floor commercial space. The commercial space will house Ingerman’s new corporate headquarters and 1,500 square feet of retail.
WHITE PLAINS, N.Y. — Houlihan-Parnes Realtors LLC and Q10 Realty Advisors LLC have arranged financing for 170 Hamilton Ave. in White Plains for $6 million. The mixed-use property includes 60,000 square feet of office and retail space with 16 tenants and is managed and leased by GHP Office Realty. The five-year loan was placed with a local bank at an interest rate of 4.25 percent with a 30-year amortization schedule. Bryan and James Houlihan of Houlihan-Parnes Realtors arranged the loan. Michael Karger of Madison Abstract arranged the title. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the borrower.
EXTON, PA. — Pennsylvania Real Estate Investment Trust has plans to establish an ambulatory-care facility at one of its shopping malls through a partnership with Main Line Health. Bryn Mawr-based Main Line Health will operate the 32,000-square-foot facility at the Exton Square Mall in Exton, located about 30 miles west of Philadelphia. The facility will have a broad range of diagnostic and treatment services including physicians, obstetric and gynecology specialists, oncologists, pediatricians and other specialty physician practices. The facility is scheduled to open later this year.
NEW YORK CITY — Massey Knakal has sold a development site, located at 950 Summit Ave., to 950 Summit LLC for $875,000 in Brooklyn. The site, which equates to approximately 57,190 buildable square feet, has 175 feet of frontage on Summit Avenue and 95 feet on West 162nd Street. 950 Summit LLC has plans to build a workforce housing on the site.
WESTBURY, N.Y.— Kalmon Dolgin Affiliates Inc. has arranged a 68,000-square-foot, long-term lease for Mr. Wu, a manufacturer of tofu and bean sprouts, at 750 Summa Ave. in Westbury. Linda Wong of Kalmon Dolgin represented Mr. Wu, while David Sargoy of Brown Harris Stevens represented the owner, 750 Summa Avenue LLC, in the deal. Mr. Wu will occupy the entire one-story warehouse, which includes 1,000 square feet of office space.
