BOCA RATON, FLA. — Beech Street Capital LLC has closed a $16.5 million Fannie Mae conventional loan to refinance Crystal Palms, a 175-unit garden-style multifamily property in Boca Raton. The borrower, Scully Co., currently operates 30 properties in Pennsylvania, New Jersey, Connecticut and Florida, and manages garden-style and high-rise communities ranging in size from 88 to 1,000 units. Crystal Palms includes two-story, garden-style buildings and amenities include a pool, fitness center and tennis courts.
ALPHARETTA, GA. — The 22,000-square-foot Grasslands Plaza shopping center at 5620 Commerce Blvd. in Alpharetta has traded for $1.8 million. PNC Bank sold the foreclosed property and three acres of land to TAC GrassLands LLC, a regional equity group. Grasslands Plaza was built in 2008 and is currently 69 percent occupied with tenants including Curves, Dollar Tree, Moe’s Southwest Grill and AT&T Cellular. The vacant parcels are approximately 1.32 and 1.73 acres. Grasslands Plaza and the vacant lots are outparcels to a Wal-Mart Supercenter. Ron Whitmire and Bob Kane of Bull Realty represented the bank in the disposition.
ROSELLE AND PALATINE, ILL. — Steadfast Income REIT recently acquired three apartment communities in Roselle and Palatine, Ill., and San Antonio for $68 million. In Palatine, the company acquired the 200-unit Arrowhead Apartments, which underwent a $1.4 million renovation in 2006. The property is 98 percent leased and consists of two- and three-story buildings in a garden-style community. In Roselle, Steadfast purchased The Moorings Apartments, a 216-unit community, with apartments that average 1,000 square feet. The property is 99 percent occupied and amenities include a clubhouse, pool, laundry facilities and a business center. The company also purchased the 216-unit Ashley Oaks in San Antonio for $30.7 million.
DAYTON, OHIO — Love's Travel Stop and Country Stores has acquired the site of the former Delphi Automotive Plant in Dayton for $2.5 million. The company plans to build a mixed-use facility on the 18.5-acre site at the corner of Edwin C. Moses Boulevard and Cincinnati Street. It will include a convenience store, fast food restaurant and gas pumps. The Dayton's City Plan Board approved the project in July. Kelly Gray of Equity Inc. represented the seller, Industrial Realty Group, in the transaction. Dave Metz of NAI Bergman represented the buyer.
MIDDLEFIELD, OHIO — E&H Hardware Group has signed a lease for a 12,488-square-foot Ace Hardware store in Middlefield. The hardware store will take over the former Paul's Lumber space in the spring of 2013. Brad Kowit and Tori Nook of Kowit & Passov Real Estate Group represented the tenant, E&H Hardware Group, in the transaction.
MARIETTA, OHIO — The 109,856-square-foot Lafayette Center, a shopping center in Marietta, is on the market. Steven Siegel of Marcus & Millichap is spearheading the marketing efforts for the seller, and the property is listed at $10.1 million or $92 per square foot. The center is currently 91.5 percent occupied and tenants include Peebles, JoAnn Fabrics and Family Dollar. The property is situated off Interstate 77, also known as Vietnam Veterans Memorial Highway.
NEW YORK CITY — Prudential Mortgage Capital Co. has arranged a $71 million Fannie Mae loan for Olympia House, a 22-story mixed-use property in Manhattan. The seven-year, fixed-rate loan will allow the borrower to refinance the property with cash out above the current loan amount. Built in 1964, the property consists of 240 apartments and 12,170 square feet of commercial space. The property on East 44th Street is across from the United Nations headquarters and two blocks from Grand Central Station. Bob Bakhchi and Jonathan Aghravi of Hybrid Capital represented the borrower in the transaction.
NEW YORK CITY — Besen & Associates has arranged the $3.1 million sale of 194 Orchard St., a 2,308-square-foot retail property between East Houston and Stanton streets. VIP Leather Gallery previously occupied the space, which is now vacant. The property is zoned for a mixed-use development with approximately 9,220 buildable square feet. Orchard Street, located on the Lower East Side, is lined with low-rise tenement brick buildings and many retail shops. Bobby Khurana of Bensen & Associates represented the seller in the transaction. Hilly Soleiman, also of Bensen, represented the buyer, a local private investor.
BOSTON — EagleBridge Capital has arranged $6 million in permanent mortgage financing for 33 Broad Street, a 40,500-square-foot office building in Boston's Financial District. The building is fully leased and retail tenants on the ground floor include State Street Eye Health and Expresso Love. The upper floors are occupied by 18 office tenants including law firms, accountants and financial advisors. Ted Sidel and Brian Sheehan of EagleBridge arranged the loan through a financial institution.
WAPPINGERS FALLS, N.Y. — Sterling Properties is constructing Riverbend at Wappingers Falls II, a 54-unit apartment community in Wappingers Falls. The property is located minutes from the original RiverBend at Wappingers Falls, developed by Sterling in 2007. The community will feature 9-foot ceilings, stainless steel appliances, ceramic baths and one-car garages. Community amenities will include a club room and fitness studio.