CINCINNATI — Ares Commercial Real Estate Corp. has arranged a $36 million first mortgage loan for the refinancing of a Class A office building in Cincinnati's central business district. The initial funding amount is $27 million with $9 million in loan proceeds available to be drawn over time to fund tenant improvements and leasing commissions.
MINNEAPOLIS — U.S. Hotel and Resort Management of Sioux Falls, S.D. has acquired an office building, located at 401 First Ave. N. in Minneapolis, for $2.7 million The Historic Warehouse District property contains 55,250 square feet. The buyer plans to develop the property into an upscale boutique hotel. Lou Suski and John Chirhart of Gaughan Cos./CORFAC International represented the seller, a local community bank, in the transaction. They also procured the buyer.
BROOKLYN CENTER, MINN. — The University of Minnesota Physicians (UMP) has signed a 10-year lease for 27,000 square feet of office space at Brookdale Corporate Center in Brooklyn Center. UMP is relocating its administrative offices from Columbia Heights. The corporate center is located at 6300 Shingle Creek Parkway. Additional tenants include National American University, the Internal Revenue Service and Kidney Specialists of Minnesota. Steve Brown of Cushman & Wakefield represented the tenant in the transaction. Stewart Capital Partners owns the property, which is managed by CBRE Group.
NEW YORK CITY — A 410,000-square-foot industrial property at 385 Gerard Ave. in the Bronx has sold to a storage facility operator for $28.5 million. The former manufacturing building's floor plates make it suitable for conversion to office or continued light industrial and warehouse use. The building is also located between two major Bronx arteries, the Major Deegan and Grand Concourse. Bob Knakal and David Simone of Massey Knakal represented the seller in the transaction. Newmark Grubb Knight Frank represented the buyer.
FREDONIA, N.Y. — NorthMarq Capital has arranged an $8.2 million loan for the refinancing of Fredonia Place, an 84-unit assisted living facility at 50 Howard St. in Fredonia. Elliot Auerbacher of NorthMarq arranged the 37-year, fixed-rate loan through an FHA lender. The loan contains a 37-year amortization schedule.
TOMS RIVER, N.J. — Diversified Equities Corp. has acquired a triple net leased retail property at 1199 Route 37 E. in Toms River for $3.2 million. The 10,205-square-foot building is situated on 1.8 acres and is home to AAA Mid-Atlantic Car Care Center, which offers AAA member services and full-service auto repairs. Gregory Panayoti of The Goldstein Group represented the buyer in the transaction. Berkeley Capital Advisors represented the seller, HNM Toms River LLC.
NEW YORK CITY — DDG has acquired a 61,416-square-foot residential development site at 325 W. Broadway in Manhattan's SoHo neighborhood for $38.3 million. The development will be situated at 325-329 W. Broadway and 23-25 Wooster St. between Grand and Canal streets. The current development plan calls for a two-building, 24-unit condominium building with ground-floor retail. Andrew Scandalios, Jose Cruz, Jeff Julien and Kevin O'Hearn led the HFF team that represented the seller, a subsidiary of Lehman Brothers Holdings, in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the $6.8 million sale of 3058 Hull Ave. and 353-359 Mosholu Parkway, a 68-unit apartment building in the Bronx. Marco Lala of Marcus & Millichap represented the seller, a private investor. He also represented the buyer.
COLLEGE STATION — Woodridge College Station I LLC has plans to construct a student housing development in two phases at the northwest corner of University Drive and Texas Avenue in College Station. The location once was home to the 17-story Plaza Hotel, which was imploded in May 2012 to make way for the new student housing property. Phase I of the development will include 928 beds and approximately 53,000 square feet of retail, restaurants and public space. Phase I is slated for a fall 2014 delivery. Phase II will include the addition of 1,000 beds and is slated for a fall 2015 delivery. Woodridge College Station is an affiliate of Los Angeles-based Woodridge Capital Partners. Woodridge College Station is developing the student housing property in partnership with funds managed by Oaktree Capital Management and in collaboration with Capstone Collegiate Communities. Construction is slated to begin in spring 2013.
HOUSTON — Dallas-based Westmount Realty Equities has provided joint venture equity to ParaWest Group to acquire the 360-unit Beverly Palms Apartments, located near the Galleria Shopping Mall in Houston. The apartment community is currently 98 percent occupied and is slated to undergo a planned $1 million renovation.