PALO ALTO, CALIF. — Assisted living facility Palo Alto Commons has received $42 million in construction and permanent financing. The new financing will replace the property’s existing debt. It will also fund the development of a new 44-unit expansion wing. Financing was arranged by Jeff Wilcox of Newmark Realty Capital’s San Francisco office. It was secured through HUD’s LEAN 232 and underwritten and sourced through Prudential Huntoon Paige, LLC.
SPOKANE, WASH. – The 210-unit Eagle Rock Apartments in Spokane has received a $10.3-million refinance. The 10-year loan features two years of interest only and a 30-year amortization schedule under Fannie Mae’s Early Rate Lock Program. It was underwritten to a 67 percent loan-to-value with a 1.42x debt-service coverage ratio. Financing was arranged by Jay Thomas of Walker & Dunlop.
COLUMBIA, S.C. — Passco Cos. has purchased the 240-unit Broad River Trace, a Class A multifamily property located at 550 River Hill Circle in Columbia. Amenities include a resort-style pool, clubhouse with Wi-Fi service and a fishing pond. Sean Wood, Blake Okland, Dean Smith and John Heimburger with ARA represented Shoptaw Group, the seller, in the transaction and procured the buyer.
MARRERO, LA. — An 11,200-square-foot Dollar Tree, located along the Westbank Expressway in Marrero, has sold for $1.77 million. The company has a 10-year triple net lease on the newly constructed property. Dan Cooper of Cooper Commercial Investment Group represented the sellers, an Alabama-based private development group, in the transaction. The buyer was a Minnesota-based institutional fund.
HIALEAH, FLA. — Marcus & Millichap has arranged the $1.27 million sale of the 13-unit Cordero Apartments, a multifamily property located at 405 W. 11th St. in Hialeah. Tal Frydman, Daniel Cunningham and Derek Gibbs of Marcus & Millichap represented the seller, a Miami Lakes, Fla.-based private investor, in the transaction, and procured the buyer, a Coral Gables, Fla.-based limited liability company.
MCDONOUGH, GA. — Nexus Distribution Corp. has signed a 75,000-square-foot industrial lease, located in a 300,000-square-foot building at 120 Declaration Drive in McDonough. Brett Chambless and Dave Pals of Lee & Associates represented the tenant in the lease transaction. Wes Hardy of Duke Realty Corp. represented the landlord.
CAMBRIDGE, MD. — Centerline Capital Group has provided a $2.46 million FHA 223(a)(7) loan for the 144-unit Bay Country Apartments, located at 515-630 Greenwood Ave. in Cambridge. The proceeds of the loan will be used to refinance the existing FHA 221(d)(4) loan. Centerline arranged the loan through Osprey Properties, a firm with which Centerline has an established equity relationship, on behalf of the borrower, Greenwood Avenue Development.
BLOOMINGTON, ILL. — The Boulder Group has arranged the $16.3 million sale of single-tenant General Services Administration (GSA) property at 1201 N. Mitsubishi Motorway in Bloomington. The 133,512-square-foot facility is fully occupied by the Internal Revenue Service and was developed in 2008. The IRS National Distribution Center serves customers of the IRS. The GSA consolidated three other national IRS distribution centers to the facility in 2008. The GSA has 11 years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private partnership in Colorado. The buyer was self-represented and purchased the property to fullfill a 1031 tax-deferred exchange.
MILWAUKEE — The Wisconsin Department of Corrections has signed a lease for 24,000 square feet of office space in the Mill Run Business Center at 6649 W. Mill Road in Milwaukee. Jim Larkin of Colliers International represented both parties in the transaction.
EXCELSIOR, MINN. — STEELE Fitness will open a 5,000-square-foot fitness center and fitness equipment store in downtown Excelsior this winter. It will be the fifth retail location for the company. The Excelsior store will be part of a new retail complex on Water Street, between Oak and George streets. Oppidan Investment Co. is developing the property, which will also include a grocery store that will replace the Mason Motors building.