ASHLAND, MASS. — Beech Street has provided a $17.8 million Fannie Mae loan for the acquisition of Chestnut Place Apartments, a six-building, 207-unit complex in Ashland. Chestnut Place was built in 1970. In the last year, property improvements have included new roofs, landscaping upgrades and a resurfaced parking area. The 10-year loan has an initial 2.5-year interest-only period followed by a 30-year amortization schedule. Mike Edelman of Beech Street originated the transaction.
COLLINGSWOOD, N.J. — Pewter Realty LLC has sold Pewter Village, an 84-unit, active-adult apartment complex in Collingswood, for $7.25 million. Located at 1058 Eldridge Ave., Pewter Village's six two-story buildings include 64 one-bedroom and 20 two-bedroom units. Tenants are age 55 and older. Joel Schwartz and Joseph Brecher of Gebroe-Hammer Associates represented the Pewter Realty in the deal. They also procured the buyer, a long-time Gebroe-Hammer client.
JAMAICA, N.Y. — Oh! Nuts Candy, a chocolate, nuts and gift basket retailer, has purchased a 42,000-square-foot industrial property in Jamaica for $2.9 million. Located at 120-65 168th St., the property includes four interior loading docks and an 8,200-square-foot parking lot. Oh! Nuts has four New York locations and plans to use the building as a chocolate processing plant as well as their main distribution center. Robert Klein and Joel Kohn of Kalmon Dolgin Affiliates represented the buyer and the seller, Baisley Property, in the transaction.
HUNTINGTON, N.Y., CENTEREACH, N.Y. — Harbor Freight Tools, a tool and equipment retailer, will open a 19,000-square-foot store in Huntington and a 16,000-square-foot store in Centereach. Both stores are slated to open in the first quarter, and will be the company's fourth and fifth locations in Long Island. The Huntington store is located at 301 W. Jericho Turnpike and the Centereach store is located in the town's main shopping corridor on Middle County Road. The landlords in each deal were represented in-house. Douglas Weinstein of the Long Island City office of Sholom & Zuckerbrot Realty represented Harbor Freight in the transactions.
PHILADELPHIA — Law firm Morgan Lewis has extended its 289,432-square-foot office lease at Six Penn Center in Philadelphia. The company occupies all of the office space at Six Penn, which consists of floors six through 18. The lease now expires Jan. 31, 2021. W. Whitney Hunter and Peter Talman of Jones Lang LaSalle represented Morgan Lewis in the transaction. The building is owned by a joint venture controlled by Lexington Realty Trust. Morgan Lewis is one of the 15 largest law firms in the U.S., according to The National Law Journal's ranking of the 250 largest law firms.
HOUSTON — Houston-based The Morgan Group has arranged $146 million for the refinancing of five multifamily properties in Texas, Florida and North Carolina, including 2222 Smith Street Apartments and 33 Thirty Three Apartments in Houston. The Houston properties were financed through BBVA Compass Bank and Northwestern Mutual Life.
DENTON AND LUBBOCK — HFF has secured $52 million in acquisition financing for the 125-unit The Retreat at Denton near the University of North Texas, located at 500 Inman St. in Denton, and the 218-unit The Retreat at Lubbock near Texas Tech University, located at 3824 Erskine St. in Lubbock. Dave Keller and Ken Martin of HFF's Indianapolis office arranged the 5-year loans through the Freddie Mac CME Program on behalf of the borrowers, Chicago-based The Scion Group and Arch Street Capital Advisors, which received $18 million for the Denton property and $34 million for the Lubbock property. The Scion Group has rebranded the properties as The Republic at Denton and the Republic at Lubbock.
TULSA, OKLA. — Dallas-based Metropolitan Capital Advisors (MCA) has arranged $35 million in mortgage financing for five apartment complexes in the Tulsa area, including Hunters Creek Apartments, Arbors of Southern Hills, Sand Dollar on the River, Pheasant Run and Silver Springs. The 1,250-unit portfolio is fully renovated and was 90 percent occupied at the time of the loan closing. Todd McNeill of MCA arranged the 10-year loan through the Fannie Mae DUS program.
SAN ANTONIO — NorthMarq Capital has secured $5.5 million in acquisition/senior financing for the 124-unit Hidden Oak Apartments, located at 13129 Military Hwy. NW in San Antonio. Luke Donahue of NorthMarq's Phoenix office arranged the 10-year loan with a 30-year amortization schedule through AmeriSphere Multifamily Finance, a Fannie Mae DUS Lender, on behalf of the borrower, Jevan Capital.
SPRING — Houston-based Hunington Properties has brokered the sale of the 12,600-square-foot Meadowedge Shopping Center, located at Interstate 45 and Cypresswood Dr. in Spring. The property is fully leased and shadow-anchored by Lowes Home Improvement. Todd Carlson of Hunington Properties represented the seller, a California-based private investor, in the transaction. Carlson will retain management and leasing responsibilities for the property.
