WASHINGTON, D.C. — Walker & Dunlop's hospitality division, lead by Andrew Coleman of the firm's Bethesda, Md., office has arranged $23.4 million in acquisition financing for the 96-unit The Georgetown Inn, located at 1310 Wisconsin Ave. NW in Washington, D.C. Cardinal Bank provided the 5-year loan, which has a 25-year amortization schedule.
BRUNSWICK, OHIO — Cooper Commerical Investment Group has closed the $4 million sale of Walgreens, located at 1337 Pearl Rd. in Brunswick. Dan Cooper of Cooper Commercial's Cleveland office represented the seller, LDB Property Holdings LP. The buyer was a private group based in Hawaii.
DAYTON — Bloomfield Capital, a specialty finance firm, has funded a $1.5 million senior bridge loan to finance both a 20,000-square-foot retail center and a 100-unit apartment complex in Dayton. The loan also allowed the borrower to consolidate two prior loans.
MILWAUKEE — Cermak Grocery has signed a 60,000-square-foot lease at 1541 Miller Park Way in Milwaukee. Jon Thoresen of Commercial Property Associates' Milwaukee office represented the landlord, West Milw LLC in the transaction.
NEW YORK CITY — Multi-Employer Property Trust (MEPT) will develop a 35-story, 165-unit apartment building at 309 Fifth Ave. in Manhattan. The project will total 122,000 square feet, including 10,400 square feet of retail space on the ground level. MEPT has committed more than $100 million in equity to build the project. The project team includes developer Urban Development Partners, general contractor Lend Lease and project architect SLCE Architects. Bentall Kennedy is serving as MEPT's real estate advisor.
MIDDLEBOROUGH, MASS. —Marcus & Millichap Real Estate Investment Services has closed on the $55 million sale of Oak Point, a senior manufactured housing community in Middleborough. The community includes 870 occupied homes and permitted land for 280 additional homes. Dan Mulkey of Marcus & Millichap's Tampa office, along with Jonathan Harrison and Briana Barbier of the firm's San Diego office represented the seller in the transaction. Robert Horvarth and Todd Tremblay of the firm's Boston office provided local representation. Mulkey and Harrison also represented the buyer, a privately held Chicago-based firm that owns and operates manufactured housing communities. The seller is a partnership between a Connecticut-based real estate investment fund and a real estate developer from Boston.
CAMBRIDGE — New Boston Fund, a commercial real estate investment and management firm, has sold a two-story office property at 70 Fawcett St. in Cambridge for a reported $13.6 million. New Boston Fund and Cabot, Cabot & Forbes negotiated the sale on behalf of the buyer, O'Connor Capital Properties. O'Connor plans to convert the property into a 429-unit residential community. The property currently houses a 141,000-square-foot office building.
EAST HEMPFIELD, PA. — NAI Commercial Partners Inc. has arranged the sale of a 25,000 square foot industrial building, located at 1886 Commerce Park E. in East Hempfield. Daniel Berger of NAI Commercial's Lancaster office represented the sellers. Kim Lutz of Prudential Homesale Service Group represented the buyer, JEL Property.
MISSOURI CITY — Oyster Creek Manor, a new mixed-use development for senior citizens in Missouri City, has opened for business. The property features an Alzheimer's unit, beauty salon, 24-hour nursing staff and a restaurant. A partnership between Houston-based Wallace Bajjali Development Partners and Atlanta-based Outer Marker Properties developed the property and is operating the facility. The facility is located at Hampton Drive and Murphy Road in the Hampton Pointe master-planned community in Missouri City. Westbury, N.Y.-based The Kalikow Group's affiliate, KEP Hampton ALF LLC, owns the property.
SANTA FE — Houston-based Cadence McShane has been awarded a construction assignment for the reconstruction and conversion of the 45,612-square-foot Cowan Elementary School, located at 4133 Warpath Dr. in Santa Fe, into the Elizabeth Yaws Cowan Educational Center. The new development will serve as the Santa Fe Independent School District's educational center. Houston-based SBWV Architects is designing the new facility, which is slated for an April 2012 completion.