JERSEY CITY, N.J., AND NEW CASTLE, DEL. — KeyBank Real Estate Capital has arranged two multifamily loans totaling $47.6 million. The first loan totals $33.8 million and will finance the pre-stabilization of Cliffs at Jersey City, a Class A, mid-rise property located in Jersey City, The loan carries a 5-year term with interest-only payments. The borrower is Brass Works Urban Renewal Co., and the lender is Fannie Mae. The second loan totals $13.8 million and will be used primarily to finance the acquisition of Hampton Walk, a Class B, garden-style property located in New Castle. Loan proceeds will also be used to renovate the units, as well as finance the purchase of an additional property in the area. The borrower is KGL Holdings Hampton Walk LLC, and the lender is Fannie Mae. Terms of the financing were not disclosed.
LEAGUE CITY, TEXAS — Capmark Finance has originated a total of $16.46 million in financing for the acquisition and renovation of two League City multifamily properties. Crows Nest Condominiums is a 176-unit property located at 501 Davis Rd., and Sandcastles Apartments, which was recently renamed Harbor Walk, is a 138-unit community located at 2751 FM 518. The loan proceeds comprised $14.75 million in first mortgage financing and $1.71 million in mezzanine debt. The fixed-rate loans carry 5-year terms with interest-only payments for the first 2 years, followed by a 30-year amortization schedule. Brant Smith and Andy Hill of Capmark’s Houston office originated the financing on behalf of the borrower, Houston-based Mosaic Residential. The primary lender is Fannie Mae, which utilized the company’s CI Mezz-Mod Rehab Program; RCG Longview acted as the mezzanine lender.
BLOOMFIELD, CONN. — The Hartford, Conn., office of Chozick Realty has brokered the sale of Manor House Apartments, a 125-unit multifamily community located at the intersection of Revere Drive and Park Avenue in Bloomfield, for $15.77 million. Situated on 15.33 acres, the community contains a mix of 24 one-bedroom and 101 two-bedroom units in 11 buildings. Rick Chozick of Chozick Realty acted as sole broker in the transaction. The seller was an investment group led by J. Winkler, and the buyer was Windsor Castle LLC.
LONG BEACH, CALIF. — San Francisco-based Newcastle Partners Inc. has partnered with RREEF Alternative Investments to acquire a 54.5-acre land parcel in Long Beach for the first two phases of development at Douglas Park, a 261-acre master-planned mixed-use project. Plans for the entire project comprise 4 million square feet of commercial space, including office, retail, industrial and hospitality, as well as 9.9 acres of parks. Valued at $350 million at final build out, the first two phases will encompass approximately 1 million square feet of commercial space. The first phase consists of a 165,000-square-foot office portion offering nine buildings ranging in size from 7,200 to 40,000 square feet, and a 245,000-square-foot industrial component consisting of 12 one-story buildings ranging in size from 6,140 to 32,258 square feet. The second phase will include an up to 500,000-square-foot office portion with 20 buildings ranging in size from 12,000 to 120,000 square feet, and a 200-room hotel property with 24,000 square feet of retail space. Completion for the first phase is slated for May 2009; construction on the second phase started in July 2008.
CHICAGO — On behalf of Chicago-based Newcastle Limited, Cohen Financial has secured a $13 million acquisition loan for a three-property portfolio in Chicago. Two properties are located within the city’s Lincoln Park neighborhood at 2200 Clark St. and 801 Diversey St., and the third property is located at 4071 Milwaukee St. The portfolio contains 44,310 square feet of retail space, as well as 28 apartment units. The fixed-rate, 70 percent loan-to-value non-recourse loan is based on a 5-year term, with a 30-year amortization schedule priced on the 5-year U.S. Treasury. An undisclosed national life insurance company funded the transaction for the borrower, Newcastle Limited. Steve Roth and Steve Kundert of Cohen Financial arranged the financing.
HARPER WOODS, MICH. — CB Richard Ellis Detroit Multi-Housing Group has completed the sale of Pointe Gardens Apartments, a 92-unit community located off Rockcastle Avenue in Harper Woods. Greater Development LLC has acquired the 3.36-acre property for an undisclosed amount. The community contains six two-story garden-style buildings, which house one- and two-bedroom floor plans ranging in size from 700 to 900 square feet. Rob Stone of CB Richard Ellis Detroit Multi-Housing Group represented the seller, Rockcastle LLP, in the transaction.
GLENDALE, CALIF. — Los Angeles-based Rexford Industrial has purchased a freestanding industrial building in Glendale for $6.2 million. Located at 700 Allen Ave., the 57,117-square-foot property offers 3,840 square feet of office space. The property is currently occupied by Grant Industries on a 21-year lease, with approximately 1 year remaining. The tenant has the option to renew its lease for an 18-month extension. Peter Castleton of Voit Commercial Brokerage’s Anaheim, Calif., metro office represented the buyer and the seller, the Peterson Family Trust, in the transaction.
LA MIRADA, CALIF. — The city of La Mirada has acquired a 24,860-square-foot industrial building in La Mirada for $3.4 million. Located at 14515 Alondra Blvd., the freestanding, one-story property offers access to the 5 and 18 freeways. E.W. Sparr Family Trust and FSB First American Trust, both private investors based in Santa Ana, Calif., sold the property. Rob Socci and Peter Castleton of Voit Commercial Brokerage’s Anaheim, Calif., metro office represented both parties in the transaction.
STOCKTON AND PATTERSON, CALIF. — CB Richard Ellis’ (CBRE) industrial properties consulting team, which consists of Blake Rasmussen, Doug Norton, Kevin Dal Porto, Ryan McShane, Conor Famulener, Tyson Vallenari and Michael Walker, has brokered two industrial transactions in California. In the first transaction, First Industrial Acquisitions Inc. has acquired a 72.16-acre parcel of industrial land located at Arch and NewCastle roads in Stockton. Archtown Properties sold the parcel for an undisclosed price. Rasmussen and Dal Porto represented the buyer. In a separate transaction, HPL Contract purchased an approximately 31,067-square-foot industrial building located within Keystone Pacific Business Park in Patterson. McShane represented the buyer; Rasmussen and Dal Porto represented the seller, Keystone Flex I Associates LLC, in the transaction. The transaction amount was not disclosed.
WINDSOR, CONN. — Chozick Realty has completed the sale of Williamsburg Apartments, a 140-unit multifamily community located in Windsor, for $19.22 million. Situated on 15.72 acres at 250 Bloomfield Ave., the property comprises 10 buildings in a mix of 32 one-bedroom units and 108 two-bedroom units. Property amenities include a clubhouse and a swimming pool. The community is 98 percent occupied. Rick Chozick of Chozick Realty represented the seller, Williamsburg Associates, as well as the buyer, Windsor Castle.