CAPRE’s Commercial Real Estate Headlines for September 19, 2019

Check out the latest deals and developments in commercial real estate for September 19, 2019:

  • Greystone Provides $27MM Bridge Loan to Support Real Estate Deal: Greystone announced it has provided $27,000,000 in bridge financing to Iliad Realty Group (IRG) for the acquisition of Villa Nueva Apartments, a multifamily property in Houston, TX. The transaction was originated by Daniel Wolins of Greystone’s New York office. Sal Torre with Estreich & Company brokered the transaction. Originally constructed in 1980, the garden-style Villa Nueva Apartments community features 542 one- and two-bedroom units across a gated 47-building campus that has full-time security on site. Residents have access to three outdoor pools, common laundry rooms and central mailbox centers. The property offers easy access to all of the Houston metro area’s major thoroughfares. The $27,000,000 interest-only bridge loan carries a two-year term with two six-month extension options so that the borrower can acquire and rehabilitate the property while Greystone works to secure a low, fixed-rate permanent loan. Planned improvements include extensive exterior renovations to building facades, landscaping and recreational areas, as well as interior structural improvements and fixture upgrades to each of the property’s units.
  • Three Philadelphia MSA Multifamily Assets Sold by Marcus & Millichap for $26 Million: Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of three multifamily properties in the Delaware Valley for $25.9 million. The three properties were all exclusively listed by Marcus & Millichap’s Townsend, Ridge MacLaren, Clarke Talone and Daniel Bernard and closed within four weeks of each other. The properties are Farrand Village, 165 units, Wilmington, Del., $11 million; Northridge Townhomes, 87 townhouse-style units, Pleasantville, N.J., $8.3 million; and 135-137 North 3rd St., 16 apartments and two retail spaces, Philadelphia, $6.6 million.
  • Bascom and Artemis Real Estate Partners Acquire 248-Unit Apartment Community in Fresno, CA For $35 Million: The Bascom Group, LLC (“Bascom”) in partnership with Artemis Real Estate Partners (“Artemis”) has acquired Phoenix Townhomes, a 248-unit condominium-style apartment community in Fresno, California. Phoenix Townhomes was constructed in 2004, and is located at 5355 North Valentine Avenue, Fresno, California. Bascom purchased Phoenix Townhomes for $35,000,000, or $141,129 per unit.  Mark Mimms at SVN/MJM & Associates, Inc. brokered the transaction. Located only six miles northeast of Downtown Fresno and within minutes of State Highways 99, 41, 180 and Fresno State University, Phoenix Townhomes provides residents convenient access to shopping, dining, entertainment, education, and major employment centers throughout Fresno county. Fresno is home to some of the largest employers within California’s central valley, including the Internal Revenue Service, Saint Agnes Medical Center, California State University, Fresno and Kaiser Permanente.
  • USWTE Green Industrial Fund Launches Seeking Ozone Investors to Establish Waste to Energy Facilities in Qualified Opportunity Zones Throughout the US: USWTE Green Industrial Fund has launched, seeking Ozone investors to establish Waste to Energy (WTE) projects with a view to having follow up funds to invest in WTE type industrial parks in the Qualified Opportunity Zones throughout the United States. These projects will have a vision to eliminate toxic waste with a focus on waste plastics and end of life tires from the United States and eventually the globe for the betterment of our planet, while producing high returns for investors. The Fund is authorized to raise $500 million for Opportunity Zone businesses in partnership with WTE Technologies. The funds will be used to leverage and expand United States WTE technologies that eliminate the massive waste that has been piling up in our landfills and throughout the country.
  • Rexford Industrial Acquires Industrial Park for $66.2 Million: Rexford Industrial Realty, a real estate investment trust focused on owning and operating industrial properties located in Southern California infill markets, today announced the acquisition of an eight-building industrial complex for $66.2 million. The acquisition was funded using cash on hand. The Company acquired an eight-building industrial park comprising four single-tenant buildings and four two-tenant buildings located in Torrance, within the LA – South Bay submarket, for $66.2 million, or $247 per square foot. The buildings range from 20,217 square feet to 38,850 square feet, totaling 267,503 square feet on 14.23 acres of land and are currently 91% leased at in-place rental rates estimated to be well-below prevailing market rates. The Company intends to complete capital improvements including fire sprinkler upgrades, modernization of offices and other functional enhancements in order to drive higher rental rates upon expiration of leases. According to CBRE, the vacancy rate in the 223 million square foot LA – South Bay submarket was 0.6% at the end of the second quarter 2019.

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