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GERMANTOWN, MD-The 380-unit Seneca Club Apartments community gets a new owner with Kay Apartment Communities' recent acquisition of the property through a $29-million first mortgage loan from Berkshire Mortgage Finance.
NEW YORK CITY-Reps for law firm Cahill Gordon & Reindel scouted roughly 10 buildings before opting to re-up for 250,000 sf at 80 Pine St. Those options simply underscore the massive mess the Manhattan market is in.
DOWNEY, CA-Granite Investment Group buys the 112-unit Brookshire Square complex from Fowler Flanagan. The 14-building development was built in 1965 and remodeled in 2000.
IRVING, TX-A California investor buys a second Texas multifamily holding from foreclosure. The plan now is to finish a renovation started by the bank on the Bel Aire Apartments, once under a demo order, near Irving Mall.
AUSTIN-Schlotzsky's will build a 5,600-sf store on a 62,000-sf pad site while Image Sculptors signs for 2,696 sf. Delivering in three phases, Tech Ridge Center eventually will add 600,000 sf of retail, 500,000 sf of office and hotel properties to the region.
ATLANTA-The Jacksonville, FL-based firm paid the New York Central Pension Fund an estimated $35 million or about $127 per sf for the 13-year-old, 275,000-sf structure at 5660 New Northside Dr.
MIAMI-The national luxury apartment company is planning to focus significantly more on that market. Summit plans to spend $175 million to $195 million in Southeast Florida, as well as Washington, DC.
TULSA, OK-Sterling American Property and BH Management purchase the Westport on the River complex in joint venture for $21.9 million. The purchase marks the JV's first Tulsa buy, and the two firms will co-manage the property.
ROCKVILLE, MD-Commercial Mortgage company Criimi Mae Inc. announces it is in receipt of two big financial offers from Orix Capital Markets. One Orix proposals calls for it to buy as much as 100% of Criimi Mae's CMBS for $520 million in cash.
LONDON-The ING Covent Garden Limited Partnership, managed by Rugby Estates, has doubled in size with the pounds 66 million ($105 million) purchase of a 105,000-sf portfolio.