Lument announced the placement of a $14 million CMBS loan to refinance Mi-Place at Vineyards, a 41-unit, 65,000-square-foot retail mixed-use development in Lewes, Delaware.

Ben Retter, a director on Lument’s debt capital markets team, led the transaction. The CMBS loan has a fixed interest rate and five-year term. It replaces existing debt from a local bank. The developer is Fernmoor, a land development and residential and commercial property management company based in New Jersey.

“Helping this experienced developer obtain CMBS financing for this high-quality, mixed-use community was a pleasure,” said Lument’s Retter. “The property is well-positioned for success given the beneficial refinance, the appealing mix of unit types, its location near popular vacation destinations, as well as its top-notch management.”

Mi-Place at Vineyards is part of a master-planned community which includes multifamily buildings, for-sale residential condominiums, for-sale carriage homes and townhouses, retail space, and a grocery store.

Northmarq’s Los Angeles Manufactured Housing Investment Sales team of Jeff Benson, managing director, and Sam Neumark, senior vice president, brokered the sale of a three-property manufactured housing portfolio in the Pacific Northwest for $14.3 million.

The portfolio totals 213 spaces and includes Oaks Mobile Home Park and Woodlands Mobile Home Community in Woodland, Washington, as well as Western Star Mobile Home Community in Roseburg, Oregon.

Northmarq represented the seller and buyer on both transactions. Western Star Mobile Home Community was acquired by Harmony Communities, a private investment group based in Vancouver, BC. The Woodland communities were acquired by Hurst and Son LLC, a private investor based in the Pacific Northwest.

“The sale of the Pacific Northwest Portfolio demonstrated that despite the volatility in the capital markets, demand for quality assets in strong locations — such as Oregon and Washington — remains quite strong,” said Managing Director Jeff Benson.

CBRE recently negotiated the sale of the Tower Office Plaza in Temecula for $13.8 million to Level Asset Capital. Matt Pourcho, Anthony DeLorenzo, Matt Harris and Bryan Johnson of CBRE’s Investment Properties represented the seller, Providence Real Estate Group.

“Office sales in the Temecula and Murrieta areas remain strong and are somewhat isolated from all the corporate downsizing you hear about,” said Pourcho.

The Class A office building at 27555 Ynez Rd. sits within Tower Plaza, a remodeled grocery-anchored retail center. In addition to the four-story 71,775-square-foot-office building, the property includes a two-story parking structure and an oversized pond water feature.

Hugo Cosio of Level Asset Capital represented the company in the purchase. The property is currently 94% occupied.

Photo courtesy of Lee & Associates.

Greatwater Opportunity Capital is bringing a new $14 million multifamily project to Detroit’s Midtown neighborhood. Located at 3740 Second Avenue, the 39,355-square-foot four-story building will feature 33 studios and 24 one-bedroom apartments.

Greatwater leveraged Opportunity Zone funds and financing from Diversified Members Credit Union. McIntosh Poris is the architect, and the Monahan Company is the general contractor. The Detroit-based firm has renovated Detroit buildings over the last decade to restore housing and preserve affordability.

“Midtown is one of the strongest, most walkable communities in Detroit and we’re excited about bringing much-needed additional housing to the neighborhood,” said Greatwater Co-Founder Jed Howbert. “Our work is about much more than renovation and building structures—it’s about doing our part to build neighborhoods that can thrive for generations to come. The project at 3740 2nd Avenue is an important part of that work, and we look forward to opening its doors to residents and business owners.”