REBusinessOnline

GroundFloor Breaks Ground on $120M Mixed-Use Development in Austin

AUSTIN — GroundFloor Development has broken ground on St. Elmo Public Market, a mixed-use development in Austin that is valued at approximately $120 million, according to the Austin American-Statesman. Project features include a 40,000-square-foot public market, 103,380 square feet of office space, 380 apartment units and a 156-room hotel. The development, which is situated on a 12.5-acre site at 4329 S. Congress Ave. on the city’s south side, is expected to open in May

Strategic Property Partners to Develop 173-Room EDITION Hotel Within $3B Water Street Tampa Project

TAMPA, FLA. — Strategic Property Partners LLC (SPP) has unveiled plans to develop a 173-room EDITION hotel in Tampa. The hotel will be part of a 26-story tower in the heart of Water Street Tampa, a $3 billion mixed-use development from SPP. EDITION is a modern luxury brand that Marriott International (NASDAQ: MAR) launched in fall 2013. There are currently EDITION hotels in New York, Miami, London and China, with seven new properties scheduled to open this year. The Tampa EDITION will …

RHYS Arranges $4.3M Sale of Mixed-Use Building Near Norwalk

WILTON, CONN. — Commercial real estate services firm RHYS has arranged the $4.3 million sale of 59 Danbury Road in Wilton, about seven miles north of Norwalk. The 32,270-square-foot mixed-use building was built in 1959 and fully renovated in 2007. Cory Gubner, Christian Bangert and Alex Haendler of RHYS represented the seller, New York City-based Caroline APTS Co., and the buyer, New England Investment Partners. The property is currently fully leased to two tenants: ASML, a semiconductor …

HFF Arranges $260M Construction Financing for New Tower at Mixed-Use Project in Manhattan

NEW YORK CITY — HFF has arranged a $260 million construction loan for the development of 202 Broome Street. The 16-story tower will rise at Essex Crossing, a planned mixed-use project on Manhattan’s Lower East Side. Evan Pariser, Michael Gigliotti, Scott Aiese, Alex Staikos and Jackie Ferrer of HFF arranged the 42-month loan on behalf of the developer, Delancey Street Associates, a joint venture comprising Taconic Investment Partners, L+M Development Partners, BFC Partners and Goldman …

J.G. Petrucci Acquires Six Acres in Suburban Philadelphia, Plans Mixed-Use Development

WILLOW GROVE, PA. — J.G. Petrucci Co. has acquired five properties totaling six acres in Willow Grove in separate transactions brokered by CBRE. The sales price was not disclosed. Willow Grove is located about 13 miles north of Philadelphia. The developer plans to build a new $75 million mixed-use development on the site, which will be called Station at Willow Grove. Patrick McCabe of CBRE represented the buyer in all five transactions. The project will include 275 new apartment units and …

Ariel Property Advisors Arranges $6.5M Refinancing for Mixed-Use Portfolio in Brooklyn

NEW YORK CITY — Ariel Property Advisors has arranged a $6.5 million cash-out refinance loan for four mixed-use properties in the Bedford-Stuyvesant neighborhood of Brooklyn. Paul McCormick and Matt Dzbanek of Ariel Property Advisors arranged the five-year, cash-out refinancing at a 75 percent loan-to-value and fixed interest rate of 4 percent for the undisclosed borrower. The four properties include 22 residential and six commercial units. Approximately 30 percent of the owner’s gross …

CBRE Secures $78M Loan for Refinancing of Mixed-Use Asset in Austin

AUSTIN, TEXAS — CBRE has secured a $78 million loan for the refinancing of The Triangle, a mixed-use property in Austin that includes 529 multifamily units and roughly 120,000 square feet of retail and restaurant space. Residential amenities include three pools, a 24-hour fitness center and a resident lounge. Brian Eisendrath, Brandon Smith and Annie Rice of CBRE secured the seven-year, floating-rate loan on behalf of The Dinerstein Cos., a Houston-based development firm that acquired the …

Marcus & Millichap Brokers $11.3M Sale of Mixed-Use Building, Development Site in Chicago

CHICAGO — Marcus & Millichap has brokered the sale of a 53,931-square-foot mixed-use building and an adjacent development site in Chicago’s River West neighborhood for $11.3 million. The buyer, Tandem Development, plans to renovate the existing building and develop a 226-unit apartment tower on an adjacent parking lot. The 23-story tower will feature a parking garage and 2,300 square feet of first-floor retail space. Stephen Lieberman and Kyle Stengle of Marcus & Millichap …

Foram Group Receives Zoning Approval for $40M Mixed-Use Project in Savannah

SAVANNAH, GA. — Savannah-based Foram Group has received approval from the Savannah City Council for zoning amendments needed to move forward with Starland Village, a planned $40 million mixed-use development in Savannah. Located on a two-block stretch along the historic Bull Street in the city’s Starland District, the development will be home to artist studios, an event venue, retail and restaurant space, a rooftop park, coworking space and 90 residential units. Other team members for the …

ACME Realty Acquires Mixed-Use Property in Seattle for $17.7M

SEATTLE — ACME Realty has purchased Remi Apartments, a multifamily community located at 2727 Eastlake Ave. East in Seattle's Eastlake neighborhood. An undisclosed company sold the property for $17.7 million, or $480,000 per unit. Built in 1996, the property features 34 apartments and three ground-floor commercial spaces. The property features a mix of one- and two-bedroom units with private decks or patios, as well as a rooftop deck. At the time of sale, the property was 97 percent occupied …