REBusinessOnline

Walker & Dunlop Arranges $138.1M Construction Loan for 57-Story Condominium Tower in Miami

MIAMI — Walker & Dunlop has arranged a $138.1 million construction loan for Elysse, a 57-story condominium tower in Miami. The 100-unit community, located at 788 N.E. 23rd St., overlooks the Intracoastal Waterway in Miami’s Edgewater neighborhood. Kevin O’Grady and Eric McGlynn of Walker & Dunlop arranged the financing through JPMorgan Chase Bank on behalf of Two Roads Development, which is developing the project in partnership with entities managed by investment firm DW …

BET Investments Breaks Ground on $200M Mixed-Use Project Near Philadelphia

UPPER DUBLIN, PA. — BET Investments Inc. (Bruce E. Toll Co.) has broken ground on The Promenade at Upper Dublin, a master-planned, mixed-use project in the Philadelphia suburb of Upper Dublin. Development costs are estimated at $200 million. The project’s residential component will include 402 units and 114 active adult homes. Amenities will include a resort-style pool, gourmet kitchens with quartz countertops, stainless steel appliances and a fitness center. A planned retail component …

Flaherty & Collins Receives $104M Loan for New Mixed-Use Tower in Indianapolis

INDIANAPOLIS — Flaherty & Collins Properties has refinanced 360 Market Square, the company’s 27-story mixed-use tower in downtown Indianapolis. The real estate developer and property management firm used a $104 million loan from Chicago-based Heitman LLC to retire existing construction financing on the recently completed project. David Keller and Adam Mallory of HFF arranged the floating-rate financing through Heitman on behalf of Indianapolis-based Flaherty & Collins. Additional details …

JLL Arranges $330.7M Construction Loan for 1,055-Room Hotel in Boston

BOSTON — JLL has arranged a $330.7 million loan for the construction of the Omni Boston Hotel at the Seaport, a 1,055-room luxury hotel being developed in Boston’s Seaport District. Completion is slated for early 2021. Omni Boston Hotel at the Seaport will be located across the street from the Boston Convention and Exhibition Center. The property will be the fourth-largest hotel in Massachusetts by room count and will also feature 111,700 square feet of meeting and convention space, …

PCCP Provides $168.5M Loan to Refinance Luxury Apartment Building in Manhattan

NEW YORK CITY — PCCP has provided a $168.5 million senior loan to refinance a 280-unit luxury apartment building in the Hell’s Kitchen submarket of Manhattan. The 14-story property is located at 535 W. 43rd St. The borrower, a joint venture between Patrinely Group, USAA Real Estate and DHA Capital, completed development of the property in mid-2016. The asset is currently 93 percent occupied. Steve Kohn, Gideon Gil, Chris Moyer and Noble Carpenter III of Cushman & Wakefield …

Rite Aid, Albertsons Terminate $24B Merger Amid Stockholder Pushback

CAMP HILL PA. AND BOISE, IDAHO — Rite Aid Corp. (NYSE: RAD) announced Wednesday it has called off its previously announced merger with Boise-based grocery chain Alberstons Cos. The $24 billion deal, first announced in February, would have allowed Albertsons to go public. Under the terms of the transaction, Rite Aid shareholders would have held a 29 percent stake in the combined company. The integrated company would have operated about 4,900 locations, 4,350 pharmacy counters and 320 …

Paramount to Sell 208,776 SF Office Building in Washington D.C. for $220M

WASHINGTON, D.C. — New York-based real estate investment trust Paramount Group has agreed to sell 2099 Pennsylvania Ave., a 12-story, 208,776-square-foot office building in Washington, D.C. for $220 million. The buyer is undisclosed. Designed by architectural firm Pei Cobb Freed & Partners, the building is situated in the heart of the nation’s capital, within walking distance of the White House, U.S. Treasury and Executive Office Building. The floor-to-ceiling glass façade and …

Michels to Develop ‘Transformative’ $100M Mixed-Use Project Along Milwaukee’s Riverfront

MILWAUKEE — Michels Corp., a utility and civil engineering firm based in Wisconsin, is planning to develop a $100 million mixed-use project on six acres of riverfront property in Milwaukee’s Harbor District. Dubbed RIVER 1, the development will include about 220,000 square feet of office space, 19,000 square feet of retail and restaurant space, 67 multifamily residences, a 103-room hotel, 1,000 underground parking spaces and riverwalk space. “What the Michels Family proposes on the …

Extell Receives $530M in Financing for 68-Story Residential Condo Development in Brooklyn

NEW YORK CITY — New York-based Extell Development Co. has received $530 million in financing for the development of Brooklyn Point, a 68-story residential condo tower under construction in Brooklyn. The property is located within City Point, a development featuring 600,000 square feet of dining and retail. The financing consists of a $425 million senior construction loan, led by M&T Bank, and a $105 million mezzanine loan from New York-based RXR Realty. Designed by Kohn Pedersen …

Deutsche, BLG Capital Acquire Fifth Avenue Office Building in New York

NEW YORK CITY — A joint venture between Deutsche Finance America and BLG Capital have acquired the upper floors of 685 Fifth Ave., an office tower known as the “Gucci Building” in Midtown Manhattan. Other purchasing partners include developer Michael Shvo, The Wings Group and Latner Partners. The sellers are GGP and Thor Equities. The purchase price was $135 million, according to the New York Post. The buyers raised $155 million of equity for the acquisition and will seek …