NEW YORK CITY — Bank OZK has provided a $95 million construction loan for an 85,000-square-foot, 15-story mixed-use condominium development on the Upper East Side of Manhattan. Located at 150 E. 78th St., the project will include 25 condominium units as well as several thousand square feet of ground-floor retail space. Bank OZK provided the financing to Midwood Investment & Development and EJS Real Estate. Terms of the financing were not disclosed. The developer plans to break ground on the project this summer.
NEW YORK CITY — Cushman & Wakefield has arranged the $1 million sale of a mixed-use building in Long Island City. Located at 5105 34th St., the three-story, 2,360-square-foot property is fully renovated and consists of one commercial unit on the ground floor and two residential units on the upper floors. Stephen Preuss of Cushman & Wakefieldrepresented the undisclosed seller in the transaction. The buyer was Latino 2000 USA Inc.
FORT LAUDERDALE, FLA. — Mast Capital has acquired The Quay, a 73,000-square-foot mixed-use shopping center in Fort Lauderdale. The Quay sits on seven acres along South 17th Street near the Stranahan River, three miles south of downtown Fort Lauderdale. The asset was fully leased at the time of the sale to tenants including Boatyard Restaurant, the United States Postal Service and Chipotle Mexican Grill. The property also includes a two-story office building and Boathouse of Fort Lauderdale marina. Hudson Capital Group Inc. sold The Quay. CIT Bank provided acquisition financing, and Roberto Susi of Axiom Capital Advisors arranged the sale.
NEW YORK CITY — CBRE has negotiated the $1.3 million sale of a mixed-use building in the Flatbush section of Brooklyn. Located at 2837 Church Ave., the 4,500-square-foot property is comprised of four apartments and a 1,500-square-foot, ground-floor retail space. The property was fully occupied at the time of sale. Elli Klapper, Charles Berger and Jay Gelbtuch of CBRE represented the undisclosed seller in the transaction. The buyer was also undisclosed.
RIDGELAND, MISS. — Mattiace Development Co. is expecting a fall opening for Phase II of Colony Park, a mixed-use development in Ridgeland. The second phase includes Malco Theaters’ six-screen, 25,000-square-foot boutique movie theater and a water feature. Outside the Lines (OTL) will design and construct the water fountain, which will feature 62 nozzles that will shoot water 35 feet high, audio, lighting and effects for a concert-quality experience. Colony Park is situated at 1000 Highland Colony Parkway, about 12 miles north of downtown Jackson.
MONTCLAIR, N.J. — The Hampshire Cos., along with joint venture partner Pinnacle Cos., have announced plans to redevelop Lackawanna Plaza in Montclair. The planned 216,772-square-foot mixed-use development is expected to revitalize the complex through the development of a range of modern retail, office and residential spaces while preserving historical elements of the station. Originally built in 1913, Lackawanna Plaza was a stop on the Delaware, Lackawanna, and Western Railroad until the station’s closure in 1981. The redevelopment plan seeks to reactivate the Plaza through the creation of retail, residential and office spaces while preserving the unique history of the existing buildings. The site will be anchored by a 28,509-square-foot Lidl grocery store. In addition to Lidl, the plan calls for 35,714 square feet of retail space and 21,032 square feet of office space. A 153-unit mixed-use residential building is also planned for the east side of the site along Grove Street. Construction is slated to start later this year.
JAMESBURG, N.J. — Marcus & Millichap has negotiated the $1.3 million sale of a mixed-use building in Jamesburg. Located at 196 Buckelew Ave., the 11,750-square-foot property consists of retail space, a warehouse and two apartment units. Alexander Pildes, Greg Babaian and Michael Lombardi in Marcus & Millichap’s New Jersey office, represented the seller, a private investor, in the transaction. The buyer was undisclosed.
DENVER — HFF has arranged $165 million in permanent financing for Dairy Block, a mixed-use asset in downtown Denver. The borrower is a joint venture partnership between McWHINNEY, Grand American and Sage Hospitality. Eric Tupler and Brock Yaffe of HFF secured the long-term debt with MetLife Investment Management. The borrowers will use the loan proceeds to refinance the construction loan on the property. Diary Block consists of three components: Dairy Block, a newly built, six-story, 218,660-square-foot office space with 380-space subterranean parking garage. Firehouse Block, a historic 92,803-square-foot office and retail space along Blake Street. Maven Hotel, a 172-key boutique hotel. Operated by Sage Hospitality, the eight-story property features a 175-seat Kachina Cantina along with Poka Lola Social Club.
Mixed-use properties come in all shapes, sizes and locations, but developers say the most effective projects are those that transform multi-use real estate developments into unique destinations with vibrant social scenes. In Texas’ biggest markets, robust job and population growth have bolstered demand for more apartments and hotels, as well as office, retail and restaurant space. But it takes a developer that understands human psychology and social behaviors to successfully combine three or more of these uses into a final product that receives equal levels of demand for each use. To that end, the “live, work, play” notion has become a catchphrase that to some extent figures into the branding and marketing campaigns of virtually every mixed-use project that comes out of the ground. However, the developments that become real hubs for social gathering, new experiences and the general passing of time are those in which uses complement one another, and in which the site supports all uses evenly. “The concept behind ‘mixed-use’ — a smaller environment where uses aren’t as clearly separated and people conduct their home, work and entertainment lives in the same place — really defines how people live in many other parts of the world,” says …
NEW YORK CITY — Madison Realty Capital (MRC) has provided a $138 million construction loan for a mixed-use development project in the West Harlem neighborhood of Manhattan. Located at 300 W. 122nd St., the 13-story, 211,893-square-foot property will include 155 condominium units and ground-floor retail space slated for a grocery store. MRC provided the financing to borrower Happy Living Development. Richard Horowitz, Ryan Horowitz and Adam Horowitz of Cooper-Horowitz LLC brokered the transaction on behalf of the borrower. The building’s foundation has already been completed.