HOUSTON — A partnership between Houston-based DC Partners and China-based Tianqing Real Estate Development is underway on The Allen, a $454 million mixed-use project located near downtown Houston. According to the project website, The Allen will include five towers offering 300,000 square feet of office space, 165 hotel rooms, 99 for-sale condominiums and an unspecified amount of retail space. HOK is designing the project, Phase I construction of which began during the fourth quarter of 2018.
CAMBRIDGE, MASS. — Urban Spaces has broken ground on Kendall East, a four-story, 136-unit, mixed-use development in the Kendall Square neighborhood of Cambridge. The project is located at 99-119 1st St., 18 Hurley St. and 29 Charles St. Designed by architectural firm Perkins Eastman, the development will also include 15,000 square feet of retail as well as 23 parking spaces. Construction is slated for completion in 2020.
JOLIET, ILL. — Cullinan Properties Ltd. has broken ground on Rock Run Crossings, a 265-acre mixed-use project in Joliet. Cullinan is underway on clearing the site and plans to begin construction late this spring. A groundbreaking ceremony took place on Friday, March 22. Cullinan has also revealed the first anchor tenant at Rock Run Crossings. The 16-screen Regal Cinemas movie theater will span 70,000 square feet. The developer plans to announce more tenants later this year.
COSTA MESA, CALIF. — Ready Capital has closed a $20.1 million loan for the acquisition, renovation and stabilization of Back Bay Center, a mixed-use retail and office property located in the Eastside submarket of Costa Mesa. The asset features 52,000 square feet of Class B retail and office space. Ready Capital National Bridge Originations Team closed the non-recourse, fixed-rate loan that features an 84-month term, 48 months of interest-only payments and flexible pre-payment options.
SEATTLE — Norris, Beggs & Simpson Financial Services (NBS Financial) has arranged $5 million in financing for Wallingford Center in Seattle. The borrower is Wallingford Center LLP. Mike Wood and Colin Ceithaml of NBS Financial secured the non-recourse, fixed-rate loan. Riversource LLC, a life company correspondent of NBS Financial, provided the capital. Originally constructed as a school, the 28,377-square-foot mixed-use asset features retail space on the first two floors and 24 apartments above. The use of the financing was not disclosed.
NEW YORK CITY — Marcus & Millichap has negotiated the $2.4 million sale of a 4,750-square foot mixed-use property in Brooklyn. Located at 358 Knickerbocker Ave., the property was built in 1931. Shaun Riney and Thomas Shihadeh of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
MIAMI AND BOCA RATON, FLA. — Walker & Dunlop has arranged $45.2 million in financing for two parcels in South Florida. Eric McGlynn and Kevin O’Grady of Walker & Dunlop arranged the refinancing loans in two separate transactions, which effectively lower the interest rates on each property’s existing land loan. The first loan was on behalf of Property Markets Group (PMG) for $33 million for a parcel in Miami located at 300 Biscayne Blvd. that will house Waldorf Astoria & Residences Miami. PMG, Greybrook Realty Partners and S2 Development are co-developing the 98-story building that will feature 140 hotel rooms and approximately 400 for-sale condominiums. BridgeInvest provided the non-recourse, interest-only loan that gives the developers the option to exit with limited prepayment penalties. The second loan, which was for 130 acres in Boca Raton, totaled $12.2 million. The land is the former site of Mizner Trail Golf Club, a public golf course. The owner of the land, Compson Associates, is planning to develop a 255-unit residential development consisting of townhomes and single-family homes. New Gables Capital provided the non-recourse loan that gives the borrower 12 additional months to complete predevelopment activities.
JERSEY VILLAGE, TEXAS — Houston-based development firm Collaborate has entered into a partnership agreement with the City of Jersey Village, located about 20 miles northwest of downtown Houston, to develop Village Center, a 43-acre mixed-use project. According to Community Impact Newspaper, the project will include residential, retail, restaurant and hotel uses, with water features, green spaces and pedestrian trails interspersed throughout the property. Houston-based Page is leading design of the project, which has a development time frame of 36 to 48 months. Greatland Co., another local firm, will handle leasing and management of the retail and restaurant space.
ST. PAUL, MINN. — Money360 has provided an $8.6 million bridge loan for the refinancing of a mixed-use property in St. Paul. The building spans 156,671 square feet. The three-year, recourse loan features a loan-to-value ratio of 58.8 percent. The borrower was not disclosed.
NEW YORK CITY — JLL has arranged a $19 million acquisition loan for a mixed-use property in the SoHo neighborhood of Manhattan. Located at 489 Broadway, the five-story, 10,710-square-foot building was constructed in 1900. The property consists of eight residential and three retail units. Eliott Zeitoune, Michael Diaz, Aaron Appel, David Sitt and Brendan Collins of JLL secured financing on behalf of the borrower, Sherr Equities, through lender Morgan Stanley. Sherr Equities specializes in acquiring mixed-use assets with the intent to restore and redevelop them.
