NEW YORK CITY — Integra Real Estate Capital has secured a $28 million bridge loan for a two-building, mixed-use property in the Lincoln Square section of Manhattan. Located at 15 Central Park West, the property includes a 19-story building and a 36-story building with a total of 202 residential units and 80,000 square feet of retail space. Amenities include a three-lane saltwater pool, a 14,000-square-foot fitness center, outdoor garden, game room, conference rooms and a wine cellar. Arthur and William Zeckendorf developed the property in 2008. Igor Goldenberg of Integra arranged the financing for the undisclosed borrower through a New York City-based debt-fund to refinance the existing debt on the property.
NEW YORK CITY — Cushman & Wakefield has arranged the $16.2 million sale of Bathhouse Studios, a 14,000-square-foot mixed-use building in the East Village of Manhattan. Located at 538 E. 11th St., the property includes studio and event space as well as a residential unit above. Built in 1905, the property is a former public bathhouse and was converted into a studio in 1995 by Pulitzer Prize-winning photographer Eddie Adams. The ground floor of the building features 20-foot ceilings with oak floors, exposed brick and antique frosted windows. The residence above possesses 16-foot ceilings with oak floors throughout and a 2,200 square-foot outdoor deck. Michael DeCheser, Andrew Berry, Mei Ling Wong and Bryan Hurley of Cushman & Wakefield represented the seller, Alyssa Adams, in the transaction. The buyer was 538 East Eleventh LLC.
INDIANAPOLIS — JLL has been selected to complete the lease-up of Waterside, the redevelopment of the former GM Stamping Plant in Indianapolis. The project is expected to take 15 years and include more than $1 billion in development. Plans call for 2.8 million square feet of office space and 100,000 square feet of retail space, as well as 1,350 residential units, 620 hotel rooms and public green space. Ambrose Property Group, the developer, purchased the 103-acre site from RACER Trust in March. The site had been vacant since GM shuttered operations in 2011. The name Waterside is a nod to the company’s vision of making the river accessible to the public, according to the Indy Star.
DALLAS — Phoenix-based RED Development LLC has completed Phase I of The Union, an 800,000-square-foot mixed-use project in Dallas. Designed by HKS Inc., the development is located at the intersection of Field Street and Cedar Springs Road in the Arts District near downtown. The first phase delivered a 22-story, 420,000-square-foot office tower with 839 parking spaces. The building is more than 60 percent preleased to firms such as global investment firm HBK Capital Management and multifamily development firm StreetLights Residential, which will move in at year’s end. Phase II will deliver The Christopher, a 309-unit apartment community and a 60,000-square-foot Tom Thumb grocery store. Phase III will deliver retail space that is preleased to five food and beverage concepts. The remaining phases are expected to be complete within the next six months.
JERSEY CITY, N.J. — Marcus & Millichap has brokered the sale of a 9,400-square-foot mixed-use property in Jersey City. The property is located at 253 Academy St. Jonathan Zamora and Julienne Pape of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was a developer.
PHOENIX — Hines has acquired a 1.5-acre site and received zoning approval from the City of Phoenix for the development of a 379-unit multifamily tower located on the northwest corner of Jefferson and Third streets in downtown Phoenix. Construction of the 25-story, 480,000-square-foot tower is slated to begin in the first quarter of 2019, with completion scheduled for the fourth quarter of 2020. The development will be Hines’ first multifamily project in the Phoenix area. Located near Talking Stick Resort Arena, the development will feature 75 studio, 179 one-bedroom and 125 two-bedroom residences. Amenities will include an outdoor, Olympic-size swimming pool; 2,800-square-foot fitness center; indoor great room with private and group seating; private conference areas; and community kitchen. Additional offerings will include elevated outdoor courtyards with an outdoor kitchen, firepits with group and private seating and landscaped gardens; a dog spa; bike storage; a coffee bar; concierge service; and 4,500 square feet of street-level retail or restaurant space. The site currently features three levels of underground parking, which will be used for residential parking. Hines also plans to renovate 10,000 square feet of existing office space and lease it. Hines represented itself in the site acquisition, while Jim Fijan at …
CHICAGO — Alliant Credit Union has provided a $15 million loan for the refinancing of a 10-property portfolio in Chicago. Located on the north side of Chicago, the portfolio includes a mix of apartment, retail and office buildings. The properties, which were fully occupied at the time of the loan closing, range in size from a two-unit commercial building to a 48-unit multifamily development. Gershon Friedman of Meridian Capital arranged the 15-year, fixed-rate loan. The borrower was not disclosed.
SCOTTSDALE, ARIZ. — Nationwide Realty Investors has unveiled plans for Cavasson, a 1.8 million-square-foot mixed-use development in Scottsdale, just east of Phoenix. The initial phase of the project will include a 460,000-square-foot regional headquarters for Nationwide Insurance as well as 1,600 apartment units, retail and restaurants, two hotel sites and a six-story parking structure. Groundbreaking for Phase I is slated for next year. The walkable development will include sidewalks, bike paths, green spaces and community gathering places. The project will feature an infrastructure investment of approximately $30 million for new roads, sidewalks and flood mitigation improvements. Cavasson will be located along Loop 101, at the southwest corner of Hayden Road and Legacy Boulevard. “This is the best undeveloped site in the region,” says Brian Ellis, president and COO of Nationwide Realty Investors. “It has tremendous visibility, great connectivity to amenities and services, and outstanding access.” The regional headquarters building for Nationwide Insurance will house approximately 2,200 employees. Nationwide plans to move its team into the new building in late 2020. In September, Nationwide Realty Investors purchased the 134-acre site for the project at a state auction. Proceeds from the purchase went to the Permanent Land Endowment Trust Fund, which is …
The practice of building large stadiums and sports arenas in urban areas has long been a hotly debated strategy. Critics cite the civic disruption that comes with unavoidable breakdowns in infrastructure and transportation and the significant parking and logistical requirements. There’s also the difficulty of reconciling the financial bottom line, or the aesthetic and functional disconnect of a grand facility that operates intermittently and towers over its surroundings. Stanford economist Roger Noll, an expert on the economics of sports, has argued persuasively that “NFL stadiums do not generate significant local economic growth, and the incremental tax revenue is not sufficient to cover major financial contributions by the city.” Noll has also suggested in the past that smaller, multi-use facilities, and facilities that are “embedded in larger commercial and residential projects,” make more sense. In recent years, innovators in the world of sports and performance arena design, as well as urban planning and design experts, have embraced such an approach, creating inspired new compact arena concepts that are a better fit for urban environments. They are also figuring out new ways to make smaller, multiuse venues a community asset rather than a liability. As cities like Detroit make difficult decisions …
CHICAGO — Tribune Real Estate Holdings, a subsidiary of Tribune Media Co. (NYSE: TRCO), has received approval from the City of Chicago to begin an 8 million-square-foot mixed-use development at 700 and 777 W. Chicago Ave. The approval was the last step before construction could begin. The development — named The River District — will include 4,100 residential units and 2,000 feet of riverfront pedestrian walkways upon completion. Phase I of development will include 1,250 to 1,500 residential units, a 1.8-acre public park and 560 feet of pedestrian walkways along the river. The remaining phases will be built out based on market demand. The property supports an additional 7 million square feet of development. Chicago-based architectural firm Solomon Cordwell Buenz designed the master plan for the property. “The River District will be a dynamic new neighborhood that will transform the face of the North Branch and serve as a natural extension of Chicago’s downtown, connecting neighborhoods and people,” says Murray McQueen, president of Tribune Real Estate Holdings.“With today’s approval, we can take the next steps to build an in-demand neighborhood that will help the city continue to attract and retain new jobs and talent.” A timeline for development has yet to be …