NEW YORK CITY — Madison Realty Capital has provided a $55 million construction loan for a mixed-use development underway at 948 Myrtle Ave. in Brooklyn. The loan will be used to complete construction of the project and to refinance existing debt, as well as cover any additional costs associated with the transaction. Meridian Capital previously provided a $15 million bridge loan to the borrower, an experienced local builder, for the project in late 2017. The developer plans to construct a three-building, 214,487-square-foot mixed-use project on the site that will feature rental and condominium units as well as ground-floor retail and parking. The developer acquired the site in December 2014 and has now completed all demolition, site excavation and foundation work. The project is slated for completion in 2020.
OMAHA, NEB. — Darland Construction Co. has broken ground on a new mixed-use development anchored by Pinnacle Bank in Omaha. Located at the northeast corner of 84th Street and West Dodge Road, the 16,600-square-foot building will feature a 7,500-square-foot main level with a retail bank branch and space for one additional tenant. A 9,000-square-foot second level will feature office space. The new bank will replace Pinnacle’s existing location at the southwest corner of the same intersection. Completion is slated for spring 2019. Avant Architects is the project architect.
NEW YORK CITY — Meridian Capital Group has arranged $68 million in acquisition financing for a 12-story mixed-use building in Brooklyn. Drew Anderman, Grant Carlson and Josh Berman of Meridian represented the borrower, Trinity Place Holdings, in the transaction. The 24-month loan, which an undisclosed lender provided, features a floating rate of 3.72 percent over the 30-day LIBOR and full-term interest-only payments. Located at 237 11th St. in the Park Slope neighborhood of Brooklyn, the newly built property contains 105 residential units and 6,200 square feet of retail space, which is partially leased to Starbucks. Amenities include washers and dryers in all units, tenant-controlled HVAC systems, a doorman, rooftop terrace, fitness center and parking garage.
FRIENDSWOOD, TEXAS — Tannos Land Holdings III, an affiliate of Tannos Construction & Development LLC, has broken ground on a $10 million mixed-use building in Friendswood, a southeastern suburb of Houston. The four-story building will total 63,400 square feet of retail, restaurant and office space. The project is expected to be complete by early 2019.
NEW YORK CITY — JLL has arranged $251 million in equity and debt for CBSK Ironstate for the acquisition and development of 646 11th Ave., a condominium development planned for the Hell’s Kitchen neighborhood of Manhattan. JLL raised $70 million in equity from an institutional investor and secured $181 million in construction financing from Deutsche Bank AG. The 12-story condominium development will feature 161,000 net sellable residential square feet, 40,000 rentable square feet of pre-sold retail space, 8,000 square feet of residential amenity space and 60 for-sale storage units.
NEW YORK CITY — Meridian Capital Group has secured $35 million in construction financing for a mixed-use condominium property on Manhattan’s Upper East Side. The borrower is Adellco LLC. The 24-month loan, provided by a balance sheet lender, features interest-only payments, a prime-based floating rate, and a one-year extension option. Once completed, 27 East 79th St. will feature eight two- to five-bedroom residences as well as a duplex townhouse with a private garden and a triplex penthouse. Retail space will also be available.
BOCA RATON, FLA. — Giles Capital Group, Rosemurgy Properties, Schmier Property Group and Wheelock Street Capital have acquired 38 acres at the intersection of Glades Road and 95th Avenue South in Boca Raton for a $200 million mixed-use project. Dubbed Uptown Boca Raton, the 1.1 million-square-foot, pedestrian-friendly project will feature 150,591 square feet of retail space and 456 apartment units. Lucky’s Market and Silverspot Cinema will anchor the development, which will also house tenants such as Chick-fil-A and BankUnited. Katz & Associates is handling the project’s leasing assignment. “We are pleased to close on the property and to have the opportunity to deliver to West Boca Raton a lifestyle and entertainment project that will serve as a much-needed destination for the local community,” says Brian Schmier, CEO of Schmier Property Group. Developers will break ground on Uptown Boca Raton this month, with a projected retail opening in summer 2019. The multifamily portion of the project is expected to open in early 2020. Giles Capital Group is a real estate investment and development firm focused on multifamily communities in Florida. Founded in 1977, Boca Raton-based Rosemurgy Properties is a privately owned commercial real estate development, investment and management firm. Portfolio assets include multifamily, self-storage, …
KENNESAW, GA. — Varner Developers has submitted plans to the City of Kennesaw for a $65 million mixed-use project located at the current site of Kennesaw Crossing, a shopping center located roughly 27 miles northwest of Atlanta in Kennesaw. The proposed project would include a 140-room hotel, two single-story retail buildings totaling 22,000 square feet, three multifamily buildings with a total of 274 units, two office condominium buildings totaling 9,750 square feet and the positioning of future pedestrian connectivity to the Noonday Trail and other planned pedestrian infrastructure. If approved, Kennesaw Crossing would be completely demolished to make way for the new development. Applications are scheduled to be heard and considered by the mayor and city council for final action on Monday, June 18.
PHOENIX — Akara Partners has completed the purchase of a development site at 355 N. Central Ave. in downtown Phoenix. The buyer plans to develop Kenect Phoenix, a mixed-use residential and retail property, on the site. Designed by Tempe, Ariz.-based RSP Architects and the Chicago office of Perkins + Will, the 23-story building will feature 320 residential apartments units and approximately 8,000 square feet of ground-floor retail space. The residential component will feature a mix of floor plans from studio to three-bedroom units. On-site community amenities will include integrated furnishings with food and beverage options throughout the building, social and co-working lounges, fitness center, and a rooftop deck with a swimming pool, grills and fire pits. The first apartments are slated for completion in fall 2019. Acquisition details were not released.
NEW YORK CITY — Marcus & Millichap has arranged the $8 million sale of 162-164 Court St., an 8,875-square-foot mixed-use building in the Cobble Hill neighborhood of Brooklyn. The sales price represents a capitalization rate of 3.87 percent. Jakub H. Nowak, Matthew Rosenzweig, and Jesse Kay of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed. The property has 50 feet of frontage on Court Street’s retail corridor.