Mixed-Use

McNair Interests to Develop $500M Mixed-Use Project in Houston’s Uptown District

by John Nelson June 5, 2018

HOUSTON – McNair Interests, a private investment and management company founded by Houston Texans owner Bob McNair, has revealed plans to transform a vacant six-acre site in Houston’s Uptown District. The price tag for the 1.2 million-square-foot mixed-use development was not disclosed, but the Houston Business Journal reports the project is estimated to cost upwards of $500 million to complete. Located at 3200 Post Oak Blvd. near the intersection of Post Oak Boulevard and Richmond Avenue, the project will feature a Rosewood Hotel with luxury residences, multifamily tower, Class A office tower, chef-driven dining concepts, high-end retailers, green space and structured parking. “This is a defining development for McNair Interests and the city of Houston,” says Cary McNair, chairman and CEO of McNair Interests. “Our vision redefines the southernmost entrance of Post Oak Boulevard and the Uptown District, fusing a distinctive, sophisticated design with Houston’s future. We are excited for what this project will bring to our city and to visitors from around the world.” Rosewood Hotels & Resorts will manage the new hotel that will offer 150 hotel rooms and 80 upscale residences. The property will also feature multiple food and beverage options, ballroom and banquet facilities, meeting and …

June 5, 2018

Loans Mixed-Use New York Northeast

JLL Arranges $104M Refinancing for Mixed-Use Property in Brooklyn

by David Cohen June 1, 2018

NEW YORK CITY — JLL has arranged a $104 million loan to refinance Redbridge, an 85,000-square-foot mixed-use residential and retail property in the Williamsburg neighborhood of Brooklyn. The property is located at 237–241 Bedford Ave., 160–164 North 4th St. and 159–173 North 3rd St. Retail tenants at Redbridge include Sephora, Alo Yoga, Flywheel, by Chloe, Dig Inn, Sweetgreen and UVA Wines. JLL worked on behalf of RedSky Capital, JZ Capital Partners and Waterbridge Capital to place the loan with JP Morgan Chase & Co. RedSky Capital acquired the portfolio in 2012. The portfolio also includes 20,000 square feet of retail space at 247 Bedford Ave., which is currently occupied by Apple Inc. and The Corcoran Group.

June 1, 2018

Development Mixed-Use Texas

Kairoi, Lincoln to Develop 62-Story Mixed-Use Tower in Downtown Austin

by Taylor Williams May 31, 2018

AUSTIN — A partnership between the development arm of San Antonio-based Kairoi Residential and Dallas-based Lincoln Property Co. have planned 600 Guadalupe, a 62-story mixed-use tower in downtown Austin. Designed by global architecture firm Gensler, the building would be Austin’s tallest tower and include 300 multifamily units. The Austin American-Statesman also reported that the tower will feature about half a million square feet of office space and could ultimately exceed 62 stories. Construction is scheduled to begin this year and wrap up by 2022.

May 31, 2018

Loans Mixed-Use New York Northeast

Meridian Capital Arranges $7.4M Bridge Financing for Mixed-Use Property in Brooklyn

by David Cohen May 31, 2018

NEW YORK CITY — Merdian Capital Group has arranged $7.4 million in bridge financing for a mixed-use property located on Metropolitan Avenue in the Williamsburg neighborhood of Brooklyn. The sponsor’s existing loan was maturing, and the company is waiting on a certificate of occupancy before refinancing with a traditional, long-term, balance sheet lender. Meridian arranged an 18-month bridge loan with a rate of 7.8 percent with interest-only payments. Judah Hammer and Michael Ryback of Meridian arranged the transaction. The four-story property features 17 studio, one- and two-bedroom units as well as three retail tenants on the ground level.

May 31, 2018

Acquisitions Mixed-Use New Jersey Northeast

Marcus & Millichap Brokers $1.7M Sale of Mixed-Use Building in New Jersey

by David Cohen May 31, 2018

UNION CITY, N.J. — Marcus & Millichap has brokered the $1.7 million sale of a 7,125-square-foot mixed-use building in Union City. Located at 2000 Bergenline Ave., the building includes a long time Dunkin’ Donuts location as well as eight apartments. The property is one mile from the Lincoln Tunnell and four miles from New York City. Michael Lombardi and Alexander Pildes of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed.

May 31, 2018

Acquisitions California Industrial Mixed-Use Office Western

Irvine Co. Acquires 127,000 SF Mixed-Use Building in Irvine, California

by Amy Works May 30, 2018

IRVINE, CALIF. — Newport Beach, Calif.-based Irvine Co. has purchased 58 Discovery, a mixed-use building located within Irvine Spectrum in Irvine, for an undisclosed price. Built in 2000, the property features 60 percent office space and 40 percent R&D/warehouse space. Thales Avionics, a long-term Irvine Co. customer, occupies the 127,000-square-foot building. Jeff Cole, Ed Hernandez and Nico Napolitano of Cushman & Wakefield represented the undisclosed seller.

May 30, 2018

Acquisitions Mixed-Use New York Northeast

Meridian Brokers $22.5M Sale of Mixed-Use Portfolio in Brooklyn

by David Cohen May 29, 2018

NEW YORK CITY — Meridian Investment Sales has brokered the $22.5 million sale of three contiguous mixed-use buildings in the Williamsburg neighborhood of Brooklyn. The Williamsburg neighborhood underwent gentrification starting in the late 1990s mostly due to low rents. Average rents today range from $1,400 for a studio apartment to $2,600 to $4,000 for a two-bedroom unit. Located at 119-123 Kent Avenue, the buildings contain 17 fully renovated residential apartment units and three ground-floor retail units. David Schechtman, Lipa Lieberman and Abie Kassin of Meridian represented the undisclosed seller in the transaction. The buyer was a private family via a 1031 exchange. Meridian also arranged $12 million in acquisition financing through a local savings bank.

May 29, 2018

Loans Mixed-Use New York Northeast

Leviathan Capital Arranges $7.3M Loan for Mixed-Use Property in Soho

by David Cohen May 29, 2018

NEW YORK CITY — Leviathan Capital has arranged $7.3 million in permanent mortgage financing for a mixed-use property in the Soho neighborhood of Manhattan. The property consists of 10 apartments and one retail unit occupied by a long-term tenant. Leviathan secured a 10-year, fixed-rate loan at 4.26 percent with five years of interest-only financing. The lender, a money center bank, charged no origination fee. The borrower was a local owner-operator.

May 29, 2018

Loans Massachusetts Mixed-Use Northeast

Cornerstone Realty Capital Arranges $6.5M Construction Loan for Condo Development in Boston

by David Cohen May 29, 2018

BOSTON — Cornerstone Realty Capital has arranged a $6.5 million construction loan for a 12-unit mixed-use condominium development in Boston’s Jamaica Plain neighborhood. The borrower was undisclosed. Located at 114-120 Brookside Ave., the building will feature three retail and nine residential condominiums. All residences will feature hardwood floors, in-unit washers and dryers and high-end finishes that include granite countertops, stainless steel appliances and custom-tile surround showers. Each unit will also have a private balcony. The square footage will vary depending on the unit style, but will average around 1,098 square feet. The building is slated for completion in 2019.

May 29, 2018

Development Florida Mixed-Use Property Type Southeast

Hudson Holdings Receives Unanimous Approval for $135M Mixed-Use Project in South Florida

by John Nelson May 25, 2018

DELRAY BEACH, FLA. — The City of Delray Beach has unanimously approved Hudson Holdings LLC’s plan for the development of Midtown Delray Beach, a 400,000-square-foot mixed-use development. The $135 million project will span parts of four city blocks in Delray Beach and will feature retail, restaurant, office and residential space, as well as a hotel. Approved by city commissioners at 5-0, the development will include eight restored historic structures that will be revived under the guidance of the Delray Beach Historic Preservation Board. In addition, Midtown Delray Beach will feature a public courtyard that will serve as a central meeting place in downtown Delray. Historic preservation architect Rick Gonzales is designing the project. A construction timeline was not disclosed.

May 25, 2018

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