PALO ALTO, CALIF. — Marcus & Millichap Capital Corp. has arranged $4 million in debt to refinance a 4,600-square-foot mixed-use building in Palo Alto. Behzad Boroumand of Marcus & Millichap arranged the debt placement for the undisclosed borrower. The financing, which equates to $869 per square foot, has a 10-year total term, five-year fixed-term and 30-year amortization schedule.
NEW YORK CITY — Besen & Associates has arranged the sale of a mixed-use building located at 151 Bruckner Blvd. in the South Bronx’s Port Morris section. The five-story building features 12 apartment units and four retail spaces. A group led by Steven Satz (151 Realty LLC) acquired the property for an undisclosed price. Amit Doshi and Shallini Mehra of Besen & Associates represented the undisclosed seller in the deal.
NEW YORK CITY — HFF has arranged $28 million in refinancing for a mixed-use building located at 110 Fourth Ave. in Brooklyn’s Boerum Hill neighborhood. Scott Aiese of HFF secured the 10-year, fixed-rate, interest-only loan for the undisclosed borrower. The property features 49 residential units in a mix of studio, one- and two-bedroom layouts, and 5,197 square feet of retail and medical office space on the ground level. On-site amenities include a concierge, common room and fitness center. Additionally, most units feature balconies and/or in-unit washers and dryers. Built in 2007, the property was 100 percent leased at the time of financing.
NEW YORK CITY — Ready Capital Structured Finance has arranged a $12.1 million loan for the refinancing, renovation and stabilization of a mixed-use building located at 926 Southern Blvd. in the Woodstock neighborhood of the Bronx. The undisclosed borrower will use the loan to complete a gut renovation and reconfiguration of the loft apartments and street-level retail suites. The 50,700-square-foot building features residential units and 6,700 square feet of retail space. The non-recourse, interest-only loan features a 24-month term with one extension option, flexible pre-payment and is inclusive of facilities to provide future funding for capital expenditures and interest and carry reserves. David Cohen of Ready Capital negotiated the financing.
DALLAS — CIM Group has acquired Turtle Creek Village, a mixed-use property in Dallas that includes an 18-story, Class A office property totaling 227,000 square feet and a 95,000-square-foot retail center leased to tenants such as LensCrafters, Tom Thumb and Zoe’s Kitchen. A joint venture involving Lincoln Property Co. sold the asset, which was built in 1973, for an undisclosed price.
OAKLAND, CALIF. — Trammell Crow Residential and KTGY Architecture + Planning have broken ground on Alexan Webster, a mixed-use development being built on a parking lot at 2330 Webster St. in the Lake Merritt neighborhood of Oakland. Designed by KTGY, the 1.4-acre redevelopment project will feature a 234-unit apartment community, 15,000 square feet of street-front retail space and a public and residential parking garage. The $135 million sustainable development will also feature 5,000 square feet of indoor amenity and leasing office space, as well as a lap pool, business center, 24-hour fitness center, outdoor kitchen, bicycle repair center and storage and a rooftop deck. The residential component will feature a mix of studio, one- and two-bedroom apartments ranging in size from 610 square feet to 1,160 square feet. Completion is slated for summer 2019.
NEW YORK CITY — Trion Real Estate Management has purchased a five-story, mixed-use building located at 818 10th Ave. in Manhattan’s Hell’s Kitchen. A local interest group sold the building for $11.5 million, or $932.68 per square foot. Built in 1910, the 12,330-square-foot building features 12 residential apartments and two restaurants, Mamasita Mex and White Oak Oyster Bar & Cocktail Lounge. Peter Vanderpool of Cignature Realty Associates represented the seller and buyer in the deal.
GAITHERSBURG, MD. — Kimco Realty Corp. has signed a lease with Cinépolis USA, a Dallas-based movie theater chain, to bring its luxury theater concept to Kentlands Market Square in Gaithersburg, roughly 20 miles north of Washington, D.C. Kimco acquired the 250,000-square-foot, Whole Foods-anchored development in 2016 and has unveiled plans for redevelopment, including renovated facades, improved pedestrian access, upgraded lighting and landscaping and revitalization of the community’s main street. The 34,000-square-foot Cinépolis USA is the first step in the redevelopment process, and will feature 540 seats, fully reclining leather seat auditoriums, lounge-style lobby space, in-theater waiter service and a selection of beer, wine and liquor. Cinépolis Luxury Cinemas — Gaithersburg is slated to open in 2019 and will mark Cinépolis USA’s debut in the Maryland market. Cinépolis, the theater’s Mexico-based parent company, is the fourth largest movie theater exhibitor in the world.
WHEELING, ILL. — The Lynmark Group has broken ground on Wheeling Town Center, a $110 million mixed-use project in the Village of Wheeling. The development will feature over 300 luxury apartments, 100,000 square feet of retail and entertainment space and a pedestrian-friendly plaza. CMX movie theater will anchor the retail space, along with City Works Eatery and Pour House. The development, located at 351 W. Dundee Road, is adjacent to the Wheeling Park District. Completion is slated for fall 2018. CallisonRTKL designed the project, and William A. Randolph is serving as general contractor.
HOUSTON — HFF has arranged a $66 million construction loan for Phase I of Buffalo Heights, a mixed-use development that will be located at 3663 Washington St. in Houston. Phase I will be anchored by a 90,000-square-foot H-E-B. The project will ultimately deliver 2,200 square feet of inline retail, 36,800 square feet of office space and a 232-unit luxury apartment building. Completion is slated for 2019. Colby Mueck and Matthew Putterman of HFF arranged the loan on behalf of the owner, BKR Memorial II LP, and developer, Midway. New York-based U.S. Trust, Bank of America Private Wealth Management provided the funds.