Mixed-Use

Arbor Funds $4M Loan for Mixed-Use Property in Syracuse

by Amy Works January 22, 2015

SYRACUSE, N.Y. — Arbor Commercial Mortgage has funded its first loan under the newly launched Freddie Mac Small Balance Loan initiative for Nettleton Commons, a mixed-use property located in Syracuse. Originally built in 1899 as a shoe factory, the property was converted into a multifamily building in 1988. The five-story property features 61 apartment units, nine commercial office spaces and one retail space. Stephen York originated the five-year $4 million loan, which carries one year of interest-only payments along with a 30-year amortization schedule. Eastern Union was the mortgage brokerage firm involved in the deal. The property is owned and managed by Steven and Silvia West, who purchased the property in 2007.

January 22, 2015

Loans Mixed-Use Multifamily New Jersey Northeast Retail

Kushner Cos., Extell Development Receive $129M in Financing for Pier Village

by Amy Works January 20, 2015

LONG BRANCH, N.J. — Kushner Cos. and Extell Development Co. have closed on two phases of financing in conjunction with their purchase of Pier Village in Long Branch. The companies acquired Pier Village for $180 million in a transaction that closed in two phases over the last quarter of 2014. Pier Village consists of 492 residences and more than 100,000 square feet of retail, including restaurants, shops and a fitness center. Capital One provided bridge financing for the first phase of the acquisition in November 2014. In mid-December, the bank also originated and closed a $97 million long-term fixed-rate financing from Fannie Mae to take out the acquisition loan that it provided a month earlier. Both Capital One financings were arranged by Meridian Capital Group. Additionally, the partnership assumed a 7-year $32 million Freddie Mac loan originated by PNC Bank, which was originated a year and half ago by the prior ownership.

January 20, 2015

Midwest Missouri Mixed-Use

HOK Acquires Kansas City-Based 360 Architecture

by Danielle Everson January 16, 2015

ST. LOUIS – HOK has completed the acquisition of Kansas City-based 360 Architecture, a 200-person firm that designs sports, recreation, wellness, entertainment and mixed-use facilities. HOK’s Sports + Recreation + Entertainment practice designs mixed-use entertainment districts anchored by sporting venues that promote urban revitalization. Teams from both firms have been working on integration plans since announcing the agreement on Aug. 19, 2014. HOK’s re-entry into the Sports + Recreation + Entertainment market in 2015 coincides with the celebration of its 60th anniversary. After HOK Sport launched in 1983, the firm became a pioneer in redefining sports facilities. HOK spun off its sports practice in 2008. 360 Architecture was founded in Kansas City in 2004 through a merger of CDFM2 Architecture Inc. and Heinlein Schrock Stearns.

January 16, 2015

Massachusetts Mixed-Use Northeast

The Pebbles Corp. Selected to Develop $330M Mixed-Use Project in Boston

by Amy Works January 15, 2015

BOSTON — The Pebbles Corp. has been selected to develop its first project in Boston. The firm was selected by MassDot and Massachusetts Bay Transportation Authority (MBTA) to develop a mixed-use project at Turnpike Air Rights Parcel 13, located at the intersection of Boylston Street and Massachusetts Avenue in Boston’s Back Bay neighborhood. Along with Handel Architects and Utile Inc., a Boston-based think tank, Pebbles has proposed The Viola Back Bay, a $330 million, 390,000-square-foot mixed-use development for the site. The proposed plans include a 156-key boutique hotel, 88 condominiums with unobstructed views of the Charles River, 85 residential apartments, 20,000 square feet of retail and 138 on-site parking spaces. The transit-oriented property will be accessible by Hynes Station and offer ground-floor access via a new entrance on Boylston Avenue. HDR Inc., an architecture and engineering firm specializing in transit projects, will serve as station designer for the project. Parcel 13 encompasses approximately 54,500 square feet of air rights over the Massachusetts Turnpike and portions of the MBTA Green Line tunnel across the street the from Hynes Convention Center. Construction is expected to commence in 24 to 36 months pending the approval process.

January 15, 2015

Mixed-Use New Jersey Northeast

NAI Hanson Secures Sale of 14,000 SF New Jersey Mixed-Use Property

by Amy Works January 14, 2015

KEANSBURG, N.J. — NAI James E. Hanson has facilitated the sale of a mixed-use property in Keansburg. Father and Sons Building and Remodeling purchased the building, which is located at 19-21 Carr Ave., for an undisclosed price. The 14,000-square-foot building is well suited to be repurposed into a residential property. John Schilp and Joan Cenicola of NAI Hanson represented the undisclosed seller in the transaction.

January 14, 2015

Mixed-Use New York Northeast

TerraCRG Closes Sale of Mixed-Use Building for $1.2M in Brooklyn

by Amy Works January 14, 2015

NEW YORK CITY — TerraCRG has closed the sale of a mixed-use building located at 994 Atlantic Ave. on the border of Crown Heights and Clinton Hill in Brooklyn. The 3,200-square-foot property sold for $1.2 million, or $359 per square feet with a 5.52 percent cap rate. The property features two two-bedroom apartments and ground-floor retail space. The building is zoned M1-1, which means it is overbuilt by 1,600 square feet and is grandfathered in for mixed use. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG negotiated the transaction.

January 14, 2015

Mixed-Use Texas

Caldwell Cos. Breaks Ground on Mixed-Use Project in Metro Houston

by Haisten Willis January 13, 2015

CYPRESS, TEXAS — Construction has begun on a mixed-use development located in Cypress known as The Boardwalk. The Caldwell Cos. is developing the property, which will sit at the front of the company’s master-planned community of Towne Lake. The development is centered around what will be the largest private lake in the region. When completed, The Boardwalk will feature waterfront dining, 61,000 square feet of retail and 57,500 square feet of office space accessible by both land and water. The development is set to open in the fourth quarter of 2015. In addition to office, shops and restaurants, The Boardwalk consists of five freestanding buildings, a central green area for concerts and events, a breezeway plaza and a boulder play area for kids. The project is located off of Highway 290 and Barker Cypress Road.

January 13, 2015

Loans Midwest Minnesota Mixed-Use Office Retail

NorthMarq Secures $18.4M Loan for Marquee Place in Wayzata, Minn.

by Danielle Everson January 13, 2015

WAYZATA, MINN. — NorthMarq Capital has arranged the $18.4 million refinancing of Marquee Place, a 72,000-square-foot retail/office property Wayzata, a suburb 11 miles west of Minneapolis. The property is located at 641-681 Lake St. E. The mixed-use property features unobstructed lake views. The 12-year loan incudes a 25-year amortization schedule. NorthMarq arranged financing for the undisclosed borrower through its correspondent relationship with a life insurance company.

January 13, 2015

Maryland Mixed-Use Southeast

Retail Properties of America Acquires Retail Portion of Downtown Crown in Metro D.C. for $162.8M

by John Nelson January 13, 2015

GAITHERSBURG, MD. — Retail Properties of America Inc. (RPAI) has purchased the retail portion of Downtown Crown, a Class A, mixed-use development in Gaithersburg, a suburb of Washington, D.C. RPAI purchased the 258,000 square feet of retail space from The JBG Cos. and JBGR Retail for $162.8 million. The retail component includes a Harris Teeter-anchored neighborhood center and a lifestyle center housing tenants such as Coastal Flats, Ted’s Montana Grill, Old Town Pour House and Ruth’s Chris Steakhouse. The retail portion of Downtown Crown opened in phases beginning in the fourth quarter of 2013 and is currently 77.5 percent leased.

January 13, 2015

Mixed-Use New Jersey Northeast

Kushner Cos., The KABR Group Acquire One Journal Square Development Site for $27M in Jersey City

by Amy Works January 12, 2015

JERSEY CITY, N.J. — Kushner Cos. and The KABR Group have acquired a development site at One Journal Square in Jersey City for $27 million. Located at the intersection of Sip Avenue and John F. Kennedy Boulevard, the two-acre development site is entitled for mixed-use development, including approximately 1,500 multifamily units and a large retail component with ample parking. The companies plan to work with the city to develop a project that will help revitalize Jersey City’s Journal Square neighborhood. Currently, Kushner Cos. and The KABR Group are developing Trump Bay Street, a 50-story residential tower located at 65 Bay St. in Jersey City’s Powerhouse District.

January 12, 2015

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