NEW YORK CITY — Wells Fargo & Co. has provided a $63.5 million loan for the refinancing of Rentar Plaza, a mixed-use property located in the Middle Village neighborhood of Queens, New York City. Situated at 66-26 Metropolitan Ave., the property is currently subleased to a commercial wholesaler and 16 retail tenants. The building contains 24-foot clear ceiling heights on the first and second floors as well as 33-foot ceilings and loading docks on the lower level. The loan carries a 5-year term. The borrower was not disclosed.
AUSTIN, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged the $120 million recapitalization of the W Hotel & Residences currently under construction in Austin. HFF's Whitaker Johnson arranged the new 5-year construction loan, which was originated by CLG Hedge Fund, an affiliate of Beal Bank Nevada. The loan replaces the original $165 million construction loan that was financed by now-defunct Corus Bank. As part of the recapitalization, the project's owners, Stratus Properties and Canyon-Johnson Urban Fund, will contribute $45 million in equity. The W Hotel & Residences is slated for completion in December 2010. Plans call for a 252-room W Hotel, 159 residential units on the tower's upper floors, approximately 54,000 square feet of retail and office space, an entertainment venue operated by Live Nation and a new studio for KLRU-TV's “Austin City Limits” television show.
BOSTON — Sawyer Enterprises has opened the new W Boston at 200 Newbury St. in Boston's Theatre District. The building features a W Hotel as well as The Residences at W Boston. The hotel portion, which takes up the lower 14 floors of the building, features 235 guestrooms, including 24 suites. The residential portion, which occupies floors 15 through 27, contains 123 condominiums ranging in size from studio to three bedrooms. The tower also contains casual restaurant Market, the first Boston location for Bliss spa, a fitness center and approximately 5,000 square feet of meeting space. Descent, an underground bar and lounge, will open at the building in early 2010. Sawyer Enterprises is the owner and developer of the project. The design team includes Boston-based William Rawn, New York City-based Bentel & Bentel, and TRO Jung|Brannen.
REDMOND, WASH. — Riverpark, Legacy Partners’ 6-acre mixed-use development in downtown Redmond, has opened at the intersection of Redmond Way and Bear Creek Parkway. The six-building complex features 319 luxury apartment homes, a 144-room Hotel Sierra, a 106,000-square-foot office building anchored by Group Health, street-level retail spaces for restaurants and boutiques, and a 750-vehicle parking structure. Tiscareno Associates was the project’s master-plan, retail-building and garage architect.
CHICAGO — Magellan Development Group is delivering the first phase of completed condominiums at Aqua, an 82-story mixed-use project located at 225 N. Columbus Dr. in Chicago. Situated within the $4 billion, 28-acre Lakeshore East community, the 262 units, including studios, three bedrooms, customized duplexes and single-level penthouses, are more than 90 percent sold. Completion is nearing on Aqua, which was designed by Studio/Gang Architects.
FARMINGTON, CONN. — New Boston Fund has disposed of The Exchange, a 250,412-square-foot mixed-use property located in Farmington. The property features professional office, medical office, restaurant and retail space. Occupancy was 80 percent at the time of closing. Office tenants at the property include UCONN Health Center and Energy Services; restaurant tenants include Japanica, Murphy and Scarletti's. Jones Lang LaSalle's Scott Jamieson, Mike Smith, Chris Ostop and Gary Schless represented New Boston Fund in the transaction. Steve Inglese of New Haven Group represented the buyer, The Acre Group. The acquisition price was undisclosed.
ROCKFORD, ILL. — Rockford-based Urban Equity Properties, dba JMZ Properties, has acquired a two-story, 6,500-square-foot property, which is located at 110 N. First St. in Rockford. The purchase price was not disclosed. The buyer plans to renovate the property as a mixed-use commercial and residential property. Melissa Miller of Century 21 Country North represented the buyer; John Funderburg of Doyle, Woodhouse and Moore represented the undisclosed seller.
NEW ROCHELLE, N.Y. — White Plains, N.Y.-based Houlihan-Parnes Realtors has brokered the sale of 54-60 Centre Avenue in New Rochelle for $2.7 million. The five-story building contains 20 apartments, 10 retail stores and one office. The property was purchased out of foreclosure by a Westchester, N.Y.-based holding company.
ABINGDON, MD. — Ward Properties has broken ground on the 700,000-square-foot Boulevard at Box Hill mixed-use development. Located at the intersection of Woodsdale Road and Box Hill Center Corporate Drive in Abingdon, the 40-acre project will be built in multiple phases. When complete, the development will house more than 450,000 square feet of retail space, 50,000 square feet of restaurant space and 88,000 square feet of office space. Tenants will include Wegmans, national department stores and a 2,500-seat cinema.
CHATTANOOGA, TENN. — In November, Atlanta-based Jamestown will launch the newly redeveloped Warehouse Row, a mixed-use development featuring office suites, lofts and 330,000 square feet of retail and dining space. The property, which started life in 1904 as a series of warehouses, is located on Market Street in Chattanooga. After Jamestown purchased the development in 2006, Hefferlin + Kronenberg Architects helped the firm undertake an exterior and interior renovation of the space. The design studio Revival, Amanda Pinson Jewelry and The Cosmetic Market are among a handful of tenants that recently moved into the property.