NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $75 million in financing for the redevelopment of the former Pfizer headquarters building in Midtown Manhattan. The project will convert the 10-story, 290,000-square-foot office building at 219 E. 42nd St. into a multifamily complex with 660 units that will come in studio, one-, two- and three-bedroom floor plans. When combined with the adjacent building at 235 E. 42nd St., the development will feature more than 1,400 apartments. Max Herzog, Marko Kazanjian, Andrew Cohen and Max Hulsh of IPA arranged the financing through Northwind Group on behalf of the developer, a partnership between David Werner Real Estate Investments and Metro Loft Management. Alexandria Real Estate Equities bought the former Pfizer headquarters building in 2018 following the pharmaceutical giant’s announcement that it would be relocating its headquarters to The Spiral, Tishman Speyer’s 2.8 million-square-foot building in the Hudson Yards district.
EAST HANOVER, N.J. — Locally based developer KRE Group has begun leasing Valley View Park, a 239-unit apartment community in East Hanover, about 30 miles west of Manhattan. The property, which is named for a golf course that occupied the site from 1937 to 1973, consists of five four-story buildings. Units come in one- and two-bedroom floor plans, and 34 residences are subject to income restrictions. The amenity package comprises a pool, fitness center, clubhouse, indoor and outdoor children’s play areas, outdoor grilling and dining stations, a gaming lawn, dog park and walking trails. Rents start at approximately $2,700 per month for a one-bedroom apartment. Construction began in April 2023.
LOS ANGELES — GPI Cos. has acquired The Lofts at NoHo Commons, a Class A multifamily property in the North Hollywood neighborhood of Los Angeles. Terms of the transaction were not released. The transit-oriented, mixed-used property was originally built in 2006 and extensively renovated in 2017. The Lofts at NoHo Commons’ 292 apartments offer 11-foot to 14-foot ceilings and open floorplates. Community amenities include outdoor space, open-air corridors and a large amenity deck. GPI Cos. has tapped South Carolina-based Greystar to manage the property.
ATLANTA — Lalani Ventures, owner of the historic Underground Atlanta development in downtown Atlanta, has formed a joint venture with New York-based Exact Capital to develop a $160 million multifamily high-rise project. The 30-story tower will feature a mix of 163 affordable housing units, with incomes restricted to households earning at or below 60 percent of the area median income, as well as 242 market-rate apartments and community amenities. Lalani Ventures and Exact Capital are currently in the planning and design phases for the tower and have tapped architectural firm Niles Bolton to handle the unnamed tower’s design, engineering and permitting. The site for the tower is at Underground Atlanta’s fountain plaza, which is bordered by Peachtree Street to the west, Wall Street to the north, Pryor Street to the east and Upper Alabama Street to the south. The board at Invest Atlanta, the City of Atlanta’s economic development arm, voted yesterday to approve an inducement for a $40 million tax-exempt bond issuance to help finance the tower’s affordable housing units. The Invest Atlanta board will have an opportunity to review the project again before providing its final resolution in advance of the Lalani-Exact joint venture closing on its construction …
MORGANTOWN, W.VA. — Live Oak Bank has closed a $39 million unitranche loan — a hybrid financing structure that combines senior debt and subordinated debt into one loan — on behalf of a Charleston, S.C.-based owner and operator of seniors housing communities. Loan proceeds were used to retire existing bank debt along with partnership debt associated with the sponsor’s 2021 purchase of a 175-unit independent living, assisted living and memory care community located in Morgantown, home city of West Virginia University. The three-year loan provides a bridge-to-agency option and includes 24 months of interest-only payments and no exit fee. Berkadia Commercial Mortgage’s Seniors Housing & Healthcare Group funded the subordinate debt.
OCEAN SPRINGS, MISS. — Marcus & Millichap has arranged the sale of Dominion Apartments, a 56-unit community located at 310 Holcomb Blvd. in Ocean Springs, a little over four miles east of Biloxi. Built in 2008, Dominion Apartments sits on 3.1 acres and features a mix of one-, two- and three-bedroom floor plans. The property represents the first Mississippi acquisition for the buyer, 3H Management. Preston Cooper and Matt Smith of Marcus & Millichap’s Birmingham office represented the seller, Hattiesburg, Miss.-based Dearman Properties, in the transaction. Mickey Davis served as Marcus & Millichap’s broker of record for Mississippi in the deal.
MILWAUKEE — Marcus & Millichap has negotiated the sale of Southport Apartments in Milwaukee for an undisclosed price. The 87-unit multifamily property is located at 2536 W. Warnimont Ave. and features a mix of one- and two-bedroom floor plans. Matthew Whiteside of Marcus & Millichap represented the sellers, Devo Southport LLC and 905 East Meinecke Ave LLC, and procured the buyer, 3 Sharks Properties LLC. Todd Lindblom, broker of record in Wisconsin, assisted in closing the transaction. The buyer plans to enhance units and common areas.
PHOENIX — Developers Concord Wilshire Capital and TLG Investment Partners have begun the abatement and demolition of the Metrocenter Mall in Phoenix, beginning the $850 million redevelopment of the property into a mixed-use community. The Metrocenter Mall opened its doors in 1973 and closed in 2020. The two-story, 140,000-square-foot mall is situated on 312 acres on the city’s northwest side. Plans for the redevelopment include more than 2,600 apartment units, as well as 100,000 square feet of retail space. The demolition process has commenced with the destruction of the former Dillard’s and U-Haul buildings. Following a survey and analysis of the materials inside the building to ensure the protection of the public, Los Angeles-based Resource Environmental Inc. will abate and remove the asbestos from the building, then proceed with the demolition of the property. The developers formed a strategic alliance in 2021 with Hines, an investment manager based in Houston, to redevelop the property, which the investment group purchased last summer. Hines is overseeing the development site on behalf of the ownership group. According to the development team, the project has been designed as a transit-oriented, self-contained community. The property encompasses Phoenix’s new light rail station that was completed in …
IRVING, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Grand Riviera, a 206-unit apartment complex in Irving. The property was built in 1972 and offers one-, two- and three-bedroom units with an average size of 1,113 square feet. Amenities include two pools, outdoor grilling and dining stations, a clubhouse and a dog park. Michael Ware, Taylor Hill, Drew Kile, Joey Tumminello and William Hubbard of IPA represented the seller, Eagle Property Capital, in the transaction and procured the buyer, Lone Star Capital.
MEMPHIS, TENN. — Colliers Mortgage has provided a $9.5 million Fannie Mae loan for the acquisition of Oak Grove Flats, a 163-unit apartment community located at 595 Cadraca Drive in east Memphis. The garden-style property features one-, two- and three-bedroom apartments and features onsite laundry facilities and property management, according to Apartments.com. Randy Engel of Colliers Mortgage’s Memphis office originated the agency loan on behalf of the borrower, an undisclosed sponsor that is a repeat client of Colliers Mortgage.