PALM DESERT, CALIF. – Money360 has closed a $3.1 million loan for a commercial property in Palm Desert. The two-year loan was funded by institutional and accredited investors. It financed the existing debt on a multi-tenant commercial office building. The funds also provided the borrower the cash that will be used for other capital needs. The loan was secured by a first trust deed. The borrower also personally guaranteed the loan. Money360 is the first peer-to-peer lending platform for real estate loans, matching worthy commercial real estate borrowers with institutional and accredited private investors.
THE WOODLANDS, TEXAS — Colliers International has arranged the sale of ALORE Center, which comprises medical office and office buildings and a surgery center. The property is located at 26710 I-45 in The Woodlands submarket of Houston. Beth Young of Colliers International represented the seller. The buyer was Woodlands Medical Properties, an out-of-state investor.
WASHINGTON, D.C. — CBRE has brokered the $115 million sale of a 12-story, 165,752-square-foot office building located at 1750 K St. N.W. in Washington, D.C.’s Golden Triangle district. Mirae Asset Global Investments purchased the office asset from Sumitomo Corporation of Americas. Michael Blunt, Randall Heilig and Andrew Felber of CBRE’s Washington, D.C., office represented the seller in the transaction. The building is currently 95 percent leased with Wiley Rein LLP serving as the anchor tenant. Additional tenants include International Truck Association, ASKG Public Strategies and One-to-One Fitness. In 2010, the property underwent an extensive $4.5 million renovation that included significant upgrades to the mechanical systems and improvements to the anchor tenant’s space. The building has access to an onsite fitness center and parking garage and is within walking distance of the Farragut West and Farragut North Metro stations, Connecticut Avenue and Farragut Square.
SANDY SPRINGS AND ROSWELL, GA. — Atlanta Property Group, an investor and owner of office and industrial assets in the metro Atlanta area, has disposed of three Class B office assets in Sandy Springs and Roswell. The buildings total 125,283 square feet and include Hightower Centre I and II at 8300 and 8302 Dunwoody Place in Sandy Springs and Pavilion Center at 9755 Dogwood Road in Roswell. Kevin Markwordt and Todd Syprett of Transwestern’s Southeast investment sales group represented Atlanta Property Group in the transaction.
NEW YORK CITY — HFF has arranged $25 million in refinancing for an office building located at 99 Madison Ave. in Manhattan. HFF placed the 15-year, fixed-rate loan with Voya Investment Management for the borrower, Windsor Management. Built in 1915, the 124,382-square-foot building features ground-floor retail space with offices on the upper floors. The property is fully leased to 12 tenants, including HAB Bank. Steven Klein and Jonathan Rosner of HFF arranged the financing for the borrower.
DALLAS — Hillwood, a privately owned real estate developer, is set to form Hillwood Urban, a new real estate division. Hillwood Urban will focus on large corporate office developments and mixed-use projects on core urban land sites, as well as suburban land opportunities in North Texas. Hillwood Urban will be led by Mike Berry, president of Hillwood Properties, along with existing Hillwood leadership such as Ken Reese, executive vice president of Hillwood Investments; Walt Zartman, senior vice president for Hillwood Development; Jacob Walter, vice president for Hillwood Development; and Bill Burton and Russell Laughlin, executive vice presidents of Hillwood Properties.
NORTH CHARLESTON, S.C. — Trinity Capital Advisors has partnered with Durlach Associates to develop Faber Plaza, a Class A office building located in North Charleston’s Faber Place submarket. The 125,000-square-foot building will be located at 4400 Leeds Ave., at the entrance to The Executive Park at Faber Place and Leeds Park. Rob Cochran and Jared Londry of DTZ’s Carolinas Capital Markets group arranged construction financing on behalf of Durlach Associates. The design team includes architect LS3P Architects and general contractor Choate Construction. Trinity Capital and Durlach are planning to break ground in late July, with construction set for an April 2016 completion.
NEW YORK CITY — Silverstein Properties Inc. and Bjarke Ingels Group (BIG) have unveiled 2 World Trade Center, located at 200 Greenwich St. in New York City. The 80-story, 2.8 million-square-foot office building will feature a 38,000-square-foot lobby and access to the World Trade Center Transit Hub. Designed by BIG, the tower will feature a stacked design, which allows for 38,000 square feet of outdoor terraces within the property. Upon completion, the property will be 50 percent occupied by 21st Century Fox and News Corp.
CLEVELAND, OHIO — Newmark Grubb Knight Frank (NGKF) has brokered the sale of the Huntington Building, located at 925 Euclid Ave. in Cleveland. Hudson Holdings LLC purchased the 1.4 million-square-foot office building for $22.5 million from Optima925 LLC. The buyer plans to redevelop the 22-story property. Terry Coybe and Richard Sheehan of NGKF represented the seller in the transaction. Additionally, NGKF will market the property, which is currently 8 percent occupied, for lease.
TEMECULA, CALIF. – A 36,911-square-foot office property in Temecula has sold to the Stewart Group for $3.3 million. The two-building property is located at 28999 and 28991 Old Town Front Street. It is 75 percent occupied by 15 tenants. The space was built in 1986 and 1988. The Stewart Group was represented by Coldwell Banker Commercial. The seller, Plaza Del Rio LLC, was represented by Dan Vittone and Alan Pekarcik of Avison Young.