HOUSTON — Walker & Dunlop has arranged a $128.5 million acquisition loan for The Arno, a 168-unit apartment complex located in Houston’s River Oaks neighborhood. Information on floor plans and amenities at The Arno was not disclosed. Reimer, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly and Sean Bastian of Walker & Dunlop originated the financing through Hudson Bay Capital on behalf of the borrower, Sade Real Estate.
AUSTIN, TEXAS — Mesa West Capital has provided a $47 million loan for the refinancing of Bishop Momo, a 274-unit apartment complex in South Austin. Bishop Momo is located within the St. Elmo District, a 275-acre mixed-use redevelopment of a former industrial site. Delivered in 2024, Bishop Momo offers studio, one- and two-bedroom units and amenities such as a pool, lounge, fitness center and a courtyard, as well as 5,835 square feet of ground-floor retail space. Chris McColpin of Newmark arranged the debt. The borrower is United Properties.
HOUSTON — Local developer PAGEWOOD has broken ground on Phase I of East Blocks, an adaptive reuse project in Houston’s East Downtown neighborhood. Designed by Gensler and developed in partnership with Wile Interests, the project will transform a 10-block stretch of mid-20th century warehouses into a district of walkable restaurants, shops, offices and green spaces. Phase I involves the conversion of two 15,000-square-foot warehouses at 1107 Hutchins St. and 2202 Dallas St. Delivery of Phase I is slated for August.Phase I
HOUSTON — Locally based brokerage firm Finial Group has negotiated the sale of three industrial buildings totaling 19,500 square feet in West Houston. According to LoopNet Inc., the buildings at 5727 Glenmont Drive were constructed in 1978. Jason Gibbons and Andrew Bischoff of Finial Group represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
ARDMORE, PA. — An affiliate of Piazza Auto Group has broken ground on a 270-unit multifamily project in Ardmore, a northwestern suburb of Philadelphia. The Plaza at Ardmore will offer studio, one-, two- and three-bedroom floor plans. Amenities will include a pool, outdoor grilling and dining stations, a fitness center and dedicated coworking and private study spaces. The development will also feature 30,000 square feet of ground-floor retail space and 19,000 square feet of outdoor courtyard space. Piazza is partnering with Radnor Property Group on the project, which is being financed by Bank OZK (senior lender) and Affinius Capital (mezzanine lender). Completion is slated for early 2028.
NEW YORK CITY — Merchants Capital has provided $26.3 million in financing for the rehabilitation and conversion (to affordable seniors housing) of Three Arts Club, a 62-unit historic multifamily property on Manhattan’s Upper West Side. Three Arts Club was originally built in the 1920s as dormitory-style housing for aspiring female artists. Upon completion of the rehabilitation and conversion, the property will offer housing for residents age 62 and above who earn 50 percent or less of the area median income. In addition, 25 units will be set aside for formerly homeless individuals. The financing consists of an $18.4 million Freddie Mac Unfunded Forward permanent loan and a $7.9 million construction loan from Merchants Bank. The owner is nonprofit organization West Side Federation for Senior & Supportive Housing Inc.
HARTFORD, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $3.2 million sale of 16 Groton Street, a 35-unit apartment building located in Hartford’s South End neighborhood. According to Apartments.com, the building was originally constructed in 1920 and houses studio, one- and two-bedroom units that are furnished with stainless steel appliances and granite countertops. The building also recently underwent capital improvements to unit interiors and select common areas. Steve Pappas and Tess Cullen of Chozick Realty represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
NEW YORK CITY — MiQ Digital USA, an AI-powered advertising company, has signed an 18,600-square-foot office lease expansion at 261 Fifth Avenue, a 25-story, 450,000-square-foot building in Midtown Manhattan. A tenant at the building since 2018, MIQ will relocate from its spaces on the 25th and 26th floors to the entire 20th and 21st floors, as well as part of the 19th floor, yielding a total new footprint of 42,000 square feet. Chase Gordon and Tyler Marshall of Transwestern, along with Josh Kurstin of Colliers, represented MIQ in the lease negotiations. Andrew Wiener, Kyle Young and Tim Parlante represented the landlord, The Feil Organization, on an internal basis.
SAN BERNARDINO, CALIF. — Transwestern Investments has completed the disposition of San Bernardino I, a Class A industrial warehouse located in San Bernardino within the Inland Empire East submarket. Terms of the transaction were not disclosed. Completed in 2019, the asset offers 392,983 square feet of industrial space. The warehouse offers direct access to major interstate highways and proximity to Ontario International Airport and the ports of Los Angeles and Long Beach, Calif. The property was developed through a joint venture between Transwestern Development, Transwestern Investments and the separately managed account client.
PHOENIX — Belkorp has acquired an advanced manufacturing facility, located at 3809 E. Watkins St. in Phoenix, from an undisclosed seller for $44.1 million. Situated within the Sky Harbor Airport submarket, the 174,801-square-foot asset features 8,000 amps of power. AZ Pharmacy (PillPatch), a subsidiary of Amazon, with the lease backed by a corporate guarantee from Amazon.com, fully occupies the property. Will Strong, Phil Haenel, Foster Bundy, Molly Miller, Jack Stamets, Michael Matchett and Madeline Warren of Cushman & Wakefield represented the buyer and the seller in the transaction.
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