Property Type

DORAL, FLA. — Walker & Dunlop has arranged a $238 million loan for the refinancing of The Landmark South, a 631-unit apartment community located at 6055 N.W. 105th Court in Doral, a western suburb of Miami. Aaron Appel, Michael Stepniewski, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, Sean Bastian and Stanley Cayre of Walker & Dunlop arranged the floating-rate, interest-only bridge loan from Torchlight Investors on behalf of the borrower, JSB Capital. Completed in two phases in 2017 and 2021, The Landmark South comprises one-, two- and three-bedroom residences averaging 1,017 square feet in size. Amenities include two resort-style pools, two 24-hour fitness centers, outdoor courtyards, a business center, pet spa, resident lounges and structured parking.

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MIAMI — Greystone has provided a loan package totaling $167 million for the construction of Gallery at Lummus Parc, an affordable housing high-rise development located at 395 N.W. 1st St. in Miami. The borrower is locally based Related Urban Development Group, an affordable housing subsidiary of Related Group. Greg Voyentzie and Jay Reed of Greystone Real Estate Capital (GREC) and Jason Kaye of Greystone Housing Impact Investors LP (GHI), along with Jeff Englund and Pharrah Jackson of Greystone, facilitated the financing. GHI is providing $80 million in construction financing through a joint venture with BlackRock Impact Opportunities Fund; GREC is providing $27.1 million in 4 percent low-income housing tax credit (LIHTC) equity; and Greystone provided a $60.1 million fixed-rate Freddie Mac loan that is expected to repay the construction financing upon conversion in conjunction with the LIHTC equity. Approximately 83 percent of the residences at Gallery at Lummus Park will be subject to income and/or rent restrictions, with affordability levels ranging from 20 to 100 percent of the area median income (AMI). The financing structure also incorporates project-based rental assistance, including 51 project-based voucher units and six RAD-assisted units. Gallery at Lummus Parc will comprise 257 studio, one- and two-bedroom …

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UPPER MARLBORO, MD. — Cushman & Wakefield has negotiated the $56.6 million sale of a 202,976-square-foot industrial facility located at 8511 Pepco Place in Upper Marlboro, a suburb of Washington, D.C., in Prince George’s County. Stockbridge acquired the property from TA Realty. Jonathan Carpenter, Graham Savage, Dawes Milchling and James Check of Cushman & Wakefield represented TA Realty in the transaction. The facility features a 190-foot truck court, 26 dock doors, two drive-in doors, 218 parking spaces and approximately 75 trailer positions. The property is fully leased to Harris Co., a mechanical contractor for the data center industry. The tenant also occupies 75,000 square feet at the neighboring 8520 Pepco Place.

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BOONE, N.C. — Miami-based Orion Real Estate Group has acquired Watauga Village, an 88,800-square-foot neighborhood shopping center located in Boone, a city in western North Carolina and home of Appalachian State University. Adam Russ, Erin Varol and Will Register of CBRE represented the undisclosed seller in the $26.1 million transaction. Food Lion anchors the property, which was fully leased at the time of sale to tenants including Michaels, Mercy Urgent Care, Spectrum, Tropical Smoothie Café and Wingstop. Orion currently owns or manages an additional 23 properties totaling 101,583 square feet throughout North Carolina, which are all single-tenant, triple-net properties. Watauga Village is the firm’s first shopping center acquisition in the state.

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KYLE, TEXAS — General contractor Cadence McShane has completed a 75,000-square-foot industrial project in Kyle, a southern suburb of Austin. Designed by Studio 8 Architects and developed by TIG Real Estate Services, the project represents Phase I of a41-acre development known as Kyle Technology Park and consists of three 25,000-square-foot buildings. The buildings feature 35-foot clear heights and were designed to accommodate multiple users. Kyle Technology Park is ultimately planned to encompass 11 buildings totaling approximately 300,000 square feet.

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RICHMOND, TEXAS — Seattle-based lender Avatar Financial Group has provided a $3.9 million bridge loan for the 80-room Fairfield Inn & Suites byMarriott hotel in Richmond, a southwestern suburb of Houston. The three-story, limited-service hotel was built on 2.5 acres in 2020 and offers amenities such as an outdoor pool, fitness center, business center and a sundries shop. The borrower, an entity doing business as Epic Hotel Investors LLC, recently acquired the hotel from its original developer and will use a portion of the loan proceeds to fund capital improvements.

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FORT WORTH, TEXAS — Neveon USA, a provider of upholstery, foam and insulation products, has signed a 59,000-square-foot industrial lease renewal and expansion in northeast Fort Worth. The space is located within Riverbend Business Park, a 32-building, 1.4 million-square-foot development. Grayson Fleitz and Matt Carthey of Holt Lunsford Commercial represented the landlord, Riverbend Properties, in the lease negotiations. The tenant representative was not disclosed, but Newmark represented Neveon in its previous lease for 50,000 square feet at the property in 2023.

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SAN ANTONIO — Dhanani Private Equity Group, a Houston-based owner-operator, has welcomed several new tenants to the 635,000-square-foot Park North Shopping Center in San Antonio. The deals include leases with Cajun seafood restaurant Surfing Crab (5,200 square feet); Mexican restaurant and bar Panfila Cantina (5,000 square feet); and a 2,000-square-foot expansion for Escapology Escape Room. Taroko Sports, Hummus Republic, ArTea Café, Pet Supplies Plus and Oyin by Mulberry Prime will also soon open at the center. Vicki Adelstein of Partners Real Estate represented the landlord in all lease negotiations.

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MEDFORD, N.Y. — JLL has arranged $75 million in financing for Rechler Business District, a master-planned industrial business park in Medford, located on Long Island. Rechler Business District encompasses a newly constructed, 140,875-square-foot logistics facility that is fully leased, 9.8 acres of industrial outdoor storage (IOS) space that are also fully leased and approximately 45 acres of shovel-ready land. Peter Rotchford and Tyler Peck of JLL arranged the financing through AllianceBernstein on behalf of the owner, Rechler Equity Partners.

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NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $75 million sale of two Section 8 apartment buildings totaling 126 units in Manhattan. The properties are located at 200 Manhattan Ave. and 133 W. 104th St. in the Manhattan Valley area on the borough’s Upper West Side. Victor Sozio, Shimon Shkury and Remi Mandell of Ariel represented the undisclosed seller in the transaction. The name and representative of the buyer were also not disclosed.

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