NEW YORK CITY — New Jersey-based intermediary Cronheim Mortgage has arranged a $47 million loan for the refinancing of Hyatt House New York, a 150-room hotel in Manhattan’s Chelsea neighborhood. Beau Williams of Cronheim’s hospitality capital markets group led a team that arranged the five-year, fixed-rate loan on behalf of the borrower, locally based investment firm Lexin Capital. An undisclosed, New York-based bank provided the debt.
WESTMINSTER, CALIF. — Shopoff Realty Investments has released plans to redevelop the Westminster Mall into a 26-acre mixed-use property. Located in the Orange County city of Westminster, the project will include housing, walkable green spaces, dining, retail and a hotel in place of the old Sears and Macy’s stores. Shopoff plans to break ground on the new project, named Bolsa Pacific at Westminster, in 2025. The entire transformation is set to include more than 1,000 apartments across three buildings; 100 for-sale townhomes; a 175-room hotel; 25,000 square feet of retail stores; a food hall; and 2.5 acres of green space, including an amphitheater, dog park, pickleball courts and food kiosks.
STREETSBORO, OHIO — Marcus & Millichap has brokered the sale of the Holiday Inn Express & Suites Cleveland-Streetsboro hotel for an undisclosed price. The 68-room hotel is located in Streetsboro, a southeast suburb of Cleveland. The property, constructed in 1999, will continue operating as a Holiday Inn Express following a renovation. Alexandre Duong of Marcus & Millichap represented the seller, a limited liability company. Duong also procured the undisclosed buyer.
NEW YORK CITY — CBSK Development will redevelop the Jacob Riis Bathhouse, a historic building in the Rockaway Beach area of Queens that was originally constructed in 1932. The redevelopment will convert the 40,000-square-foot bathhouse into a 28-room boutique hotel with 1,247 square feet of retail and restaurant space and an outdoor concert venue that can accommodate up to 2,000 people. Procida Funding provided a $32.5 million construction loan for the project. A construction timeline was not disclosed.
ROCKLIN, CALIF. — LRE & Cos. has unveiled plans for University Square, a 10-acre mixed-use development located at the intersection of Sunset Boulevard and University Avenue in Rocklin, a northeast suburb of Sacramento. The project is scheduled for completion by year-end 2025. University Square is slated to feature more than 20,000 square feet of retail space; 5,000 square feet of space for fast-food restaurants with drive-thrus; a 123-room Hilton Garden Inn hotel; a 10,000-square-foot daycare center; a 3,700-square-foot convenience store; and a car wash. The site is adjacent to Estia Rocklin, a build-to-rent townhome community with 181 units. Across the street from University Square is William Jessup University, a private Christian university with more than 3,000 students. The project is just east of the 8,497-acre Sunset Area development. The Sunset Area plan is centered around a new California State University, Sacramento and Sierra College campus. “This part of Rocklin is seeing tremendous growth,” says Victor Chiang, vice president of development at LRE. “By prioritizing smart growth and responsible development practices, we can create something special that will stand the test of time.” Rocklin is home to Quarry Park, the city’s downtown community gathering space, offering rock climbing, paddle boats, and …
CHICAGO — Summit Design + Build has completed the adaptive reuse of a five-story industrial building in Chicago’s West Loop into a boutique, extended-stay hotel. Located at 1436 Randolph St., the property features 49 apartment-style rooms. All the rooms are fully equipped with kitchens and in-suite laundry. Guests have access to a fitness center and the ground floor contains both retail and restaurant space. Marquette Cos. was the developer and Brininstool + Lynch served as architect.
PEARLAND, TEXAS — Jetstream Communities, an affiliate of locally based firm CityStreet Residential Partners, has completed renovations at Jetstream RV Resort — Pearland, a 234-site park located on the southern outskirts of Houston. The 20-acre development includes four fully furnished houses that are available for rent. Renovations primarily focused on spaces that house amenities, which include a pool, clubhouses, fitness center, business center, arcade, dog park, outdoor dining and gaming areas, a beer garden and onsite laundry facilities.
LAKE LUZERNE, N.Y. — Boutique brokerage firm Muroff Hospitality Group has arranged the sale of Hide-A-Way Waterfront Cottages, a 13-room property located in the upstate New York community of Lake Luzerne. The waterfront property sits on 3.8 acres and offers one- to three-bedroom cottages with full kitchens. Mitch Muroff of Muroff Hospitality Group represented the buyer and seller in the $1.8 million transaction.
JACKSONVILLE BEACH, FLA. — Key International and Shaner Hotels have opened the 156-room SpringHill Suites by Marriott Jacksonville Beach Oceanfront hotel. Shaner will operate the oceanfront hotel, which is owned by Key International. Located at 465 N. First St. in Jacksonville Beach, the hotel houses Sandbar Jax Bch, an oceanfront restaurant and bar, as well as a 24/7 lobby market for snacks and necessities and a fitness center that offers unobstructed views of the oceanfront pool. The hotel represents the first partnership between Key and Shaner and Shaner’s fifth hotel in the metro Jacksonville market.
LOS ANGELES — An affiliate of The Relevant Group has received a $33.3 million refinancing for The Dream Hollywood, a 178-key hotel in Los Angeles’ famed Hollywood neighborhood. The 10-story property is the West Coast flagship of Dream. The hotel includes Tao Restaurant, Beauty & Essex and the Highlight Room, as well as an 11,000-square-foot rooftop with pool deck and 3,000 square feet of meeting and event space. It is situated at the corner of Selma Avenue and N. Cahuenga Boulevard, one block off Hollywood Boulevard. A joint venture between the LCP Group and Safanad provided the capital.
