Mixed-Use

Thorofare Capital Provides $43.7M in Financing for 16000 Pines Market Retail Development in South Florida

by Julia Sanders June 24, 2021

PEMBROKE PINES, FLA. — Thorofare Capital Inc. has provided $43.7 million in senior mortgage financing to an entity managed by Miami-based Terra for 16000 Pines Market, a 135,000-square-foot mixed-use development nearing completion in Pembroke Pines. Keith Kurland, Jackson Sastri and Ian Hawk of Walker & Dunlop arranged the financing. Terra will utilize the loan proceeds to finish construction, capitalize the tenant improvements/leasing commissions and carry the project until it’s stabilized. The first phase of construction for 16000 Pines Market was completed earlier this year, with construction of Phase II now underway and slated to deliver in 2022. 16000 Pines Market is situated on 13.2 acres with visibility along Pines Boulevard and Dykes Road. The shopping center is anchored by Publix as well as Burlington and Crunch Fitness. Additional tenants include Verizon Wireless, Regions Bank, a United States Postal Service branch, Jersey Mike’s Subs, Vivo Pizza & Pasta, FirstWatch Café, Cheddar’s and MD Now. Thorofare Capital Inc. is a commercial real estate debt fund manager and affiliate of Thorofare LLC. Terra is a real estate development and investment company.

June 24, 2021

Hospitality Loans Mixed-Use Office Washington Western

American Life Receives $122.7M in Refinancing for Mixed-Use Property in Seattle

by Amy Works June 24, 2021

SEATTLE — American Life Insurance (ALI) has received a $122.7 million loan for the refinancing of 255 South King Street, an office and hotel property located in Seattle. PCCP provided the loan to ALI, which developed the mixed-use property in February 2018. 255 South King Street consists of a 209,476-square-foot office tower and a 23-story, 282-room Hilton Embassy Suites. The hotel features approximately 10,000 square feet of meeting and event space, a pool, and a fitness center. The office tower, which spans 11 stories above a seven-story retail and parking garage podium, was fully leased at the time of sale. Dave Karson, Chris Moyer, Stephen Michels, Zachary Kraft and Lauren Greenberg of Cushman & Wakefield’s Equity, Debt & Structured Finance team arranged the financing for the borrower.

June 24, 2021

Arizona Development Hospitality Mixed-Use Multifamily Office Restaurant Retail Western

RED Development Starts Construction of $300M The Grove Mixed-Use Project in Phoenix

by Amy Works June 23, 2021

PHOENIX — RED Development has announced that construction is underway for The Grove, a $300 million mixed-used development at the northwest corner of 44th Street and Camelback Road in Phoenix. Situated on 15 acres, the development will include the recently announced Global Ambassador hotel, a four-story office building, several ground-floor retail and restaurant spaces, two two-story office buildings, a self-storage facility by Hibernia Capital, a covered parking structure and an apartment building by StreetLights Residential. Completion of the first phase is slated for the latter half of 2022 with final completion and the hotel’s opening scheduled for fall 2023. The Grove is also the home to the new Phoenix Suns and Phoenix Mercury private training facility that opened in late 2020.

June 23, 2021

Development Hospitality Mixed-Use Multifamily Restaurant Retail Southeast Tennessee

GBT Realty Breaks Ground on Next Phase of Parke West Mixed-Use Project in Nashville

by Julia Sanders June 23, 2021

NASHVILLE, TENN. — GBT Realty Corp., a Brentwood, Tenn.-based commercial development and investment company, has broken ground on the next phase of construction for Parke West, a mixed-use project located near Nashville’s West End neighborhood. The plans include a hotel, residential community, restaurants and retail space, which will all be situated within two towers. Parke West will also have a 450-space underground parking structure that will serve both towers. Developed, owned and managed by Nashville-based Chartwell Hospitality, the nine-story hotel is a dual-branded Hilton Garden Inn and Home2 Suites by Hilton. The hotels will feature a shared lobby and amenities, including a lobby bar and restaurant, fitness center, rooftop pool deck and approximately 4,000 square feet of flexible meeting space. Of the 172 rooms, 69 will operate as Home2 Suites, while the remaining 103 rooms are designated for Hilton Garden Inn. Plans for the 15-story, multifamily tower includes 210 one- and two-bedroom units. Community amenities will include a 12th floor outdoor swimming pool and deck, dog spa and a 24-hour concierge. Between the towers will be a courtyard featuring open-air, landscaped terraces. Approximately 11,000 square feet of commercial space on the ground level will house restaurants with outdoor seating, service …

June 23, 2021

Acquisitions Development Florida Mixed-Use Southeast

Berkadia Arranges $31M Sale of Mixed-Use Development Site in Miami

by Julia Sanders June 23, 2021

MIAMI — Berkadia has arranged the $31 million sale of a 1.8-acre development site in Miami’s Bay Harbor Islands known as 1177 Kane Concourse. Located just west of Bal Harbour Shops, the site includes 300 feet of frontage on Kane Concourse and is permitted for a mixed-use residential, retail and office development. Jaret Turkell, Roberto Pesant, Scott Wadler, Omar Morales and Jose Mota of Berkadia’s Miami office represented the seller, Northwood Investors, in the transaction. David Martin is the developer’s CEO, and Terra is the buyer for the development site. Martin says the plans for 1177 Kane Concourse include a mixed-use development with a residential component, Class A office and retail space and food and beverage options at the street level. Bay Harbor Islands is a community situated roughly two miles north of Miami Beach, just above Indian Creek Island. The islands are accessible to Interstate 95 via N.E. 123rd Street.

June 23, 2021

Development Georgia Mixed-Use Southeast

Lincoln Property Co. Breaks Ground on Echo Street West Mixed-Use Property in Atlanta

by Julia Sanders June 22, 2021

ATLANTA — Lincoln Property Co. has broken ground on the next phases of Echo Street West, a 19-acre mixed-use property located at intersection of Donald Lee Hollowell Parkway and Northside Drive in Atlanta. The multi-phase project includes 300,000 square feet of creative office space, 50,000 square feet of retail and restaurant space, 292 multifamily units, an events venue, artist colony and 3.4 acres of outdoor entertainment and green space. Future phases will bring additional office, retail, residential and hotel components to the site. The total Phase I development is expected to cost $265 million. Echo Street West will have several new community amenities, including the now-open event venue Guardian Works, the soon-to-open artist colony Guardian Studios and CoLab, a neighborhood creative office and venue space led by Joan Vernon, community organizer and director of Neighborhood Engagement at Westside Future Fund. Guardian Studios is an adaptive reuse of an early 1900s-era warehouse at Echo Street West. The first phase will feature 14 rentable art studios ranging in size from 200 to 500 square feet, a 3,000-square-foot open gallery space and outdoor wall murals. The second phase will add another 26 studios, bringing the total creative community to over 40 artists. Black …

June 22, 2021

California Development Mixed-Use Multifamily Office Western

Rescore Property, Nadel Architecture Complete 561,600 SF The Rise Residential/Office Project in Hollywood

by Amy Works June 22, 2021

LOS ANGELES — Rescore Property, as developer, and Nadel Architecture + Planning, as architect, have completed construction of The Rise, a seven-story, mixed-use project located at 1331 N. Cahuegna Blvd. in Hollywood. The 561,600-square-foot property features 369 apartments, 13 live/work units and 2,570 square feet of creative office space. Consisting of five buildings linked by pedestrian bridges, The Rise offers 341,600 square feet of residential space on six levels and more than 220,000 square feet of parking space on two levels, with space for 567 cars and 410 bicycles. The project offers a mix of ADA-adaptable micro-units, studios and one- and two-bedroom layouts. Community amenities include a rooftop deck, inner open courtyard, outdoor gym, pool, barbecue grills, fire pits, dog runs with a dog wash unit and outdoor seating with TVs. Additional amenities include a clubhouse with fireplace and pool table, fitness center, lounges, conference rooms, electric-vehicle charging stations and a video screen in the main lobby that displays transit options and status. The Rise also offers a 2,000-square-foot penthouse unit on the seventh floor that can be leased for special events. The penthouse is adjacent to a party room and rooftop deck.

June 22, 2021

Acquisitions Arizona Mixed-Use Office Retail Western

Nicola Wealth Real Estate Buys Mixed-Use Property in Tempe for $16.7M

by Amy Works June 22, 2021

TEMPE, ARIZ. — Vancouver, Canada-based Nicola Wealth Real Estate has acquired a mixed-use property located in downtown Tempe from Wexford Developments for $16.7 million. Located at 425 S. Mill Ave., the 22,209-square-foot building features three levels of office space above ground-floor retail space. At the time of sale, the property was 100 percent leased to multiple tenants. The property is near the Valley Metro Light Rail station and the new Tempe Streetcar, which is scheduled to open this year. Steve Lindley, Eric Wichterman and Mike Coover of Cushman & Wakefield handled the transaction.

June 22, 2021

Loans Mixed-Use Multifamily Oregon Retail Western

Alliant Credit Union Provides $13M Loan for Mixed-Use Building in Portland, Oregon

by Amy Works June 21, 2021

PORTLAND, ORE. — Alliant Credit Union has provided a $13 million permanent loan with $9.5 million in initial funding to refinance debt on a mixed-use building in Portland. The name of the borrower was not released. The financing included a cash-out of equity and an earn-out provision structured as a reimbursement based on the borrower’s capital improvement budget. Additionally, the loan structure ensures the loan-to-value ratio for the property will remain below 65 percent. Built in the late 1990s, the five-story, 129,398-square-foot building features 85 apartments and 26,402-square-foot of fully leased, ground-floor retail space, which H-Mart Asian Grocery occupies. The Class B property also features on-site parking. Peter Margolin of Alliant originated the loan, while Casey Davidson of JLL Capital Markets referred the transaction to Alliant.

June 21, 2021

Development Mixed-Use Texas

Partnership Breaks Ground on Maple Terrace Mixed-Use Project in Uptown Dallas

by Taylor Williams June 18, 2021

DALLAS — A partnership between two Houston-based firms, Hines and McNair Interests, and Mitsui Fudosan America has broken ground on Maple Terrace, a 3.4-acre mixed-use project in Uptown Dallas. The project is being developed at the site of the former Maple Terrace building, which was originally constructed in the 1920s and will be preserved and revamped. Project plans currently call for 157,000 square feet of office space, a 22-story residential tower with 345 luxury apartments and 12,000 square feet of restaurant space, a portion of which is preleased to steakhouse concept Maple & Ash. Residential units will range in size from 601 to 2,879 square feet, and residential amenities will include a fitness center, pool, dog park and a rooftop terrace, while office users will have access to another fitness center, lobby lounge and library bar and a golf simulator. Dallas-based 5G Studio Collaborative is the architect for the preservation of the historic building that will house the office space. Dallas-based GFF is designing the multifamily tower, and international architecture firm Rottet Studio will handle interior design of both the office and residential components. Maple Terrace is slated for completion in the third quarter of 2023.

June 18, 2021

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