SUFFOLK, VA. — Capital One has provided a $51.3 million HUD 221 (d)(4) loan to BECO Cos. for a mixed-use development in Suffolk. The loan will fund the development of 3800 Acqua, a project that includes 288 apartments and 69,000 square feet of retail and commercial space. The project is the first phase of Bridgeport, which will comprise 150,000 square feet of office space and more than 700 apartment units. The 221(d)(4) product is HUD’s flagship program for financing the construction and redevelopment of market-rate and affordable housing communities.
NEW YORK CITY — Cushman & Wakefield has secured a $15 million acquisition loan for a mixed-use development site in the Jamaica neighborhood of Queens. Located at 90-02 168th St., the parcel allows for 738,000 buildable square feet. Preston Flammang and Anthony D’Amelio of Cushman & Wakefield represented the borrower, BRP Cos., in the transaction. Turnbridge Real Estate Credit Strategies provided the interest-only financing.
ATLANTA — Selig Enterprises has added two new food and beverage tenants at The Works, a $1 billion mixed-use development underway on 80 acres in Atlanta’s Upper Westside neighborhood. The Atlanta-based developer has announced a new food hall known as Chattahoochee Food Works. Headed by Robert Montwaid of Gansevoort Consulting, the new food hall will occupy 16,000 square feet of space within The Makers Building, which will front a quarter-mile linear park known as The Spur. The food hall will feature vendors, a test kitchen, artisanal market shops, space for events and tables that double as charging stations. Selig will also add a new 9,000-square-foot taproom and macrobrewery for Scofflaw Brewing Co., an Atlanta brewery founded in 2016 by Matt Shirah and Travis Herman. The new location will serve as Scofflaw’s main research and development facility and will feature a programmed outdoor area with games and gathering places. Situated off Chattahoochee Avenue, The Works will span 350,000 square feet of retail and entertainment, 500,000 square feet of office space, 500 residences, 200 hotel rooms and 13 acres of green space. The 27-acre Phase I is currently under construction and scheduled for openings in early 2020.
SACHSE, TEXAS — PMB Capital Investments, a Dallas-based development and investment firm, will develop The Station, a $250 million mixed-use destination that will be located in Sachse, a northeastern suburb of Dallas. The Station will be situated on 119 acres along President George Bush Turnpike between Miles and Merritt roads. Plans currently call for approximately 400,000 square feet of commercial and retail space, as well as 600 apartments and 250 single-family homes. The commercial space will be marketed to restaurant, office and entertainment users. The project will also require significant investment in the surrounding infrastructure as well as improvements to nearby Heritage Park, a 34-acre public space. The park will ultimately feature an amphitheater, a boardwalk, children’s play areas and surrounding nature trails. “We’ve worked with the city for more than a year on a creative financing structure that would ensure each parcel would be ‘shovel-ready’ at the outset and positioned to take advantage of market opportunities as they arise,” says Taylor Baird, partner at PMB Capital. PMB Capital, which acquired the land for the project in October 2018, has partnered with the City of Sachse to fund work on the infrastructure and Heritage Park. Marty Neilon of CBRE represented the …
BOSTON — Nataxis has provided a $230.7 million loan to refinance Congress Square, a 16-story, 369,617-square-foot mixed-use building in Boston’s financial district. Located at 40 Water St., the property was recently renovated with the addition of seven glass and steel office floors above the fully renovated office and retail space. Nataxis provided the floating-rate financing to borrower Related Fund Management. Terms of the financing were not disclosed.
ATLANTA — The Shopping Center Group has signed two tenants to join the renovated Ford Factory Lofts along the Atlanta BeltLine’s Eastside Trail. The addition of Rina’s Kitchen and Ponce Dental Group brings the project’s occupancy rate to 70 percent. Ford Factory Lofts is on the street and trail side of the BeltLine and adjacent to the Kroger redevelopment. Rina’s Kitchen signed a 10-year lease for 2,425 square feet of space facing the BeltLine. The restaurant will serve Israeli street food. Ponce Dental Group also signed a 10-year lease for 3,300 square feet of space facing the new Kroger. Construction has begun on both spaces. Other tenants at Ford Factory Lofts include Xfinity, Chin Chin, Carriage Cleaners and Heavenly Foot Massage. Originally built by the Ford Motor Co. in 1914, the four-story building along Ponce de Leon Avenue was once home to one of the earliest automotive assembly plants in the Southeast, building classic cars such as the Ford Model T. The 150,000-square-foot building was later used by the U.S. Army Department of Defense before its conversion into residential lofts in 1987.
BRIDGEPORT, CONN. — HFF has brokered the $21.7 million sale of a mixed-use portfolio totaling 176 apartments and approximately 100,000 square feet of retail and office space in downtown Bridgeport. The three-building portfolio includes the City Trust Building, an 11-story, 135,544-square-foot property; Arcade Mall, a four-story, 52,355-square-foot structure; and Golden Hill, an eight-story, 51,194-square-foot building. Stephen Simonelli, Jose Cruz, Michael Oliver, Kevin O’Hearn, Steven Rutman, JB Bruno, and Dana Brome of HFF represented the seller, Ginsburg Development Cos., in the transaction. The buyer was Time Equities Inc.
LONE TREE, COLO. — Legend Investment Group, a division of Legend Partners, has arranged the purchase of Bridge Center, a mixed-use retail and office property located at 9233 Park Meadow Drive in Lone Tree. A local real estate investment group acquired the property for $6.1 million, or $215 per square foot. At the time of sale, the 28,325-square-foot property was 98 percent occupied by a variety of tenants, including Panera Bread, Office Evolution and RE/MAX. The property was built in 1999 and renovated in 2003. The name of the seller was not released.
SAN LUIS OBISPO, CALIF. — A joint venture between San Diego-based Presidio Residential Capital and Coastal Community Builders has received approval from the San Luis Obispo City Council to develop San Luis Ranch, a 131-acre mixed-use farm-to-table community. Slated to break ground the first quarter of 2019, the development will features 580 residential homes, 150,000 square feet of commercial space, 100,000 square feet of office space and a 200-room hotel. Delivery of a 10-acre multifamily site and all commercial and hotel pads is scheduled for the second and third quarters of 2019. Additionally, 281 single-family lots will be delivered for home construction commencement starting in the third quarter of 2019. The residential portion of the development will include single-family detached and multifamily housing, including a significant number of affordable housing units. The residential homes will offer a variety of energy-efficient and environmentally friendly features, including solar panels, Energy Star-certified appliances and lighting, tankless water heaters, low-flow plumbing and natural, edible landscaping. More than 50 percent of the pedestrian-oriented community will be park land, open space and agricultural land with a working organic farm and learning center, community gardens, a recreation and fitness loop, and several parks and picnic areas. Additionally, …
WARREN, MICH. — Flaherty & Collins Properties has been selected by the city of Warren to serve as the master developer for Warren Town Center, a $170 million project. The proposed mixed-use development will include 500 market-rate apartment units, more than 20,000 square feet of retail and dining space, a boutique hotel and a 30,000-square-foot grocery store. The project will be a public-private partnership including the city of Warren, Flaherty & Collins and General Motors. Acquest Realty Advisors will serve as the hotel development partner. The goal of the project is to create a town center that offers a high-end housing option that currently is not available in Warren, according to Brian Prince, vice president of development for Flaherty & Collins. The site formerly housed city hall and is located across the street from General Motors’ Global Tech Center, which is home to 25,000 employees. Flaherty & Collins expects to break ground on the project before the end of the year.