Mixed-Use

Eastern Union Funding Arranges Loan for 117-Unit Mixed-Use Project in D.C.

by Alex Tostado November 29, 2018

WASHINGTON, D.C. — Eastern Union Funding has arranged a construction loan for the development of The Rushmore, a 117-unit, luxury mixed-use development in Washington, D.C.’s Capitol Hill District. Marc Tropp of Eastern Union Funding arranged the loan through a local regional bank on behalf of developers SGA Cos. and Evergreen Private Finance. The development is located at the former Frager’s Garden Center at 1220 Pennsylvania Ave. S.E., and also includes the historic Shotgun House, located at 1229 East St. S.E., which will be turned into a duplex. Amenities for The Rushmore are set to include a residents’ lounge, fitness center, rooftop deck, concierge service, catering kitchen and private dining at the penthouse level, as well as 2,500 square feet of street-level retail space. Bethesda, Md.-based SGA Cos. and Washington, D.C.-based Evergreen Private Finance signed a 100-year ground lease with Capitol Hill investor Larry Quillian to develop at the two locations. The Rushmore is expected to be complete by the fourth quarter of 2019.

November 29, 2018

Development Loans Massachusetts Mixed-Use Northeast

Fantini & Gorga Secures $28.3M Construction Loan for Mixed-Use Development in Cambridge

by David Cohen November 29, 2018

CAMBRIDGE, MASS. — Fantini & Gorga has secured a $28.3 million construction loan for St. James Place, a mixed-use development in the Porter Square neighborhood of Cambridge. Located at 2013 Massachusetts Ave., the development will feature 46 residential condominiums, ground-floor retail and underground parking. Derek Coulombe, Tim O’Donnell and Despina Hixon of Fantini & Gorga secured financing for the undisclosed borrower through a mid-sized regional bank. Terms of the financing were not disclosed.

November 29, 2018

California Hospitality Loans Mixed-Use Retail Western

Meridian Capital Arranges $5.5M in Financing for The Covell Building in Los Angeles

by Amy Works November 29, 2018

LOS ANGELES — Meridian Capital Group has secured $5.5 million to refinance The Covell Building, a mixed-use property in Los Angeles. Located at 4642-4632 Hollywood Blvd. the two-story, 15,000-square-foot building features ground-floor retail space and Hotel Covell on the second floor. Tenants include Go Get Em Tiger, Covell Wine Bar and McConnell’s Ice Cream. The boutique hotel features individually curated suites, each featuring a customized theme. Seth Grossman and Andy Strauss of Meridian Capital arranged the 10-year CMBS loan, which features a fixed rate and full-term interest-only payments.

November 29, 2018

Loans Midwest Mixed-Use North Dakota

NKF Arranges $77.2M Construction Loan for Mixed-Use Development in Fargo, North Dakota

by Kristin Harlow November 29, 2018

FARGO, N.D. — Newmark Knight Frank (NKF) has arranged a $77.2 million construction loan for Block 9, a $125 million mixed-use project in downtown Fargo. The project involves the transformation of a 48,000-square-foot parking lot into an 18-story mixed-use tower. Ben Greazel of NKF arranged the loan on behalf of the borrower, a joint venture between Kilbourne Group and R.D. Offutt Co. A syndicate of banks led by First National Bank of Omaha provided the financing. Construction began in September. R.D. Offutt Co. will occupy a portion of the tower for its headquarters. Other components of the project include ground-floor retail space, a boutique hotel to be managed by Aparium Hotel Group, a restaurant and residential condominiums. Completion is slated for 2020.

November 29, 2018

Development Florida Mixed-Use Southeast

Bristol Development, Hallmark Partners to Build Mixed-Use Project in Jacksonville

by Alex Tostado November 28, 2018

JACKSONVILLE, FLA. — Bristol Development Group and Hallmark Partners plan to develop Vista Brooklyn, a mixed-use project in Jacksonville that will include 308 apartments and 13,000 square feet of retail space. Located in Jacksonville’s Brooklyn neighborhood, the project will feature a dog park and rooftop pool for residents. Construction is expected to begin in January and wrap up in February 2021. Nashville-based Bristol and Jacksonville-based Hallmark originally partnered in 2012 to build the 220 Riverside apartments in Jacksonville.

November 28, 2018

Acquisitions Mixed-Use Northeast Pennsylvania

Larken Associates Purchases 102,000 SF Mixed-Use Building in Pennsylvania

by David Cohen November 28, 2018

BETHLEHEM, PA. — Larken Associates has acquired Pinnacle @ 65, a 10-story, 102,000-square-foot, mixed-use building in Bethlehem. The sales price was undisclosed. Located at 65 E. Elizabeth Ave., the property includes 48 residential units as well as 38,000 square feet of office and retail space. The building underwent a full renovation in 2017, including upgrades to the exterior façade, windows and common area corridors. Amenities include laundry and dry cleaning pick-up and drop-off, private storage units, and a package concierge system. Larken Associates acquired the property from Post Road Management.

November 28, 2018

Development District of Columbia Mixed-Use Southeast

Former Fannie Mae Headquarters to Get New Life with $640M Mixed-Use Redevelopment

by Alex Tostado November 27, 2018

WASHINGTON, D.C. — Roadside Development and North America Sekisui House LLC (NASH) have announced that the redevelopment of Fannie Mae’s former headquarters in Washington, D.C. will be named City Ridge. The name originates from the site’s location on Wisconsin Avenue, a geological ridgeline that separates the two stream valleys of Rock Creek Park to the east and Foundry Branch to the west. The $640 million, 1.1 million-square-foot project will break ground Dec. 1. The site sits on 10 acres and is set to include 687 residential units and 100,000 square feet of office space in the historic building, plus 62,000 square feet of new office space, 153,000 square feet of retail space and more than 750 parking spaces. Grocery store chain Wegmans Food Markets will anchor City Ridge.

November 27, 2018

Acquisitions Mixed-Use New York Northeast

Ariel Property Advisors Brokers $4.5M Sale of Mixed-Use Building in Brooklyn

by David Cohen November 27, 2018

NEW YORK CITY — Ariel Property Advisors has brokered the $4.5 million sale of a four-story mixed-use building in Brooklyn Heights. Located at 77 Atlantic Ave., the 7,895-square-foot property comprises two commercial units and six apartments. Victor Sozio, Sean Kelly and Matthew Lev of Ariel Property Advisors represented the seller, Silvershore Properties, in the transaction. The buyer was 77 ATL AVE LLC. The property is located near Brooklyn Bridge Park as well as retailers Urban Outfitters and Trader Joe’s.

November 27, 2018

Florida Leasing Activity Mixed-Use Southeast

Stiles, Shorenstein Sign GreenWise at Mixed-Use Project in Downtown Fort Lauderdale

by Alex Tostado November 21, 2018

FORT LAUDERDALE, FLA. — Joint venture partners Fort Lauderdale-based Stiles and San Francisco-based Shorenstein Properties LLC have signed Publix Super Markets to a lease for its GreenWise Market brand at The Main Las Olas in downtown Fort Lauderdale. GreenWise Market is a specialty, natural and organic store featuring a variety of house-prepared meals and grab-and-go items. The Main Las Olas is under construction and will include a 25-story office building, 341-unit residential tower and ground-floor retail spanning a city block. GreenWise Market will occupy 28,000 square feet of ground-floor retail space. The Main Las Olas is slated to be completed in fall 2020.

November 21, 2018

Development Mixed-Use Texas

Convexity Properties to Develop 590,000 SF Mixed-Use Project in Dallas’ Highland Park

by Taylor Williams November 20, 2018

DALLAS — Convexity Properties, a subsidiary of Chicago-based trading firm DRW, will develop The Crossing, an eight-acre mixed-use project in Dallas. The Crossing will be located near the Mockingbird Station mixed-use development in the Highland Park area. The project will feature 90,000 square feet of street-level retail and restaurant space, as well as 500,000 square feet of multifamily space, which according to The Dallas Morning News equates to 330 units. Part of the project entails improving an existing eight-story, 225,000-square-foot office building. A timeline for construction has not yet been established.

November 20, 2018

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