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Mixed-Use

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LoansMixed-UseMultifamilyRetailWashingtonWestern

NBS Financial Secures $5M in Financing for Mixed-Use Asset in Seattle

by Amy Works

SEATTLE — Norris, Beggs & Simpson Financial Services (NBS Financial) has arranged $5 million in financing for Wallingford Center in Seattle. The borrower is Wallingford Center LLP. Mike Wood and Colin Ceithaml of NBS Financial secured the non-recourse, fixed-rate loan. Riversource LLC, a life company correspondent of NBS Financial, provided the capital. Originally constructed as a school, the 28,377-square-foot mixed-use asset features retail space on the first two floors and 24 apartments above. The use of the financing was not disclosed.

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AcquisitionsMixed-UseNew YorkNortheast

Marcus & Millichap Negotiates $2.4M Sale of Mixed-Use Building in Brooklyn

by David Cohen

NEW YORK CITY — Marcus & Millichap has negotiated the $2.4 million sale of a 4,750-square foot mixed-use property in Brooklyn. Located at 358 Knickerbocker Ave., the property was built in 1931. Shaun Riney and Thomas Shihadeh of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

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FloridaLoansMixed-UseMultifamilySoutheastWalker & Dunlop

Walker & Dunlop Arranges $45.2M Refinancing for Two Parcels in South Florida

by John Nelson

MIAMI AND BOCA RATON, FLA. — Walker & Dunlop has arranged $45.2 million in financing for two parcels in South Florida. Eric McGlynn and Kevin O’Grady of Walker & Dunlop arranged the refinancing loans in two separate transactions, which effectively lower the interest rates on each property’s existing land loan. The first loan was on behalf of Property Markets Group (PMG) for $33 million for a parcel in Miami located at 300 Biscayne Blvd. that will house Waldorf Astoria & Residences Miami. PMG, Greybrook Realty Partners and S2 Development are co-developing the 98-story building that will feature 140 hotel rooms and approximately 400 for-sale condominiums. BridgeInvest provided the non-recourse, interest-only loan that gives the developers the option to exit with limited prepayment penalties. The second loan, which was for 130 acres in Boca Raton, totaled $12.2 million. The land is the former site of Mizner Trail Golf Club, a public golf course. The owner of the land, Compson Associates, is planning to develop a 255-unit residential development consisting of townhomes and single-family homes. New Gables Capital provided the non-recourse loan that gives the borrower 12 additional months to complete predevelopment activities.

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Village-Center-Houston
DevelopmentMixed-UseTexas

Collaborate to Develop 43-Acre Mixed-Use Project in Metro Houston

by Taylor Williams

JERSEY VILLAGE, TEXAS — Houston-based development firm Collaborate has entered into a partnership agreement with the City of Jersey Village, located about 20 miles northwest of downtown Houston, to develop Village Center, a 43-acre mixed-use project. According to Community Impact Newspaper, the project will include residential, retail, restaurant and hotel uses, with water features, green spaces and pedestrian trails interspersed throughout the property. Houston-based Page is leading design of the project, which has a development time frame of 36 to 48 months. Greatland Co., another local firm, will handle leasing and management of the retail and restaurant space.

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AcquisitionsMixed-UseNew YorkNortheast

JLL Arranges $19M Acquisition Loan for Mixed-Use Property in Manhattan

by David Cohen

NEW YORK CITY — JLL has arranged a $19 million acquisition loan for a mixed-use property in the SoHo neighborhood of Manhattan. Located at 489 Broadway, the five-story, 10,710-square-foot building was constructed in 1900. The property consists of eight residential and three retail units. Eliott Zeitoune, Michael Diaz, Aaron Appel, David Sitt and Brendan Collins of JLL secured financing on behalf of the borrower, Sherr Equities, through lender Morgan Stanley. Sherr Equities specializes in acquiring mixed-use assets with the intent to restore and redevelop them.

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Leasing ActivityMidwestMissouriMixed-UseRetail

Cullinan Properties Unveils Tenant Openings at Streets of St. Charles Near St. Louis

by Kristin Harlow

ST. CHARLES, MO. — Several new retail tenants are slated to open this spring and summer at The Streets of St. Charles, a mixed-use community near St. Louis owned and managed by Cullinan Properties Ltd. Cherry Blow Dry Bar opened on Wednesday, March 6. Next on the list is Play Street Museum, an interactive play environment set to open on Monday, March 25. Also scheduled to open this spring and summer are Narwhal’s Crafted, a frozen cocktail bar, and YogaSix. Cullinan Properties previously announced the addition of Elekta as the newest office tenant. The Streets of St. Charles is a 27-acre mixed-use development.

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The-Crossing-Dallas
DevelopmentMixed-UseTexas

Convexity Properties Breaks Ground on Eight-Acre Mixed-Use Project in Dallas

by Taylor Williams

DALLAS — Chicago-based Convexity Properties has broken ground on The Crossing, an eight-acre mixed-use project that will be located near Southern Methodist University in Dallas. The development will include 500,000 square feet of residential space, which translates to 330 apartments according to The Dallas Business Journal, as well as 90,000 square feet of street-level retail and restaurant space. The site also houses a 225,000-square-foot office building.

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AcquisitionsMixed-UseNew JerseyNortheast

Marcus & Millichap Negotiates $4.2M Sale of Mixed-Use Property in New Jersey

by David Cohen

NEWARK, N.J. — Marcus & Millichap has negotiated the $4.2 million sale of a mixed-use property in Newark. Located at 569 and 571-577 Broad St., the 22,575-square-foot property consists of ground-floor retail as well as office space and two apartment units on the second floor. Alan Cafiero, Ben Sgambati, David Cafiero and Kevin Taub of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

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DevelopmentIllinoisMidwestMixed-UseTop Stories

JDL Development to Break Ground on $850M Mixed-Use Tower in Chicago

by Kristin Harlow

CHICAGO — JDL Development Corp. has received construction financing for One Chicago Square, an $850 million mixed-use tower in Chicago. The 76-story, 1.5 million-square-foot development will be located in the city’s River North submarket. The project’s senior construction lender is Bank OZK. Other sources of financing for this project include an investment from equity partner Wanxiang America Real Estate Group, as well as $260 million in preferred equity and mezzanine financing from Square Mile Capital Management LLC. One Chicago Square will include 735 apartment units and 77 condominium units. The project’s 193,000 square feet of retail space is largely pre-leased to Whole Foods Market and Life Time Athletic. Plans also call for office space, event space and 1,000 parking spaces. The property will occupy a full city block on the site of a former parking lot that JDL purchased from the Archdiocese of Chicago. Construction is expected to take three years, with completion slated for year-end 2022. Project architects include Goettsch Partners and Hartshorne Plunkard Architecture. JDL is a Chicago-based residential developer founded by Jim Letchinger. Wanxiang America Real Estate Group is a unit of a Chinese auto-parts company. New York-based Square Mile Capital is an integrated institutional real estate …

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