NEW YORK CITY — Merdian Capital Group has arranged $7.4 million in bridge financing for a mixed-use property located on Metropolitan Avenue in the Williamsburg neighborhood of Brooklyn. The sponsor’s existing loan was maturing, and the company is waiting on a certificate of occupancy before refinancing with a traditional, long-term, balance sheet lender. Meridian arranged an 18-month bridge loan with a rate of 7.8 percent with interest-only payments. Judah Hammer and Michael Ryback of Meridian arranged the transaction. The four-story property features 17 studio, one- and two-bedroom units as well as three retail tenants on the ground level.
UNION CITY, N.J. — Marcus & Millichap has brokered the $1.7 million sale of a 7,125-square-foot mixed-use building in Union City. Located at 2000 Bergenline Ave., the building includes a long time Dunkin’ Donuts location as well as eight apartments. The property is one mile from the Lincoln Tunnell and four miles from New York City. Michael Lombardi and Alexander Pildes of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed.
IRVINE, CALIF. — Newport Beach, Calif.-based Irvine Co. has purchased 58 Discovery, a mixed-use building located within Irvine Spectrum in Irvine, for an undisclosed price. Built in 2000, the property features 60 percent office space and 40 percent R&D/warehouse space. Thales Avionics, a long-term Irvine Co. customer, occupies the 127,000-square-foot building. Jeff Cole, Ed Hernandez and Nico Napolitano of Cushman & Wakefield represented the undisclosed seller.
NEW YORK CITY — Meridian Investment Sales has brokered the $22.5 million sale of three contiguous mixed-use buildings in the Williamsburg neighborhood of Brooklyn. The Williamsburg neighborhood underwent gentrification starting in the late 1990s mostly due to low rents. Average rents today range from $1,400 for a studio apartment to $2,600 to $4,000 for a two-bedroom unit. Located at 119-123 Kent Avenue, the buildings contain 17 fully renovated residential apartment units and three ground-floor retail units. David Schechtman, Lipa Lieberman and Abie Kassin of Meridian represented the undisclosed seller in the transaction. The buyer was a private family via a 1031 exchange. Meridian also arranged $12 million in acquisition financing through a local savings bank.
NEW YORK CITY — Leviathan Capital has arranged $7.3 million in permanent mortgage financing for a mixed-use property in the Soho neighborhood of Manhattan. The property consists of 10 apartments and one retail unit occupied by a long-term tenant. Leviathan secured a 10-year, fixed-rate loan at 4.26 percent with five years of interest-only financing. The lender, a money center bank, charged no origination fee. The borrower was a local owner-operator.
BOSTON — Cornerstone Realty Capital has arranged a $6.5 million construction loan for a 12-unit mixed-use condominium development in Boston’s Jamaica Plain neighborhood. The borrower was undisclosed. Located at 114-120 Brookside Ave., the building will feature three retail and nine residential condominiums. All residences will feature hardwood floors, in-unit washers and dryers and high-end finishes that include granite countertops, stainless steel appliances and custom-tile surround showers. Each unit will also have a private balcony. The square footage will vary depending on the unit style, but will average around 1,098 square feet. The building is slated for completion in 2019.
DELRAY BEACH, FLA. — The City of Delray Beach has unanimously approved Hudson Holdings LLC’s plan for the development of Midtown Delray Beach, a 400,000-square-foot mixed-use development. The $135 million project will span parts of four city blocks in Delray Beach and will feature retail, restaurant, office and residential space, as well as a hotel. Approved by city commissioners at 5-0, the development will include eight restored historic structures that will be revived under the guidance of the Delray Beach Historic Preservation Board. In addition, Midtown Delray Beach will feature a public courtyard that will serve as a central meeting place in downtown Delray. Historic preservation architect Rick Gonzales is designing the project. A construction timeline was not disclosed.
HOUSTON AND WASHINGTON, D.C. — Retail developer Madison Marquette and Houston-based developer PMRG have confirmed that they plan to combine operations. The terms of the merger were not disclosed, but PMRG will become part of the family of companies owned by Capital Guidance, a global investment firm that owns Washington, D.C.-based Madison Marquette. The leadership of both firms will remain intact, and the combined company will maintain its primary office locations in Houston and Washington, D.C. Closing is expected in the next 30 days. “We anticipate a highly complementary combination that significantly expands the capabilities of both firms,” says Amer Hammour, chairman of Madison Marquette. “Madison Marquette’s investment management as well as retail and mixed-use development, marketing and management expertise would join PMRG’s office, medical, industrial and multifamily capabilities to provide leadership across all asset classes to our clients and investment partners.” PMRG’s concentration in the Southern United States will balance well with Madison Marquette’s presence in primary gateway markets on both coasts, according to PMRG. The companies’ shared clients include several institutional owners and investors in the industry. PMRG is a privately held commercial real estate firm specializing in project leasing, property management, investment management and development services. The company’s 180 …
ALAMEDA, CALIF. — The City of Alameda and Alameda Point Partners have broken ground on the first phase of the $1 billion mixed-use, transit-oriented waterfront development at the gateway to Alameda Point, called Site A. The 68-acre Site A development is located on the former Naval Air Station Alameda, which closed more than 20 years ago. Alameda Point Partners is a joint venture between managing partner Trammell Crow Residential, a division of Dallas-based Crow Holdings; commercial developer srmERNST Development Partners; affordable nonprofit housing developer Eden Housing; retail landlord Madison Marquette; and financial partner Cypress Equity Investments. Slated to cost $500 million, the first phase of the Site A project consists of 673 housing units, including 130 affordable units for low-income households and an additional 310 units for middle-income households; eight acres of parks and open space; and 100,000 square feet of retail, dining and marker space, as well as community event and gathering space. Major infrastructure improvements on the 30-acre Phase I project include new water, sewer, electrical and gas lines, newly paved streets with bike and transit lanes, and bulkhead improvements on Seaplane Lagoon for a new ferry terminal. Eden Housing will develop 130 affordable housing units during Phase …
PHILADELPHIA — Colliers International has brokered the $3.3 million sale of 1026 Arch St. in the Chinatown neighborhood of Philadelphia. The three-story, 9,000-square-foot building currently houses ground-floor retail and second-floor office space. Colliers represented the seller, Alfred and Nancy Cappelli, in the transaction. A private investor purchased the building.