Mixed-Use

Madison Realty Capital Provides $26M Construction Loan for Mixed-Use Project in Miami

by Camren Skelton February 28, 2018

MIAMI — Madison Realty Capital has provided a $26 million first mortgage loan for the development of Triton Center, a new mixed-use project in Miami. The loan is collateralized by two development sites located at 7880 and 8540 Biscayne Blvd. The 7880 Biscayne Blvd. site currently houses a vacant 11-story office building that was previously home to the U.S. Immigration and Naturalization Service (INS). The undisclosed borrower acquired the site in 2013 and has since demolished the interior of the building, with plans to convert it into a 139-room Hilton Garden Inn hotel. Triton Center will also include two apartment buildings totaling 324 units, 585 parking spaces and 25,000 square feet of retail space. Stantec will design the development. The 8540 Biscayne Blvd. site comprises six sub-parcels. The developer plans to construct an additional large-scale multifamily community at the site. A timeline for the projects was not disclosed.

February 28, 2018

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Brokers $4.5M Sale of Mixed-Use Building in the Bronx

by Amy Works February 27, 2018

NEW YORK CITY — Cushman & Wakefield has negotiated the sale of a mixed-used building located at 1618 Benson St. in the Westchester Square neighborhood of the Bronx. SKYC Management acquired the property for $4.5 million. The five-story, 20,930-square-foot building features 23 apartment units and three commercial units. Guthrie Garvin and Karl Brumback of Cushman & Wakefield represented the undisclosed seller in the transaction.

February 27, 2018

Mixed-Use Multifamily Northeast Pennsylvania Retail

Marcus & Millichap Negotiates $16.6M Sale of Apartment Building in Philadelphia

by Amy Works February 21, 2018

PHILADELPHIA — Marcus & Millichap has arranged the sale of Dynasty Court Apartments, an apartment building located at 1003-1011 Race St. in the Chinatown neighborhood of Philadelphia. A local partnership sold the property to a local development company for $16.6 million. The property features 56 apartments, five retail storefronts on Race Street and 21 parking spaces. Andrew Townsend, Ridge McLaren and Clarke Talone of Marcus & Millichap represented the seller, while Townsend, McLaren, Talone and Philip Sharrow, also of Marcus & Millichap, represented the buyer in the deal. Additionally, Matthew Rosenberg of Marcus & Millichap Capital Corp. arranged acquisition financing for the buyer.

February 21, 2018

Georgia Mixed-Use Office Southeast

KDC, Partners to Develop Eight Acres of Office Space at $400M Mixed-Use Project in Metro Atlanta

by Camren Skelton February 21, 2018

ALPHARETTA, GA. — KDC, in conjunction with Worthington Hyde Partners and Transwestern, has unveiled plans to develop eight acres of build-to-suit office space at Windward Park, a $400 million mixed-use development in the north Atlanta metro of Alpharetta. The site is zoned for two 250,000-square-foot, Class A office buildings. The 48-acre Windward Park development is located at the corner of Windward Parkway and GA 400 in Atlanta’s North Fulton submarket. Worthington Hyde acquired the site from Prudential Financial Inc. (now PGIM Real Estate) in 2007, and began developing the project in 2015. At completion, Windward Park will feature Class A office space with structured parking; a 249-room Hilton-branded hotel; Caravelle at Windward Park, which will include 200 condominiums and 190 townhomes marketed and developed by Lennar Corp.; a 31,000-square-foot retail village; and a two-acre park. In addition, Windward Park will provide direct access to MARTA’s Windward Park and Ride, which provides a bus service to and from the North Springs MARTA station. The Hilton hotel is scheduled to break ground this summer, and the residential units are currently under construction. A construction timeline was not released for the office portion.

February 21, 2018

Loans Mixed-Use Multifamily New York Northeast Retail

Domain Cos. Receives $38M in Acquisition Financing for Development Site in Brooklyn

by Amy Works February 20, 2018

NEW YORK CITY — The Domain Cos. has received $38 million in financing for the acquisition of a development site located at 420 Carroll St. in Brooklyn. Christopher Peck, Peter Rotchford and Scott Findlay of HFF arranged the financing for the borrower. The HFF team arranged a $25 million floating-rate bank loan and a $13 million mezzanine loan, provided by Sherwood Equities. The borrower will use the loan proceeds to facilitate the acquisition of the fee-simple interest in the property and pre-development costs. Domain Cos. plans to develop a mixed-income, mixed-use development project on the 1.5-acre site.

February 20, 2018

Mixed-Use Multifamily New Jersey Northeast Retail

Marcus & Millichap Negotiates $2.9M Sale of Mixed-Use Property in New Jersey

by Amy Works February 20, 2018

WEST NEW YORK, N.J. — Marcus & Millichap has arranged the sale of a mixed-use property located at 6700 Park Ave. in West New York. A private investor sold the 16,000-square-foot property for $2.9 million. The building features 18 apartment units and one commercial storefront. Andrew Zuckerman of Marcus & Millichap represented the seller and buyer, a private investor, in the deal.

February 20, 2018

Loans Mixed-Use Multifamily North Carolina Retail Southeast

Williams Realty, Partners Receive Construction Loan for Mixed-Use Project in Raleigh’s CBD

by Camren Skelton February 20, 2018

RALEIGH, N.C. — Williams Realty & Building Co., in conjunction with Kane Realty Corp. and capital partner Lionstone Investments, has received construction financing for the development of a high-rise mixed-use project in Raleigh’s central business district. Colby Mueck, Roger Edwards and Travis Anderson of HFF arranged the construction loan through New York Life Insurance Co. Other terms of the financing were not disclosed. The property is located at the southwest corner of West Peace and North West streets, next to the future 16-acre Devereux Meadows Park. The first phase of the project will include a 45,600-square-foot Publix store, 5,340 square feet of inline retail space, 417 multifamily units and a 735-space structured parking garage. The residential portion will include studio to three-bedroom units averaging 898 square feet. The development team expects to deliver the first phase in mid-2019. Future phases will include additional residential and retail space, along with office and hotel space.

February 20, 2018

Loans Mixed-Use Northeast Pennsylvania Retail

Silver Arch Capital Partners Secures $15M Acquisition Loan for Development Site in Philadelphia

by Amy Works February 16, 2018

PHILADELPHIA — Silver Arch Capital Partners has secured a $15 million land loan for the acquisition of two development sites, known as 1401 and 1401 R-S- Christopher Columbus Blvd. in South Philadelphia. The undisclosed borrower plans to develop up to 235 townhouses on the 22.9-acre site along the Delaware River, boat slips for owners’ watercraft, outdoor recreational activity areas and a riverfront cafe. Jeffrey Wolfer of Silver Arch Capital Partners arranged the financing for the borrower.

February 16, 2018

Illinois Midwest Mixed-Use

Hubbard Street Nears Completion of Second Phase of Mixed-Use Development in Chicago

by Kristin Harlow February 16, 2018

CHICAGO — Hubbard Street Group is nearing completion of the second phase of Wicker Park Connection in Chicago’s Wicker Park neighborhood. Phase II consists of a 15-story, 146-unit apartment building and is expected to open this June. Phase I, a 60-unit apartment building, was completed in 2016. A small-format Target store, totaling 12,800 square feet, is slated to open in the retail portion of Phase I this summer after recently receiving formal approval from the area community group. Hubbard Street is dedicating nearly one-third of the development’s 2.5 acres for open space, featuring a public plaza.

February 16, 2018

Mixed-Use Multifamily New York Northeast Retail

Broadway Construction, RXR Realty Top Out 393,000 SF Mixed-Use Project in Brooklyn

by Amy Works February 13, 2018

NEW YORK CITY — Broadway Construction Group and RXR Realty have topped out 810 Fulton Street, a 12-story residential and retail property in the Fort Greene section of Brooklyn. Slated for completion in 2019, the 393,000-square-foot property will feature 363 apartments, 163 parking spaces, a full amenity suite and 33,000 square feet of ground-floor retail space.

February 13, 2018

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