Mixed-Use

Topgolf Opens at $350M Mixed-Use Redevelopment in Huntsville

by Camren Skelton January 9, 2018

HUNTSVILLE, ALA. — Topgolf has opened at MidCity, a $350 million mixed-use redevelopment under construction at the intersection of University Drive and Research Park Boulevard in Huntsville. The global sports entertainment company is the first tenant to open at the 140-acre project — a redevelopment of the former Madison Square Mall. Alabama-based RCP Cos. is developing the project. The 53,000-square-foot, three-level Topgolf facility features 72 climate-controlled hitting bays that can host up to six players at a time, in addition to private event space. The project is also home to The Camp at MidCity, an outdoor entertainment venue that debuted its annual, three-day music festival in summer 2017. In addition, plans for MidCity include 345,000 square feet of ground-floor retail space and restaurants, 200,000 square feet of technical and creative office space, 500 hotel rooms and 900 multifamily units.

January 9, 2018

Loans Massachusetts Mixed-Use Multifamily Northeast Retail

Natixis Arranges $480.8M Construction Loan for Development in Boston Seaport Square

by Amy Works January 5, 2018

BOSTON — Natixis has arranged a $480 million construction loan for Cottonwood Management to develop 3.5 acres in Boston Seaport Square in Boston. The loan will finance a 717-unit residential facility, two condominium towers and one luxury rental tower, as well as a two-story, 125,000-square-foot retail base podium centered around a public courtyard. The overall project is an 819,000-square-foot mixed-use space on Boston’s waterfront. The property’s residential units will feature luxury finishes including quartz countertops, stainless steel appliances, gas fireplaces, floor-to-ceiling windows and in-unit laundry, custom Italian cabinetry and porcelain tile. Common amenities will include a wine room, a lounge, outdoor and indoor swimming pools, a spa treatment room, a half basketball court, an innovation center, a children’s playroom, a pet spa and lobbies.

January 5, 2018

Civic Loans Mixed-Use Multifamily New York Northeast

Madison Realty Capital Provides $53.5M in Financing for Mixed-Use Development in Manhattan

by Amy Works January 5, 2018

NEW YORK CITY — Madison Realty Capital (MRC) has provided a $53.5 million acquisition and construction financing package collateralized by a partially constructed mixed-use development at 208 Delancey Street on the Lower East Side of Manhattan. The borrower, New Empire Real Estate Development, plans to construct an approved 85,000-square-foot, 69-unit residential condominium building and a 10,201-square-foot community facility on the site. MRC funded an initial $15 million at closing to the borrower and has committed to fund an additional $38.5 million to complete construction of the project. The $53.5 million financing package represents approximately 70 percent of the total project cost. The property includes a gross area of 84,579 square feet and a net sellable area of 62,529 square feet. The seller began construction on the site in 2011 and completed excavation, foundation and superstructure work through the fourth floor, but received a stop work order midway through the project. With the MRC financing, the buyer was able to acquire the distressed property and intends to demolish the existing structure, repair any structural deficiencies and begin work on the revised new building plans.

January 5, 2018

Loans Mixed-Use Multifamily Texas

HFF Closes $126M Construction Loan for Main Street District of The Village in Dallas

by John Nelson January 5, 2018

DALLAS — HFF has closed a $126 million construction loan for the development of Main Street, the amenity district of The Village, a 300-acre “city-within-a-city” in Dallas. The Village features 16 neighborhoods totaling 7,000 apartment homes, a fitness center and three miles of jogging trails. The new Main Street project will comprise community parks, urban plazas, a private resident club, private fitness center, residential dwellings, boutique hotel, market and multiple dining options to better serve the established community. Andy Scott, Michael Cosby and Jody Thornton of HFF placed the loan through Bank of America on behalf of the co-developers, Phoenix Property Co. and Lincoln Property Co. The co-developers have disclosed the project will take between 24 and 36 months to complete.

January 5, 2018

Loans Mixed-Use Multifamily New York Northeast Retail

Ready Capital Structured Finance Closes $6M Loan for Mixed-Use Building in SoHo

by Amy Works January 5, 2018

NEW YORK CITY — Ready Capital Structured Finance has closed a non-recourse $6 million loan for the acquisition, renovation and stabilization of a mixed-use building in SoHo. The undisclosed sponsor plans to renovate the 7,500-square-foot property, including restoration of the retail portion to white box finish, full interior renovations on each floor, upgrading the building’s systems and re-tenanting the property at market rental rates. The loan features a 24-month term with one extension option, flexible pre-payment and is inclusive of a facility to provide for capital expenditures, leasing costs, and interest and carry reserves.

January 5, 2018

Mixed-Use Retail Texas

Thor Equities Signs Three New Retail Leases at Kirby Collection in Houston

by John Nelson January 5, 2018

HOUSTON — Thor Equities has secured three new retail leases at Kirby Collection, a 1 million-square-foot mixed-use development in Houston’s River Oaks neighborhood. Located in the Upper Kirby District of River Oaks, the project features two levels of retail space totaling 65,000 square feet, a 25-story residential tower with 199 apartment units and a 13-story, 186,000-square-foot Class A office building. The new tenants joining Kirby Collection include boutique retailer A Ma Maniere leasing 2,200 square feet, Indian restaurant Great W’Kana Café leasing 2,960 square feet and high-end hair salon Atelier Isabelle Rose leasing 3,855 square feet. Other recent transactions include high-end bowling and dining concept Pinstripes leasing 33,830 square feet; Whitney Bank leasing the entire 11th floor of the office tower for its regional headquarters, as well as ground-floor retail space for a bank branch; Novum Energy Trading leasing space on the 10th floor for its global headquarters; and Regency Centers leasing 4,000 square feet. The development team for Kirby Collection includes general contractor E.E. Reed Construction, architect Richard Keating Architecture, interior designer Dianna Wong Architecture + Design, Houston-based architect of record Kirksey, structural engineer Walter P. Moore and Houston-based MEP engineer WYLIE.

January 5, 2018

Florida Industrial Loans Maryland Mixed-Use Southeast

Ready Capital Arranges $20.4M in Loans for Industrial, Mixed-Use Properties in Maryland, Florida

by Camren Skelton January 5, 2018

HALETHORPE, MD. AND MIAMI — Ready Capital Structured Finance has arranged two loans totaling $20.4 million for an industrial property in Halethorpe and a mixed-use property in Miami. Ready Capital arranged a $14 million, three-year loan for the acquisition, renovation and stabilization of a 313,000-square-foot industrial property in Halethorpe, a city roughly seven miles south of Baltimore. The borrower plans to upgrade the property with full interior unit renovations, exterior renovations and infrastructure upgrades, followed by re-tenanting the property. In Miami, Ready Capital arranged a $6.4 million, three-year loan for the acquisition, renovation and stabilization of a 19,600-square-foot mixed-use property. The borrower plans to fully renovate unit interiors, build out new retail space and re-tenant the property. Both loans feature floating interest rates, two extension options and flexible pre-payment structures. The names of the borrowers were not disclosed.

January 5, 2018

Mixed-Use Texas

CBRE Brokers Sale of Office, Multifamily Assets Within Frisco Square

by John Nelson January 4, 2018

FRISCO, TEXAS — CBRE has brokered the sale of a large portion of Frisco Square, including three office buildings and two multifamily assets that feature ground-floor retail space. The sale also includes the Cinemark Theatre and additional land development sites. The office portion was 92 percent leased at the time of sale and the retail portion was 66 percent leased to tenants including Barre 3, Mattito’s Tex Mex and Jake’s Uptown Burgers. An affiliate of Maxus Realty Trust Inc. acquired the properties for an undisclosed price. Evan Stone, Gary Carr, John Alvarado, Eric Mackey, Robert Hill, Jared Chua, Ryan Reid, Jeremy Faltys and Nita Stewart of CBRE arranged the transaction on behalf of the seller.

January 4, 2018

Mixed-Use North Carolina Southeast

CBRE | Raleigh Closes $13.5M Sale of Land Site in Downtown Durham for Mixed-Use Project

by Camren Skelton January 3, 2018

DURHAM, N.C. — CBRE | Raleigh has arranged the $13.5 million sale of 4.2 acres of land located at 411 S. Roxboro St. in downtown Durham. LMC Durham Gateway Holdings LLC acquired the site with plans to develop a new mixed-use development. The site plan is approved to develop up to 212,239 square feet of office space with 9,260 square feet of ground-floor retail, 200 apartment units, a 155-room hotel with 20 condominium units and an additional 99,750 square feet of hotel or multifamily space. Chester Allen, Barry Bowling and Carlton Midyette III of CBRE | Raleigh arranged the transaction on behalf of the seller, Durham Partnership Group LLC. A construction timeline was not disclosed.

January 3, 2018

Civic Mixed-Use New York Northeast Retail

TerraCRG Arranges $53M Sale of 165,000 SF Mixed-Use Property in Brooklyn

by Amy Works January 2, 2018

NEW YORK CITY — TerraCRG has brokered the sale of 1501 Pitkin Avenue, a 165,000-square-foot mixed-use building in Brooklyn. POKO Partners sold the property to an undisclosed buyer for $53 million. Built in 1929, the former movie theater has been redeveloped into a mixed-use property featuring retail and educational space. The building features 12,371 square feet of retail space occupied by Pizza Hut, Subway and Dollar Tree, and a 152,404-square-foot charter school that serves 1,000 students. Ofer Cohen, Dan Marks, Matt Cosentino, Fred Bijou and Eric Satanovsky of TerraCRG brokered the deal.

January 2, 2018

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