Mixed-Use

Berkadia Arranges $24M Loan for Refinancing of David Whitney Building in Detroit

by Kristin Harlow December 9, 2016

DETROIT — Berkadia has arranged a $24 million loan for the refinancing of one of downtown Detroit’s iconic landmarks, the David Whitney Building. Originally constructed in 1915, the 19-story building was named after David Whitney Jr., a wealthy lumber baron. The building recently underwent a complete renovation, with features including a 136-room Aloft Hotel, 105 luxury apartments and ground-level retail. David Sibbold, Terry Halverson, Andy Coleman and Mauricio Rodriguez of Berkadia secured the financing through Citigroup Global Markets on behalf of the borrower, Whitney Partners LLC, a joint venture of the Roxbury Group and Vos Hospitality. Whitney Partners purchased the building in 2011.

December 9, 2016

Illinois Midwest Mixed-Use

Spirit Bascom Acquires Mixed-Use Building in Chicago for $18.9M

by Kristin Harlow December 9, 2016

CHICAGO — Spirit Bascom Ventures LLC, a partnership between The Bascom Group LLC and Spirit Investment Partners LLC, has acquired a mixed-use building in Chicago for $18.9 million. The building is located in the Rogers Park neighborhood at 6807 N. Sheridan Road. In addition to 160 apartment units, the property features 10,150 square feet of fully leased retail space. Todd Stofflet of KIG represented the undisclosed seller in the transaction. Andy Feinberg, Marc Schulder and David Harte of Ackman-Ziff arranged a first mortgage loan from local lender First Midwest Bank and a mezzanine loan from New York-based Hillcrest Real Estate.

December 9, 2016

Illinois Midwest Mixed-Use

Baum Arranges $2.8M Sale of Mixed-Use Building in Chicago

by Kristin Harlow December 9, 2016

CHICAGO — Baum Realty Group LLC has arranged the sale of a mixed-use building in Chicago for $2.8 million. The 10,000-square-foot building is located in the Andersonville neighborhood at 5531-39 N. Clark St. Chase Bank and Hair Cuttery occupy the first floor, while the second floor features an office tenant and loft apartment. Danny Spitz and Greg Dietz of Baum Realty Group represented the seller, a local investor. A Chicago-based investment group was the buyer.

December 9, 2016

California Mixed-Use Top Stories Western

Oceanwide Holdings Breaks Ground on Second-Tallest Building in San Francisco

by Kristin Harlow December 9, 2016

SAN FRANCISCO — Oceanwide Holdings has broken ground on Oceanwide Center, a mixed-use development in San Francisco. The project consists of two towers at First and Mission streets. The First Street tower will be the second-tallest structure in San Francisco at 910 feet and will include 109 high-end condos and flexible office space. The Mission Street tower will include the Waldorf Astoria San Francisco hotel and 156 condos. Oceanwide Center contains 2.4 million square feet in total, of which 26,000 square feet will be dedicated to new public spaces and pedestrian connections. A 68-foot-tall public square or “Urban Plaza” adjacent to First Street will highlight a large and interconnected set of open spaces and public plazas. The project is slated for completion by 2021. The architectural design team includes Foster + Partners and Heller Manus Architects. Designed by landscape architect Kathryn Gustafson, the “Urban Plaza” will feature outdoor seating, a bicycle hub and a special events terrace for live music, farmers’ markets and cultural exhibitions. Oceanwide Center also includes the renovation and restoration of the historic buildings at 78 and 88 First St. These buildings will provide additional office and retail space. Swinerton and Webcor are the builders on the …

December 9, 2016

Illinois Midwest Mixed-Use

Developers of Addison & Clark Mixed-Use Project Strike Up Leases With Two New Tenants in Chicago

by Kristin Harlow December 8, 2016

CHICAGO — Lucky Strike Entertainment and Shake Shack Inc. have signed leases at Addison & Clark, the mixed-use development opening in Chicago’s Lakeview neighborhood in 2018. The center will be Lucky Strike Entertainment’s second Chicago location and Shake Shack’s fourth Chicago-area restaurant. Lucky Strike Entertainment will occupy 30,000 square feet and offer a premium bowling experience, with a chef-driven menu, private function spaces and live music. Shake Shack, which offers burgers, hot dogs and shakes, will occupy 3,500 square feet. CMX luxury dine-in movie theater has already signed a lease at the building, located directly across from Wrigley Field. Upon completion, the development will include 148 luxury apartments and 150,000 square feet of retail space. Project developers include a joint venture between M&R Development and Bucksbaum Retail Properties LLC.

December 8, 2016

Illinois Midwest Mixed-Use

Jameson Arranges $1.4M Sale of Mixed-Use Building in Chicago

by Kristin Harlow December 8, 2016

CHICAGO — Jameson Commercial and Jameson Sotheby’s International Realty have arranged the sale of a 5,800-square-foot, mixed-use building in Chicago for $1.4 million. The Lax Shop, a lacrosse specialty retailer, is relocating from the building at 1216 W. Belmont Ave. to outside Chicago. Katie Whelan and Karoline Whittaker of Jameson represented The Lax Shop. Tim Sheahan and Brendan O’Malley of Conlon Real Estate represented the buyer, Jenny Builders.

December 8, 2016

Loans Mixed-Use Southeast Tennessee

Northwestern Mutual Provides $73M Construction Financing for $750M Capitol View Project in Nashville

by John Nelson December 8, 2016

NASHVILLE, TENN. — Northwestern Mutual has provided $73 million in construction financing for Capitol View, a $750 million, 32-acre mixed-use development underway in Nashville’s North Gulch area. Upon completion the project will feature 1.1 million square feet of Class A office space, 130,000 square feet of retail and restaurant space, 600 multifamily residences, 410 hotel rooms and a 2.5-acre urban park connected to Nashville’s greenway system. The co-developers, Boyle Investment Co. and Northwood Ravin, will begin construction this month on the next phase of Capitol View. Known as Block D, the $115 million phase will encompass seven city blocks at the intersection of I-40/Charlotte Avenue and 11th Avenue North and feature a mixed-use structure with 60,000 square feet of ground-level retail space, 40,000 square feet of second-floor loft office space and 378 residential units. With Northwestern Mutual’s financing, Capitol View’s total capital investment is now 70 percent committed. The development is anchored by Hospital Corp. of America and Lifeway, which will bring more than 3,000 employees to Capitol View combined. A portion of Nelson Merry Street will be designated as “Festival Street,” which can be closed off for festivals and other events.

December 8, 2016

Illinois Loans Midwest Mixed-Use

Barings Provides $250M Loan for Refinancing of 2,346-Unit Apartment Community in Chicago

by Kristin Harlow December 7, 2016

CHICAGO — Barings Real Estate Advisers has provided a $250 million loan to Waterton for the refinancing of Presidential Towers in Chicago’s West Loop. The four-tower apartment community totals 2,346 units and is located at 555 W. Madison Street. Solomon Cordwell Buenz designed the four identical, 50-story towers. In addition to the 1.6 million square feet of residential space, the property also includes 135,193 square feet of retail space. HFF arranged the 10-year, fixed-rate loan, with Stephen Skok representing the borrower. Barings Real Estate Advisers, a subsidiary of Barings, is a real estate-focused investment adviser with $50 billion in assets under management. Waterton is a real estate investor and operator focused on U.S. multifamily and hospitality properties with over $5.3 billion in assets.

December 7, 2016

Georgia Mixed-Use Southeast

Ponce City Market in Atlanta Now Listed on the National Register of Historic Places

by John Nelson December 7, 2016

ATLANTA — Ponce City Market, the 2.1 million-square-foot adaptive reuse of the former Sears Roebuck building in Atlanta’s Old Fourth Ward District, has earned a spot on the National Register of Historic Places. Originally built in 1926 on the site of the former Ponce de Leon Amusement Park, the mixed-use project now features 550,000 square feet of Class A loft office space, 300,000 square feet of retail and restaurants and 259 residential flats. Situated along the Atlanta Beltline, Ponce City Market is owned by Jamestown and is the largest adaptive reuse project in Atlanta’s history, as well as the largest brick building in the Southeast. The National Park Services placed Ponce City Market on the registry because of its historical significance to Atlanta. The building opened as a nine-story regional distribution center and retail destination for Sears and was surrounded by freight and trolley lines, as well as the Atlanta Crackers baseball field. Sears closed the retail component in 1979 but operated the regional office until 1987. The city of Atlanta purchased the property in 1991 and used it to house administrative offices until mid-2010 before selling it to Jamestown in 2011. In addition to its historical status, Ponce City …

December 7, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Cushman & Wakefield Brokers $9M Sale of Commercial Building in Manhattan

by Amy Works December 7, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a commercial building located at 92-94 Ludlow St. in Manhattan’s Lower East Side. The property sold in an all-cash transaction for $9 million, or $442 per buildable square foot. The site offers up to 20,342 buildable square feet and currently includes a 3,390-square-foot single-story commercial building. Zoned C6-1, the site allows for the development of commercial, residential or community facility spaces. The existing building is currently leased to Hotel Chantelle, a restaurant and club. Michael DeCheser, Darragh Clarke and Mei Ling Wong of Cushman & Wakefield brokered the transaction. The names of the seller and buyer were not released.

December 7, 2016

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