Mixed-Use

NHPF Pays $7M for Historic Hotel Covent Affordable Housing Development in Chicago

by Kristin Harlow December 14, 2016

CHICAGO — The NHP Foundation (NHPF) has acquired the historic Hotel Covent in Chicago for $7 million. Originally built in the early 1900s, the mixed-use residential property targeting low- and moderate-income individuals in Lincoln Park is located at 2653 N. Clark St. The building features 64 single-resident occupancy (SRO) rooms, as well as seven retail storefronts on the ground level. The acquisition was made possible through financial partnerships with Community Investment Corporation (CIC) and the Chicago Community Loan Fund (CCLF), which lent NHPF $5 million and $2.2 million respectively. Chicago Title Land Trust Company was the seller. NHPF is a national not-for-profit organization dedicated to preserving and creating sustainable, service-enriched multifamily housing.

December 14, 2016

Mixed-Use Multifamily New Jersey Northeast Retail

Marcus & Millichap Brokers $1.6M Sale of Mixed-Use Property in Orange, New Jersey

by Amy Works December 14, 2016

ORANGE, N.J. — Marcus & Millichap has arranged the sale of a mixed-use property located at 256 Reock St. in Orange. A private investor sold the 13,500-square-foot property to an out-of-state buyer for $1.6 million. The property features seven residential units and two commercial spaces. Michael Lombardi of Marcus & Millichap represented the seller, while Chip Collins, also of Marcus & Millichap, represented the buyer in the deal.

December 14, 2016

Loans Mixed-Use Multifamily New York Northeast Office Retail

Cushman & Wakefield Secures $57.5M Acquisition Loan for Development Site in Queens

by Amy Works December 13, 2016

NEW YORK CITY — Cushman & Wakefield has originated a $57.5 million loan on behalf of Chris Xu of United Construction & Development Group for the acquisition of a mixed-use development site located at 39-08 Janet Place in the Flushing neighborhood of Queens. ACORE Capital provided the loan, and Morris Betesh of Cushman & Wakefield handled the transaction. The waterfront site offers 780,446 buildable square feet of residential, retail and office space.

December 13, 2016

Loans Mixed-Use Southeast Virginia

Phillips Realty Capital Arranges $90M Loan for Mixed-Use Project in Metro D.C.

by John Nelson December 12, 2016

FALLS CHURCH, VA. — Phillips Realty Capital has arranged a $90 million permanent loan for West Broad Residences, a newly built seven-story mixed-use complex in Falls Church, roughly nine miles west of Washington, D.C. Developed by Rushmark Properties, the property features 285 residential units, a 60,000-square-foot Harris Teeter grocery store, 2,250 square feet of ancillary retail space and an underground parking garage. West Broad’s apartments began leasing in January and the Harris Teeter opened in July. Stephen Shaw Jr., John Sieber Jr. and Emily Beeler of Phillips Realty Capital arranged the financing on behalf of Rushmark Properties.

December 12, 2016

Loans Mixed-Use Multifamily New York Northeast Retail

Natixis Provides $75M Construction Loan for Mixed-Use Development in Brooklyn

by Amy Works December 12, 2016

NEW YORK CITY — Natixis has originated a $75 million construction loan for the development of 500 Metropolitan Avenue, a mixed-use project located at the corner of Keap Street and Metropolitan Avenue in Brooklyn’s Williamsburg neighborhood. The borrowers are Chetrit Group and Read Property Group. Once completed, the 14-story property will feature a 187-room luxury hotel on the second through seventh floors and 60 residential units on the remaining floors. Additionally, the property will feature a 15,000-square-foot retail space, a 158-space parking garage and 9,000 square feet of indoor meeting and banquet facilities. The financing was arranged by the New York office of Meridian Capital.

December 12, 2016

Georgia Mixed-Use Office Southeast Top Stories

Selig Development to Build $400M Mixed-Use Project in Midtown Atlanta

by Jeff Shaw December 12, 2016

ATLANTA — Atlanta-based Selig Enterprises Inc. has launched a new division known as Selig Development Corp., whose first development will be a $400 million mixed-use project located at 1105 W. Peachtree St. in Midtown Atlanta. The project will feature 645,000 square feet of Class A office space, 80 residential units and a 150-room boutique hotel, along with street-level retail space. The 32-story office tower leads the project, encompassing an entire city block. Totaling more than 3.5 acres between the 10th Street and Art Center MARTA train stations, the site is situated across from the new Northside Hospital Medical Office and a Whole Foods Market currently under construction. Selig Development expects to begin construction on the project in mid-2017. The office portion is expected to be ready for occupancy beginning in the fourth quarter of 2019. Selig Development is in discussions with several tenants for the new office tower, and plans open nearly 50 percent pre-leased. The boutique hotel will feature an outdoor pool, pool bar and event space within a 38,000-square-foot, deck-top plaza. The 80 residential units will start above the hotel rooms in the same tower and feature two- and three-bedroom units. The residential portion will have access to hotel amenities, …

December 12, 2016

Midwest Missouri Mixed-Use

Westcott Investment Group Receives Approval for Development of The Grove in Lee’s Summit, Missouri

by Kristin Harlow December 9, 2016

LEE’S SUMMIT, MO. — The Lee’s Summit City Council has approved the rezoning and preliminary development plan for The Grove at Lee’s Summit, a 1 million-square-foot, mixed-use project in Lee’s Summit, about 20 miles southeast of Kansas City. The project developer is Westcott Investment Group. Development on the site begins this month. The 73-acre land site will include retail, restaurant, entertainment, multifamily housing, commercial office, warehouse and light manufacturing space. The first phase of the project includes 500,000 square feet of industrial space near the southern portion of the business park. Klover Architects will serve as architect and BHC Rhodes will provide civil engineering services. Daren Fristoe is project manager and Aaron March of White Goss is the development attorney.

December 9, 2016

Loans Michigan Midwest 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

Newer Posts

Older Posts