Mixed-Use

Oakpointe, Presidio to Develop $670M Mixed-Use Community in Covington, Washington

by Kristin Harlow May 19, 2017

COVINGTON, WASH. — A joint venture between Oakpointe Communities and Presidio Residential Capital has received unanimous approval from the City of Covington to develop LakePointe Urban Village, a $670 million mixed-use community in Covington, approximately 30 miles south of Seattle. Located at Highway 18 and Southeast 256th Street, the 214-acre master-planned community will include an 850,000-square-foot entertainment and lifestyle center, a 130-room hotel and up to 1,500 single-family and multifamily residences. The developers plan to break ground in early 2018. KTGY Architecture + Planning designed the centerpiece of the community, a peninsula extending into a 20-acre lake with retail shops, restaurants, single-family and multifamily homes, a pavilion park, open space and trails. “We are thrilled the City of Covington was so receptive to the overall vision and design of LakePointe,” says Brian Ross, CEO of Oakpointe Communities. “We are already in lease discussions with a variety of prospective tenants including major retailers, a multiplex theater, restaurants, outdoor cafés and coffee shops, wine bars and breweries, soft good retailers, specialty and boutique retailers as well as a gourmet grocer.” Kirkland, Wash.-based Oakpointe Communities is a land and commercial development company. Presidio Residential Capital, based in San Diego, provides capital in the …

May 19, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

Madison Realty Capital Provides $53.5M Loan for NYC Mixed-Use Development

by Haisten Willis May 18, 2017

NEW YORK CITY — Madison Realty Capital (MRC) has provided a $53.5 million first mortgage loan for the acquisition of a 90,000-square-foot development site located on Metropolitan Avenue and Graham Avenue in the Williamsburg neighborhood of Brooklyn. SL Development acquired the property, which operated as an umbrella factory since 1933. The financing also will also fund the conversion of the asset into a mixed-use property. Upon completion, the development will include 69 residential condominiums with 18 parking spaces and 20,000 square feet of retail. Rawlings Architects designed the project, which will also feature a resident gym and a roof deck. Construction is expected to begin this month and be completed in July 2019. Aaron Appel, Michael Diaz and Alex Witt from Jones Lang LaSalle sourced the deal to MRC and represented the borrower in the transaction.

May 18, 2017

Illinois Midwest Mixed-Use

McShane Completes 84-Unit Mixed-Use Property in Chicago

by Kristin Harlow May 17, 2017

CHICAGO — McShane Construction Co. has completed Clybourn 1200, an 84-unit mixed-use property in Chicago’s Old Town neighborhood. The seven-story building is located at the corner of Clybourn Avenue and Division Street and offers mixed-income housing. The property is within walking distance to several shops, restaurants and entertainment options as well as the CTA Clark/Division Red Line Station. The infill site is also easily accessible to the Kennedy Expressway. Clybourn 1200 also features 17,000 square feet of ground-floor retail space and a 25,295-square-foot parking garage. Studio, one-, two- and three-bedroom floor plans are available. Amenities include a community room, computer lab, party room and fitness center. The rooftop features a vegetable garden and bee keeping area. Brinshore-Michaels was the developer, while Pappageorge Haymes Partners served as the project architect.

May 17, 2017

Florida Mixed-Use Multifamily Southeast

Lojeta Group Unveils Plans for $70M Multifamily Community, $10M Renovation of Weston Hills Country Club

by John Nelson May 16, 2017

WESTON, FLA. — Weston Hills Resort Group LLC, an affiliate of Hollywood, Fla.-based Lojeta Group, has unveiled plans to redevelop Weston Hills Country Club in Weston. The organization has submitted an application to develop a $70 million apartment community at the resort called the Lodge at Weston Hills. The five-story, 274-unit property would comprise all one- and two-bedroom residences. The City of Weston will review the development team’s application and site plan in the coming months. Weston Hills Resort Group LLC also has a contract to purchase the club and invest more than $10 million in improvements, including upgrades to the resort’s two golf courses and clubhouse facility. The renovation will also include building a resort-style swimming pool, poolside bar and restaurant, five new tennis courts, two pickle ball courts, a fitness center and a kids play area. A team led by Fort Lauderdale-based Adache Group is working on the design for the new improvements and additions, and golf course architect Tom Fazio II is consulting on the golf course improvements.

May 16, 2017

Illinois Midwest Mixed-Use

Baum Arranges Sale of 16,180 SF Mixed-Use Building in Chicago

by Kristin Harlow May 16, 2017

CHICAGO — Baum Realty Group LLC has arranged the sale of a 16,180-square-foot mixed-use building located at 6-8 S. Clark St. in Chicago. The sales price was not disclosed. The first floor of the building was previously occupied by a Wendy’s restaurant while the other three floors have been vacant in recent years. Greg Dietz and Danny Spitz of Baum represented the undisclosed seller. An out-of-state investor purchased the property.

May 16, 2017

Mixed-Use Texas

Hines to Develop 135-Acre Mixed-Use Project in Allen, Texas

by Taylor Williams May 15, 2017

ALLEN, TEXAS — Hines will develop a 135-acre corporate campus and mixed-use development in the Dallas-Fort Worth metro of Allen, which will be branded as The Strand. Phase I of the project will deliver approximately 200,000 square feet of office space and 80,000 square feet of retail space. Later phases will complete the build-out with 1.5 million square feet of office space and 300,000 square feet of retail space. A timetable for project delivery and groundbreaking has not yet been established.

May 15, 2017

Loans Mixed-Use Multifamily New Jersey Northeast Restaurant Retail

Cronheim Mortgage Arranges $10.9M Financing for Mixed-Use Properties in New Jersey

by Haisten Willis May 15, 2017

BASKING RIDGE and WARREN, N.J. — Cronheim Mortgage has arranged $10.9 million in financing for two mixed-use properties in Basking Ridge and Warren. The loans were placed with State Life Insurance Co. and Southern Farm Bureau Life Insurance Co., which Cronheim represents as a correspondent and servicing agent. Riverwalk Village, located in Basking Ridge, received $8.5 million in financing. The 18-year loan is self-liquidating with a 3.8 percent interest rate. Tenants at the 47,604-square-foot property include Starbucks, Supercuts and Gymboree. Second-floor office space is leased to YMCA, a chiropractor and an orthodontist. Gateway East in Warren was refinanced for $2.4 million at a 3.8 percent interest rate. The property includes a pair of freestanding, two-story buildings with first-floor retail and office space on the second floor. Tenants include Subway, Great Clips, a pilates studio, law offices and a dentist. The property is located at a signalized intersection and features surface parking for 89 vehicles. Cronheim’s Andrew Stewart, Dev Morris and Allison Villamagna originated and placed the loans.

May 15, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

Equicap Secures $7.9M Land Loan for Mixed-Use Project in New York City

by Haisten Willis May 15, 2017

NEW YORK CITY — Equicap has secured a $7.9 million land loan for property in the East Village section of Manhattan. The borrower purchased the development site on Second Avenue for $9.15 million and was seeking bridge financing to carry the project through predevelopment. The proposed building will consist of 19,000 square feet of residential and retail condominiums. Equicap executed a closing at 86 percent of the purchase price for the transaction. A future funding component was also added for potential air rights.

May 15, 2017

Florida Mixed-Use Multifamily Southeast

Related Group Acquires Interest in Wynwood 25 Project in Miami from East End Capital

by John Nelson May 12, 2017

MIAMI — The Related Group has acquired a 50 percent interest in Wynwood 25, a planned mixed-use development in Miami’s Wynwood district, from East End Capital. Wynwood 25 will feature 289 multifamily residences, 31,000 square feet of retail space and 340 parking spaces. Related Group and East End Capital plan to break ground on the project this summer. Situated between 24th and 25th Streets near 2nd Avenue, the property will feature studio, one- and two-bedroom units with rents starting at $1,400 per month. Community amenities will include a fitness center with a yoga studio, co-working office spaces, coffee lounge, courtyard, bike storage, package storage, dog wash facilities and a rooftop terrace with a pool, grills, movie screen and outdoor and covered work areas.

May 12, 2017

Mixed-Use North Carolina Southeast

American Realty Advisors, Stonemar Buy Ballantyne Village in Charlotte for $43.2M

by John Nelson May 11, 2017

CHARLOTTE, N.C. — American Realty Advisors and Stonemar Properties have partnered to acquire Ballantyne Village, a 171,559-square-foot mixed-use development located at 14825 Ballantyne Village Way in Charlotte. The sales price was undisclosed, but the Charlotte Business Journal reports that the buyers purchased the asset from a limited liability corporation controlled by Vision Ventures and Mount Vernon Asset Management for $43.2 million. Situated near Ballantyne Corporate Park, which recently sold for more than $1 billion, the development features 13 dining options, two schools, personal services providers, office space and outdoor gathering areas. Rob Carter, David Webb, Rad von Werssowetz and Alex Quarrier of Berkeley Capital Advisors represented the seller in the transaction.

May 11, 2017

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