SAN RAFAEL, CALIF. — Keegan & Coppin Co./ONCOR International has arranged the sale of a mixed-use property located at 1435 and 1447 Fourth St. in downtown San Rafael. A local investment company acquired the 15,431-square-foot property for $5.6 million. The four-building property features ground-floor retail and apartments on the second floor. At the time of sale, the property was fully leased. Retail tenants include California Sewing and Vacuum and Brazil Marin Café. An adjacent 5,000-square-foot, 27-care parking lot on E Street was included in the sale.
CHICAGO — Associated Bank has provided $36.3 million in syndicated financing for a new mixed-use development under construction in Chicago. The 11-story tower will be located at 165-171 N. Aberdeen St. and will include 13,895 square feet of street-level retail space and 43,438 square feet of office space on the fourth and fifth floors. Floors six through 10 will contain 75 apartment units consisting of 10 studios, 50 one-bedroom units and 15 two-bedroom units. The project is scheduled for completion in October 2017. MCZ Development was the borrower. @Properties is marketing the tower. Associated Bank was the lead arranger/administrative agent and provided $18.1 million. The Private Bank was co-lead arranger and also provided $18.1 million. Michael Olson of Associated Bank managed the loan and closing.
SAVANNAH, GA. — PCCP LLC and a major national bank have provided a $135 million loan to The Kessler Enterprise Inc. for the development of Plant Riverside District, a $270 million, five-building mixed-use project in Savannah’s Historic District. Situated along the Savannah River, the development will include a 419-guestroom JW Marriott hotel, 13 food and beverage outlets, 22,000 square feet of meeting space, high-end retail space and a 488‐space parking garage. The project will include the repurposing of the historic Georgia Power Plant Building that will house 163 guestrooms, a spa and a portion of the project’s meeting space and food and beverage outlets. Kessler has selected general contractor Hunt Construction, locally based design architect Sottile & Sottile and production architects John T. Campo & Associates Architects and PFVS Architecture for Plant Riverside District’s design team. The ownership has commenced construction with completion anticipated for early 2019.
ATLANTA — On behalf of developer New City Properties, general contractor Brasfield & Gorrie is currently constructing 725 Ponce, a 12-story mixed-use tower situated along Ponce de Leon Avenue and the Atlanta BeltLine. The project will feature Class A loft office space situated atop an urban prototype Kroger and a three-level, below-grade parking deck. The project will face the BeltLine and will feature rooftop terraces with views of Historic Fourth Ward Park, Ponce City Market and the downtown Atlanta skyline. A groundbreaking ceremony was held in mid-December that featured Atlanta Mayor Kasim Reed, Atlanta City Council Member Kwanza Hall, Atlanta BeltLine Inc. and other dignitaries.
TEMPE, ARIZ. — A joint venture between Opus Development Group LLC and Seventh Street Tempe AZ Manager LLC has begun construction of a mixed-use development located at the northwest corner of University Drive and Forest Avenue in Tempe. The project — which has yet to be named — will transform a surface parking lot into a residential and retail center. The development will consist of two towers featuring 407 residential units and 31,000 square feet of retail space. The residential portion of the property will offer a mix of studio, one- and two-bedroom apartments and walk-up city homes and flats. Community amenities will include an amenity deck with a resort-style swimming pool, a barbecue grilling stations and outdoor lounges with cabanas and fire pits; a state-of-the-art fitness center; dog walk; and bike workroom. SmithGroupJJR is a design consultant for the project, and Sundt Construction Inc. will perform all concrete, civil and utility work. An expected opening for the development has yet to be announced.
DETROIT — Co-developers Broder & Sachse Real Estate and Woodborn Partners have opened The Scott at Brush Park, a mixed-use development in Detroit’s midtown neighborhood. The building features 199 luxury apartments and 15,000 square feet of retail space. The Scott includes a variety of studio, one-, two- and three-bedroom units, a number of which are slated for move-ins in February. Apartments range in size from 450 to 1,380 square feet of space. Amenities include a 24-hour concierge service, dry cleaning delivery, stations for pet grooming and bicycle maintenance and a fitness center. Sachse Construction served as the construction manager and Neumann/Smith served as the architect.
NEW YORK CITY — Colony Capital Inc., NorthStar Asset Management Group and NorthStar Realty Finance Corp. have received approval from shareholders for the previously announced merger of the three companies. Named Colony NorthStar Inc. (NYSE: CLNS), the combined company will have assets under management in excess of $58 billion, managing capital on behalf of its stockholders, institutional and retail investors in private funds and non-traded and traded real estate investment trusts and 1940 Act companies. Upon closing of the transaction, Thomas Barrack Jr. will be executive chairman of the board of directors, David Hamamoto will be executive vice chairman and Richard Saltzman will be chief executive officer of the new company. The companies expect to complete the merger in January 2017.
LONG ISLAND CITY, N.Y. — Blackstone Mortgage Trust has provided a nearly $200 million loan for the acquisition of the historic Falchi Building in Long Island City, Queens. Savanna, a New York City-based real estate investment manager, purchased the mixed-use building from Jamestown LP. The five-story, 711,194-square-foot building occupies a full city block bounded by 47th and 48th avenues. Originally constructed in 1922, the building at one time served as a warehouse and distribution facility for Gimbels department store. The Gimbels chain of stores closed in 1987. Falchi is currently 90 percent leased to tenants such as City of New York, Uber, Lyft, Spaces (Regus), Juice Press and Doughnut Planet. Savanna will implement a $35 million capital improvement plan at Falchi. The improvements will focus on building amenities and infrastructure work for the office tenants, such as upgrading building systems, modernizing elevators, renovating common corridors and bathrooms and developing new ground-floor retail. Mitch Arkin, Joe Grotto Jr., Haley Fisher, Dan D’Agnes and Kelli Berke of Cushman & Wakefield will work closely with Savanna to lease the property’s office space. David Tricarico, also of Cushman & Wakefield, will handle retail leasing. Eastdil Secured brokered the sale and arranged acquisition financing. Savanna …
NEW YORK CITY — A joint venture between CIM Group, Kushner and LIVWRK has acquired a land parcel at 85 Jay St. in Brooklyn’s Dumbo neighborhood from Watchtower Real Estate for an undisclosed price. The partnership plans to develop a mixed-use project on the parcel, which is currently a 135,000-square-foot parking lot. Additional details of the development have not been released. In August, the joint venture acquired a 739,000-square-foot property at 25-30 Columbia Heights in Brooklyn.
ATLANTA — Portman Holdings has broken ground on Coda at Tech Square, a 770,000-square-foot mixed-use development at the edge of Georgia Tech’s campus in Midtown Atlanta. The development cost was undisclosed, but the Atlanta Business Chronicle reports the project as costing $400 million to construct. Upon completion in early 2019, Coda at Tech Square will feature advanced research facilities, a high-speed data center, dining options, outdoor gathering spaces and collaborative office space. The design team includes architect and engineer John Portman & Associates and general contractor DPR Construction.