Mixed-Use

Madison Realty Capital Provides $52M Loan for Mixed-Use Development in NYC

by Amy Works September 28, 2016

NEW YORK CITY — Madison Realty Capital has provided a $52 million first mortgage loan for the acquisition of a development site in the East Village and the construction of an approved mixed-use development on the site. Located at 644 E. 14th St., the 76,259-square-foot development will feature 50 residential units, 8,064 square feet of retail space with 200 feet of frontage on 14th Street and Avenue C, and 21,575 square feet of community facility space. The loan proceeds helped the undisclosed borrower close on the site acquisition and will fund further predevelopment activities and construction of the building. The residential units will feature contemporary finishes and large balconies with views of the East River. Additionally, the borrower is finalizing a lease with a major New York hospital to occupy the entire community facility portion of the new building.

September 28, 2016

Florida Mixed-Use Multifamily Retail Southeast

Canyon Partners Makes $15.4M Investment to Develop Mixed-Use Property in Tampa

by Katie Sloan September 26, 2016

TAMPA, FLA. — Canyon Partners Real Estate LLC has provided $15.4 million of preferred equity to a joint venture between ECI Group and Mercury Advisors to develop The Channel Club in Tampa. The 22-story, Class A apartment high-rise will include 323 rental units totaling approximately 295,000 leasable square feet and a seven-story parking garage with 596 spaces. The project also will include construction of a 36,900-square-foot Publix grocery store. The 2.26-acre site is located in the Channel District, directly adjacent to downtown Tampa, one of Tampa’s fastest growing multifamily submarkets. Project construction is scheduled to begin this October and be completed in December 2018. The property is bordered by Twiggs Road, Meridian Avenue and Madison Street. It is adjacent to the Grand Central at Kennedy, a mixed-use condominium, office and retail property developed by Mercury Advisors, for which Canyon provided a $27.4 million non-recourse senior loan in June 2012.

September 26, 2016

Mixed-Use New York Northeast

GFI Realty Services Arranges $3.6M Sale of Mixed-Use Property in Brooklyn

by Jeff Shaw September 23, 2016

NEW YORK CITY — GFI Realty Services has arranged the sale of 1424 Avenue J, a mixed-use retail and multifamily property in the Midwood section of Brooklyn, for $3.6 million. Di Fara Pizza occupies the property. GFI Realty’s Shulem Paneth and Eli Matyas represented the seller, a foreign investor, in the transaction. GFI’s Sylvia Spielman represented the buyer, a local investor with several properties in the area. The four-story building is comprised of six apartments and four stores, all of which are currently occupied.

September 23, 2016

Florida Loans Mixed-Use Office Retail Southeast

HFF Arranges $29.5M Financing for Tampa Mixed-Use Development

by Katie Sloan September 23, 2016

TAMPA, FLA. — HFF has arranged $29.5 million in financing for TriPointe Plaza, a 71,721-square-foot, mixed-use property located in Tampa. Located at 4488 Boy Scout Blvd. in the Westshore District, the property consists of a four-story, Class A office building; 374-space structured parking garage; 10,008-square-foot Eddie V’s Prime Seafood & Steaks restaurant; and 15,005 square feet of ground-floor retail. A drive-through Synovus Bank branch, BNY Mellon, TD Ameritrade and Sharp Electronics anchor the 90 percent-leased office component. Chris Drew and Brian Gaswirth of HFF worked on behalf of the borrower, Cardinal Point Management, to secure the five-year, fixed-rate loan through a life insurance company. Initial loan proceeds were used to acquire the property with the future proceeds going to fund the construction and interior build-out of a rooftop restaurant/lounge area.

September 23, 2016

Midwest Mixed-Use Multifamily Office Ohio Restaurant Retail

GE Global Operations Center Opens at The Banks in Cincinnati

by Haisten Willis September 22, 2016

CINCINNATI — The Global Operations Center has opened at The Banks mixed-use development in Cincinnati. More than 2,000 employees will work in the 12-story, 338,000-square-foot tower. The main entrance will be at the corner of Second and Rosa Parks streets. The new building is located in Phase II of The Banks, and includes 19,000 square feet of street-level retail space. Taste of Belgium and Pies & Pints are under construction and will open in the coming weeks. Next door, the Radius at The Banks apartment community is also now open. GE has signed a 15-year lease with Carter and Nicol Investment Co., co-owners of the building. PNC Financial Services led the construction financing for the project, and Brasfield & Gorrie oversaw construction along with Cincinnati-based Jostin Construction. RJTR is the architect and CBRE will manage the property.

September 22, 2016

Florida Mixed-Use Southeast

Terra Closes on $15.9M Land Acquisition for Pines City Center Mixed-Use Project in Broward County

by John Nelson September 22, 2016

PEMBROKE PINES, FLA. — Terra has closed on its $15.9 million purchase of 17.2 acres of land in Pembroke Pines for Phase I of the 47-acre Pines City Center. Upon completion in 2017, the project will comprise 300,000 square feet of retail, entertainment and restaurant space, as well as apartment residences. The project will be built in two phases, with Phase I featuring 200,000 square feet of Publix-anchored retail space and Phase II featuring 100,000 square feet of commercial space and 385 apartments. Pines City Center will be situated at the southwest corner of Pines Boulevard and Palm Avenue, adjacent to a $60 million civic center the city of Pembroke Pines is building.

September 22, 2016

Mixed-Use Southeast Virginia

Retail Properties of America to Buy One Loudoun Downtown Mixed-Use Center in Metro D.C. for $163.1M

by John Nelson September 21, 2016

ASHBURN, VA. — Retail Properties of America Inc. (RPAI) has entered into a purchase agreement for One Loudoun Downtown, a 466,600-square-foot mixed-use development in Ashburn, about 35 miles outside of Washington, D.C. RPAI will purchase the project for up to $163.1 million from the master developers, Miller & Smith and North America Sekisui House LLC. RPAI will purchase Phase I and Phase II of One Loudoun Downtown separately. Phase I of One Loudoun Downtown spans 236,800 square feet of retail space and 105,200 square feet of office space, which are 85.6 percent and 89.7 percent leased, respectively. Existing tenants include Alamo Drafthouse Cinema, The Fresh Market, Great Gatherings, The Fitness Equation and Uncle Julio’s Rio Grande Café. Phase II is under construction and will feature 78,300 square feet of retail space and 46,300 square feet of office space, which are 71 percent pre-leased. One Loudoun Downtown is the retail and office component of One Loudoun, a 360-acre master planned development in Loudoun County. Miller & Smith and North America Sekisui House LLC will continue to serve as the master developers of One Loudoun.

September 21, 2016

Loans Mixed-Use Multifamily New York Northeast

NorthMarq Capital Arranges $1.5 Million Refinance for NYC Mixed-Use Building

by Jaime Lackey September 21, 2016

NEW YORK CITY — NorthMarq Capital has arranged a $1.5 million refinance for a mixed-use property comprising 15 residential units and one retail unit located at 340 East 86th Street in New York City. The transaction was structured with a 10-year term with five years of interest-only payments followed by a 30-year amortization schedule. Robert Ranieri of NorthMarq arranged financing for the borrower through NorthMarq’s relationship with a regional bank.

September 21, 2016

Hospitality Mixed-Use Multifamily Texas

Kor Group Breaks Ground on Austin Proper Hotel & Residences

by Haisten Willis September 16, 2016

AUSTIN, TEXAS — Kor Group has begun construction on Austin Proper Hotel & Residences, a mixed-use hotel and residential tower in downtown Austin. The merchant banking division of Goldman, Sachs & Co. is the capital partner for the development, which is slated to open in 2018. The 33-story, 500,000-square-foot project will be managed and branded by Proper Hospitality, a lifestyle hotel operator. The tower will feature 244 hotel rooms with interior design by Kelly Wearstler; dining options by McGuire Moorman Hospitality; and over 12,000 square feet of indoor and outdoor meeting and event space. Atop the hotel are 99 condominiums available for purchase. Property amenities will include full hotel services for both residents and guests, two roof decks with swimming pools, a full spa and fitness center, lobby restaurant and lounge, coffee shop and an elevated poolside restaurant.

September 16, 2016

Mixed-Use Multifamily Office Restaurant Retail Texas

CIM Group, Seaholm Power Sell Seaholm Mixed-Use Development in Austin

by Haisten Willis September 15, 2016

AUSTIN, TEXAS — CIM Group and Seaholm Power LLC have sold the Seaholm Power Plant mixed-use development located at the southwestern edge of downtown Austin. The centerpiece of the project is the 126,000-square-foot, repurposed power plant constructed in the 1950s. The redeveloped Seaholm Power Plant includes four floors of office space designed for its major tenant, athenahealth. Boiler Nine Bar + Grill, a 10,000-square-foot restaurant spanning all four levels, is also part of the redevelopment. Boiler Nine’s concept at Seaholm includes Deck Nine Observatory Bar, a rooftop bar with views of Austin and Lady Bird Lake, and The Boiler Room, a den located on the lowest level of the power plant near the original boiler room. The five acres surrounding the power plant have been redeveloped into a mixed-use space with a 1.5-acre public plaza and multifamily residences. The property also includes a 68,000-square-foot office building and 33,000 square feet of ground-floor retail space anchored by a Trader Joe’s. Construction began on the Seaholm Power Plant project in April 2013, with athenahealth opening its doors in February 2015.

September 15, 2016

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