HOUSTON — More retailers have signed on at Caldwell Cos.’ Boardwalk at Towne Lake development, including two food shops, The Cheese Bar and Flying Vine; restaurant Sam’s Boat; and Frontier Title. In addition to these four leases, the project includes already-signed restaurants Jaxton’s, Taisho, World of Beer, Land of Thousand Hills Coffee Co. and MOD Pizza; retailers Nails of America, Orangetheory Fitness, Massage Heights and The Reserve Salon; Texas Children’s Pediatrics and Copper Creek Orthodontics. The site is accessible by walking, driving or boating. The Cheese Bar offers artisanal cheeses alongside a cheese-focused café, wine and beer offerings. Sam’s Boat serves seafood, Tex-Mex and more. Frontier Title is a title insurance company.
WASHINGTON, D.C. — NorthMarq Capital has arranged an $8.3 million FHA 221(d)(4) construction-to-permanent loan for The Conway Center, a $90 million, 320,000-square-foot mixed-use project in Washington, D.C. The project will be occupied by SOME (So Others Might Eat), an interfaith, community-based, tax-exempt organization. The property will occupy a full city block on Benning Road and will combine affordable housing, job training and healthcare services. The Conway Center is capitalized with public funding, tax credits, tax-exempt bonds and low-interest loans. The Conway Center will annually provide 172 homeless and low-income men and women with affordable housing and 15,000 underserved men, women and children with comprehensive care at the Medical and Dental Health Center operated by Unity Health Care. An estimated 300 adult students will receive job training at SOME’s Center for Employment Training, and 30 homeless and low-income families will be provided with affordable housing. Frank Relihan and Brendan Scanlon of NorthMarq Capital’s Washington, D.C., office arranged the loan, which contributed to the $86.7 million that has been raised for the project thus far. SOME is currently seeking the final $3.3 million to complete the development. Construction for SOME’s facility, which features staff offices and retail space, began Nov. 15 with …
DALLAS — High Street Residential, the residential subsidiary of Trammell Crow Co. (TCC), in partnership with Principal Real Estate Investors (PrinREI), has broken ground on M-Line Tower, a new 20-story, 262-unit residential tower located at 3200 McKinney Ave. in Dallas. The tower will also include ground-floor retail anchored by a 5,548-square-foot Café Express and a new McKinney Avenue Transit Authority (MATA) trolley barn and executive office. Sitting on 1.3 acres at the corner of McKinney Avenue and Bowen Street, M-Line Tower will feature one- and two-bedroom luxury rental units. Resident amenities include a resort-style pool, two-story fitness center, outdoor living space, clubroom, business center and a rooftop sky lounge with unobstructed views of downtown, Uptown and Turtle Creek. High Street Residential and PrinREI will be providing MATA with an allowance for a seventh trolley car, 1,730 square feet of space, a build-out allowance for its new space and new trolley tracks and switch along Bowen Street. U.S. Bank provided construction financing for the project. Andres Construction Services LLC is serving as the project’s general contractor.
ARLINGTON, VA. — HFF has arranged $65 million in financing for Tellus, a 254-unit, 16-story mixed-use development in Arlington’s Courthouse neighborhood. Tellus is located at 2009 14th St. N. two blocks from the Courthouse Metro. Completed in 2014, the transit-oriented property offers views of downtown Washington, D.C., and has studio, one- and two-bedroom units averaging 789 square feet each. The LEED Gold-certified property features a rooftop swimming pool, indoor yoga studio, fitness center, business center, oversized courtyard, cyber café, 273-space parking garage and more than 13,300 square feet of street-level retail and office space. At closing, the residential portion of the property was 93 percent occupied. Sue Carras, Walter Coker and Brian Crivella of HFF worked on behalf of the developer, a joint venture between Jefferson Apartment Group and Erkiletian Development Co., to secure the 15-year, fixed-rate loan through TIAA-CREF. Loan proceeds were used to replace construction debt on the property, which is managed by JAG Management Co.
SARASOTA, FLA. — Paragon Realty Group has sold Sarasota Main Plaza, a 254,677-square-foot mixed-use retail center located at 1991 Main St. in Sarasota, for $18.1 million. Patrick Berman and Jason Donald of Cushman & Wakefield represented Paragon, and Steve Horn of Ian Black Real Estate represented the buyer, a joint venture between Baird Inc., JMB Parent LLC and GPS Industries LLC, in the transaction. The two-story center is home to tenants including Regal Cinemas, the Florida Department of Revenue, Sarasota Family YMCA, Seaside National Bank and Sarasota County municipal offices.
RANDOLPH, MIDDLESEX, LONG BEACH, ELIZABETH AND MARLBORO, N.J. — Procida Funding’s 100 Mile Fund, a local real estate investment vehicle, has closed three loans totaling $6.3 million for properties in Central New Jersey. In the first deal, Procida Fund secured a $1.3 million first mortgage for the acquisition and pre-construction work of a development site. The borrower, ER Real Estate Management LLC, plans to build a 12,500-square-foot medical office property on the site in Randolph. In the second transaction, the fund provided a $2.7 million bridge loan to Naval Crest Associates I & II LLC to pay off an existing mortgage loan and modify and amend a mortgage on two properties in Middlesex and Long Beach. In the final deal, Procida provided a $2.3 million bridge loan for the acquisition of three gas stations in Elizabeth and Marlboro. With these three transactions, Procida Funding has closed 19 debt investments totaling more than $100 million year-to-date.
EULESS, TEXAS — Venture Commercial Real Estate has completed an assemblage of 43 acres of land located at the northeast quadrant of Cheek-Sparger Road and Heritage Avenue west of State Highway 121 in Euless. The buyer, Tonti Properties, is expected to break ground in spring 2016 on Trinity Union, a 457-unit multifamily community. The project has a mixture of product types including a four-story wrap-style building with structured parking and separate townhome-style buildings with direct-access garages and private yards. Trinity Union will feature an urban design, and 19 acres of the site will be devoted to retail use. John Zikos, Ken Reimer, Christopher Gibbons and Cheryl Hill of Venture worked with Tonti to acquire three separate land tracts. In the most complex of the transactions, Venture represented the seller, a family that had owned a 25-acre tract for 54 years, while Wilson Stafford of Edge Realty Capital Markets represented Tonti Properties. In the other transactions, Venture and Edge co-represented Tonti Properties.
ATLANTA — North American Properties (NAP) has closed on a nearly $170 million deal to purchase and redevelop Colony Square, a two-tower mixed-use complex in Midtown Atlanta. The property is located at the intersection of 14th and Peachtree streets and features 700,000 square feet of office space, the W Atlanta-Midtown (not included in the sale),140,000 square feet of retail space and a 2,000-stall, covered parking garage. NAP and its capital partner purchased the project from Tishman Speyer and Rialto Capital Management, according to the Atlanta Business Chronicle.
WASHINGTON, D.C. — Cambridge Property Group has brokered the $64 million sale of a 128,571-square-foot mixed-use development located at 1250 23rd St. in Washington, D.C.’s West End submarket. Built in 1989 and renovated in 2010, the property was fully leased at the time of sale with more than 75 percent of the tenants encumbered by leases exceeding 10 years. Galaxy 23rd Street LLC, a joint venture between Hartford Investment Management Co. and Galaxy Investments LLC, purchased the development from W/G 1250 23rd Street NW LLC. Transwestern represented the seller in the transaction. The new ownership has retained Cambridge Property Group to provide property management and leasing services for the project.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a block-front development site at 286-298 and 300-306 Wythe Ave. in the Williamsburg section of Brooklyn. Tri-Boro Shelving & Partition Corp. sold the site to Brooklyn-based North Development Group for $27 million. The site consists of two contiguous lots that together can support construction of up to approximately 51,200 buildable square feet of residential or commercial space with a community facility. Current zoning for the properties allows for residential and commercial development. Nicole Rabinowitsch and Gabriel Saffioti of Eastern Consolidated represented the seller and buyer in the transaction.