Mixed-Use

21c Museum Hotels Plans to Redevelop Old City Hall in Downtown Indianapolis

by Danielle Everson February 27, 2015

INDIANAPOLIS — 21c Museum Hotels plans to redevelop Old City Hall in downtown Indianapolis into a museum and hotel space. The $55 million project will be redeveloped following the approval of city and other financing incentives. The project will include the rehabilitation of Old City Hall and the construction of a new addition on the adjacent parcel into a 21c Museum Hotel and unique tenant space. The property will feature a boutique hotel with approximately 150 rooms, guest suites with private terraces on the rooftop, art-filled meeting and event spaces. The tenant space will occupy the second, third and fourth floors of Old City Hall. The property will also feature rotating exhibitions that reflect the global nature of art today, as well as site-specific installations and cultural programming. 21c will manage the tenant spaces and work with the city to lease space to arts-related tenants. New York-based architects Deborah Berke Partners will design the property. 21c will secure approximately $29 million in project financing, which includes equity and debt. The company will also work closely with the city to apply for an $11.3 million federal loan through the U.S. Department of Housing and Urban Development Section 108 program, which will …

February 27, 2015

Mixed-Use New York Northeast

Dalan Management, RWN Real Estate Partners Buy NYC Midtown Ground Lease for $47M

by Amy Works February 27, 2015

NEW YORK CITY — Dalan Management has partnered with RWN Real Estate Partners to purchase the long-term leasehold of The Indigo in Midtown East for $47 million. Located at 230 East 44th St., the 14-story, 135,315-square-foot building features 164 residential units, the Piccolo Fiore restaurant, Pink Blossom Nail Salon and a 25,000-square-foot parking garage. The buyers acquired the leasehold interest in the property and restructured the ground lease to include a 99-year term with contractual rent and no fair market rent resets. The seller is a partnership of Atlantic Realty Group, Moezinia Bros. Capital and 230 MD Member. M&T Bank provided financing for the acquisition. Venture Capital Properties represented the seller in the transaction.

February 27, 2015

Illinois Midwest Mixed-Use Multifamily Retail

Interra Realty Arranges Sale of 23-unit Mixed-Use Property in Northwest Chicago

by Danielle Everson February 25, 2015

CHICAGO — Interra Realty has brokered the $1.1 million sale of a 23-unit mixed-use building located at 4712-20 W. Diversey Ave. in the Kelvyn Park neighborhood northwest of Chicago. The property includes five retail spaces, 10 studio apartments and eight one-bedroom apartments. Joe Smazal and James Clough of Interra represented the undisclosed seller.

February 25, 2015

Loans Mixed-Use New Jersey Northeast Retail

CBRE Group Brokers Sale of 70,400 SF Mixed-Use Facility in New Jersey

by Amy Works February 25, 2015

SPRINGFIELD, N.J. — CBRE FAMECO, a retail division of CBRE Group, has brokered the $5.5 million sale of the former 6th Avenue Electronics store, corporate office and warehouse facility at 22 Route 22 in Springfield. The undisclosed buyer plans to convert the 70,040-square-foot property into an 85,000-square-foot Metro Self Storage facility. The climate-controlled property will feature state-of-the-art security, two sets of elevators, four drive-in loading bays and an office component. Steven Winters of CBRE FAMECO represented the undisclosed seller, while Ed Horne of HK Commercial Realty Advisors LLC represented the buyer.

February 25, 2015

Loans Mixed-Use New York Northeast

Trevian Capital Funds $22M Loan for Mixed-Use Property in Tribeca

by Amy Works February 25, 2015

NEW YORK CITY — Trevian Capital has funded a $22 million first-mortgage bridge loan for a five-story, 17,247-square-foot building in the Tribeca neighborhood of Manhattan. The loan was used to pay off a matured first mortgage and to fund the conversion of the upper floors into four full-floor residential condos and reconfigure the ground-level retail cellar and sub-cellar. Terms and details of the transaction were not disclosed.

February 25, 2015

Mixed-Use New York Northeast

Upper West Side Development Site Sells for $13.3M

by Amy Works February 24, 2015

NEW YORK CITY — Citicore has brokered the sale of a development site located at 207 West 75th St. between Amsterdam and Broadway in the Upper West Side. Howard Neu purchased the 14,750-square-foot site for $13.3 million from Felipe Coello. The site features a 5,000-square-foot property, with a 2,500-square-foot basement. Beach Bum Tanning leases ground-floor space at the building on a month-to-month basis, while the second floor is currently vacant. Timour Shafran and Benjamin Shafran of Citicore brokered the transaction.

February 24, 2015

Loans Massachusetts Mixed-Use Northeast

Fantini & Gorga Arranges $7M Loan for Boston Mixed-Use Portfolio

by Amy Works February 24, 2015

BOSTON — Fantini & Gorga has arranged $7 million in permanent financing for a mixed-use portfolio in the John Eliot Square section of Roxbury, a neighborhood in Boston. The financing was arranged on behalf of Roxbury Highland LLC with a major regional financial institution. The four-property portfolio consists of 52 apartments and two commercial spaces, totaling 33,000 square feet of rentable space. Tim O’Donnell and Jason Cunnane of Fantini & Gorga arranged the financing.

February 24, 2015

Civic Georgia Mixed-Use Southeast

City of Alpharetta Taps MidCity, Morris & Fellows for $80M City Center Project

by John Nelson February 23, 2015

ALPHARETTA, GA. — The city of Alpharetta has chosen a team led by MidCity Real Estate Partners and Morris & Fellows to develop Alpharetta City Center, an $80 million mixed-use project in downtown Alpharetta. The public-private partnership will develop 75,000 square feet of restaurant/retail space, 33,000 square feet of office space and 220 units of residential housing. Located across Main Street from the historic district, the development is bound by Main Street, Academy Street and Haynes Bridge Road. The site includes Alpharetta’s new City Hall, a new Fulton County library, public parking deck, city park and Town Green located within new grid streets completed by the city. The project team includes South City Partners, Hedgewood Homes and architect Smallwoods, Reynolds, Stewart, Stewart & Associates. The development team is set to break ground in the third quarter.

February 23, 2015

Loans Mixed-Use New York Northeast

Meridian Capital Arranges $30M in Refinancing for NYC Mixed-Use Property

by Amy Works February 20, 2015

NEW YORK CITY — Meridian Capital Group has arranged a $30 million loan for the refinancing for a mixed-use property in New York City. The borrower is BLDG Management. The five-year loan, which was provided by a regional balance sheet lender, features a 2.85 percent fixed-rate. Located at 330 Bleecker St., the property features 199 apartments and 3,800 square feet of retail space. Carol Shelby and Dani Sabesan of Meridian Capital arranged the financing.

February 20, 2015

Mixed-Use New Jersey Northeast

CBRE Group Inc. Brokers $3M Sale of Mixed-Use Property in New Jersey

by Amy Works February 20, 2015

FLEMINGTON, N.J. — CBRE Group Inc. has brokered the sale of Turntable Junction & Fulper Center in Flemington. The 5.3-acre retail and multifamily property sold for $3 million. Charles Berger and Elli Klapper of CBRE represented the seller, a private family, while James Gunning, Donna Falzarano and Evan Kleppe of CBRE Group Inc. secured the financing for the deal. The new owner, an out-of-state buyer, plans to hold the property, which is nearly 100 percent occupied, for investment purposes with the possibility for redevelopment in the future.

February 20, 2015

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