PITTSBURGH — First Niagara’s Commercial Real Estate Group has closed a $40 million loan with PMC Property Group for a mixed-use property in downtown Pittsburgh. Proceeds of the loan will go to the continued redevelopment of the property, which will include 241 multifamily units, 133,000 square feet of office space and 6,200 square feet of retail space, including two restaurants and a coffee and juice bar. Located at 425 Sixth Ave., the 30-story skyscraper was originally built in 1953 as the headquarters of the Aluminum Company of America. Being developed by PMC Property Group, the property is slated for completion by March 2016. Strada is the architect of the project.
POMPANO BEACH, FLA. — CBRE has brokered the $4.5 million sale of Pompano Plaza, a 61,658-square-foot, two-story retail/office center located at 1602 S. Cypress Road in Pompano Beach, a town in Broward County in South Florida. S and S R.E. Investments Inc. purchased the property from IR-Pompano Plaza LLC, which hired CBRE to market the asset for sale and negotiate the transaction. The property is 75 percent leased to a mix of local retail, office and service tenants, such as Pro-Am Dance Studio, Pompano Pizza and Guido’s Italian Market. David Donnellan and Patricia Friend of CBRE represented the seller in the transaction.
ST. MATTHEWS, KY. — PRG Commercial Property Advisors has arranged the $2.4 million sale of The Colony Center, a mixed-use, multi-tenant property located at 211 Clover Lane in metro Louisville. The boutique lifestyle center is located in the heart of St. Matthews, a suburb of Louisville in Jefferson County. The former lumber mill and yard sits on two acres and was converted into 22,995 square feet of leasable retail and restaurant space in 1984. The purchaser is a Louisville-based investment partnership. Dave Kern and Reed Weinberg of PRG represented both the buyer and seller in the transaction.
ALLENTOWN, PA. — City Center Lehigh Valley has selected Gensler to plan and design its Five City Center complex, a mixed-use complex spanning one block in downtown Allentown. The $100 million project’s master plan includes a 400,000-square-foot office and retail tower, a 335,000-square-foot residential tower with 175 apartment units, parking and a park. The project is scheduled for completion in 2018.
SANTA CLARA, CALIF. — Parkview Financial has funded a $10.7 million construction loan for a mixed-use project located in Santa Clara. The new project will feature more than 6,500 square feet of retail space and 28 condominiums. The sponsor is an experienced developer, which began purchasing the development parcels for the project in 2012. Paul Rahimian of Parkview Financial arranged the financing.
CHICAGO — Marcus & Millichap has arranged the sale of a mixed-use property located at 1606 N. Harding Ave. in Chicago. The 9,050-square-foot property sold for $830,000. The property consists of six two-bedroom and three one-bedroom apartment units, and two commercial spaces. Joseph Bergman and Kyle Stengle of Marcus & Millichap’s Chicago represented the seller, a private investor, in the transaction.
NEW YORK CITY — Eastern Consolidated has secured $65 million in debt and equity for a planned mixed-use rental project at 1 Flatbush Ave. in downtown Brooklyn. Developed by Slate Property Group, the 19-story, 172,000-square-foot property will feature 156 one- and two-bedroom rental units, of which 124 will be free market and the remainder will be affordable, and 30,000 square feet of basement, ground- and second-level retail space, as well as a fitness center for residents. Adam Hakim and Sam Zabala of Eastern Consolidated’s Capital Advisory Division arranged the financing for the acquisition and pre-development phases of the project.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 309 Amsterdam Ave. in Manhattan’s Upper West Side. The four-story property sold for $6.6 million, or $1,630 per square foot. The 4,800-square-foot property features a 1,200-square-foot retail space and three one-bedroom apartments. The property was delivered vacant. The undisclosed buyer plans to reposition the property for rental. Paul Smadbeck and Robert Stufano of Cushman & Wakefield represented the undisclosed seller in the transaction.
ATLANTA — The McPherson Implementing Local Redevelopment Authority (MILRA) board has approved a land sale of 330-acres at the former Fort McPherson in southwest Atlanta to media mogul Tyler Perry. MILRA is a civilian authority board tasked with overseeing the redevelopment of the former army post. As part of the agreement, MILRA will purchase the 488-acre former army base for $26 million and subsequently sell 330 acres to Tyler Perry for $30 million for a movie/TV studio. MILRA plans to add a mixed-use development, anchored by the new studio. MILRA is collaborating with the state and city governments, as well as Urban Land Institute (ULI) to determine market needs going forward.
NEW YORK CITY — Silvershore Properties has acquired a mixed-use property, located at 149 Rivington St. in New York City’s Lower East Side, for $2.8 million. The buyer plans to redevelop the four-story, walk-up building into a larger property with additional residential and retail units by adding two floors to create two duplex apartments and build out the two retail floors on the lower level. No brokers were involved in the transaction. The name of the seller was not disclosed.