HATFIELD, PA. — Marcus & Millichap Capital Corp. (MMCC) has arranged $7.65 million in bridge financing for a mixed-use development in Hatfield. The loan was structured with an 18-month initial term, an 18-month extension and 4.25 percent interest rate. The financing has a loan-to-value of 65 percent. Matthew Rosenberg of MMCC’s Philadelphia office arranged the financing.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a mixed-use property located at 1322 Cortelyou Road in Brooklyn’s Ditmas Park section. The 8,000-square-foot asset sold for $2.1 million. Derek Bestreich, Lucien Sproviero and Erik Rodriguez of Marcus & Millichap’ Brooklyn office represented the seller, a private investor, and the buyer, a private investor, in the transaction.
FORT WORTH, TEXAS — Simon and Cassco Development Co. will develop the first phase of retail on the Edwards Ranch into a 500,000-square-foot shopping center. The Shops at Clearfork will include 100 specialty stores, a movie theater and restaurants. Neiman Marcus will anchor the shopping center, which will span 90,000 square feet across two stories. Construction will start in the spring of 2015 and be completed in February 2017. The Shops at Clearfork is part of a larger 270-acre master plan for Clearfork.
LOS ANGELES – The Jensen’s Recreation Center, a 50,000-square-foot, mixed-use building in the Echo Park submarket of Los Angeles, has sold to Vista Investment Group LLC for $15 million. The center is located at 1706 Sunset Blvd. It includes 46 apartment units and 21,000 square feet of ground-floor retail and commercial space. The residential portion is fully leased, while the retail portion is 96 percent leased to tenants like Blue Bottle Coffee and Sage Vegan Bistro. Vista will invest up to $1.2 million in capital improvements to upgrade the building entry, lobby and other common areas. Darin Beebower of Madison Partners represented both the buyer and seller, Sunset Holding Co. LLC, in this off-market transaction. Andrew Kirsh of Sklar Kirsh LLP served as Vista’s attorney.
NORTH PLAINFIELD, N.J. — Marcus & Millichap has brokered the sale of a Dunkin Donuts location and a two-family residential property on Route 22 in North Plainfield. The 3,900-square-foot asset sold for $1.45 million. Dunkin Donuts recently signed a 20-year absolute triple-net lease for the location. Michael Lombardi and Robert Angus of Marcus & Millichap’s New Jersey office represented the seller, a private investor, and the buyer in the transaction.
NEW HAVEN, CONN. — Press/Cuozzo Commercial Services has brokered the sale of a seven-property mixed-use portfolio located at 455-459 Orange St. in New Haven. 451 Orange Street Associates LLC purchased the portfolio for $1.05 million from Orange Bradley Realty LLC. The asset includes 455 Orange St., which features a first-floor medical office and a three-bedroom duplex apartment; and three residential units at 459 Orange St. Joel Nesson of Press/Cuozzo represented the seller and procured the buyer for the transaction.
FORT WORTH, TEXAS — HFF has secured joint venture equity for the development of Waterside, a $75 million mixed-use development in Fort Worth. HFF worked on behalf of the developer, Trademark Property Co., in sourcing the capital from Sarofim Realty Advisors. Equity proceeds will be used to develop the first phase of the project. Waterside will be anchored by a Whole Foods and will be located on 52 acres at the intersection of Bryant Irvin Road and Arborlawn Drive on the former Lockheed Martin Recreation Association site. The development will include 1.5 miles of Trinity River waterfront and 190,000 square feet of retail and restaurant space.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 411 Graham Ave. in Brooklyn’s Williamsburg neighborhood. The 4,375-square-foot property sold for $2.4 million. Shaun Riley, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer, also a private investor, in the transaction.
EL PASO, TEXAS — Hunt Metro 31 LLC will develop a 31-acre mixed-use project at the former Northpark Mall site in Northeast El Paso. The project, known as Metro 31, will consist of 325 apartments, 80 units of senior living and 48 live/work units. The project will be located at the corner of Dyer Street and Diana Drive. and will include Sun Metro’s BRIO bus rapid transit station along with 135,000 square feet of retail space. A grocery store will anchor the project, which will also include up to 100,000 square feet of office space.
NEW YORK CITY — Meridian Capital Group has arranged $737 million in acquisition financing for the purchase of The Putnam Portfolio, a six-property multifamily portfolio located in New York City. Brookfield Property Partners, along with its operating partner Urban American, will purchase the portfolio. The financing was sourced between New York Community Bank and Bank of China in six separate mortgages. Abe Hirsch, Zev Karpel and Akiva Friend of Meridian’s New York City headquarters negotiated the transaction. The portfolio is composed of six properties totaling 24 buildings and 3,962 units. The assets include 3333 Broadway; Roosevelt Landings at 510-530 Main St. on Roosevelt Island; River Crossing at 1940 First Ave.; The Heritage at 1295-1309 Fifth Ave; The Miles at 1990 Lexington Ave.; and The Parker at 1890 Lexington Ave. The buyers have a significant renovation program planned for the portfolio. Urban American will remain as the day-to-day property manager for the portfolio.