WELLINGTON, FLA. — Johnson Capital has arranged a $12 million loan to refinance Wellington Reserve, a Class A office and retail park in Wellington, a town in Palm Beach County. The complex contains approximately 93,000 square feet of office and retail space in seven buildings. Warren Factor and Eric Fixler of Johnson Capital’s Boca Raton office arranged the seven-year loan with a 25-year amortization schedule through a national bank. The borrower, an unnamed real estate investor active in Orlando and Miami, purchased the asset from Wells Fargo in March 2013 for $10.5 million.
Mixed-Use
GROTON, MASS. — Senate Construction Corp. has begun construction for the second phase of development at Boynton Meadows, a mixed-use development in Groton. The second phase will include 15 townhouses, ranging from 2,000 to 2,500 square feet with additional walkout and basement space. The second phase is slated for completion in November. The first phase, which is located on Main Street, includes mixed-use first-floor office and retail space, which is occupied by a yoga studio, bakery and dental office. Maugel Architects has designed the mixed-use project to incorporate the colonial architecture of the community while including modern features. Mount Laurel Development LLC is developing the project, which is financed by Bank of New England.
NEW YORK CITY — Ariel Property Advisors has brokered a two-building mixed-use portfolio sale for $15.4 million. Located at 220 West 116th St. and 449 West 125th St. in Harlem, the properties offer a total of 59 units. The five-story, 46,080-square-foot building at 220 West 116th St. features five retail units and 35 rent-stabilized apartments, including 33 three-bedroom units and two studios. The six-story, 16,382-square-foot property at 449 West 125th St. features two retail units and 17 rent-stabilized apartments: one three-bedroom unit, seven two-bedroom units and six one-bedroom units. Shimon Shkury, Victor Sozio, Michael Tortorici and Jesse Deutch of Ariel Property Advisors represented the seller, Teaneck, N.J.-based Treetop Development LLC, and procured the buyer, a New York City real estate investment firm, in the transaction.
HOLLY SPRINGS, N.C. — Capital Advisors has arranged $17.2 million in refinancing for Main Street Square, a mixed-use development in Holly Springs, a suburb of Raleigh. The portion of the Class A property acting as collateral for the loan includes 172 apartment units and 32,285 square feet of commercial space. Main Street Square also includes 70,000 square feet of office and retail space, a 6,000-square-foot medical office building, 101 townhomes and 16 cottage homes. Cooper Willis of Capital Advisors’ Charlotte office arranged the 10-year loan with a fixed interest rate and 30-year amortization schedule through Morgan Stanley on behalf of the borrower, MSS Apartments LLC.
YONKERS, N.Y. — Forest City Enterprises has closed on a three-year, $350 million bridge financing for the company’s Westchester’s Ridge Hill retail center in Yonkers. The 1.3 million-square-foot regional shopping, dining and entertainment destination is home to Lord & Taylor, Whole Foods Market, National Amusements Showcase Cinema de Lux, LEGOLAND Discovery Center, Apple, REI, UNIQLO and Dick’s Sporting Goods, among others. Additionally, the property offers 160,000 square feet of office space, which is anchored by WESTMED Medical Group. The refinancing, which was provided by Morgan Stanley Bank, was led by Forest City Ratner Companies, Forest City’s New York subsidiary, which manages the mixed-use property.
WORCESTER, MASS. — Skanska USA has signed a contract to build a maintenance and operations facility for Worcester Regional Transit Authority. The 150,695-square-foot building will include administrative offices, a public meeting space, operations dispatching, bus storage, maintenance shops and additional parking. Construction has begun on the $60 million project and substantial completion is expected in first quarter 2016.
NEW YORK CITY — TerraCRG has arranged the sale of 65 Irving Avenue in Brooklyn’s Bushwick neighborhood. The property sold for $2.55 million, which equals $432 per square foot or $425,000 per unit. Located between Starr and Troutman streets, the 5,906-square-foot four-story building features five free-market residential apartments — four three-bedroom units and one studio unit —and 1,500 square feet of renovated ground-floor commercial space. Matthew Cosentino, Eric Satanovsky and Robert McDonald of TerraCRG represented the seller.
LOS ANGELES — MacFarlane Partners has acquired Park Fifth, a 2.2-acre development site in Downtown Los Angeles, for nearly $40 million. The site is located on the corner of Fifth and Olive streets. MacFarlane plans to develop mid- and high-rise residential properties on the site, in addition to retail. The Fifth and Olive intersection has been a popular one with developers as of late. Aside from Park Fifth, new developments at this juncture include Metropolis, G12 and the Rosslyn Hotel. The seller of Park Fifth was Africa-Israel USA (AFI-USA). The sale was executed by Jimmy Kuhn, Chris Cooney, Josh Levy and Matt Dobso of Newmark Grubb Knight Frank.
NEW YORK CITY — Cleveland-based Forest City Enterprises and Greenland USA, a subsidiary of Shanghai-based Greenland Group Co., have partnered to develop Atlantic Yards, a 22-acre residential and commercial real estate development in Brooklyn. The joint venture covers both phases one and two of the project, including infrastructure, a permanent MTA rail yard, a platform above the rail yard, future residential units and future commercial high-rise development. The initial joint venture does not include the Barclays Center and B2 BKLYN, the first residential tower. Under the agreement, Greenland USA has acquired 70 percent of the project and will co-develop the project with Forest City, with both companies sharing all project costs going forward in proportion to their ownership interests. Forest City Ratner Companies, the New York-based subsidiary of Forest City, will co-manage the daily activities and develop project consistently with the approved master plan along with Greenland USA. The project will bring 6,430 residential units, including 2,250 units of affordable housing, to the Brooklyn area.
AUSTIN, TEXAS — NorthMarq Capital has arranged the $10.2 million refinancing of West Side Village, a 50,107-square-foot retail and office property located at 1214 W. Sixth St. in Austin. Paul Brighton, senior vice president/senior director of NorthMarq’s Dallas office, arranged the loan with a 10-year term and 30-year amortization schedule through a CMBS lender. Austin fashion retailer Julian Gold anchors the property.