SPRINGFIELD, MO. — The Springfield Area Chamber of Commerce hosted a groundbreaking ceremony Friday, June 20 for the $16 million historic redevelopment of the Heer’s building in Springfield. The new Heer’s Luxury Living development will consist of 80 loft-style apartment units. Amenities at the community will include a fitness center, theater and game room and a rooftop clubhouse. The development will also feature a police substation and approximately 15,000 square feet of commercial space for office, restaurant, and retail use. Lee’s Summit, Mo.-based Dalmark Development Group is developing the mixed-use project. Shawnee, Kan.-based Straub Construction Co. Inc. is the general contractor for the project. St. Louis-based Rosemann & Associates will design the new facility. The building is slated to open by its centennial in September 2015.
Mixed-Use
NEW YORK CITY — Meridian Capital Group has arranged a $100 million mortgage for the refinancing of 110 Fifth Avenue in New York. Constructed in 1888, the 11-story, 176,000-square-foot office and retail building is occupied by H&M, Town Residential, Joe Fresh and Wellcare. The seven-year loan, which was provided by a regional balance sheet lender, features a 4.125 percent fixed rate and 2 years of interest-only payments. Avi Weinstock and Chaim Tessler of Meridian’s New York headquarters negotiated the loan for the borrower, Samson Management.
DURHAM, N.C. — Terwilliger Pappas Multifamily Partners has broken ground on Solis Ninth Street, a mixed-use development located adjacent to Duke University’s East Campus. The project, situated in Durham’s Ninth Street District, will feature 229 apartment units and 10,000 square feet of restaurant/retail space. Solis Ninth Street will be a five-story wrap building that encloses a central courtyard with a saltwater pool, outdoor kitchen and cabana. The property will include a 8,000-square-foot clubhouse that features a lounge and 24-hour fitness center. The development team includes general contractor Balfour Beatty, architect J Davis Architects and Blue Ridge Realty. Cornerstone Real Estate Advisers LLC and Fifth Third Bank provided project financing. The project team expects to deliver the first units in September 2015 and the entire project in early 2016. Terwilliger Pappas is partnering with the Dickson family, who had previously owned the site for several years.
WILMINGTON, N.C. — Mount Pleasant, S.C.-based Ziff Properties (ZPI) has sold the Murchison Building, a 60,000-square-foot mixed-use property in downtown Wilmington, for approximately $3.4 million. The 10-story property was built in 1914. John Hinnant of Maus, Warwick, Matthews & Co. represented the California-based buyer in the transaction. Patrick Gildea of CBRE represented ZPI.
COLLINGSWOOD, N.J. — Ingerman has topped out The Collings North, the second and final phase of The Collings at The LumberYard in Collingswood. The five-story building will feature 70 apartments, 12,000 square feet of ground-floor office space and 1,500 square feet of retail space. Located along Haddon Avenue, the second phase will feature one- and two-bedroom apartments ranging in size from 800 to 1,300 square feet. The pet-friendly residences will feature gourmet kitchens with quartz countertops, full-size washers and dryers, generous closet space and ENGERY STAR appliances. Additionally, the community features an outdoor courtyard with grill, covered parking, common-area WiFi, a community room and a fitness center. The Collings South, the community’s fully leased first phase, offers 34 apartment homes featuring a mix of one-, two- and three-bedroom units, including seven townhomes with private entrances.
SAN DIEGO — Zephyr Partners has acquired a 60,000-square-foot site on Broadway between 7th and 8th Avenues in Downtown San Diego for $21.1 million. This was one of the last available full blocks of space remaining in Downtown San Diego. Zephyr plans to use the site to build a $250-million, mixed-use retail and residential community that contains two, 32-story towers. The development is designed to extend Downtown’s core, revitalizing the land between the Gaslamp Quarter and Financial District. It will be the first mixed-use, high-rise project since the recession, Zephyr notes. The property currently contains underutilized retail, parking and office space that will be demolished. The original eight-property portfolio was built in the 1950s and had fallen into disrepair over the past 30 years. Zephyr also recently acquired the Banker’s Hill condo project at nearby 2850 6th Ave. The company plans to build 60 high-end luxury condominiums on the site, which should be completed in 2015. George Smith Partners arranged $12.7 million in pre-development financing for the Broadway project. The interest-only loan carries a large interest reserve. It is priced at 6.5 percent for two years with a one-year extension.
HOUSTON — A development venture comprising Patrinely Group, CDC Houston and USAA Real Estate Co. will develop CityPlace, formerly known as Springwoods Village Town Center, in Houston. The 60-acre mixed-use development will integrate working, shopping and living space, with more than 4 million square feet of Class A office space located above ground-floor retail, and luxury urban multifamily, as well as a full-service hotel. The initial office component phase of CityPlace development will include two Class A office buildings with a combined total of 440,000 square feet of office space for single- or multi-tenant users, shopping and dining. The first office building, a five-story structure, will offer a total of 147,000 square feet with flexible 28,000-square-foot floor plates. It is slated for completion in fourth quarter 2015. The second structure, a 10-story office building, will have nearly 295,000 square feet of leasable space and efficient floor plates that total 29,200 square feet. Designed by Gensler and built by Harvey Builders, the buildings are designed to achieve LEED Gold certification. Martin Fein Interests Ltd. will build a 268-unit multifamily apartment community within CityPlace. The property will include retail space on the ground floor. Woodbine Development Corp. is developing a full-service hotel …
NASHVILLE, TENN. — Southeast Venture has purchased a 20,000-square-foot mixed-use building located at 714 8th Ave. in Nashville for approximately $4.3 million. The asset sits at the northeast corner of 8th Avenue and Division Street in Nashville’s Gulch East submarket. The property’s tenant roster includes Alfred Williams & Co., Studio Eight Design and Flyte, an upscale restaurant and wine bar. Southeast Venture was represented internally by Tarek El Gamel. The seller, AWC Partners, worked directly with the buyer without a broker.
DETROIT — Bernard Financial Group has arranged a $40 million CMBS loan to refinance Pointe Plaza, a mixed-use development at the border of Gross Pointe Woods and Detroit. The property, located at the intersection of Mack Avenue and Moross Road, consists of approximately 273,000 square feet of gross leasable space, which includes a medical office building, a retail building and a parking structure containing 1,800 parking spaces. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan for the borrower, Pointe Plaza Development LLC.
NEW YORK CITY — HAP Investment Management has acquired a development site at 2211-2217 Third Avenue and 214-216 East 121st Street in Harlem. Tahl Propp Equities sold the property for $13 million. Located on the southeast corner of 121 Street and Third Avenue, the 17,661-square-foot site includes 100 linear feet of Third Avenue, ideal for retail, and is zoned for 91,600 residential buildable square feet. Matthew Sparks of Eastern Consolidated arranged the transaction. Brian Beller of Phillips Nizer LLP and Neda Barzideh of Tahl Propp Equities provided legal services for the buyer, while Adrian Zuckerman of Seyfarth Shaw advised the seller.