SAN RAFAEL, CALIF. – Rafael Town Center, a mixed-use development in San Rafael that includes multifamily, office and retail space, has received $28 million in acquisition financing. The trophy asset is located at 1050 Court Street in the city’s downtown region. The development includes 113 apartment units, more than 40,000 square feet of flexible office space, and ground-floor retailers, including Coldstone Creamery, Opus Bank and Lime Wireless (Verizon). The seven-year, fixed-rate, interest-only loan was provided by Dennis Williams and Brian Esquivel of NorthMarq Capital through the firm’s correspondent relationship with a life company.
Mixed-Use
MIAMI — FA Commercial has arranged the $8.7 million sale of Biscayne 88 Terrace, a mixed-use property featuring multifamily and retail components in northeast Miami. The property features three apartment buildings comprised of 36 residential units that are fully occupied and 15,624 square feet of retail space that is 95.4 percent leased. The property also includes undeveloped land that is zoned for multifamily. Biscayne 88 Terrace’s tenant roster includes Papa John’s Pizza and USA Nail Salon. Fabio Faerman of FA Commercial represented the buyer, a private investment group from Argentina, in the transaction.
ORLANDO, FLA. — HFF has brokered the sale of Rialto, a 105,275-square-foot retail and office center in Orlando. The mixed-use property is located at 7335 Sand Lake Road along Orlando’s Restaurant Row, a one-mile stretch of retail and restaurants. The property has 58,519 square feet of fully leased retail space and 46,756 square feet of office space that is 83 percent leased. Rialto’s tenant roster includes Newlin Law, Ocean Prime and Bar Louie. Brad Peterson, Coleman Benedict and Whitaker Leonhardt of HFF represented the seller, The Wilder Cos., in the transaction. Orion Venture IX Rialto LLC, an affiliate of Orion Investment, purchased the asset for an undisclosed price.
HUDSON, OHIO — Ellsworth Partners LLC has sold Turner’s Mill Complex, an office and retail complex located at 36 E. Streetsboro Road in Hudson, to Streak Investments-Hudson I LLC for approximately $2.2 million. Turner’s Mill, which is located just southeast of Hudson Square, is anchored by Redwood Grill, Dollar Bank and Morgan Stanley Smith Barney Financial Advisors, all in long-term leases. Jerry Fiume of NAI Cummins Real Estate represented the seller in the transaction. Ellsworth Partners redeveloped the property in 2010. Hudson is approximately 15 miles north of Akron.
CORAL GABLES, FLA. — HFF has arranged $74 million in financing for 4000 Ponce/ The Collection Building, a 295,088-square-foot trophy mixed-use property in Coral Gables. HFF, on behalf of the borrowers The Collection Properties LLC and The Collection LLC, arranged a 10-year, fixed-rate loan through a European-based insurance company. Proceeds will be used to repay the existing loan. The property, completed in 2002, is located at 4000 Ponce De Leon Blvd. It is 91 percent leased and includes 178,101 square feet of Class A office and retail space. The property also includes The Collection, an automotive dealership featuring the Ferrari, Maserati, McLaren, Aston Marin, Jaguar, Porsche and Audi brands. The HFF team representing the borrower included Paul Stasaitis, Jim Dockerty and Jose Carrazana. Bilzin Sumberg’s legal team, which consisted of Jim Shindell, Suzanne Amaducci-Adams and Alexandria Lehson, assisted in legal counseling.
CHICAGO — Sterling Bay Cos. has completed the $22 million acquisition of Fulton West, a portfolio of existing and partially completed office, retail and parking facilities in the Chicago area, from an affiliate of Marc Realty. In its current stage of development, Fulton West includes three loft-style office buildings totaling approximately 165,000 square feet and parking facilities — structures and surface lots — for more than 314 vehicles. The Fulton West portfolio is bounded by Fulton Street North and Carroll Avenue between Elizabeth Street (eastern boundary) and Ada Street (western boundary). Sterling Bay expects the projects to be completed by Spring 2016.
WAXAHACHIE, TEXAS — Coldwell Banker Commercial Alliance DFW has brokered the sale of the 31,336-square-foot Rogers Hotel complex in the far south Dallas suburb of Waxahachie. The 101-year-old property, which has been repurposed for office and retail uses since 2012, consists of a pair of four-story buildings connected by a turn-of-the-century lobby. Jim Lake Cos., which occupies 2,500 square feet of office space within the hotel, acquired the asset and is redeveloping the complex as part of its larger redevelopment of Waxahachie’s historic town square. Located at 100 N. College St., the property was 50.3 percent leased at the time of the sale. Judy Nitzinger of Coldwell Banker Commercial Alliance DFW represented the seller, Southwest Securities FSB, in the transaction. Independent broker Rocky Stones, who is based in Waxahachie, represented the buyer.
WASHINGTON, D.C. — MAC Realty Advisors has arranged a $27.4 million loan for the acquisition and development of a mixed-use project located at 1921 14th St. N.W. in northwest Washington, D.C. The borrower, Madison Investments, will rehabilitate the existing buildings at the site and construct a new nine-story high-rise apartment tower. The tower will feature 56 residential units and approximately 13,000 square feet of retail space. Construction is slated to begin in June and wrap-up in early 2016. Andrew McAllister, Bruce Levin, Ben Lazarus and Caren Garfield of MAC Realty Advisors arranged the private investment/senior construction loan.
NEW YORK CITY — Meridian Capital Group LLC has arranged $16 million in permanent financing for an office and retail property located on West 30th Street in New York City. A local savings bank provided the 12-year loan, which features a fixed interest rate of 3.88 percent. Josh Rhine of Meridian Capital Group arranged the loan. The 17-story property, located at 259 West 30th St., includes 90,000 square feet of office space and 10,000 square feet of ground-floor retail space.
BOSTON — EagleBridge Capital has arranged $12.7 million in permanent mortgage financing for a multi-state portfolio of retail and office buildings. The portfolio includes six retail buildings and two office buildings. The retail buildings are located in Mansfield and Attleboro, Mass.; North Windham, Conn.; North Kingston, R.I.; and North Hampton, N.H. The two office buildings are located in Lincoln, R.I. Brian Sheehan and Ted Sidel of Boston-based EagleBridge arranged the financing on behalf of the Docor Group through a financial institution. Proceeds from the loan were used to refinance the existing mortgages; cover all closing costs, including prepayment premium; and provide cash out to the borrower.