NEW YORK CITY — Madison Realty Capital (MRC) has closed a $32 million construction loan for a mixed-use project at the former 266,322-square-foot St. John’s Queens Hospital, located at 90-02 Queens Blvd. in the Elmhurst neighborhood of Queens. The construction financing follows an initial $38 million acquisition loan provided by MRC in December 2013, which brings the total financing package from MRC to $70 million. Located along Queens Boulevard between 57th Avenue and Woodhaven Boulevard, the property allows for 148,109 square feet of residential space and 118,213 square feet of commercial and community space. Once redeveloped, the project will offer retail space and 144 residential units. Additionally, the purchaser acquired the four-story, 89,601-square-foot parking garage located behind the hospital building, which offers 290 parking spaces and direct access from Queens Boulevard. After the $38 million acquisition loan closed, MRC offered a conditional commitment to fund the remaining renovation of the property once the borrower received approvals on all building plans. St. John’s Queens Hospital has been closed since the hospital’s operator filed for bankruptcy in 2009.
Mixed-Use
LACOMBE, LA. — Weyerhaeuser Real Estate Development Co. (WREDCO) has begun developing Tamanend, an 848-acre master-planned community that will feature office space, a college, retail, restaurants and single- and multifamily residential units. Tamanend will be located in the centermost part of St. Tammany Parish north of Lacombe, which is approximately 45 minutes north of New Orleans. Gulf States Real Estate Services is providing project management, marketing and real estate consulting for the project. Northshore Technical Community College is planning to open an advanced technology center and STEM campus at Tamanend.
KANSAS CITY — NorthMarq Capital has arranged the $201.5 million refinancing of a 10-property portfolio. The properties include a mix of multifamily, unanchored retail and suburban offices in the Kansas City and Dallas metro areas. The portfolio consists of 2,190 multifamily units, 53,143 square feet of office space and 23,027 square feet of retail space. Greg Duvall of NorthMarq Capital’s Kansas City office structured the 25-year loan with a 25-year amortization schedule. Duvall arranged the loan for the undisclosed borrower through NorthMarq’s correspondent relationship with Allianz Life Insurance Co. of North America.
NEW YORK CITY — Silvershore Properties has acquired two mixed-use buildings in Brooklyn totaling $3.07 million. In Boerum Hill, the company purchased the 3,500-square-foot 208 Hoyt Street building for $1.72 million. Additionally, Silvershore acquired 590 Bushwick Avenue, a 5,500-square-foot mixed-use building, for $1.35 million. Year to date, Silvershore has invested $60 million on more than 20 purchases throughout New York City.
BOSTON — An affiliate of Abramson Brothers Inc. has acquired 4 Liberty Square, a retail and office building located in Boston, for $8.8 million. Located at the corner of Water and Batterymarch streets, the seven-story, 26,000-square-foot pre-war office building is 100 percent leased and has one restaurant tenant in the ground-floor retail space. Built in 1900, the building features a steel frame with masonry walls, windows and a marble lobby. This transaction is Abramson Brothers’ first acquisition in Boston as the company continues to seek growth opportunities.
NEW YORK CITY — TerraCRG has brokered the sale of a mixed-use building located at 328 Marcus Garvey Blvd. in the Bedford-Stuyvesant neighborhood of Brooklyn. The property sold for $2.05 million or approximately $360 per square foot or $410,000 per unit. The four-story building features three residential units and 1,800 square feet of retail space divided into two retail units. The three residential units and one of the retail units were vacant at the time of closing. Matthew Cosentino, Eric Satanovksy and Robert McDonald of TerraCRG represented the seller in the transaction. Additional terms of the transaction were not disclosed.
SAN DIEGO – A 1.5-acre parcel of land in the San Diego submarket of North Park has sold to TR Hale LLC for $7.7 million. The parcel is located at 2030 El Cajon Blvd. The buyer plans to develop an upscale, mixed-use apartment project on the site, which was fully entitled by the seller for up to 180 units. The seller was AmProp North Park LLC. The transaction was executed by Victor Krebs and Gunder Creager of Colliers International.
EDGEWATER, N.J. — The New York office of Berkadia Commercial Mortgage has arranged an $85 million revolving credit facility for a mixed-use property located in Edgewater. The borrower, One Main Street Edgewater LLC, will use the loan to retire existing debt on the View at Edgewater Harbor. Located at 1 Main St., the property consists of 162 multifamily units and nearly 47,000 square feet of retail space. The residential units offer a mix of studio, one- and two-bedroom layouts. On-site amenities include a fitness center, pool, rooftop deck and clubhouse. Home Goods, Five Guys Burgers & Fries and Haven Restaurant occupy the retail space. John DiCrocco of Berkadia secured the five-year, floating-rate loan through the Freddie Mac program.
SAN DIEGO — Four C Square, a 64,500-square-foot, mixed-use property in San Diego, has received $5 million in refinancing. The property is located at 428 C Street. It features 28 live-work lofts over ground-floor retail, with Ross Dress for Less as the main tenant. The loan features a 10-year term with five years interest-only and a 30-year amortization schedule. It was arranged by Gardiner Champlin and Marty Meagher of NorthMarq Capital’s San Diego office through the firm’s correspondent relationship with Nationwide Life Insurance Company.
ATLANTA — OliverMcMillan has officially opened Buckhead Atlanta, a 1.5 million-square-foot mixed-use development in the heart of Atlanta’s Buckhead neighborhood. The completed district will include 300,000 square feet of upscale retail stores, restaurants and cafes, more than 100,000 square feet of office space and 370 luxury high-rise residences. The development is expected to employ approximately 800 people and house 600-625 residents. In the pipeline since 2006 as “Streets of Buckhead”, OliverMcMillan took the reins of the development in 2011 and rebranded it “Buckhead Atlanta”. The project was recently awarded the Project of the Year by the Atlanta District Council of the Urban Land Institute. The project features 36 confirmed tenants, such as Hermes, Jimmy Choo, Fado Irish Pub and Shake Shack. One restaurant or retailer is expected to open each week through the end of the year.