Mixed-Use

MERIDIAN ARRANGES $3.3M FOR MIXED-USE PROPERTY IN NYC

by admin December 10, 2013

NEW YORK CITY — Meridian Capital Group LLC has arranged a $3.3 million loan on behalf of Phido Co. for the refinancing of a mixed-use property located on York Avenue in New York City. The 10-year loan features a fixed interest rate of 3.95 percent and was provided by a local savings bank. Judah Hammer, vice president in Meridian Capital’s New York City headquarters, negotiated the transaction. The four-story, mixed-use property is located at 1634 York Ave. and includes 14 residential units and two retail spaces totaling 3,600 square feet, one of which houses the Mansion Restaurant.

December 10, 2013

MILHAUS OPENS $30M MIXED-USE PROPERTY IN INDIANAPOLIS

by admin December 9, 2013

INDIANAPOLIS — Residents have begun to move into the Artistry, a $30 million mixed-use development undertaken by Milhaus Ventures in downtown Indianapolis. Located at 451 E. Market St., the first phase of the five-story property includes 258 residential units and 68,000 square feet of office space. Artistry features studio, one-, two- and three-bedroom apartments and amenities such as an art gallery and a rooftop pool with views of downtown. The property also includes two courtyards featuring an outdoor kitchen, vegetable garden, bocce ball court, putting green and sitting areas. Milhaus also plans to build a movie theater, café, wellness studio and aqua lounge. Construction on Phase I is slated for a spring 2014 completion, followed by construction of Phase II, which includes 242 units.

December 9, 2013

Mixed-Use Northeast

ARIEL PROPERTY ADVISORS BROKERS SALE OF MIXED-USE PORTFOLIO

by admin December 9, 2013

NEW YORK CITY — Ariel Property Advisors has arranged the $4.2 million sale of a three-building, mixed-use portfolio at 2245, 2259 and 2285 Adam Clayton Powell Jr. Blvd. in the Central Harlem community of Manhattan. Victor Sozio, Shimon Shkury, Michael Tortorici and Jesse Deutch of Ariel Property Advisors represented the seller and procured the buyer, both real estate investment groups. The five-story buildings total 32,025 square feet and include 25 residential units and four retail units. The unit mix includes five one-bedroom, 12 two-bedroom and eight three-bedroom units.

December 9, 2013

Midwest Mixed-Use

NEW CITY PROJECT IN CHICAGO SECURES $182M CONSTRUCTION LOAN

by admin December 6, 2013

CHICAGO — Bucksbaum Retail Properties LLC, Structured Development LLC and institutional investors advised by J.P. Morgan Asset Management have begun construction on New City, a 500,000-square-foot mixed-use project in Chicago. The development team received a $182 million construction loan to build New City. The development will be located on 8.5 acres at the intersection of Clybourn and Halsted streets in the city’s Clybourn Corridor. The project will feature 360,000 square feet of retail space and a 200-unit, 16-story residential tower when it is complete in fall 2015. Mariano’s and Dick’s Sporting Goods will anchor the retail component of the project. The Mariano's store at New City will be the grocer's largest one in Chicago. The project will also feature new-to-market retailers ArcLight Cinemas, Earls Kitchen + Bar and Kings Bowl.

December 6, 2013

Mixed-Use Northeast

NEW OWNERS REBRAND, REDEVELOP ARSENAL MALL

by admin December 2, 2013

WATERTOWN, MASS. — Boylston Properties and The Wilder Cos., owners of the Arsenal Mall in Watertown, have announced a new name and new look for the property. The Arsenal Project spans approximately 500,000 square feet and includes Arsenal Mall and One Arsenal Marketplace, plus several buildings housing Harvard Vanguard Medical Associates, Golfsmith and Charles River Saab. Just months after paying $81 million for the Arsenal Mall, the property's new owners have detailed $500,000 in planned upgrades, according to the Boston Business Journal. The owners recently completed Phase I of upgrades to the property, which included a new interior layout as well as upgrades to the buildings’ exterior and landscaping. The owners are now working with Watertown officials to design a redevelopment strategy that would maximize the economic impact of the project. Boylston Properties and The Wilder Cos. purchased the mall and two adjacent office buildings with Jonathan Bush Jr., CEO and co-founder of Athenahealth Inc., from Simon Property Group.

December 2, 2013

Mixed-Use Texas

73,000 SF PHASE UNDERWAY AT LACENTERRA AT CINCO RANCH

by admin November 27, 2013

KATY, TEXAS — Developer Vista Equities Group has broken ground on Phase III of LaCenterra at Cinco Ranch in the Houston suburb of Katy. The new phase consists of 37,000 square feet of retail, 36,000 square feet of Class A office and a parking garage to the larger mixed-use development. The additions will be located on the southwest side of LaCenterra at Cinco Ranch, which totals 34 acres and 300,000 square feet. Hoar Construction is overseeing construction of the new phase, which is slated for completion in the fall of 2014.

November 27, 2013

Mixed-Use Northeast

TDI BEGINS CONSTRUCTION ON $40M MIXED-USE PROJECT IN FARMINGDALE

by admin November 25, 2013

FARMINGDALE, N.Y. —TDI Real Estate Holdings LLC has begun a $40 million construction project that will create 154 apartments, almost 20,000 square feet of retail space and secure parking across the street from the MTA/Long Island Railroad's Farmingdale Station. The project will feature high-end residential units with a range of common area amenities such as a clubroom, fitness facility, garage parking and courtyard recreation areas. The location is also a one-block walk from Farmingdale's Main Street, home to a variety of shops and restaurants. Ten percent of the development's residential units have been set aside for workforce housing. Bartone Properties, a Farmingdale-based developer, entered an agreement to purchase the property in 2007 but spent almost six years obtaining approvals for the project before seeking a partner. Yuri Kletsman of Berkadia Commercial Mortgage LLC assisted in sourcing the construction financing for the project.

November 25, 2013

Mixed-Use Northeast

ACADIA SELLS FORDHAM PLACE IN NYC FOR $133.9M

by admin November 20, 2013

NEW YORK CITY — Acadia Strategic Opportunity Fund II, a subsidiary of Acadia Realty Trust, has sold Fordham Place, a 262,000-square-foot mixed-use property in the Bronx, for $133.9 million. Retail Properties of America Inc., a publicly traded REIT based in Chicago, purchased the fully leased property. Sears, Best Buy and Walgreens, along with a mix of government service and not-for-profit office tenants occupy the property. Fordham Place was redeveloped in 2009 and is LEED Gold certified. Jeffrey Dunne and David Gavin of CBRE’s New York Institutional Group represented Acadia in the transaction.

November 20, 2013

Mixed-Use Northeast

FANTINI & GORGA ARRANGES $3.1M FOR CVS-ANCHORED CENTER

by admin November 20, 2013

GEORGETOWN, MASS. — Fantini & Gorga has arranged $3.1 million in first mortgage financing for a 21,418-square-foot mixed-use property in Georgetown, a northern suburb of Boston. Keith Wentzel, managing director at Fatini & Gorga, arranged the acquisition financing for a New Jersey-based investment group, which was funded by a Massachusetts-based community bank. A CVS/pharmacy anchors the property, while the office spaces are leased to a variety of medical practices and professional services. The non-recourse loan includes a fixed interest rate of approximately 4 percent and a 30-year amortization schedule.

November 20, 2013

Mixed-Use Southeast

ROY ANDERSON CORP. TO BUILD $61.3M MIXED-USE PROJECT IN NEW ORLEANS

by admin November 14, 2013

NEW ORLEANS — HRI Properties has selected Roy Anderson Corp., a subsidiary of Tutor Perini Corp., to build the 225 Baronne mixed-use development project in New Orleans. The contract for the development is valued at $61.3 million. The development involves the conversion of an existing 31-story office building into an apartment project, hotel and public parking garage. The new development will feature on-site property management services, a fitness center, roof-top swimming pools and covered bicycle parking. The project will also include the demolition of the 919 Gravier Building. Roy Anderson Corp. will break ground on the project this month and will wrap up construction in December 2014.

November 14, 2013

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