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.
Mixed-Use
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.
FORT WORTH, TEXAS — Trademark Property Co. is redeveloping a portion of the WestBend mixed-use development in Fort Worth. Demolition of a parking garage began on March 3 to make way for a new 81,150-square-foot mixed-use building. The new structure will house a retail anchor on the ground floor and 57,650 square feet of Class A office space directly above. WestBend is located on the Trinity River in Fort Worth’s University District, across from University Park Village and University Drive. Upon completion of the redevelopment in spring 2015, the property as a whole will include 95,000 square feet of retail and dining space and 183,000 square feet of office space.
SAN DIEGO – A 20,000-square-foot parcel of land in the Bankers Hill neighborhood of San Diego has sold to R Fifth & Nutmeg, c/o Colrich for $5.3 million. The land is located at 2665 5th Ave. The buyer plans to develop an upscale mixed-use project that would include 45 luxury condos with 7,500 of retail space. The seller was Nutmeg & Olive LLC, c/o The Cathedral Church of St. Paul. The transaction was handled by Victor Krebs of Colliers International.
NEW YORK CITY — Marcus & Millichap has arranged the $1 million sale of 1222 Rogers Avenue, a 7,400-square-foot mixed-use property in Brooklyn. Derek Bestreich and Erik Rodriguez from Marcus & Millichap’s Brooklyn office marketed the property on behalf of the seller, a private investor, and represented the buyer, a limited liability company.
NEWARK, N.J. — Sills Cummis & Gross, a full-service regional corporate law firm, has signed a long-term lease at One Riverfront Plaza, Matrix Development Group’s 18-story, Class A office and retail tower in Newark. The law firm will occupy approximately 73,000 square feet at the building. Also known as the Legal Center, the property features a two-story lobby and valet parking, in addition to attached garage parking.