NEW YORK CITY — Meridian Capital Group LLC has arranged a $2.1 million loan for the refinancing of two mixed-use properties located on Greene and Myrtle avenues in Brooklyn. The seven-year loan features a fixed interest rate of 4 percent and a 77 percent loan-to-value ratio. A local savings bank provided the loan. Blake Carver, an associate at Meridian arranged the financing. The three-story properties, located at 132 Greene Ave. and 468 Myrtle Ave. in the Clinton Hill neighborhood, total four residential units and 2,000 square feet of retail space. Tenants include Aita, a casual farm-to-table restaurant, and Barking Brown, a clothing and accessories boutique.
SEBASTOPOL, CALIF. — The Barlow, a 212,000-square–foot, mixed-use industrial and retail lifestyle center in Sebastopol, has received two loans totaling $28.8 million. The center is located at 6770 McKinley Street. It is anchored by Kosta Browne Winery. The Barlow features two full-scale production wineries, four wine tasting rooms, two breweries, a gin and vodka distillery, a coffee roaster, two restaurants, a grocery store, a tea company, a full-scale production bakery and various other artisan producers. The project’s remaining space may be utilized by a boutique hotel with a spa. Financing was arranged by Ethan Schelin of Lucent Capital.
SEBASTOPOL, CALIF. — The Barlow, a 212,000-square–foot, mixed-use industrial and retail lifestyle center in Sebastopol, has received two loans totaling $28.8 million. The center is located at 6770 McKinley Street. It is anchored by Kosta Browne Winery. The Barlow features two full-scale production wineries, four wine tasting rooms, two breweries, a gin and vodka distillery, a coffee roaster, two restaurants, a grocery store, a tea company, a full-scale production bakery and various other artisan producers. The project’s remaining space may be utilized by a boutique hotel with a spa. Financing was arranged by Ethan Schelin of Lucent Capital.
INDIANAPOLIS — EMK Property Investors has sold Annaberry Park, a mixed-use property located south of 86th Street on Harcourt Road in Indianapolis. Omaha-based Metonic Real Estate Services purchased the property, which includes 244 residential units and 12 commercial units. The purchase price was undisclosed. EMK Property Investors purchased the apartment community in late 2010 from a lender. At the time, the property was known as Presidential Estates. The company spent more than $1.3 million to upgrade the property, including the installation of new windows, replacement of a portion of the roofs, new exterior paint, renovation of the clubhouse and the majority of the units. Omaha-based Seldin Co. will serve as the new manager of the property.
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.
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.
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.
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.
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.
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.