HOLLYWOOD, CALIF. — La Brea Regency Lofts in Hollywood has received $19.3 million in construction financing. The lofts will be located at 1616 North La Brea Ave near the Roosevelt Hotel and Grauman’s Chinese Theatre. It will contain 56 residential units and 9,000 square feet of retail space.The three-year balance sheet loan features interest-only payments and a LIBOR-based floating rate. It was negotiated by Tal Savariego and Zev Feder of Meridian Capital Group.
BOCA RATON, FLA. — Johnson Capital has arranged an $11.3 million loan secured by The Boardwalk at 18th Street, formerly known as the Wharfside Village Shopping Center, in Boca Raton. The mixed-use center includes more than 107,000 square feet of medical, retail, office and restaurant space, in addition to 13 freestanding kiosks. Tenants include Wells Fargo, Berlitz Language Center, Carrabba’s Italian Grill, Women’s Healthcare Associates, Ress Plastic Surgery and Boca Pointe Association. Eric Fixler of Johnson Capital’s Boca Raton office arranged the five-year, interest-only loan through a national lender.
HOLLYWOOD, CALIF. — La Brea Regency Lofts in Hollywood has received $19.3 million in construction financing. The lofts will be located at 1616 North La Brea Ave near the Roosevelt Hotel and Grauman’s Chinese Theatre. It will contain 56 residential units and 9,000 square feet of retail space. The three-year balance sheet loan features interest-only payments and a LIBOR-based floating rate. It was negotiated by Tal Savariego and Zev Feder of Meridian Capital Group.
DETROIT —Rock Ventures and its real estate arm, Bedrock Real Estate Services, have purchased two mixed-use properties in downtown Detroit totaling 84,000 square feet. The properties are located at 1505 Woodward Ave. and 1265 Griswold St. The eight-story, 48,000-square-foot building at 1505 Woodward was designed by renowned architect Albert Kahn and built in 1931. Its original tenant was the Richman Brothers clothing store. The six-story, 36,000-square-foot 1265 Griswold building was built in 1897 by architectural firm Spier & Rohns. Bedrock Real Estate Services brokered the acquisitions and will oversee renovations, management and leasing of the currently unoccupied spaces.
LENEXA, KAN. — Darland Construction Co. has begun construction on the new Renner 89 @ City Center Lenexa, a 20,000-square-foot mixed-use complex in suburban Kansas City. The two-story development will feature retail and restaurant space on the first floor, while the second floor will include a conference center and meeting rooms for global enterprise software provider Perceptive Software. Kansas City-based Copaken Brooks is the developer, and Klover Architects is providing design services.
ROCKVILLE, MD. — Federal Realty Investment Trust has received approval from the Montgomerty County Planning Board for additional development at Pike & Rose, a 3.4 million-square-foot mixed-use, transit-oriented development under construction. Pike & Rose is located in the White Flint District of Montgomery County in Maryland. The approval will allow Federal Realty Investment Trust to add about 1.6 million square feet of commercial space to the 170,000 square feet of retail, 80,000 square feet of office space and 493 residential units currently underway, set to open in mid-2014. The approval includes six new city blocks, Rose Park, a boutique hotel with 200-300 rooms, about 200,000 square feet of additional retail space, more than 460 residential units and 1.4 million square feet of Class A office space. Federal Realty expects to break ground on some of the additional approved buildings in 2014.
BELLEVUE, WASH. — Madison Marquette’s newest investment vehicle has purchased Bellevue Galleria, a 202,000-square-foot, mixed-use property, for a reported $88 million. It is located at 550 106th Ave. NE in Bellevue. Bellevue Galleria contains a mix of retail and creative office space. It is currently 97 percent leased.The investment vehicle is composed of a joint venture with two foreign institutional investors. Its goal is to build a national portfolio of infill retail and mixed-use assets in key markets throughout the nation.
SACRAMENTO, CALIF. — Curtis Park Village, a 71-acre, mixed-use development in Sacramento, has received a $41-million refinance. The vacant land is currently entitled for 181 single-family homes, 334 multifamily units, three commercial sites, open space, parks and public property. It is located at the intersection of Sutterville Road and 24th Street near Sacramento City College. The land is an infill location between Land Park and Curtis Park. It was formerly home to the Western Pacific rail yard. Petrovich Development acquired the site in 2003 and has spent more than $30 million over the past decade to clean up and entitle the site for development. It recently began Phase I infrastructure construction, which should be complete by next April. The full recourse senior loan was provided by PCCP, LLC. It will be used to refinance an existing senior loan and to provide future funding for the infrastructure’s completion.
NEW YORK CITY — A private Korean-American investor, through his representative in the United States, Tony Park of PD Properties, has purchased a 16,000-square-foot office/retail building in Manhattan for $16.4 million. The six-story property is located at 4 E. 46th St. in the Diamond District and includes 30,000 square feet of unused air rights. The seller was DJM Post Production, a longtime owner that occupied the building for 47 years. David Schechtman, Steven Zimmerman and Paul Nigido of Eastern Consolidated represented DJM and procured the buyer with assistance from Tony Park and Elad Dror of PD Properties. The buyer plans to utilize the property for personal use. Vitae Restaurant recently signed a 10-year lease for the ground-floor retail space, while the upper floors are vacant. Attorneys in the transaction include William Weisner of Tarter Krinsky for the seller and Samuel Ahne of Ahne Law PC for the buyer.
BELLEVUE, WASH. — Madison Marquette’s newest investment vehicle has purchased Bellevue Galleria, a 202,000-square-foot, mixed-use property, for a reported $88 million. It is located at 550 106th Ave. NE in Bellevue. Bellevue Galleria contains a mix of retail and creative office space. It is currently 97 percent leased. The investment vehicle is composed of a joint venture with two foreign institutional investors. Its goal is to build a national portfolio of infill retail and mixed-use assets in key markets throughout the nation.