MONTECITO, CALIF. – A mixed-use development in Montecito that will contain two condo units atop 10,323 square feet of office and retail space has received a $7.3-million loan. The project will be located at 1255 Coast Village Road. Some of the retail space has already been pre-leased to a high end women’s clothing boutique and a restaurant owned by the Hillstone Restaurant Group. Financing was secured by Jeffrey Hudson of George Elkins Mortgage Banking Company on behalf of Black Valnar Properties, LLC.
DENTON COUNTY, TEXAS — Wheelock Street Capital has broken ground on Canyon Falls, a 1,200-acre master-planned community located between U.S. Highway 377 and Interstate 35 West in Denton County. The community will be served by the Argyle and Northwest Independent School districts. City and county officials, along with Wheelock, celebrated the groundbreaking, which included the announcing of the first group of home builders: Ashton Woods Homes, K. Hovnanian Homes, Highland Homes, Plantation Homes and Toll Brothers. Manna Land is the local development partner for Canyon Falls. The construction of initial roads and home sites will be complete late this year, and home sales are expected to begin in early 2014.
NEW YORK CITY — A privately held multifamily development company, 205 Eighth Ave. LLC, has paid $15.9 million to acquire two mixed-use properties in Manhattan’s Chelsea neighborhood from Francmen 205 LLC. The properties are located at 205 and 207 Eighth Ave. The buildings include a combined total of 21,800 square feet and 23 apartments. Deborah Gutoff and Paul Nigido of Eastern Consolidated represented the seller, while Gabriel Saffioti, also of Eastern Consolidated, procured the buyer in the transaction.
SEATTLE – The Saturn Building, a mixed-use project in Seattle that will contain incubator office spaces for new and fledgling small businesses, has received a $12.9-million portfolio loan. The property is located at 3417 Evanston Ave. North in the city’s Fremont district. This represented the third in a series of loans that HomeStreet Bank Commercial Real Estate has provided to Seattle developers that are delivering smaller, more affordable office space for entrepreneurs and business owners. The loan was facilitated by Carmen Esteban. The project is being developed by Brian Regan.
CHICAGO — Marcus & Millichap has arranged the sale of a 5,325-square-foot mixed-use property in Chicago for $1.2 million. Kyle Stengle of Marcus & Millichap represented the seller and the buyer, both limited liability companies, in the transaction. The asset is located at 2058 W. Roscoe St. in Chicago’s Roscoe Village neighborhood. The mixed-use building includes five apartments and one retail space.
SEATTLE – The Saturn Building, a mixed-use project in Seattle that will contain incubator office spaces for new and fledgling small businesses, has received a $12.9-million portfolio loan. The property is located at 3417 Evanston Ave. North in the city’s Fremont district. This represented the third in a series of loans that HomeStreet Bank Commercial Real Estate has provided to Seattle developers that are delivering smaller, more affordable office space for entrepreneurs and business owners. The loan was facilitated by Carmen Esteban. The project is being developed by Brian Regan.
SKOKIE, ILL. — Cohen Financial has arranged a $4.4 million acquisition loan for a mixed-use retail and multifamily property in Skokie, about 15 miles north of Chicago. The 31-unit multifamily property is fully leased. Dan Rosenberg of Cohen Financial secured the fixed-rate, 10-year loan through Greystone & Co., a Fannie Mae DUS lender. The borrower is a local commercial real estate investor.
CAMPBELL, CALIF. — A mixed-use apartment development in Campbell has received a $45.2-million construction loan. The community will be located at 1677 South Bascom Ave. just southwest of San Jose. It will contain 168 residential units and 15,000 square feet of retail space. Financing was based on a three-year, interest-only term. It was arranged by John Kerslake of NorthMarq Capital’s San Francisco regional office through the firm’s relationship with a regional bank.
FORT WORTH, TEXAS — Trademark Property Co., a real estate developer and investor based in Fort Worth, has plans to build Waterside, a new 63-acre master-planned development, in Fort Worth. The project will located on the Trinity River at Bryan Irvin Road and Arborlawn Drive. Waterside will be built as a walkable shopping, leisure, office, hotel and residential district. The development will include an extension of the Trinity Trails, an internal trail system, bridge, canoeing/kayaking, dog park, central plaza, riverfront amphitheater, 200,000 square feet of retail/restaurants, 20 to 30 acres of residential space, 100,000 to 200,000 square feet of office space and a signature hotel. Construction is slated to begin in spring 2014 and Phase I is slated for a spring 2015 opening. Trademark is under contract to purchase the land from the Lockheed Martin Recreation Association, a nonprofit corporation providing recreational facilities and activities for Lockheed Martin employees, retirees and dependents.
CAMPBELL, CALIF. — A mixed-use apartment development in Campbell has received a $45.2-million construction loan. The community will be located at 1677 South Bascom Ave. just southwest of San Jose. It will contain 168 residential units and 15,000 square feet of retail space. Financing was based on a three-year, interest-only term. It was arranged by John Kerslake of NorthMarq Capital’s San Francisco regional office through the firm’s relationship with a regional bank.