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.
PORTLAND, ORE. — Grant Park Village, a $60-million, mixed-use development in Portland, is scheduled to begin construction June 1. The new development will contain 211 units in five separate buildings. A 34,500-square-foot New Seasons Market will occupy ground-floor space. An additional 13,000 square feet of storefront retail space will also be developed. The site is located on NE Broadway. Grant Park is being developed by Capstone Partners LLC and PCCP, LLC. It will be built by Walsh Construction and designed by LRS Architects and Runberg Architecture Group.
PORTLAND, ORE. — Grant Park Village, a $60-million, mixed-use development in Portland, is scheduled to begin construction June 1. The new development will contain 211 units in five separate buildings. A 34,500-square-foot New Seasons Market will occupy ground-floor space. An additional 13,000 square feet of storefront retail space will also be developed. The site is located on NE Broadway. Grant Park is being developed by Capstone Partners LLC and PCCP, LLC. It will be built by Walsh Construction and designed by LRS Architects and Runberg Architecture Group.
ANN ARBOR, MICH. — Bloomfield Capital has sold a mixed-use building in downtown Ann Arbor to 212 4th Ave. LLC. Located at 210-216 S. Fourth Ave., the property consists of approximately 20,000 square feet of retail space on the first floor and loft office space on the second floor. Jim Chaconas and Brendan Cavender of Colliers International Ann Arbor, represented the seller and the buyer in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 359 Manhattan Ave., an eight-unit mixed-use property located in Brooklyn, for $2.2 million. Michael Salvatico, Shaun Riney and Jim Saros of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both private investors, in the transaction.
AUSTIN, TEXAS — CBRE's Debt & Equity Finance team in Houston has arranged $83.5 million in construction financing on behalf of Seaholm Power LLC for the redevelopment of the Seaholm Power Plant. The historic facility is located in the southwestern portion of Austin's central business district. The borrower plans to transform the 117,000-square-foot power plant into office space and add approximately 60,000 square feet of mixed-use space, anchored by a Trader Joe's grocery store. The redevelopment also includes a 30-story, 309-unit apartment tower. Jim Richards and Jim Kirkpatrick of CBRE arranged the open-ended construction loans, which were funded by Bank of the Ozarks and IBC Banks. Seaholm Power LLC is a joint venture between Austin-based Southwest Strategies, Los Angeles-based CIM Group and the City of Austin.
ALPHARETTA, GA. — Construction is underway on the 25-acre Alpharetta City Center in Alpharetta. The development will include a City Hall building, municipal parking deck and a five-acre park, along with five development sites for future retail. The project is scheduled for a late July 2015 completion. Alpharetta City Center aims to transform Alpharetta's historic downtown into a blend of commercial, residential and community uses. Jones Lang LaSalle is managing the development of the project. Smallwood, Reynolds, Stewart and Stewart is the master architect for the project with primary architectural design services provided by David M. Schwarz Architects of Washington, D.C.
