NEW YORK CITY — Berkadia Commercial Mortgage LLC has originated $35 million in financing for The Chocolate Factory, a mixed-use property located in the Wallabout neighborhood of Brooklyn. The borrower, The Chocolate Factory LLC, will use the loan to refinance its mixed-use facility. The seven-year loan features a 73 percent loan-to-value ratio. The Chocolate Factory, located at 275 Park Ave., was built in 1890 and served as a fully operational chocolate factory until 1967. Yuri Kletsman of Berkadia worked with the borrower to arrange the fixed-rate financing. Kletsman also worked with lender Freddie Mac to arrange the loan.
INDIANAPOLIS — Hendricks Commercial Properties has begun construction on a $30 million, mixed-use development dubbed Ironworks at Keystone. The project is located at the southwest corner of Keystone Avenue and East 86th Street, the site of the former Woodfield Centre strip mall. The five-story building will feature 36,000 square feet of ground-floor retail and restaurant space, 120 apartments and an underground parking structure. The development is expected to open in spring 2014.
CHICAGO — Water Tower Realty has hired @properties Commercial to lease 26,000 square feet of retail space and 8,000 square feet of office space in the historic Marshall Field & Co. building in downtown Oak Park. The building was built in 1929 as a miniature replica of Marshall Field’s landmark State Street store. Field’s occupied the property until 1986. It was added to the National Register of Historic Places in 1988. Most recently, the retail space was leased to Borders bookstore, which closed in 2011. Dan Stratis and Larry Cohn of @properties Commercial are the leasing agents for the 91,451-square-foot building located at 1144 Lake St.
HOUSTON — Houston-based Midway, a real estate investment and development firm, has revealed the new name for the former Houston Pavilions mixed-use development: GreenStreet. The 568,294-square-foot property, located at 1201 Fannin St., will also undergo construction to add a linear urban park that spans three blocks. The development will feature a central courtyard between Fannin and San Jacinto streets, outdoor patios, water features, new signage and scaled lighting. Construction is slated to begin in mid April and last approximately six to nine months. The project will remain open and operational during construction. The Class A development features a House of Blues, the 11-story regional headquarters for NRG Energy Inc., Forever 21, III Forks, McCormick & Schmick's and Lucky Strike.
YORK COUNTY, VA. — Commonwealth Green has acquired 50 acres near the Kiln Creek subdivision on Commonwealth Green Boulevard in York County for $6.4 million. The buyer plans to develop a mixed-use project on the site named Commonwealth Green, which will include 334 upscale apartments, 94 townhomes and 40,000 square feet of retail. Chris Rouzie and Ken Penrose of Cushman & Wakefield |Thalhimer represented the seller, JLK Family LLC, in the transaction.
CHICAGO — Developers and Chicago Mayor Rahm Emanuel held a groundbreaking ceremony Tuesday for the $45.6 million Shops and Lofts project in the Bronzeville neighborhood of Chicago. The three-acre development, which is located at 47th Street and Cottage Grove Avenue, includes a new five-story, 72-unit apartment building with 55,000 square feet of retail; two new six-flats; a new nine-flat; and a rehabilitated three-flat; along with parking for residents and visitors. A Walmart Neighborhood Market will occupy most of the retail space, which is being developed by Skilken and Troy Enterprises. The Community Builders Inc. will develop the residential component, comprised of 44 affordable, 28 public housing and 24 market-rate apartments.
MOUNT VERNON, N.Y. — NSI Industries has sold a 33,000-square-foot office and manufacturing building located at 1 and 2 Grove St. and 60 and 120 S. Terrace Ave. in Mount Vernon, about 20 miles north of New York City, for $2.3 million. The buyer, Michael Anthony Holdings Inc., purchased the property as an investment. NSI Industries will lease the building back for a defined period of time. The building includes concrete floors, masonry and brick walls, ceiling heights up to 16 feet, a sprinkler system and approximately 10,000 square feet of recently updated office/engineering space. Jim Panczykowski of Binswanger’s New Haven, Conn. office handled the transaction.
DENISON, TEXAS — The City of Denison has received 600 acres of lakeside property fronting Lake Texoma in Denison from a deed transfer from the United States Army Corps of Engineers (USACE). The site is situated along nine miles of Lake Texoma shoreline. The land will be part of the planned 3,000-acre mixed-use development, which Schuler Development, the project's developer, believes will create more than $1.9 billion in new investments. Schuler Development and the City of Denison have been working on the planned development for more than 12 years.
PLANO, TEXAS — Granite Properties has broken ground on Granite Park IV, a 300,000-square-foot speculative office tower, and the 299-room Hilton Granite Park hotel in Plano. The two structures are part of a 90-acre mixed-use development located at State Highway 121 and the Dallas North Tollway. BOKA Powell is the design architect, architect of record and the interior designer on both projects. Woodbine Development Corp. is the development consultant for the hotel, Austin Commercial is the general contractor for the hotel and Balfour Beatty Construction is the general contractor for the office building. Granite Park IV is a 12-story office tower that is aiming to achieve LEED Silver certification. The property will feature a fitness center, conference space, a five-level parking garage and landscaped walkways with water features. The 262,500-square-foot hotel will feature 35,000 square feet of conference space, a restaurant, retail space, fitness center and an outdoor pool and lounge.
AUSTIN, TEXAS — NorthMarq Capital has arranged a $9.96 million bridge loan for the acquisition of West Side Village, a 50,152-square-foot mixed-use property located at 1214 W. 6th St. in Austin. The retail and office property features tenants such as Julian Gold, Artworks Gallery and Infochimps. Paul Brighton of NorthMarq's Dallas office arranged the non-recourse, three-year loan for the borrower through a REIT. The borrower, a Dallas-based private investment company, plans to reposition the property during the bridge period.