NEW YORK CITY — Procida Funding & Advisors LLC, a New Jersey-based real estate investment bank, has provided an $8 million bridge loan to Ladera II for its development site at 300 W. 122nd St. in Harlem. The mixed-use project will feature a 13-story, 164-unit residential development with ground-floor retail shops. Procida funded the project in conjunction with Romspen Mortgage Investment Fund, a Canadian-based lender. Construction is scheduled to begin within the next year.
HOLMDEL, N.J. — Holmdel Township has selected Somerset Development to redevelop the former Bell Laboratories property in Holmdel, located about 23 miles north of Staten Island, N.Y. The property includes a 2 million-square-foot building and 473 acres surrounding the facility. Somerset has spent the past several years working closely with the Holmdel community and officials to devise a plan for the adaptive reuse of the former Bell Labs building that will transform the structure into a vibrant, mixed-use town center. Somerset’s plan will transform the building’s existing atrium into a pedestrian-friendly public promenade and potentially include retail and shopping and dining options, a health and wellness center, skilled nursing facility, hotel and conference center, educational facilities, upscale spa and public facilities. Designed by Eero Saarinen, the former Bell Labs research complex was home to Bell Laboratories division of Bell Telephone, later known as AT&T, Lucent and today, Alcatel-Lucent. Somerset is currently under contract with Alcatel-Lucent to purchase the site.
CHICAGO — Acting on behalf of LaSalle Investment Management, Jones Lang LaSalle has secured $125 million in acquisition financing for Onterie Center, a two-building residential and commercial property located at 441 E. Erie St. in Chicago. New York Life provided the financing. Designed by Skidmore, Ownings & Merrill and completed in 1986, Onterie Center features a 60-story, 583-unit residential tower with 102,616-square feet of fully leased commercial space and an 11-story tower with 32 luxury loft units. Commercial tenants include Northwestern University, the Rehabilitation Institute of Chicago, Northwestern Memorial Hospital, Streeterville MRI and KinderCare daycare center. David Hendrickson, Keith Largay and Ian Russell of Jones Lang LaSalle brokered the transaction.
ATLANTA — Crescent Resources has broken ground on Crescent Terminus, a $67 million mixed-use community that will bring the first apartment-living option to Buckhead's Terminus master development by Cousins Properties. The community will be built on the development's last vacant three acres, adding 355 luxury apartments. The site currently contains dining, retail and office space. The apartments are expected to be available by next spring.
PITTSBURGH, PA. — HFF has secured a $58 million loan for McCandless Crossing, a 385,000-square-foot, mixed-use development in Pittsburgh. HFF worked on behalf of the borrower, AdVenture Champion Partnership, to secure the three-year construction loan through Dollar Bank. Proceeds from the loan were used for construction of the fourth and final phase of the development and to refinance the existing bridge loan secured by Phase I and Phase II. McCandless Crossing is located at the intersection of McKnight Road and Duncan Avenue. Construction began in 2010, and the property is a four-phase development with the existing three phases leased to tenants such as Lowe’s, CVS/Pharmacy, LA Fitness and Fidelity Bank. The fourth phase is 50 percent pre-leased with construction slated for completion this year.
AUSTIN, TEXAS — CBRE has arranged the sale of the 50,132-square-foot West End Center, a mixed-use retail and office project located at 1214 W. 6th St. in Austin. The two-story development is 94 percent leased to Julian Gold, ArtWorks Gallery and House + Earth. Walter Saad and Cathy Nabours of CBRE's Private Capital Group, along with Eric DeJernett and Bryan McMurrey of the firm's Retail Service Group, represented the seller, Whit Hanks Properties, in the transaction. AWS Village Inc. purchased West End Center, which will be renamed West Side Village. Dallas-based Cheng Investments will handle the property's leasing and CBRE will handle property management.
LEWISVILLE, TEXAS — NorthMarq Capital has secured construction financing for Phase II of Crest Manor, a 288-unit multifamily community located at 940 W. Round Grove Road in Lewisville. Paul Brighton of NorthMarq arranged the financing through a national bank on behalf of the borrower, a developer. Phase II will complete the multifamily component of Crest Manor.
SEATTLE – The mixed-use Shelby Apartments complex has received a $21.3-million loan. The property contains containing 98 units and 5,000 square feet of ground-floor commercial space. It is located in the Belltown section of Seattle. The 10-year, non-recourse loan was arranged by Amos Smith and Ryan Chapman of Johnson Capital’s Irvine office. Financing was provided by Fannie Mae.
NEW YORK CITY — A joint venture between ClearRock Properties and Juster Properties has closed on the purchase of two adjacent Midtown Manhattan properties for $29.5 million. The assets, which total 101,100 square feet, include 9 E. 38th St., a 93,700-square-foot, 12-story office building and 14 E. 39th St. a 7,400-square-foot commercial townhouse with 22,200 square feet of air rights. Both properties are located between Madison and Fifth avenues. ClearRock also has plans to invest $10 million for capital improvements to reposition the properties. The seller was Yeshiva University.
FORT WORTH, TEXAS — Dallas-based Inland American Communities, a subsidiary of Inland American Real Estate Trust Inc., has purchased The VUE, a 118-bed, mixed-use student housing property located on the campus of Texas Christian University (TCU) in Fort Worth. The property opened in August 2012 at full occupancy. The four-story mid-rise community features 6,000 square feet of retail space currently under construction. The retailers are expected to open this spring. CBRE's National Student Housing Group assisted in the transaction. The VUE will be rebranded as a University House community.