NEW YORK CITY — Besen & Associates has arranged the $7.5 million sale of a mixed-use property at 1444 Third Ave. in the Upper East Side of Manhattan. The four-story, 7,197-square-foot building includes a restaurant with two years remaining on its lease and nine apartments. The new owner plans to redevelop the property into a boutique condominium.
AUSTIN — John Capital has secured a $23 million loan to refinance a 87,500-square-foot mixed-use development, located at 5th Street and Lamar in downtown Austin. The development also includes a four-level parking garage. The retail portion is leased by several tenants, including West Elm, and the office space is fully leased to HomeAway. Scott Monroe of Johnson Capital arranged the 10-year loan with a 30-year amortization schedule through a Wall Street conduit lender to refinance a construction loan.
SIMSBURY, CONN. — EagleBridge Capital has arranged $10.8 million in mortgage financing for the first phase of Dorset Crossing in Simbsbury. Dorset Crossing is a mixed-use development on Route 10. Phase I will include two, 15,000-square-foot medical office buildings. Additional buildings in this phase include a 20,000-square-foot medical office building, a 14,000-square-foot retail building and a 3,500-square-foot retail property. Up to 275 apartment units and three additional sites for general commercial use are planned for Phase II. Saint Francis Hospital and Medical Center of Hartford has leased 10,000 square feet in the first building. Ted Sidel and Brian Sheehan of EagleBridge arranged the loan through a financial institution.
BOSTON — Suffolk Construction has been selected to manage the construction of One Channel Center in Boston's Innovation District. A joint venture between AREA Property Partners and Commonwealth Ventures is developing the $125 million project. Crews will construct a 525,000-square-foot, 11-story office building and a 10-level parking garage. When complete, State Street Corp. will occupy the building. The scope of the project will also include the creation of two open-space areas: the 72,000-square-foot New Park and the 9,000-square-foot Iron State Park. The Suffolk project team will also manage streetscape improvements such as new sidewalks, trees and lighting. Suffolk is partnering with architecture firm ADD Inc. for the office portion of the project and architect Spalding Tougias Architects for the parking garage. Construction is scheduled for completion in 2014.
SAN ANTONIO — Stratford Land has funded a $14 million, non-recourse loan to Carlton Holdings for its development of the 182-acre Monterrey Village, a mixed-use development located at Interstate 410 and State Highway 151 in western San Antonio. Carlton Holdings has owned the land since 2006. The loan is Stratford Land's first in San Antonio.
COLUMBUS — Carter has started construction on the $50 million residential and retail project in Columbus Commons. The development, named Highpoint at Columbus Commons, will include 301 apartments and 23,000 square feet of retail on the ground floors, with plans for two restaurants. The project will total 325,000 square feet. The site, which Carter acquired from Capitol South, is part of a redevelopment of the former City Center mall that was demolished in 2009. Capitol South oversaw the development of the 9-acre public park and Carter's mixed-use project will be Phase II of the Columbus Commons development. Highpoint is expected to be complete at the end of 2013.
HOUSTON — Q10 Kinghorn, Driver, Hough & Co. (KDH) has arranged $6 million in long-term financing for a mixed-use development, located on Lake Houston. The development includes three retail buildings and one office/retail building. Sam McHard of KDH's Houston office arranged the loan through AVIVA.
BALTIMORE, MD. — American Real Estate Capital has arranged a $43.5 million loan to refinance the construction loan on the 194,998-square-foot McHenry Row, a Class A office and retail building located in Baltimore. The property includes a 60,988-square-foot Harris Teeter, 47,032 square feet of retail space and 86,978 square feet of retail space. The apartment component and parking garages are not part of the collateral.
ORLANDO, FLA. — Continental Realty Corp. has acquired the 116,000-square-foot Waterford Park, a mixed-use development located at 12301 Lake Underhill Road in Orlando, for $13.25 million. The property is 45 percent leased to office, medical and retail tenants, including BB&T, Florida Radiology Imaging, Keller Williams Realty and Signature Title Co. Ray Turchi and Ryan Cockerill of Marcus & Millichap represented the seller in the transaction. The buyer was self-represented.
NEW YORK CITY — GFI Realty Services has arranged the $9.4 million sale of 750 10th Ave., a mixed-use building in Manhattan built in the early 1900s. The sale translates to $600 per square foot. The five-story building contains 20 apartments and four stores totaling 15,506 square feet. Barak Jacobov and Shulem Paneth of GFI Realty Services represented the seller in the transaction. Ohad Babo, also of GIF Realty Services, represented the buyer, a local investor.
