LYNDHURST, N. J. — Walker & Dunlop has arranged $21 million in financing for Riverside Plaza, a mixed-use complex in Lyndhurst. Freddie Mac provided the loan, which has a 7-year term and 30-year amortization schedule. Riverside Plaza is a six-story complex that includes studios, one- and two-bedroom apartments, and retail suites on the first floor. Stephen Farnsworth led the Walker & Dunlop team.
NEW YORK CITY — A private equity group has agreed to buy 511 W. 25th St. in Chelsea, a 195,000-square-foot property, for $93 million from Pembrook Capital Management. The three-building, mixed-use property includes an art gallery and office complex. The sale is expected to close in the first quarter of 2012. Darcy Stacom of CBRE represented Pembrook in the transaction.
NEW YORK CITY — Mortgage Equicap has arranged $4 million in permanent mortgage financing for a mixed-used building in West Village. The four-unit apartment building includes ground-floor retail. The non-recourse loan was financed by a commercial bank and includes a five-year fixed rate.
DALLAS — Fort Worth-based Crescent Real Estate Holdings will develop a 600,000-square-foot mixed-use project on its 3.1-acre parcel at McKinney Avenue and Olive Street in Dallas. Pelli Clarke Pelli Architects, designer of the World Financial Center in New York City, the Petronas Towers in Malaysia and the International Finance Centre in Hong Kong, will design the project. The property will feature 400,000 square feet of office space, 60,000 square feet of retail space and 50 luxury residences. The project will break ground once it has been successfully pre-leased.
BURLINGTON, MASS. —Norblom Co. has released plans for Third Avenue, a dining and entertainment destination, within its Northwest Park mixed-use development in Burlington. Infrastructure work to pave the way for Third Avenue is nearly finished and the project is scheduled to begin construction in the spring of 2012. Demolition will soon begin to accommodate 300,000 square feet of retail space through Third Avenue's first phase of development. The development will be anchored by Wegmans, a supermarket chain.
NEW YORK — Marcus & Millichap has brokered the $3.5 million sale of a 9,625-square foot mixed-use building, located at 307 E. 85th St. in New York City. Peter Von Der Ahe, Joe Koicim and David Loyd of Marcus & Millichap's Manhattan office represented the buyer and seller, both limited liability companies, in the transaction.
BETHESDA, MD. — StonebridgeCarras, PN Hoffman and Northwestern Mutual have formed a joint venture to develop a $200 million mixed-use project, located at the corner of Woodmont and Bethesda Avenues in Bethesda. The development will contain 250 residential units and 40,000 square feet of retail space. SK&I Architectural Design Group designed the project and the Clark Construction Group has been retained as the general contractor. Stephen Conley, Dave Nachison, Alan Davis, Mark Remington and Dan McIntyre of HFF's Washington, D.C., office represented StonebridgeCarras and PN Hoffman in the creation of the joint venture. Ground breaking is slated for January of 2012.
LEBANON, TENN. — Nashville, Tenn.-based Vastland Realty Group has broken ground on the first two tenants at the 165-acre Cumberland Center, located on Interstate 40 at Highway 231 in Lebanon. The mixed-use development will contain 1 million square feet of retail space, 500,000 square feet of office space, and a 160,000-square-foot Community Events Center, as well as outparcels for hotels, restaurants and more. Construction has begun for Phase I, Section I, which has been approved for hotel, restaurant, office and retail elements, including a 6,500-square-foot Logan's Roadhouse and a 13,500-square-foot RCC Western Wear. The first tenants are slated to open in the fall of 2012.
FORT WORTH — Cypress Equities has arranged a $14.5 million construction loan for Phase III of West 7th, a mixed-use property located on the southeast corner of West 7th Street and University Drive North in Fort Worth. The property features 441 residential multifamily units, 254,107 square feet of retail space and a 103,220-square-foot office building. Phase III will add 32,000 square feet of retail space and 96 multifamily units to the property, which is currently leased to tenants such as Bar Louie, Sweet Tomatoes, The Boardroom Salon for Men, Keena's of Fort Worth, Peruvian Atelier and Wink. Cypress arranged the loan through OmniAmerican Bank and Southwest Bank on behalf of the owner, CRP Cypress West 7th LLC.
NEW YORK CITY — NorthMarq Capital has arranged $10.5 million in first mortgage financing for the Gateway building, a 41,832-square-foot mixed-use space located at 127-137 E. 125th St. in New York City. Tenants include Duane Reade, Raymour & Flanagan and NYSARC. Craig Bjornsund of NorthMarq's New York office arranged the financing for the borrower, 125th Street Gateway Ventures, through NorthMarq's correspondent relationship with Symetra Life Insurance Co. The seven-year loan has a 25-year amortization schedule.
