PORTLAND, ORE. — Marcus & Millichap Capital Corporation has arranged a $5.3-million CMBS loan for the acquisition of a mixed-use retail and multifamily property in Portland. The 10-year loan features a fixed rate of 5.5 percent with a 72 percent loan-to-value and a 30-year amortization schedule. Financing was arranged by Steven Wiltshire out of the firm’s Portland office.
HARRISON, N.J. — The 275-unit Phase I of Harrison Station, a mixed-use development, located at 300 Somerset St. in Harrison, has opened. Upon completion the property will feature 2,600 residences, a hotel and 80,000 square feet of retail space. Harrison Station is being developed by a joint venture between Ironstate Development Co. and The Pegasus Group, both based in Hoboken, N.J. Harrison Station first phase offers amenities including a fitness center, a lounge, an outdoor pool, a sand volleyball court, a parking garage and a landscaped courtyard.
NEW YORK CITY — NorthMarq Capital has arranged $2.5 million in first mortgage financing for a 38,998-square-foot, mixed-use property, located at 225 47th St. in New York City's Brooklyn neighborhood. Craig Bjornsund of NorthMarq's New York office arranged the financing with a 25-year term and a 25-year amortization schedule through StanCorp Mortgage Investors on behalf of the borrower, 225 47th Street Property, LLC. Pergolis Swartz Associates originated the loan.
NEW YORK CITY — An elevator loft building, located at 449 Washington St. in New York City's Tribeca neighborhood, has been sold for $6.9 million. The five-story property spans 8,200 square feet. James Nelson, Christopher Johnson and Nick Petkoff of Massey Knakal represented the seller, while Prudential Douglas Elliman represented the buyer, a residential condominium converter. The property features a conference room, hair and make-up room, full bathroom, TV lounge, kitchenette and DJ platform.
NEW YORK CITY — NorthMarq Capital has arranged $3.7 million in first mortgage financing for 340 E. 86th St. in New York City, a mixed-use development consisting of 15 residential units and a ground floor retail space. Robert Ranieri of NorthMarq's Capital Services East Group arranged the financing based on a 30-year term and a 30-year amortization schedule for the borrower, Davenport Realty, through AmeriSphere Multifamily Finance.
HOUSTON — A joint venture between LaSalle Investment Management, Inc. and Houston-based Midway Cos. has acquired CityCentre II, a 149,827-square-foot, mixed-use property in Houston's 1.8 million-square-foot CityCentre development. The six-story CityCentre II is currently 90 percent leased to tenants like BB&T Corp., SEACOR Holdings, Cargill, Inc., and The Tasting Room. The joint venture between LaSalle and Midway has also provided equity for the development of CityCentre III, a 120,000-square-foot, mixed-use center, which is scheduled for a late 2012 completion. Tenants for CityCentre III, which is currently 44 percent pre-leased, include Texas A&M, LLOG Exploration Co. and Montco Offshore Inc. Dan Miller, Martin Hogan and Trent Agnew of Holliday Fenoglio Fowler represented the seller, a joint venture between Midway and L&B Realty Advisors in the transaction, and Tom Fish, James Tramuto and Robby Zorich of Jones Lang LaSalle represented the buyer.
NEW YORK CITY — First Atlantic Real Estate has purchased an approximately 22,000-square-foot mixed-use property in Manhattan's Meatpacking District at 344-346 W. 14th St. in New York City for $23.25 million. Grubb & Ellis' Vincent Carrega, Neil Helman, Jason Meister and Charles Kingsley represented the seller, Real Estate Equities Corp., in the transaction, while First Atlantic was self represented. The property features 20 residential units and two retail spaces featuring selling basements. The six-story property sold with a cap rate at 5.45 percent.
NEW YORK CITY — Hudson Realty Capital has funded an $11.6 million construction loan for the conversion of a vacant mixed-use building in Brooklyn's Park Slope in New York City. The three-story property features 20,757 square feet of residential space and 6,175 square feet of sub-street level medical office space. The condominium conversion will include making just 15 residential units that feature three bedrooms and outdoor balconies or decks.
DALLAS — Dallas-based Cypress Equities has secured a combined $187 million in loans for three retail properties in North Carolina, South Carolina and Texas. Carlyle/Cypress West 7th, LLP, a partnership with The Carlyle Group and Cypress, secured a $98 million bridge loan through GE Capital Real Estate for West 7th, a 660,865-square-foot mixed-use development in Fort Worth. The mixed-use development includes 254,107 square feet of first floor restaurant space, 103,220 square feet of Class A office space and 345 residential units. Proceeds from the bridge loan are refinancing existing construction loans from eight lenders. The 3-year, adjustable rate loan will go toward paying for future tenant improvement costs and leasing commissions.
LOS ANGELES — Colliers International has sold a 34,320-square-foot, mixed-use building in Los Angeles to E-Tokyo Gateway LLC for $3,935,000. The five-story office and retail building is located in Downtown Los Angeles’ Little Tokyo neighborhood. The seller, Little Tokyo LLC, was represented by Kathleen A. Silver and Kay Thorpe of Colliers’ West Los Angeles office.