SAN ANTONIO — The NRP Group LLC, in partnership with Balfour Beatty Capital and Alamo Colleges, will construct a $30 million mixed-use development featuring 215 student housing units, a 1,000-car parking garage and 27,000 square feet of commercial lease space in downtown San Antonio. Student housing units will be available in one-, two- and four-bedroom options. The NRP Group and Balfour Beatty Capital coordinated with the Tobin Hill Neighborhood Association, Campus Advantage Inc., and area businesses to tailor the development.
SANTA MONICA, CALIF. — MEI Real Estate Services has secured $11.5 million in construction financing for a mixed-use development in Downtown Santa Monica. The project will contain 40 high-end residential suites situated above more than 8,500 square feet of retail. The project is slated for completion in late 2012. MEI secured the financing on behalf of a private investor.
SMYRNA, GA. — CB Richard Ellis has arranged $41.38 million in financing for the 424,199-square-foot mixed-use property The Highlands of West Village in Smyrna. The property has nine buildings with 292 apartment units and 62,934 square feet of retail. Robert LaChapelle, Bill Tyler and Matt Forgione of Atlanta-based CBRE's Debt & Equity Finance Group represented the borrower, Branch Properties. Freddie Mac is the lender.
ROCKWALL — Rockwall Commons, a 216,651-square-foot mixed-use property located at 1309-1407 Ridge Rd. in Rockwall, has sold. Capmark Finance, Inc., sold the property to Dallas-based Tabani Acquisitions, LLC, an investment group. Lamont Rattler and David Ellis of Cushman & Wakefield's Dallas office represented the seller. Rockwall Commons includes 202 multifamily units, 7,769 square feet of retail space, 25,388 square feet of office space, and a 5,750-square-foot retail pad.
EAST RUTHERFORD, N.J. — The lenders controlling the troubled Xanadu project have reached an agreement with Triple Five Group to restart construction of the Meadowlands retail complex. Renamed American Dream Meadowlands, the project will feature an enclosed amusement park, an indoor water park, an ice rink, a cinema, an aquarium, a comedy club and a performing arts theater in addition to millions of square feet of retail space. The project's much-maligned exterior façade will also be changed. The complex will open in late 2013. Triple Five is also the owner of the Mall of America in Minnesota and the West Edmonton Mall in Alberta, Canada.
ATLANTA — OliverMcMillan has closed on its purchase of The Streets of Buckhead, a 6-block, 8-acre luxury mixed-use project in Atlanta. Construction, which halted in 2009 due to lack of financing, will begin later this year with an estimated completion in 2013. The firm will evolve architectural plans and re-engage leasing efforts, adding an additional $300 million investment to complete the project, on which $400 million has already been spent to date.
FORT WORTH — Fort Worth-based Trademark Property Co., a real estate services, investments and development firm, is relaunching its WestBend mixed-use development on University Drive in Fort Worth. Construction was halted in fall 2008 as the retail sector faltered. Completion of the seven-level garage to serve existing office buildings and restaurants will be Trademark's first order of business. New retail construction is slated to begin in mid 2012, with an opening date set for late 2013. Current tenants include Smashburger, Zoe's Kitchen, Silver Fox and the River Plaza office tenants. WestBend will include 90,000 square feet of retail space, 150,000 square feet of office space and 130 hotel rooms upon completion. Trademark is currently seeking a hotel developer for the mixed-use property.
ARLINGTON, VA. — Prudential Mortgage Capital Co. has closed a $125 million loan for Saul Centers, a Bethesda, Md.-based REIT on behalf of Prudential's General Account. The loan provides financing for Clarendon Center, a new 402,00-square-foot mixed-use development located in Arlington. The 15-year loan has a 25-year amortization. The south tower contains 244 luxury apartments, 75,500 square feet of Class A office space and 29,500 square feet of ground floor retail anchored by Trader Joe's. The north tower contains 95,500 square feet of Class A office space and 13,000 square feet of fully leased ground floor retail.
LAFAYETTE AND VALPARAISO, IND. — New York-based Broad Street Advisors has arranged an equity investment for two Indiana lifestyle centers totaling 440,449 square feet. The joint venture is between an undisclosed U.S.-based institutional investor provided equity to Indianapolis-based Lauth Group, the prior owner and developer of the property. The first property is the 337,652-square-foot, Class A lifestyle center Lafayette Pavilions, located in Lafayette. It is 85 percent occupied and anchored by TJ Maxx, Office Depot and Hobby Lobby. The second is the 91,897-square-foot, Class A shopping center Porter's Vale, located in Valparaiso. It is 81 percent leased and anchored by Cinemark, Justice and Rue 21.
PENSACOLA, FLA. — Construction has begun for Airport and 12th, a $24 million, 11.44-acre mixed-use development at Pensacola Gulf Coast Regional Airport in Pensacola. The developer of the project is Sandspure Development, an affiliate of Gulf Breeze, Fla.-based Innisfree Hotels. The project contains more than 11 acres of office and retail space as well as a 127-room Hyatt Place Hotel. Innisfree Hotels will build and manage the hotel, which will connect directly to the airport terminal. Philip Partington of Pensacola-based SMB Architecture has been selected as the architect, Birmingham, Ala.-based Robins and Morton has been selected as the general contractor, and Justin Beck of Pensacola-based Beck Property Co. has been chosen to market the five outparcels. Airport and 12th will open in March 2013.