WASHINGTON, D.C. — Cassidy Turley secured $46.5 million in debt financing for 293,845-square-foot Georgetown Center, two buildings located at 2121 and 2115 Washington Ave. in Washington, D.C. The two buildings are a major off-campus location for Georgetown University and MedStar Health. John Campanella of Cassidy Turley's Washington, D.C. office arranged the five-year, interest only loan from a CMBS lender on behalf of the owner, Chevy Chase, Md.-based JBG Companies.
NEW YORK CITY — Robert K. Futterman & Associates (RFK) has brokered the sale of the leasehold interest in two five-story mixed-use buildings located at 36 W. 34th St. and 41 W. 33rd St. in Manhattan. ISTA WEST 34 STREET LLC purchased the interest from ALGM Leasehold II LLC for $7.4 million. The two buildings total 20,000 square feet. Aerosoles occupies the retail space in the 34th Street building. Jeff Fishman and Brian Segall of RFK Investment Sales & Advisory Services represented both parties.
KANSAS CITY, KAN. — LANE4 Property Group is developing 39Rainbow, a multi-phased, mixed-use development in Kansas City. Located across from the University of Kansas Medical Center and Hospital, the project will offer upscale retail, commercial/medical space and hotel components. The first phase includes the demolition of the former Sun Inn Hotel at the southwest corner of Rainbow Boulevard and Marty Avenue in Kansas City. Upon completion in spring 2012, the property will include approximately 10,000 square feet of retail space on the first floor and an 83-room Holiday Inn Express & Suites on floors two through four. Current tenants for the first phase include Five Guys and Yogurtopia, among other retailers. The second phase, which is slated to break ground in spring 2012, will double the street-level commercial space and offer four floors of commercial and medical space. Project partners include Lodging One Hospitality, Davidson Architects and Engineering, Crossland Construction Co., Polsinelli Shughart Law Firm, Enterprise Bank and Center Bank of Kansas City.
LOS ANGELES — Investment Real Estate Associates has brokered the $8.4 million acquisition of Sunset Pacifica, a 17-unit mixed-use building located at 17351 West Sunset Boulevard in the Pacific Palisades area of Los Angeles. IREA’s Clark Everitt and William Everitt represented the buyer, Jake Mathews and 9 Mile Investments, in the REO transaction, and Jones Lang LaSalle represented the Seller, 17351 W. Sunset Blvd. Inc.
CHESTERFIELD, MO. — NorthMarq Capital has arranged first mortgage financing for Drury Plaza in Chesterfield. The 274-room hotel is located at 355 Chesterfield Center East. Financing was based on a 10-year term and a 25-year amortization schedule. Jeff Chaney of NorthMarq's St. Louis regional office secured the financing through NorthMarq's relationship with a correspondent life insurance company. Additional terms of the loan were not released.
WEST BEND, WIS. — Madison, Wis.-based Ascendant Holdings has acquired a 21,534-square-foot multifamily, office and retail building in downtown West Bend for an undisclosed price. Originally constructed in 1893, the property is currently occupied by Robert W. Baird & Co. and Cafe Soeurette. Patrick Gallagher and Matson Holbrook of Siegel-Gallagher Inc. represented the seller, Sheoygan, Wis.-based Community Bank & Trust, in the transaction.
WASHINGTON, D.C. — NorthMarq Capital has arranged $31.5 million in acquisition and bridge financing for 1250 23rd Street Northwest in Washington, D.C. The 130,000-square-foot mixed-use/office building was 60 percent leased at the time of closing. Financing was based on a 3-year, interest-only term and was arranged for the undisclosed borrower by NorthMarq through a correspondent lender relationship. Gary McGlynn and Jason Smith of NorthMarq's Washington, D.C., Regional office secured the financing.
NEW YORK CITY — The Battery Park City Authority has signed a lease agreement with a joint venture between the Poulakakos family and The Dermot Company at Pier A, a redevelopment project located in Lower Manhattan between Battery Park City and Battery Park. The joint venture will open a restaurant with an oyster bar and outdoor seating, an event venue and a visitor's center in the building. Stalco Construction is currently redeveloping the pier's 36,000-square-foot building, which will contain a mix of restaurants, event space, a coffee shop and a visitor's center. H3 Hardy Collaboration designed the project.
HOUSTON — Landmark Houston Hospitality Group (LH2G) is revitalizing Scouts Square, a redevelopment of the former headquarters of the Boy Scouts of America building. Landmark will add an additional floor to the existing building as well as a full renovation and an outdoor area with a large patio and gardens. Phase I of the project, which broke ground earlier this year, will consist of 50,000 square feet of retail and office space with a seven-story parking garage. Anchor tenants will include the Moroccan themed Moor's Restaurant & Hooka Bar and Black Finn Saloon. Meanwhile, Phase II will consist of first floor retail, apartments and additional parking with a construction date slated for early 2012.
MIAMI — BVT Development Partners has completed the sale of Coral Station, a 3-acre development site located at 1420 S.W. First Court in Miami's Brickell Financial District. A private foreign investment group led by Miami-based Alex Vadia acquired the property for $14.78 million. Potential development options for the site include residential, hotel and retail.