NEW YORK CITY — A joint venture between The Hakimian Organization, Peykar Brothers Realty and Gorjian Properties has closed on an extension for its construction loan for the 75 Wall Street mixed-use project in New York City. The extension for the $263 million loan is for a 2-year period with an additional 1-year extension option. The hotel portion of the tower, which is operated as Hyatt's new Andaz brand, opened in January. It contains 253 guestrooms and suites as well as the restaurant Wall & Water and Bar Seven Five. The top 24 floors of the 42-story tower contains 346 luxury residential condominiums. Amenities include a residents-only area on the 18th floor containing a fitness center, a media room and a game room. The building's rooftop lounge contains a solarium, a lounge and a hot tub. The building's ground-floor retail space is leased by KitptonART as gallery space.
NEW YORK CITY — The Dermot Company is planning to develop a new mixed-use property at 101 Avenue D on Manhattan's Lower East Side. The project will feature 78 mixed-income residences. Approximately half of the units will be set aside for low- and moderate-income residents. Amenities will include a fitness center, a rooftop deck and bike storage. The 12-story building will also house the new 30,000-square-foot headquarters for the Lower East Side Girls Club. Finally, the building will contain 4,700 square feet of retail space. The project is applying for LEED-Gold certification. Completion is slated for June 2012. Dermot's joint venture equity partner in the project is Grosvenor Investment Management. The general contractor is D7 Construction. Additional development partners include the New York City Department of Housing Preservation and Development and the NYC Housing Development Corp.
MARBLE FALLS, TEXAS — Southstar Development Partners is beginning the first phase of Flatrock Springs, a 1,030-acre development in Marble Falls. The property will eventually encompass 700,000 square feet of retail and office space, and will include space for 2,100 residential units. The first phase will be located at the interchange of highways Texas 71 and U.S. 281.
CHARLOTTE, N.C. — Madison Marquette has purchased an ownership stake in Charlotte's Morrison mixed-use project for an undisclosed amount. The property, which is located in the SouthPark area, was built by Casto Lifestyle Properties in partnership with Grubb Properties. Morrison features 214 apartment units, 121 condominiums and a retail portion that is anchored by Earth Fare Organic Grocer and Barnes & Noble Booksellers. The project's first phase opened in 2006.
PORTLAND, ORE. — Behringer Harvard has acquired Tupelo Alley, a mixed-use community consisting of 188 apartment units and approximately 10,000 square feet of retail space in Portland. Located at 3850 N. Mississippi Ave., Tupelo Alley consists of three controlled-access residential buildings, one a mid-rise structure and the other two three stories tall. Constructed in summer 2009, the community is seeking LEED certification. The purchase was made through the joint venture between Behringer Harvard Multifamily REIT I Inc. and PGGM Private Real Estate Fund, an investment vehicle for Dutch pension funds.
DALLAS — Spire Realty Group has broken ground on The Spire, a six-building mixed-use project in the Arts District of downtown Dallas. The first phase of development will include a 21-story building that will house 359,549 square feet of office space, 25,465 square feet of retail and 36 residences. The firm WDG designed the project, and Austin Commercial is acting as general contractor.
PHOENIX METRO — Sunbelt Holdings has acquired from SunCor Development Co. more than 1,900 acres of commercial and industrial land, a 440,000-square-foot industrial building, a 2,500-space parking garage, an office/retail building and office condominiums, as well as two 18-hole golf courses, in Arizona’s Valley of the Sun. The independent purchases include commercial land at Hayden Ferry Lakeside in Tempe; commercial and industrial land at Palm Valley in Goodyear, Avondale and Litchfield Park; Sanctuary Golf Course in Scottsdale and SunRidge Canyon Golf Course in Fountain Hills. Scottsdale-based Sunbelt Holdings began managing the properties on July 15.
CHICAGO — Sue Blumberg of NorthMarq Capital’s Chicago Regional office has arranged $28.87 million in fixed-rate financing for Pensacola Place, which is located at 4334 N. Hazel in Chicago. The property consists of 79,000 square feet of commercial space and 264 renovated multifamily units. Commercial tenants include Jewel-Osco grocery store and World Gym. Financing was based on a 7-year term with a 30-year amortization schedule. The loan was arranged for the borrower, Pensacola Place, through NorthMarq’s seller-servicer relationship with Freddie Mac.
NORTHPORT, N.Y. — Construction is complete for Northport Commons, a 19,000-square-foot multi-use center located in Northport. Situated at the intersection of Fort Salonga and Rinaldo roads, the two-story project contains 9,000 square feet of retail space on the first floor. Tenants include Subway, La Casa Pizza, Happy Farms Fruit, a yoga center, a coffee shop and a convenience store. The 10,000-square-foot top level of the building is leased to chid care center The Learning Experience. The project architect for Northport Commons was Livingston, N.J.-based Jarmel Kizel Architects & Engineers.
NEW YORK CITY — The Moinian Group has received a temporary certificate of occupancy for the W New York – Downtown Hotel & Residences that will allow the hotel and restaurant portions of the mixed-use project to open later this month. Located at 123 Washington St. in Manhattan's Financial District, the 58-story tower contains a 217-room W Hotel, 223 residential condominiums, the BLT Bar & Grill and the Living Room Bar & Terrace lounge. Amenities of the project include a fitness center and a rooftop deck garden.