ABILENE, TEXAS — Old Capital has provided a $10 million loan for Cimarron Apartments in Abilene. An out-of-state ownership purchased the 288-unit asset for an undisclosed price. Old Capital provided a five-year, non-recourse bridge loan with 24 months of interest-only payments and a 30-year amortization schedule. The loan features a rehab budget to bring the 1982-era asset up to date.
SAVANNAH, GA. — NXT Capital has provided a $16 million acquisition loan for One West Victory, a newly constructed apartment community located in Savannah. The Class A property is situated in Savannah’s Historic District and features an on-site restaurant and coffee bar, fitness center, media room and community study lounges. Phil Rachels of CBRE’s Jacksonville office arranged the loan on behalf of the undisclosed borrower.
ROCHESTER, N.Y. — WinnDevelopment and GDD Properties, in a public-private partnership with New York State, have broken ground on the $200 million redevelopment of The Sibley Building, located at the intersection of East Avenue and East Main Street in downtown Rochester. The Sibley Building opened in 1868 as the city’s first department store, and earned a spot on the National Register of Historic Places in 1984. The property will be rebranded as Sibley Square, with the name, logo and signage to be changed in the coming weeks. The phased redevelopment will begin with the $100 million construction of 96 modern apartments on the ninth through 12th floors of the building. Phase I will also include the addition of boutique retail, local artisan foodservice tenants, office space and active senior living apartments, as well as a complete rehabilitation of the façade and windows of the property. The residential components of the building will be named The Lofts at Sibley and The Residences at Sibley. Leases for active adult units at The Residences will be available by the end of this year. Redevelopment of the top floor of the building, once home to the Tea Room of the Sibley Department Store, is …
A new report from George Washington University finds that metropolitan areas in the United States are shifting toward developing more walkable areas, reversing a trend that dates back more than half a century. Christopher Leinberger and Michael Rodriguez of The George Washington University School of Business wrote the report, titled “Foot Traffic Ahead, Ranking Walkable Urbanism in America’s Largest Metros.” “The end of sprawl is in sight,” the authors write. “The nation’s largest metropolitan areas are focusing on building walkable urban development.” For what may be the first time in 60 years, the report finds that walkable urban places (WalkUPs) in all 30 of the largest metros are gaining market share over their drivable suburban competition, which is often accessible only by car. This has been coupled in recent years by substantially higher rental premiums in the office and retail sectors. The 30 metro areas measured include 46 percent of the nation’s population (145 million of 314 million) and 54 percent of the national GDP. They were measured based on the current percentage of occupied walkable urban office, retail and multifamily rental square feet in their WalkUPs. The top walkable metro areas are as follows: The study found that walkable …
NEW YORK CITY — Alchemy Properties Inc. has received $220 million in financing for the conversion of the upper floors of the landmark Woolworth Building into luxury condominiums called The Woolworth Tower Residences. Reed Smith LLP represented the lender, United Overseas Bank Limited, New York Agency, in the financing. The luxury condominium conversion will be designed by Thierry Despont. Built in 1913, the Neo-Gothic tower was commissioned by Frank W. Woolworth and designed by Cass Gilbert. The Reed Smith LLP team included Joseph Sarcinella, Gerard Hefner, Crystal Persaud, Konstantinos Melitsanopoulos and Rose Plager-Unger.
NEW YORK CITY — Big City Realty has acquired an apartment building located at 605 W. 151st St. in Manhattan’s Hamilton Heights neighborhood. Waterbury Realty Management sold the six-story, 31,000-square-foot property for $7.6 million. Built in 1920, the property features 25 apartment units and 14,136 square feet of air rights. Peter Vanderpool and Lazer Sternhell of Cignature Realty Group represented the buyer and the seller in the deal.
NEW YORK CITY — GFI Realty Services has arranged the sale of a pair of five-story, walk-up apartment buildings in Brooklyn’s Prospect Heights neighborhood. CSG Equities acquired the properties, which are located at 218-220 Park Place, for $6.6 million. The buyer plans to convert the buildings, which total 7,300 square feet, into luxury condominiums. Isaac Moskowitz and Yosef Katz of GFI Realty represented the seller, while Sasha Berg, also of GFI Realty, represented the buyer.
ATLANTA — Los Angeles-based sbe and Atlanta-based Trillist Cos. Inc. have partnered to develop the SLS Atlanta Hotel & Residences in Midtown Atlanta. The mixed-use tower will feature 213 hotel room and suites, 56 condominium residences, dining options and meeting spaces. Ranging in size from 1,600 to 4,000 square feet, the residences will feature a mix of two-, three- and four-bedroom units. Trillist and sbe plan to break ground on the tower in early 2017 with completion slated for early 2019. Dakota Development, a subsidiary of sbe, will collaborate with Trillist on the property’s design and concept. SLS Atlanta Hotel & Residences will be situated near the Woodruff Arts Center, High Museum of Art, Midtown Mile and Piedmont Park.
FARMINGTON HILLS, MICH. — Compatriot Capital Inc. has acquired Jonathan Holtzman’s remaining ownership interest in Village Green Holding, a privately held developer, owner and manager of apartment properties headquartered in Farmington Hills. Compatriot Capital and Village Green had been co-owners of the company since 2011. Holtzman stepped down as chairman and CEO but acquired a majority ownership in select apartment communities owned by Village Green. Village Green will retain its name and maintain its property management, acquisition and development business model. Village Green, established in 1919, manages $4.5 billion in real estate assets and approximately 40,000 units at more than 150 properties. Headquartered in Dallas, Texas, Compatriot directs the real estate investment strategy for Sammons Enterprises Inc., a global holding company with assets in excess of $71 billion.
TOLEDO, OHIO — Reichle Klein Group has brokered the sale of an 87-unit apartment property in Toledo for $1.2 million. Devonshire Apartments is a three-building property that is situated on 4.8 acres at 902 Gribbin Lane. Australia-based First Eleven LLC sold the property to an investor based on the East Coast. Walter Plath and Harlan Reichle of the Reichle Klein Group represented the seller in the transaction.
