WESTPORT, CONN. — Finance and advisory firm Axiom Capital Corp. has arranged a $10.3 million loan for the refinancing of an office building in Westport, located in the southern coastal part of the state. The building features proximity to Interstate 95 and U.S. Route 1 and is leased to tenants such as Northwestern Mutual Life Insurance, Charter Oak Equity and Lime Rock Partners. The nonrecourse loan was structured with a five-year term and a fixed interest rate. The borrower and direct lender were not disclosed.
RALEIGH, N.C. — Avison Young has secured a $40 million senior loan to fund the pre-development activities and horizontal infrastructure construction for Midtown Exchange, a $1 billion mixed-use development underway in Raleigh. The developer of Midtown Exchange, Dewitt Carolinas, received the funding for the 353,000-square-foot office tower. Wes Boatwright, Mike Yavinsky and Jon Goldstein of Avison Young led the financing transaction through an undisclosed lender. At full buildout, Midtown Exchange will include 790,000 square feet of Class A office space, 1,275 residential units, 300 seniors housing units, 300 hotel rooms, 125,000 square feet of retail and dining space, a convention center and more than seven acres of green space and park amenities. Raleigh-based Dewitt Carolinas is active in development, ownership, management and acquisition of real estate throughout the Carolinas. The firm has completed more than 600 developments and over $2 billion of construction.
INDIANAPOLIS — Marcus & Millichap has brokered the sale of Heritage Park I in Indianapolis for $8.6 million. The 86,657-square-foot office building is located at 6612 E. 75th St. Alexander Nulf, Joseph DiSalvo and John Godwin of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Nulf secured and represented the buyers, a limited liability company and a private investor.
AUSTIN, TEXAS — Atlanta-based developer Cousins Properties will develop Domain 9, a 335,000-square-foot office building that will be located within The Domain, a mixed-used development on Austin’s north side. Total project costs are anticipated to be about $147 million. Cousins plans to break ground on Domain 9 in the second quarter and to deliver the building in mid-2023. The company’s current office portfolio within the Domain submarket spans 2.1 million square feet and is 98 percent leased.
IRVING, TEXAS — Caterpillar Inc., the Illinois-based manufacturer of construction and mining equipment, will open a new regional office at Williams Square, a 1.4 million-square-foot office campus in Irving. Caterpillar will occupy multiple floors at Williams Square West Tower, one of the campus’ four buildings, with a projected move-in date of early 2022. The square footage of the newly designed office space has not yet been determined. Bill Brokaw and Karch Schreiner internally represented the landlord, a partnership between Apollo Global Real Estate, Vanderbilt Partners and Hillwood Urban, in the lease negotiations. Ned Franke and Matt Heidelbaugh of Cushman & Wakefield represented Caterpillar.
DALLAS — California-based Fenway Capital Advisors has acquired Campbell Centre, a 322,283-square-foot office building located at 8150-8350 N. Central Expressway in Dallas. The 20-story property was originally built in 1978 and was renovated in 1999 and 2009. Amenities include a 6,000-square-foot fitness center with locker rooms, a 70-seat conference facility, deli and a tenant lounge. Fenway Capital Advisors plans to modernize the interior of the building. The seller was not disclosed.
NEW YORK CITY — Bank of America has provided a $52 million loan for the refinancing of Flushing Plaza, a 233,436-square-foot office building in Queens. The property includes 71,930 square feet of medical office space, 10,653 square feet of retail space and an 808-space parking garage. Gideon Gil and Alex Lapidus of Cushman & Wakefield arranged the loan, which carried a 10-year term and a fixed interest rate, on behalf of the borrower, Muss Development LLC.
NEW YORK CITY — A joint venture between Los Angeles-based PCCP LLC and locally based owner-operator The Kaufman Organization has purchased the leasehold interest in 135 West 29th Street, an 81,283-square-foot office building in Midtown Manhattan. The 12-story building was originally constructed in 1911 and is currently 63 percent leased to 28 tenants. The joint venture plans to implement a capital improvement program that will upgrade the lobby, façade, elevator systems and common areas.
LOS ANGELES — JLL Capital Markets has secured $42.5 million in refinancing for Wilshire West Medical Tower, a medical office building located in the Brentwood neighborhood of West Los Angeles. Marc Schillinger and Keith Rosso of JLL’s Capital Markets team represented the borrower, a private, Los Angeles-based medical office owner-operator, to secure the long-term, fixed-rate loan. Located at 11645 Wilshire Blvd., the property features 78,702 square feet of medical office space and is leased to a diverse mix of medical office tenants, including physicians, dental practices, plastic surgeons, medical testing and rehabilitation operators and aestheticians.
Bellwether Enterprise Secures $23.5M Refinancing for Medical Office Buildings in Southern California
TORRANCE, CALIF. — Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, has arranged $23.5 in refinancing for two medical office buildings in Torrance. The properties are a 37,143-square-foot, four-story building on 1.67 acres at 3500 Lomita Ave. and a two-story, 42,101-square-foot building on 2.7 acres at 23560 Madison St. The undisclosed borrower acquired both assets in 2008. Kevin Mulvaney of Bellwether Enterprise’s Los Angeles office arranged the loan with MetLife.