STAMFORD, CONN. — Three retailers have signed leases at Atlantic Station, a mixed-use development located in Stamford. Lovesac, Golf Lounge 18 and Fresh & Co. will occupy 28,000, 9,000 and 3,000 square feet, respectively. RXR owns the property, which features 650 residences and 82,000 square feet of retail space. Brian Scruton of Cushman & Wakefield represented Lovesac in the lease negotiations; Tim Rorick and Janey Steinmetz of Newmark represented the landlord in conjunction with internal agents. Tyler Lyman of True Commercial represented both parties in the Golf Lounge 18 deal. Lyman also represented the landlord in lease negotiations with Fresh & Co., with Sabre representing the tenant.
NEW YORK CITY — ENT and Allergy Associates (ENTA) has opened a 10,000-square-foot healthcare clinic in the Flushing area of Queens. In February, ENTA signed a long-term lease expansion and renewal at the property, expanding its medical footprint from 1,800 square feet. Jonathan Serko of Cushman & Wakefield represented the tenant in the lease negotiations. Miles Mahony of RIPCO Real Estate represented the landlord, Simone Development Cos.
KANSAS CITY AND ST. LOUIS — Pearlmark has provided a $15.5 million mezzanine debt investment for the refinancing of a 10-property industrial portfolio in metro Kansas City and St. Louis. The warehouse and light industrial assets total 1.9 million square feet and are fully leased. Five properties are located in metro Kansas City and five are in metro St. Louis. The assets were constructed between 1994 and 2021. Pearlmark made the investment on behalf of Pearlmark Mezzanine Realty Partners V LP. An entity managed by Argentic Investment Management LLC provided the senior loan. SparrowHawk owns the portfolio. Brian Walsh of JLL arranged the financing on behalf of SparrowHawk. Mark Witt led the transaction on an internal basis for Pearlmark.
PACE Loan Group Originates $7.1M C-PACE Loan for Construction of Senior Living Facility in Minnesota
ST. FRANCIS, MINN. — PACE Loan Group has provided a $7.1 million C-PACE loan for the construction of Vista Prairie at Eagle Pointe, a 134-unit senior living community in St. Francis, a northern suburb of Minneapolis. The 20-year loan complements a $30 million qualified tax-exempt loan on the project using Series 2023A Bonds with Sunrise Bank as the senior lender. Located at 23440 Ambassador Blvd., the property will feature 49 independent living units, 43 assisted living units, 24 memory care units and eight care suites. Completion is slated for 2025. Total project costs are estimated at $47.6 million. The PACE proceeds will be used to finance energy conservation and renewable energy measures, including the building envelope, Energy Star windows, HVAC, high-efficiency plumbing and lighting systems and controls. The renewable and energy conservation measures are expected to save $368,613 annually with payback in 20 years. Vista Prairie Communities is both the property manager and services provider for the project. Additional project partners include Pope Architects and Bauer Design Build.
CHICAGO — Interra Realty has brokered the sales of two multifamily properties in Chicago. The first transaction was an eight-unit building at 5130 S. Greenwood Ave. in the Hyde Park neighborhood that sold for $2.9 million. The second was a 17-unit property at 6251 N. Talman Ave. in the West Ridge neighborhood that sold for $2.2 million. Brad Feldman of Interra represented the Greenwood buyer, a local private investor, and the seller, Barnett Capital. Feldman also procured the buyer of the Talman property, a local private investor. Feldman and colleague Kevin Rahmanim represented the seller, a local family-owned limited liability company. Greenwood was built in 1911 and rehabbed in 2020. The building was fully occupied at the time of sale. Talman was built in 1955 and was fully occupied at the time of sale. The buyer plans to renovate all units and add a bedroom to select units.
INDIANAPOLIS — Marcus & Millichap has arranged the sale of Glenstone Apartments in Indianapolis for $2.2 million. The 44-unit multifamily property is located at 2215 E. 56th St. and features studio units that average 250 square feet. Built in 1965, the asset is located in the Canterbury-Chatard neighborhood. Jack Friskney, Austin Meeker and Aaron Kuroiwa of Marcus & Millichap represented the buyer and seller, both Indianapolis locals. The seller is existing after nearly a decade of ownership and is moving closer to retirement. The buyer plans to renovate the units over the next 12 to 24 months.
ALEXANDRIA, MINN. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Diamond Willow Assisted Living & Memory Care, a 20-unit community in Alexandria, about 130 miles northwest of Minneapolis. The sales price was undisclosed. Built in 2006, the 15,483-square-foot community sits on nearly three acres. A private equity firm divesting of a geographic outlier sold the asset to a nonprofit looking to expand in Minnesota. Jason Punzel, Vince Viverito, Brad Goodsell and Jake Anderson of SLIB brokered the transaction.
CORAL GABLES, FLA. — Locally based CMC Group has obtained a $69.9 million loan for the refinancing for 4000 Ponce, a mixed-use development located in Coral Gables, a western suburb of Miami. City National Bank of Florida provided the loan to CMC, whose affiliate Ugo Colombo developed the nine-story project in 2002. Paul Stasaitis, Paul Adams and Nicole Barba of JLL arranged the five-year, floating-rate loan on behalf of CMC Group. Situated at the intersection of Ponce de Leon Boulevard and Bird Road, 4000 Ponce features The Collection, a luxury car dealership whose brands include Ferrari, Aston Martin, Porsche, Maserati, Alfa Romeo, McLaren and Audi. The property also includes 150,000 square feet of office space and 32,000 square feet of retail space. 4000 Ponce was 90 percent leased at the time of sale to tenants including Steinway & Sons, Coldwell Banker, Hemisphere Media Group, Korn Ferry, Evensky & Katz, Pure Barre and Jetset Pilates.
WASHINGTON, D.C. — A joint venture between Up Campus Student Living, Palmor Capital, BridgeInvest and Sabal Investment Holdings has purchased Boathouse, a 250-unit multifamily community located at 2601 Virginia Ave. NW in Washington, D.C.’s Foggy Bottom neighborhood. An undisclosed seller sold the property for $67.5 million. The new ownership is embarking on a redevelopment plan to convert and rebrand Boathouse to off-campus housing for students, faculty and staff for nearby George Washington University. Planned renovations to the 10-story property include updated amenities, common areas and fully furnishing all 250 units. The property, which features retail space and two levels of underground parking, was recently renovated by the previous ownership.
SUMMERVILLE, S.C. — St. Louis-based HDA has been selected to design a new 385,000-square-foot distribution center in Summerville for RoadOne IntermodaLogistics, an intermodal trucking provider. The developer of the build-to-suit project is Equity Industrial Partners, and Frampton Construction is serving as the development’s general contractor. Situated on a 48-acre site northwest of Charleston, the cross-dock facility will feature 32-foot clear heights, 100 dock doors, one drive-in door and parking for 364 trucks and 138 cars. Additionally, the property will include two office spaces with private and open work areas, a conference room, breakrooms, restrooms and a locker room. Site work began for the project in January and is expected to wrap up in January 2025.