NEW YORK CITY — M&T Realty Capital Corp. has provided an $18.7 million Freddie Mac permanent loan for The Louella, an 85-unit affordable seniors housing property in the Fordham Heights neighborhood of The Bronx. The newly built, age-restricted property offers studio, one-, and two-bedroom units. The amenity package comprises onsite laundry facilities, a community room, bike storage space, fitness center and an outdoor recreational area. Sean Cullen of M&T originated the loan through Freddie Mac’s Forward Commitment 9 Percent LIHTC program. The borrower was The Community Builders. Information on specific income and age restrictions was not disclosed.
SEATTLE — EQT Exeter Real Estate Income Trust has purchased LogistiCenter @ Oxbow, a distribution facility in Seattle, for $81.5 million. Brett Hartzell and Paige Morgan of CBRE National Partners West represented the seller in the transaction. The seller was not disclosed, but the property was listed as a previous project on Dermody Properties’ website. Situated on 45.1 acres at 2871 S. 102nd St., LogistiCenter @ Oxbow offers 202,464 square feet of industrial space. Built in 2021, the property features low 10 percent coverage, 36-foot clear heights, 135-foot truck courts and a full drive-around capacity. The property was built as a build-to-suit for Amazon, according to Dermody Properties.
BRENTWOOD, CALIF. — CenterCal Properties and Heitman, through a joint venture, have purchased The Streets of Brentwood, a shopping destination in Brentwood. Terms of the transaction were not released. The Streets of Brentwood offers 358,700 square feet of retail and mixed-use space that serves four major California regions — Bay area, Tri-Valley, Sacramento Delta and the Central Valley. The buyers plan to reimage and enhance the center’s offerings, including the addition of a community gathering space for seasonal events and more lifestyle brands and restaurants.
MILLBRAE, CALIF. — High Street Residential (HSR), the residential subsidiary of Trammell Crow Co., has started construction on One Meadow Glen, an apartment property at 959 El Camino Real in Millbrae, approximately 15 miles south of San Francisco. Situated on 1.8 acres, the six-story property will offer 278 apartments, including 26 affordable units, and 17,000 square feet of ground-floor retail space. The studio, one-, two- and three-bedroom units will range in size from 450 square feet to 1,460 square feet. Community amenities will include a 25-yard lap pool with spa, sauna, cold plunge, a fitness center, coworking lounge, clubhouse and entertainment lounge, pet wash, resident maker space, secure bike storage and secure parking. Completion is slated for second-quarter 2027. Project partners include BDE Architecture as architect of record and SBI Builders as general contractor. HSR acquired the land from Bay Properties, which plans to retain a retail interest in the property.
TUSTIN, CALIF. — Sagard Real Estate has completed the disposition of Tustin Financial Plaza, a multi-tenant office property in Tustin. A local investment firm acquired the asset for $27.5 million. The five-building asset is located at 17772, 17782, 17852 and 17862 E. 17th St. in north Tustin, about 34 miles south of Los Angeles via I-5. Totaling 185,180 square feet, Tustin Financial Plaza consists of four two-story buildings, one four-story building and a 533-space parking lot. At the time of sale, the plaza was 70 percent occupied. Tustin Financial Plaza was built on 8.5 acres in 1973. Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Greg Sullivan of CBRE represented the seller in the deal.
PHOENIX — Concord Summit Capital has arranged a $24.5 million construction loan for the demolition, abatement and infrastructure entitlements for the redevelopment of Metrocenter, a mall situated on 64 acres in Phoenix. The borrowers and developers are Concord Wilshire and TLG Investment Partners. Kevin O’Grady, Daniel Eidson and Ben Applebaum of Concord Summit Capital sourced the financing for the borrowers. The Metrocenter site will be redeveloped into a mixed-use residential village offering more than 1,218 townhome units and approximately 112,000 square feet of essential and service retail. Vertical construction costs are estimated to be more than $500 million. Concord Wilshire Capital and TLG Investment began the abatement and demolition of the Metrocenter Mall last month.
BRICK, N.J. — New Jersey-based developer Walters is underway on Osborn Dunes at South Mantoloking, a 67-unit multifamily restoration project in the coastal community of Brick. Situated on a three-acre barrier island between Mantoloking and Normandy Beach, Osborn Dunes, formerly known as Camp Osborn, was once a small enclave of beachfront bungalows before being destroyed by Superstorm Sandy in 2012. The restoration of the site will feature 67 duplex apartments with an average size of 1,033 square feet, with work on about half of the residences now finished. Full completion is slated for Memorial Day 2025.
NEW YORK CITY — Harvey, a San Francisco-based generative AI platform, has signed a 17,050-square-foot office lease expansion in Midtown Manhattan. The space spans the entire seventh floor of 315 Park Avenue S., a 20-story building in the Flatiron District, and complements Harvey’s original 17,050-square-foot lease that was inked this summer. Todd Stracci, Hugh Scott and Jack Nelson of JLL represented the tenant in the lease negotiations. David Falk, Peter Shimkin and Jonathan Fanuzzi of Newmark, along with internal agents Maria Blake and Ted Koltis, represented the landlord, Columbia Property Trust.
NEW YORK CITY — Locally based real estate giant Tishman Speyer has completed the $3.5 billion refinancing of Rockefeller Center, a 7.3 million-square-foot mixed-use campus in Midtown Manhattan. Bank of America and Wells Fargo led the consortium of lenders that provided the CMBS financing, which carries a fixed interest rate of approximately 6.23 percent. Tishman Speyer will use the proceeds to pay off a 20-year, $1.7 billion CMBS loan and additional mezzanine financing that will mature in May 2025, as well as to fund reserves for contractual leasing costs. Dechert LLP advised Bank of America and Wells Fargo on the transaction. Rockefeller Center was originally developed in the 1920s and comprises more than a dozen buildings across 22 acres between 48th and 51st streets. The campus features office, retail, restaurant and entertainment space, as well as a 24,000-square-foot park atop Radio City Music Hall. Tishman Speyer is currently nearing completion of a redevelopment of the property. The office component of Rockefeller Center is currently 93 percent leased to global occupiers such as Deloitte, Lazard, Christie’s, Simon & Schuster and J.P. Morgan Chase. Retail and entertainment users include LEGO, Banana Republic, Anthropologie, Michael Kors, Catbird, FAO Schwarz and Nintendo. The lineup of …
— By Jacob Pavlik, research manager, Colliers — A 10-mile drive east of Seattle, Bellevue is the top destination for urban retail activity in the Puget Sound. High incomes, healthy daytime employment and the most active office leasing market in the Pacific Northwest means not much more is needed to make a retail space thrive. That is, except reasonable fit-out costs for new space. The Bellevue CBD has seen significant new construction for office buildings (with lots of ground-floor retail opportunities), delivering 3.3 million square feet over the past year alone. Unfortunately, sky-high construction pricing and office market financing challenges have made it difficult to get retail leases done in new buildings. Second-generation spaces in the submarket are the reasonable but diminishing alternative. Second-generation spaces are filling up faster than they become available. The demand is partially from tenants whose buildings were torn down for redevelopment. Given the cost of fitting out a space in a brand-new building elsewhere in the Bellevue CBD, second-generation space is the most lucrative alternative. First-generation space, which delivers as a cold shell without HVAC, plumbing or dry wall, can cost upward of $400 per square foot to build out. Landlords tend to offer $100 …