DALLAS — Savills has signed a 10,000-square-foot office lease expansion in Uptown Dallas. The commercial real estate advisory firm will relocate to the 14th floor of 23Springs, a 626,215-square-foot building in Uptown that is under construction, next spring. The deal represents a 25 percent expansion over Savills’ current space at Dallas Arts Tower. Granite Properties is developing 23Springs, which is now 56 percent preleased.
NEW YORK CITY — A partnership between locally based developer BFC Partners, CB Emmanuel, nonprofit organization Catholic Homes, Pinnacle City Living and the New York City Housing Authority (NYHCA) has received $332.3 million in financing for the redevelopment of West Brighton I and II on Staten Island. The project, which is being carried out through the NYHCA’s Permanent Affordability Commitment Together (PACT) program will rehabilitate 574 affordable housing units that are home to more than 1,300 residents. The development team will also reactivate 24 vacant units, with 12 restored as permanently affordable residential units and 12 converted into a new senior center. The financing consists of a combination of debt provided by Freddie Mac and the New York City Housing Development Corp. (HDC), as well as a bridge loan provided by Wells Fargo, historic tax credits, city subsidies and sponsor equity. Buildings will receive both interior and exterior renovations, including façade restorations, roof repairs, new security systems, ventilation improvements and refurnished heating and water systems. In addition, the partnership will undertake comprehensive upgrades to the bathrooms and kitchens with new appliances, fixtures and countertops. Lastly, the grounds will be revitalized with new landscaping, lighting, play equipment, seating, walkways and community …
NEW YORK CITY — A partnership between locally based firm Douglaston Development, Asland Capital Partners, nonprofit organization Breaking Ground and the New York City Housing Authority (NYHCA) will undertake a $275 million renovation of Sack Wern Houses in The Bronx. The seven-building affordable housing property is located in the borough’s Soundview neighborhood and is home to more than 800 residents. The rehabilitation, which is being carried out through the NYHCA’s Permanent Affordability Commitment Together (PACT) program, will cover more than 400 apartments, as well as common areas and building infrastructure and utility systems. All apartments will receive new doors, closets, windows and paint, as well as comprehensive upgrades to bathrooms and kitchens, including new appliances, fixtures, countertops, cabinets, lighting, flooring and showers. Sack Wern buildings will also receive sustainable heat pump technology, façade repairs, ventilation improvements, roof replacements, new solar panels and new security installations such as cameras and improved lighting. Additionally, common areas — entrances, lobbies, mail areas, hallways, stairways, laundry rooms and the community room — will be fully renovated. Lastly, development grounds will be revitalized with new landscaping, children’s play equipment and seating, as well as repaved walkways, more accessible ramps and stairs and an upgraded basketball …
NEW YORK CITY — TYKO Capital, a locally based real estate private equity firm, has provided a $140 million construction loan for a 348-unit multifamily project in Brooklyn. The site at 310 Nevins St. is located in the Gowanus neighborhood. Designed by Fogarty Finger Architects, the project will be a sister building of the 320-unit property at 340 Nevins St. Both properties will feature a mix of floor plans and Class A amenities, as well as a 25 percent affordable housing component for renters earning 60 percent or less of the area median income. Jordan Roeschlaub, Chris Kramer and Michael Dorfman of Newmark arranged the loan on behalf of the borrower, a partnership between Tavros Holdings and Charney Cos. Completion is slated for mid-2027.
BALTIMORE — CBRE has negotiated the $140.5 million sale of Baltimore Crossroads, a six-building industrial portfolio totaling nearly 900,000 square feet in Baltimore’s East industrial submarket. EQT Exeter purchased the portfolio, which was 97 percent leased at the time of sale. Bo Cashman and Jonathan Beard of CBRE represented the undisclosed seller in the transaction. The assets within the Baltimore Crossroads portfolio are situated on nearly 200 acres along the I-95 corridor near the Port of Baltimore. Located at 1405, 1409 and 1411 Tangier Drive and 11501, 11503 and 11505 Pocomoke Court, the buildings range in size between 42,275 and 435,490 square feet.
HOLLY SPRINGS, N.C. — Vista Residential Partners has broken ground on Main Street Vista, a 277-unit mixed-use apartment community in Holly Springs, a southwest suburb of Raleigh. The 11.7-acre development site is located at the corner of North Main Street and Holly Springs Road. Main Street Vista will feature a mix of one-, two- and three-bedroom apartments averaging almost 1,050 square feet, as well as 19,000 square feet of retail space and 11,000 square feet of live-work space. Select apartments will have a ground-floor office space available for lease to prospective tenants who desire to work from home. Designed by Niles Bolton, Main Street Vista will feature a clubhouse, resort-style swimming pool, fitness center, central green area, pet park and 24/7 package concierge services. Dome Equities and two Ohio-based life insurance companies provided financing for the project. The construction timeline was not disclosed.
CHARLOTTE, N.C. — Octave Holdings and Investments LLC has purchased Belgate Shopping Center, a 269,253-square-foot power retail center in Charlotte’s University district. The Alpharetta, Ga.-based buyer’s investment fund, Octave Realty Fund IX LLC, acquired the center for an undisclosed price. The seller was also not disclosed. Located at the intersection of North Tryon Street and University City Boulevard, Belgate Shopping Center is situated within one mile of University of North Carolina – Charlotte, as well as near North Carolina’s only IKEA store. The property was fully leased at the time of sale to tenants including Hobby Lobby, T.J. Maxx, Burlington, Marshalls, PetSmart, Old Navy, Shoe Carnival and Ulta Beauty. Shadow anchors of the center include Topgolf and Walmart Supercenter. Octave’s in-house property management company, Pinnacle Leasing and Management, will operate Belgate Shopping Center.
DOVER, N.J. — A joint venture between Crossroads Cos. and CrownPoint Group Inc. has broken ground on a 90-unit multifamily project at 80 E. McFarlan St. in Dover, about 30 miles west of New York City. The six-story building will house a mix of studio, one- and two-bedroom units, with nine residences to be set aside as affordable housing. Amenities will include a fitness center, rooftop deck and an entertainment lounge. Minno & Wasko Architects and Planners designed the community, and L2i Construction is the general contractor. Columbia Bank provided construction financing. Delivery is slated for late 2025.
FORT MYERS, FLA. — Berkadia has arranged a $39.9 million acquisition loan for Brantley Pines Apartments, a 296-unit multifamily community located at 1801 Brantley Road in Fort Myers. Mitch Sinberg, Michael Basinski, Brad Williamson and Scott Wadler of Berkadia’s South Florida office arranged the five-year, fixed-rate Freddie Mac loan on behalf of the borrower, Boca Raton, Fla.-based Interface Properties. The seller was not disclosed. Built in two phases between 1988 and 1997, Brantley Pines is situated near Southwest Florida International Airport. The property features one-, two- and three-bedroom floor plans, as well as a 24-hour fitness center, pool, grills, business center, pickleball court and a pet park. Interface Properties plans to complete a light value-add program at the community during its ownership.
MILLEDGEVILLE, GA. — Marcus & Millichap has brokered the $8.3 million sale of two retail properties located in Milledgeville. An undisclosed buyer acquired Town Central Shopping Center, a 140,097-square-foot retail center, and an adjacent single-tenant property totaling 54,765 square feet. Food Depot occupies the single-tenant property. Tenants at Town Central Shopping Center, which was fully leased at the time of sale, include Tractor Supply Co. Zach Taylor and Eric Abbott of Marcus & Millichap represented the seller of the shopping center, and Robby Pfeiffer of Marcus & Millichap represented the seller of the single-tenant, Food Depot property. Taylor, Abbott and Pfeiffer worked together to procure the buyer. “This sale is a prime example of the robust demand for grocery-anchored retail centers with below-market rents,” says Taylor.