DALLAS — Evans Senior Investments (ESI) has arranged the sale of Crystal Creek at Preston Hollow, a 119-bed seniors housing property located just north of downtown Dallas. Built in 2001 and renovated in 2018, the community offers assisted living, memory care and long-term care services. An undisclosed regional owner-operator sold the asset to Marcus Investments for an undisclosed price. Vitality Senior Living will take over as operator. The buyer plans to invest $9 million in additional renovations to the property.
WEEHAWKEN, N.J. — Hartz Mountain Industries has begun leasing Hoboken Point, a 262-unit waterfront apartment community in the Northern New Jersey community of Weehawken. Units come in studio, one- and two-bedroom floor plans and feature stainless steel appliances, quartz countertops, individual washers and dryers and various pieces of smart-home technology. Amenities include a fitness center, coworking lounge, demonstration kitchen, game lounge and sports simulator, screening room and library, and a rooftop terrace. Rents start at $3,100 per month for a studio apartment. The first move-ins will begin in late spring. CetraRuddy designed Hoboken Point.
ROME, N.Y. — BWE, the commercial lending firm formerly known as Bellwether Enterprise Real Estate Capital, has arranged an $8 million acquisition loan for Freedom Plaza, a 197,397-square-foot shopping center located in the upstate New York city of Rome. Current tenants at the property include Grand Union, Dollar Tree, Domino’s and Marshalls, and Hobby Lobby will open in the coming months. Alan Tapie of BWE arranged the financing through an undisclosed life insurance company on behalf of the borrower, metro Atlanta-based owner-operator Octave Holdings & Investments.
PALM SPRINGS, FLA. — A partnership between Mast Capital, Rockpoint and The Spear Group have launched preleasing at Edera, a 264-unit apartment development underway in Palm Springs. Located at 2085 S. Congress Ave. near West Palm Beach, the garden-style community is slated to open for first residents in April. The property will feature a mix of one-, two- and three-bedroom apartments ranging from 715 to 1,212 square feet, with monthly rental rates ranging from $1,925 to $3,325. Designed by MSA Architects, Edera’s amenities will include a central clubhouse, indoor/outdoor yoga area and fitness lawn, lake with a walking path, dog park, playground, resort-style pool with cabanas, coworking spaces, game room and a clubhouse gym.
WALTHAM, MASS. — BPGbio has signed a 70,000-square-foot office and life sciences lease in the western Boston suburb of Waltham. The AI-powered biopharmaceutical company plans to relocate from nearby Framingham to two full floors of the 143,533-square-foot facility at 300 Third Ave. next summer. Tim Latham, Christopher Scott and Chris Devaux internally represented the landlord, Dallas-based Lincoln Property Co., in the lease negotiations. Paul Delaney, Adam Subber and Nate Heilbron of Cresa represented BPGbio.
JACKSONVILLE, FLA. — Pearlmark has provided a $33 million mezzanine loan for the development of RISE @ Glen Kernan Park, a 308-unit active adult residential development in Jacksonville’s Southside neighborhood. Pearlmark closed the financing via its Pearlmark Mezzanine Realty Partners V LP investment vehicle. Benefit Street Partners provided the senior debt piece, the amount of which was not disclosed. Taylor Williams of Walker & Dunlop arranged the project capitalization on behalf of the borrower, RISE, a locally based multifamily development firm with five other projects in the Jacksonville market. RISE @ Glen Kernan Park is situated near the Mayo Clinic and St. Johns Town Center and is reserved for households age 55 years and older. Upon completion, the 30-acre project will comprise 236 residential units and 72 cottages. Amenities will include a clubhouse, fitness center, yoga and group fitness space, media lounge, resort-style pool, pickleball courts, dog park and a party room.
SOUTHERN PINES, N.C. — BWE has arranged a $24.3 million construction loan for Phase II of Morganton Park South, a retail development underway in Southern Pines. Situated near the Pinehurst Golf Resort, Phase II is fully preleased and will house the region’s first BJs Wholesale Club. Phase I of Morganton Park South includes tenants such as Target, Dick’s Sporting Goods/Golf Galaxy and HomeGoods. Daniel Rosenberg and Logan Petersmeyer of BWE originated the interest-only loan on behalf of the borrower, Midland Atlantic Properties. The loan was underwritten with a fixed interest rate and an 80 percent loan-to-cost ratio.
HAMPTON, GA. — Marcus & Millichap has brokered the $9.8 million sale of Centre at Lovejoy, a 46,700-square-foot shopping center located at 11337 Tara Blvd. in Hampton, about 28 miles south of Atlanta. Eric Abbott and Zach Taylor of Marcus & Millichap’s Atlanta office represented the seller, Mount Pleasant, S.C.-based WRS Inc., in the transaction. The buyer was AGW Partners, a private investment firm based in New York. Centre at Lovejoy is shadow-anchored by Walmart and was leased to 17 tenants at the time of sale, including Bank of America, GameStop and Dollar Tree. The property sold as part of a two-property portfolio sale that included a neighboring retail center.
NEW YORK CITY — Butterfield Market will open a 10,000-square-foot grocery store in Queens. The space is located on the ground floor of RISE LIC, an apartment complex in the borough’s Long Island City area with more than 100 units. Charles Rapuano of Winick Realty Group represented the tenant in the lease negotiations. Thomas Galo, also with Winick Realty Group, represented the landlord, a joint venture between The Davis Cos., SB Development and Hazelton Capital. An opening date has not yet been established.
CHICAGO — Merchants Capital has provided more than $54 million of debt and $49 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the rehabilitation of Island Terrace, a 21-story affordable housing property in Chicago. The building is situated across from the Obama Presidential Center in the city’s Woodlawn neighborhood. Preservation of Affordable Housing Inc. (POAH), the owner and developer, was the borrower. Merchants Capital maximized equity via a structure called “twinning,” which leveraged both 4 percent and 9 percent tax credits issued by the Illinois Housing Development Authority (IHDA) and the City of Chicago. The 4 percent and 9 percent equity syndication generated $31.8 million and $17.3 million, respectively, matched by two corresponding HUD-insured permanent loans totaling more than $22 million and two equity bridge loans totaling more than $32 million. Merchants Bank provided $26.5 million for the property acquisition in 2021. Planned renovations for Island Terrace include replacement of the roof, windows, plumbing and electrical systems; a redesigned first floor with a community room and laundry facilities; and updated kitchens and bathrooms throughout the 240 units. Prior to the recapitalization, only 88 of the community’s units carried affordable restrictions. The new financing structure enabled POAH to expand …