LENEXA, KAN. — Copaken Brooks has completed the lease-up of the first phase of Restaurant Row in Lenexa. The latest addition, Zhoug Mediterranean, will open in the final 3,000-square-foot space this fall. Zhoug is a fast-casual restaurant that serves Mediterranean foods. Additional tenants at Phase I of Restaurant Row include Enjoy Pure Food + Drink, Cactus Grill TexMex & Tequila and Tupelo Honey. Erin Johnston of Copaken Brooks represented ownership, while John Nolan and Charlie Lowe of Crossroads Real Estate Group represented Zhoug.
HOMEWOOD, ILL. — Marcus & Millichap has arranged the sale of an 11,772-square-foot retail building in the Chicago suburb of Homewood for an undisclosed price. U.S. Bank anchors the property, which is located at 18300 Dixie Highway. U.S. Bank contributes to 68 percent of the property’s income stream, and the branch has been operating continuously as a bank since 2005. Austin Weisenbeck, Sean Sharko and Adrian Mendoza of Marcus & Millichap represented the seller, a limited liability company. The trio also secured and represented the all-cash buyer, a limited liability company.
NORTH BERGEN, N.J. — Locally based investment firm Faropoint has received a $90 million loan for the refinancing of a portfolio of 10 industrial buildings totaling 770,000 square feet in North Bergen, located across the Hudson River from New York City. The buildings are all located within two industrial parks and were fully occupied at the time of sale. New York Life Real Estate Investors provided the loan, specific terms of which were not disclosed, to Faropoint.
NEW YORK CITY — Locally based development and investment firm Fetner Properties has sold its remaining interest in a 30-story apartment tower located at 345 E. 94th St. on Manhattan’s Upper East Side. The percentage and sales price were not disclosed. The building houses 208 units in studio, one- and two-bedroom formats and 4,000 square feet of commercial space. Empire State Realty Trust (NYSE: ESRT), which previously bought a stake in the building in late 2021, now owns the property outright.
NEW YORK CITY — A partnership between locally based developer Foxy Management, social services firm HANAC Inc. and JLD Advisory LLC has completed Garden Towers, a 149-unit affordable seniors housing project in the Morrisania neighborhood of The Bronx. Garden Towers consists of two midrise buildings that house 109 studios and 40 one-bedroom units. All residences are reserved for renters earning 50 percent or less of the area median income, and 30 percent of the units are designated for formerly homeless individuals. Amenities include multipurpose rooms, a social services suite, computer room and onsite laundry facilities. Newman Design served as the project architect, and Lendlease provided construction management services.
LEE, MASS. — MassHousing has provided $5.8 million in financing for an affordable housing redevelopment project in the western Massachusetts city of Lee. The project will convert the two historic former Eagle Mill buildings, which were originally constructed in 1808 and closed in 2008, into a 56-unit complex with commercial space. Units will feature a range of floor plans and income restrictions. The developer is a partnership between Rees-Larkin Development LLC and Berkshire Housing Development Corp.
SUCCASUNNA, N.J. — NAI James E. Hanson has arranged the sale of an 8,000-square-foot office building in Succasunna, about 50 miles west of Manhattan. The building sits on three-quarters of an acre at 22 U.S. Route 10 and is home to tenants such as Lakeside Endodontics and Suburban Natural Medicine. Joseph Vindigni of NAI Hanson represented the seller, Portwood LLC, in the transaction. The buyer was an entity doing business as Heritage Succasunna LLC.
NEW YORK CITY — M&T Realty Capital Corp., a wholly owned subsidiary of Buffalo, N.Y.-based M&T Bank (NYSE: MTB), has provided a $414.8 million Freddie Mac conventional loan to refinance Brooklyn Crossing, a 51-story, 858-unit apartment tower in Brooklyn. The borrower is The Brodsky Organization, an owner and developer of luxury apartments, condos and retail properties in New York City. While the majority of the apartments at Brooklyn Crossing are luxury units, 258 are affordable. Located in the posh Prospect Heights neighborhood, the building is immediately adjacent to Barclays Center, home of the NBA’s Brooklyn Nets and WNBA’s New York Liberty. The property offers studio, one-, two- and three-bedroom apartments. Amenities include a screening room, large fitness center, rooftop terrace and lounge, and outdoor pool. According to the property website, studio apartments rent for approximately $3,500 a month and three-bedroom units rent for approximately $9,000 monthly. Robert Barry, senior vice president in M&T Realty Capital’s New York City office, led the refinancing. Andrea Wagonseller of M&T Bank led the initial construction loan, which this transaction refinanced. “With its unparalleled amenities and convenient access to multiple subway lines, Brooklyn Crossing has transformed the Prospect Heights neighborhood,” says Michael Edelman, CEO of …
By Antonio Marquez, managing partner, Comunidad Partners Amenities are important when it comes to renter appeal. However, what residents want from their apartment complexes is based on different issues, like socioeconomic status. Indeed, a resort-style pool, yoga rooms and fitness centers are nice. But residents at properties owned by Comunidad Partners, an operator of workforce housing communities across Sun Belt markets, want more than these features in their community. To understand our residents — our customer base — we asked them questions, tried programs and obtained feedback. From this, we determined that our residents’ top three concerns were health, community safety and managing finances. However, expense management didn’t involve debt restructuring or financial literacy. Instead, access to the financial system was the issue. Thanks to this feedback, we’ve developed and are implementing programs at two of our properties in Texas — Villas at Alameda in Fort Worth and the Villas at Shadow Oaks in Austin — to help residents access financial services like high-interest savings accounts. These intangible amenities help build and enrich communities while strengthening resident retention and other operational factors that benefit investors. Sensing Residents’ Priorities In determining the right amenities to support residents, it’s essential to understand …
ATLANTA — GID has welcomed the first residents at Windsor Brompton and Windsor Avery, two apartment communities underway within the $2 billion High Street mixed-use development in Atlanta. Located in the city’s Central Perimeter submarket, the two apartment communities total 598 units. Windsor Communities, GID’s property management division, operates both properties. More than 100 leases have been signed at the communities prior to delivery. Apartments at Windsor Brompton and Windsor Avery come in 16 different floor plans comprising studio, one-bedroom and two-bedroom configurations. Monthly rental rates start at $1,538, according to the property website. Amenities include a fitness and yoga studio, pool and sundeck, catering kitchen and private dining room, coworking spaces, an outdoor dog run and dog wash, outdoor gaming lawn, bike lounge and a bike repair station. Residents will also have direct access to High Street’s lineup of shops and restaurants, which will include Puttshack, Jaguar Bolera, Nando’s PERi-PERi, Velvet Taco, Allen Edmonds, Skin Spirit, The Hampton Social, Agave Bandido, Cuddlefish, Ben & Jerry’s and Sugar Coat.