WESTLAKE, TEXAS — ECI Software Solutions has signed a 25,468-square-foot office lease in the North Texas city of Westlake The space is located within The Terraces, an eight-building, 1.1 million-square-foot development that was originally constructed as a campus for IBM and underwent a $25 million repositioning in 2021. Jeff Eckert of JLL represented the landlord, Chicago-based Glenstar, in the lease negotiations. Stephen Rury of Colliers represented the tenant.
FORT WORTH, TEXAS — Locally based brokerage firm Holt Lunsford Commercial has negotiated a 12,000-square-foot industrial lease renewal at Riverbend Business Park in northeast Fort Worth. The development comprises 1.4 million square feet across 32 buildings. William Wilson and George Jennings of Holt Lunsford represented the landlord, Riverbend Properties, in the lease negotiations. The tenant was steel fabricator Patriot Erectors.
NEWARK, N.J. — A partnership between Creation, a developer with offices in Phoenix and Dallas, and J.P. Morgan Asset Management has received a $64 million construction loan for a 120,584-square-foot industrial project in Newark. The 10-acre site is adjacent to Newark Liberty International Airport and formerly served as a parking facility. The new building, which is fully preleased to Barsan Global Logistics, will be known as McClellan One and will feature 87 trailer parking stalls. Vertical construction will begin within the next 60 days, and completion is slated for February 2025. Los Angeles-based PCCP LLC provided the three-year, floating-rate loan. John Alascio, Rob Rubano, Brian Share, T.J. Sullivan and Chris Meloni of Cushman & Wakefield arranged the debt.
NEEDHAM, MASS. — Regional owner-operator Wingate Living will develop a 69-unit seniors housing project in Needham, a western suburb of Boston. One Wingate Way East will offer one- and two-bedroom units with more than a dozen different floor plans. Amenities will include a pickleball court, rooftop lounge and grille, a golf simulator, art workshop, yoga and spin studios, library and a bistro bar with personal wine lockers. Construction is expected to begin before the end of the year.
NEW YORK CITY — CL Credit, a division of New York-based investment firm Castle Lanterra Properties, has provided a $24 million loan for the refinancing of an 81-unit affordable housing property located at 53 E. 177th St. in The Bronx. Completed in 2023, the property comprises three studios, 38 one-bedroom units, 30 two-bedroom apartments and one ground-floor retail space. The undisclosed borrower will use a portion of the proceeds to retire senior construction debt and fund remaining lease-up costs.
NEW YORK CITY — Marcus & Millichap has arranged the $8.1 million sale of a 10-unit apartment building in Manhattan’s Chelsea neighborhood. Built in 1905, the five-story building at 321 W. 16th St. houses a mix of one-, two- and three-bedroom units. Joe Koicim, Zan Colin and Logan Markley of Marcus & Millichap represented the seller, locally based investment firm Centennial Properties, in the transaction. The trio also procured the buyer, TARGO Capital Partners.
Columbia Construction, Margulies Perruzzi Complete 20,000 SF Office, Life Sciences Project in Boston
BOSTON — General contractor Columbia Construction and locally based design firm Margulies Perruzzi Architects have completed a 20,000-square-foot office and life sciences project in Boston. The space serves as an innovation and workplace training center for biotechnology firm Boston Scientific Corp. and includes procedure rooms for simulated surgeries, conference rooms with movable walls, an auditorium and amenity spaces. R.W. Sullivan handled engineering services for the project.
MADISON, WIS. — McShane Construction Co. will build Canyons, a 60-unit affordable housing community in Madison. Lincoln Avenue Communities is the developer. The four-story project will be constructed atop a concrete parking garage. The property will feature 3,750 square feet of amenity space, including a fitness center, laundry room, mail room and clubroom. The project is designed to achieve Wisconsin Green Built Homes Gold Certification and EnergyStar Multifamily Certification with a solar panel system on the roof to offset electricity costs for the common areas. Completion is slated for June 2025. Knothe & Bruce Architects is the project architect.
PICKERINGTON, OHIO — Largo Capital Inc. has arranged a $7.9 million loan for the refinancing of a 90,040-square-foot shopping center in Pickerington, a southeast suburb of Columbus. The fully leased property is home to tenants such as Big Lots and Planet Fitness. Kevin Ross of Largo arranged the nonrecourse, fixed-rate loan. The lender and borrower were undisclosed.
CHICAGO — Habitat has received $4.5 million in Low-Income Housing Tax Credits (LIHTC) from the City of Chicago for major renovations to Riverside Village, a 258-unit affordable housing property in the city’s Riverdale neighborhood. Located at 13215 S. Indiana Ave., the community is comprised of 39 buildings. The tax credits will enable Habitat to refinance existing debt on the property and fund onsite rehabilitation work, including new plumbing and HVAC systems, upgraded unit interiors, improved accessibility in common areas and exterior improvements to the playground and basketball court. No residents will be displaced during the renovation, which is scheduled to begin in 2025 and be completed in 2026. Riverside Village was among 13 LIHTC developments selected by Mayor Brandon Johnson and the Chicago Department of Housing to be funded through the 2023 Qualified Allocation Plan. Every two years, the City of Chicago publishes an updated Qualified Allocation Plan, which sets the rules for assessing federal tax credits. Constructed in the late 1960s as a mix of rental and co-op units, Riverside Village was originally known as Eden Green. Habitat purchased the property in 2007 and subsequently rehabbed the buildings using tax credits, conventional debt and subordinate loans from the city …