DALLAS — Marcus & Millichap has brokered the sale of a 274-room dual-branded hotel in downtown Dallas. The hotel component of the building, which was constructed in 1910 and houses 237 apartments and 20,000 square feet of commercial space, consists of 132 rooms under the TownePlace Suites brand and 142 rooms under the Fairfield Inn & Suites brand. Shared amenities include an outdoor pool, fitness center, business center, 1,050 square feet of meeting space and a convenience store. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, Butler Brothers Hospitality Group LLC, which will continue to own and operate the apartments and commercial space, in the transaction. The duo also procured the buyer, a joint venture between Lowen Hospitality and Vashee & Associates.
KATY, TEXAS — Partners Real Estate has arranged the sale of a 32,900-square-foot industrial building in the western Houston suburb of Katy. According to LoopNet Inc., the single-tenant building at 7633 Cherokee St. was originally constructed in 1980. Hunter Stockard and Wyatt Huff of Partners represented the seller, an entity doing business as BC Real Estate Investments LLC, in the transaction. Jeff Peltier and Ben Condara of Colliers represented the undisclosed buyer.
DALLAS — Hari Mari has opened a 4,500-square-foot office in the Deep Ellum district of Dallas. The apparel and footwear retailer is relocating from 208 Haskell St. to 2616 Main St. Rhett Miller and Ryan Evanich of Stream Realty Partners represented the landlord, Charlotte-based Asana Partners, in the lease negotiations. Austin Studebaker and Chelby Sanders of Cresa represented Hari Mari.
DARIEN, CONN. — JLL has arranged $165 million in construction financing for Phase II of The Corbin District, a six-acre mixed-use project located in the southern coastal Connecticut city of Darien. The project is part of a larger initiative to redevelop the downtown area. Upon completion, the development will feature 11 new buildings with 78,810 square feet of retail space, 105,968 square feet of office space and 112 apartments. The financing consists of a $102 million construction loan from Barings and $63 million in C-PACE financing from Counterpointe SRE. Michael Gigliotti, Evan Pariser and Robert Tonnessen of JLL arranged the debt on behalf of the sponsor, locally based developer Baywater Properties.
PHILADELPHIA — Pennsylvania-based multifamily developer Toll Brothers Inc. (NYSE: TOL) has completed Broad + Noble, a 344-unit apartment community in Philadelphia’s Center City District. The 19-story building includes underground parking spaces and street-level commercial space. Amenities include music, media and podcast rooms, conservatory and private dining rooms, a fitness center with yoga and spin studios and a sky lounge with an outdoor deck area. Barton Partners served as the project architect, and O’Donnell & Naccarato handled engineering initiatives. Wells Fargo provided construction financing for the project, which Toll Brothers developed in partnership with Utah-based investment firm Sundance Bay.
ATLANTIC CITY, N.J. — New Jersey-based brokerage firm The Kislak Co. has negotiated the $20.5 million sale of a portfolio of three multifamily properties totaling 258 units in Atlantic City. The portfolio includes Atlantic Venice Park Apartments (112 units); Venice Park Condominiums (78 units operated as rentals); and Hamilton Venice Apartments (68 units). The properties were all built in 1970 and comprise 33 buildings that house 237 two-bedroom units and 21 one-bedroom units. Joni Sweetwood of Kislak represented the undisclosed seller, which disposed of the properties via three separate limited liability companies, in the transaction. Sweetwood also procured the undisclosed buyer.
STAMFORD, CONN. — Three retailers have signed leases at Atlantic Station, a mixed-use development located in Stamford. Lovesac, Golf Lounge 18 and Fresh & Co. will occupy 28,000, 9,000 and 3,000 square feet, respectively. RXR owns the property, which features 650 residences and 82,000 square feet of retail space. Brian Scruton of Cushman & Wakefield represented Lovesac in the lease negotiations; Tim Rorick and Janey Steinmetz of Newmark represented the landlord in conjunction with internal agents. Tyler Lyman of True Commercial represented both parties in the Golf Lounge 18 deal. Lyman also represented the landlord in lease negotiations with Fresh & Co., with Sabre representing the tenant.
NEW YORK CITY — ENT and Allergy Associates (ENTA) has opened a 10,000-square-foot healthcare clinic in the Flushing area of Queens. In February, ENTA signed a long-term lease expansion and renewal at the property, expanding its medical footprint from 1,800 square feet. Jonathan Serko of Cushman & Wakefield represented the tenant in the lease negotiations. Miles Mahony of RIPCO Real Estate represented the landlord, Simone Development Cos.
KANSAS CITY AND ST. LOUIS — Pearlmark has provided a $15.5 million mezzanine debt investment for the refinancing of a 10-property industrial portfolio in metro Kansas City and St. Louis. The warehouse and light industrial assets total 1.9 million square feet and are fully leased. Five properties are located in metro Kansas City and five are in metro St. Louis. The assets were constructed between 1994 and 2021. Pearlmark made the investment on behalf of Pearlmark Mezzanine Realty Partners V LP. An entity managed by Argentic Investment Management LLC provided the senior loan. SparrowHawk owns the portfolio. Brian Walsh of JLL arranged the financing on behalf of SparrowHawk. Mark Witt led the transaction on an internal basis for Pearlmark.
PACE Loan Group Originates $7.1M C-PACE Loan for Construction of Senior Living Facility in Minnesota
ST. FRANCIS, MINN. — PACE Loan Group has provided a $7.1 million C-PACE loan for the construction of Vista Prairie at Eagle Pointe, a 134-unit senior living community in St. Francis, a northern suburb of Minneapolis. The 20-year loan complements a $30 million qualified tax-exempt loan on the project using Series 2023A Bonds with Sunrise Bank as the senior lender. Located at 23440 Ambassador Blvd., the property will feature 49 independent living units, 43 assisted living units, 24 memory care units and eight care suites. Completion is slated for 2025. Total project costs are estimated at $47.6 million. The PACE proceeds will be used to finance energy conservation and renewable energy measures, including the building envelope, Energy Star windows, HVAC, high-efficiency plumbing and lighting systems and controls. The renewable and energy conservation measures are expected to save $368,613 annually with payback in 20 years. Vista Prairie Communities is both the property manager and services provider for the project. Additional project partners include Pope Architects and Bauer Design Build.