MESA, ARIZ. — HALL Structured Finance (HSF) has provided a $19.1 million bridge loan to Khangura Development, the owner of Residence Inn by Marriott Phoenix Mesa East. The newly constructed hotel in Mesa offers 127 suites with modern amenities. It has consistently maintained high occupancy rates due, in part, to its proximity to the Mountain Vista Medical Center, according to the lender. HSF’s loan aims to support the long-term viability of the hotel and secure its permanent financing.
WALNUT, CALIF. — Progressive Real Estate Partners has arranged a 2,366-square-foot, 10-year lease for The Habit Burger Grill in Walnut, approximately 25 miles east of Los Angeles. Paul Su of Progressive represented the landlord in lease negotiations. The tenant plans to execute a significant renovation of the building, which is situated across from Mt. San Antonio College and features a drive-thru.
EDINBURG, TEXAS — New Jersey-based Cronheim Mortgage has arranged an $18.3 million construction loan for Las Vilitas, a 200-unit multifamily project that will be located in the Rio Grande Valley city of Edinburg. An undisclosed regional bank provided the loan, which was structured with three years of interest-only payments followed by a 12-year term. The sponsor is locally based developer Verturo Interests. David Poncia led the transaction for Cronheim Mortgage.
SAN ANTONIO — Forum Capital Advisors, a Denver-based investment firm, has provided an $18 million equity investment for Tacara at Steubing Heights, a 293-unit multifamily project that will be located near South Texas Medical Center in San Antonio. The four-story complex will feature studio, one- and two-bedroom units and amenities such as a pool, clubhouse, outdoor lounge and a pet park. The name of the lead developer was not disclosed. Construction is expected to begin before the end of the year and to be complete in 2025.
SOUTHLAKE, TEXAS — JLL has brokered the sale of Methodist Southlake Medical Office Building, an 82,238-square-foot healthcare property located on the outskirts of Fort Worth. The building is attached to a hospital operated by the same provider. Brian Bacharach and Vasili Davos of JLL represented the seller, a partnership managed by LandPlan Development, in the transaction. The duo also procured the buyer, a partnership between Virtus Real Estate Capital and Lincoln Property Co.
LAREDO, TEXAS — Stos. Partners, an investment firm based in Southern California, has sold a 79,883-square-foot industrial property in the Rio Grande Valley city of Laredo. The sales price was $9.1 million. Built in 2021 and renovated earlier this year, the property features 21 loading bays, 22-foot clear heights and 53 parking spaces. Anthony DeLorenzo, Bryan Johnson, Nick Williams and Elizabeth Bachhuber of CBRE represented Stos. Partners in the deal. Monica Rubio of Century 21 Olympian Commercial represented the unnamed buyer. The facility was fully leased at the time of sale to logistics firm Grupo Cargoquin.
HOUSTON — Waste Management National Services has signed a 26,844-square-foot industrial lease in North Houston. According to LoopNet Inc. the single-tenant property at 3010 Greens Road was built in 1992 and features 32-foot clear heights, nine dock doors and 34 parking spaces. Chris Caudill of Partners Real Estate represented the tenant in the lease negotiations. Brad Berry, Ryan Wasaff and Cole Bercher of Welcome Realty Services represented the landlord.
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has sold a 49.9 percent interest in 245 Park Avenue, a 1.8 million-square-foot office building in Midtown Manhattan, for $2 billion. The buyer was Tokyo-based Mori Trust Co. SL Green purchased its stake in the property, which is located between 46th and 47th streets, in September 2022 with the intent to reposition the asset with a partner. The company retained Kohn Pedersen Fox Associates to redesign the building to upgrade the façade, lobby, retail storefronts, amenity spaces and various infrastructural systems.
MORRISTOWN, N.J. — A partnership between New York City-based SJP Properties and Scotto Properties has broken ground on M Station West, a 260,000-square-foot office project in the Northern New Jersey community of Morristown. Designed by Gensler and inclusive of retail space, the two-building complex will serve as the new flagship office of Sanofi, a global pharmaceutical company that is based in Paris. Sanofi plans to employ nearly 2,000 people at the campus, which is slated for a first-quarter 2025 delivery. The partnership completed the 120,0000-square-foot M Station East in July 2022.
TRENTON, N.J. — RPM Development will build a 120-unit mixed-income residential project in downtown Trenton. The site at 150-170 Broad St. spans 1.3 acres, and the development will consist of 70 market-rate units, 48 affordable housing units and two superintendent units. Units will come in one-, two- and three-bedroom formats. Amenities will include a fitness center, resident lounge and a rooftop deck, and the property will also offer 168 parking spaces and a 7,500-square-foot retail plaza. The New Jersey Economic Development Authority and the New Jersey Housing & Mortgage Finance Agency both provided tax credit equity to finance the project. A construction timeline was not disclosed.