DALLAS — Adolfson & Peterson (AP) Construction has broken ground on a 39,000-square-foot civic project in East Dallas. The site spans 3.2 acres at 9731 Lake June Road. The two-story building will be known as the East Dallas Government Center and will house multiple departments of Dallas County, including several related to law enforcement. Completion is scheduled for next summer.
NEW YORK CITY — Local real estate giant Tishman Speyer has received a $385 million refinancing for 300 Park Avenue, a 25-story office building in Midtown Manhattan. Originally built in 1955, 300 Park Avenue totals 770,000 square feet and was fully leased at the time of the loan closing. A consortium of lenders led by J.P. Morgan Chase and including Deutsche Bank Securities and Morgan Stanley provided a $330 million CMBS loan with a fixed interest rate of 5.44 percent. Macquarie Capital Principal Finance provided $55 million in mezzanine financing to complete the capital stack.
NEW YORK CITY — M&T Realty Capital Corp. has provided a $50 million Freddie Mac loan for the refinancing of The Alyn, a 56-unit apartment building in Manhattan’s Carnegie Hill neighborhood. Completed in 2019, The Alyn offers one-, two-, three-, four- and five-bedroom units and amenities such as a lounge, wellness center and a children’s playroom. Robert Barry led the M&T team that provided the fixed-rate loan. The borrower was an affiliate of Gordon Property Group, a New York-based family office that was introduced to M&T through an existing client of Connor Preece, group manager at M&T Bank.
EDISON, N.J. — Locally based brokerage firm The Goldstein Group has negotiated the $24 million sale of the 120,000-square-foot Inman Grove Shopping Center in the Central New Jersey community of Edison. The center is home to tenants such as Taco Bell, Wells Fargo, Ivy Rehab, Planet Wings, Allstate, Dunkin’, CSL Plasma, Subway, UPS Store, Verizon, Kumon, Dairy Queen, Discovery Christian Montessori School and Vino Sandro Liquors. C.J. Huter, Lew Finkelstein, Marc Palestina and Roy Paret of The Goldstein Group represented the seller, Oak Grove Associates, in the transaction.
NEW YORK CITY — Regional brokerage firm Adirondack Capital Partners (ACP) has arranged the $16 million sale of a 36,000-square-foot industrial complex in the Long Island City area of Queens. Built in 1960, the two-story building at 11-40 Borden Ave. was fully leased at the time of sale to Distribution International, which specializes in construction supplies. Wickersham Realty sold the property to San Francisco-based Terreno Realty Corp. (NYSE: TRNO). Chad Sinsheimer of ACP brokered the deal, which traded at a cap rate of 4.4 percent, on behalf of both parties.
NEW YORK CITY — Life Time will open a 52,000-square-foot fitness club at 10 Bryant, a 30-story office building located at 452 Fifth Ave. in Midtown Manhattan. The facility will feature a cold plunge pool and a steam room, a spa with red light therapy service, coworking and library spaces, barre and yoga studios and personal training space. JLL represented the landlord, Property & Building Corp., in the lease negotiations.
HENRY COUNTY, GA. — Geosam Capital, a family-owned residential and commercial real estate development firm, has received final zoning and development agreement approval from the Henry County Board of Commissioners for The Grove. The nearly 1,300-acre master-planned community will feature more than 6,000 residential units and 2 million square feet of commercial and retail space, as well as 150 acres of greenspace, 35 pocket parks and eight miles of trails. Geosam Capital plans to build The Grove across multiple phases, beginning with road improvements from the Georgia Department of Transportation (GDOT), water and wastewater upgrades and the first residential lots. The construction timeline was not released. The development will be situated 22 miles from Hartsfield-Jackson Atlanta International Airport and near EchoPark Speedway.
OXFORD, MISS. — A public-private partnership between Greystar and the University of Mississippi (Ole Miss) is set to break ground on a 2,700-bed residence hall project on the university’s campus in Oxford. The development will span two sites — one formerly occupied by Kincannon Hall and one on West Row across from the Ole Miss School of Law. The Kincannon site will be home to a 1,200-bed community with parking supported by a new parking garage, which is already under construction. The West Row site will include a 1,500-bed development with a modern dining facility and 1,500-space parking garage. The communities will offer suites and semi-suites and will be constructed in partnership with Modern Living Solutions, Greystar’s modular construction business. Sections of the buildings will be made in the Modern Living Solutions factory in Knox, Pa., and shipped to campus to be assembled onsite. To support economic development and job creation in Mississippi, Ole Miss and its partners have emphasized that over 70 percent of the onsite construction work will be available to local and regional subcontractors. The project is scheduled for completion in 2027.
MORRISVILLE, N.C. — Liquidia Corp., a publicly traded biopharmaceutical firm specializing in therapies for those suffering from rare cardiopulmonary diseases, has signed an approximately 70,000-square-foot lease in North Carolina’s Research Triangle region. The company will occupy space at Building 1 at Pathway Triangle, a 1 million-square-foot life sciences development located at 1000 Science Drive in Morrisville, less than three miles from Raleigh-Durham International Airport and 11 miles northwest of North Carolina State University. King Street Properties, the landlord and developer of Pathway Triangle, recently broke ground on an amenity center on the campus called The Junction, which will feature meeting rooms, conference space, a fitness center and dining options. Liquidia Corp. recently received FDA approval for YUTREPIA, the company’s trademarked treprostinil inhalation powder. The locally based firm will begin operating at Pathway Triangle in 2026.
KNOXVILLE, TENN. — Cronheim Hotel Capital has secured $39 million in construction financing for AC Hotel Knoxville Downtown, a 161-room AC by Marriott-branded hotel that will be located at 427 Walnut St. and 416 Locust St. in downtown Knoxville. The non-recourse financing was structured with a 75 percent loan-to-cost (LTC) ratio and features a C-PACE component. The borrower, Vector Hospitality Inc., plans to deliver the seven-story hotel in winter 2026. The property will feature a rooftop bar and kitchen that will offer views of Neyland Stadium, home of the University of Tennessee Volunteers’ football team.