KERRVILLE, TEXAS — A partnership between two Dallas-based firms, Sendero Cross Capital and WindRidge Real Estate, will develop Tivy Commons, a 25-acre mixed-use project that will be located about 65 miles northwest of San Antonio in Kerrville. The name derives from the site formerly housing Tivy Middle School and High School before closing in 2021, though sections of the original gym floor have been preserved by the Kerrville Independent School District. Plans for Tivy Commons are still being finalized, but the development team expects the multifamily component to comprise 250 to 300 units and the retail/restaurant component to comprise 150,000 to 200,000 square feet. Potential hotel and entertainment uses are also being explored. Demolitions of existing structures on the site are underway and expected to be complete in the first quarter of 2023. At that time, construction of retail pad sites will commence, with the groundbreaking of retail boxes and multifamily buildings to follow later that year.
AUSTIN, TEXAS — Hunt Capital Partners has provided $14.1 million in Low-Income Housing Tax Credit (LIHTC) equity for Saison North, a 116-unit affordable housing project in Austin. The complex will consist of eight one-bedroom, 44 two-bedroom and 24 three-bedroom units that will be reserved for households earning up to 30, 50 and 60 percent of the area median income, as well as 34 market-rate units. Amenities will include a fitness center, business center, leasing office and a clubhouse. The developer of the project is O-SDA Industries. Bank OZK has provided a $19.5 million construction loan for Saison North, with J.P. Morgan Chase providing a $12.9 million permanent loan. Other pieces of financing were originated by the Austin Housing Finance Corp. ($6.2 million), Travis County ($2.4 million) and the Texas State Affordable Housing Corp. ($375,000). Completion is slated for May 2024.
KYLE, TEXAS — Builders FirstSource has signed a 47,000-square-foot industrial lease in the southern Austin suburb of Kyle, a move that is expected to add about 40 jobs to the local economy. The supplier of construction materials is relocating from nearby Buda. General contractor CT Darnell Construction plans to break ground on the facility, which Builders FirstSource will use to house its lumber yard and distribution operations, in the first quarter of 2023. The development team is targeting a July 2023 completion.
NEW BRUNSWICK, N.J. — A public-private partnership led by the New Brunswick Development Corp. has topped out the Jack and Sheryl Morris Cancer Center, a $750 million treatment facility in the northern-central part of the Garden State. RWJBarnabas Health and the Rutgers Cancer Institute of New Jersey will operate the facility, which will provide inpatient and outpatient cancer services, including ancillary services, as well as research labs and retail space. HOK Architects designed the project, and Jingoli is serving as the general contractor. Construction of the 12-story, 520,000-square-foot building is slated for completion in 2024.
CHADDS FORD, PA. — San Francisco-based investment firm FPA Multifamily has acquired Valleybrook at Chadds Ford, a 352-unit multifamily property located about 30 miles southwest of Philadelphia, for $96.5 million. Built in 2002, the property offers one-, two- and three-bedroom units with an average size of 992 square feet. Residences feature stainless steel appliances, quartz and granite countertops and individual washers and dryers. Amenities include a pool, fitness center, business center, outdoor grilling and dining areas and a resident clubhouse. Mark Thomson, Carl Fiebig, Francis Coyne and Tyler Margraf of JLL represented the seller, a fund advised by Crow Holdings Capital, in the transaction. FPA Multifamily plans to implement a value-add program.
NEW YORK CITY — CBRE has provided a $12.3 million Freddie Mac loan for the refinancing of River View Towers, a 385-unit residential complex located on Manhattan’s Upper West Side. The 24-story building is a housing cooperative, meaning residents own their respective units, but can only sell to qualified applicants at prices based on the existing occupant’s equity in the unit. Mark Fisher and Alex Furnary of CBRE originated the 30-year, fixed-rate loan, which was part of a larger $33.3 million financing package. The New York State Housing Finance Agency also provided a $20.4 million loan to allow the undisclosed borrower to pay off existing debt and fund capital improvements.
ELIZABETH, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $6.2 million sale of Winfield Scott Tower, a 48-unit apartment complex located in the Northern New Jersey community of Elizabeth. The 10-story building, which includes 26,000 square feet of retail space, was originally constructed in 1927 as a hotel and banquet hall and converted to residential use in the 1990s. Jeff Squires of Kislak represented the seller, a private lender that previously acquired the property out of foreclosure, in the transaction. Squires also procured the buyer, Magill Real Estate.
PLAINSBORO, N.J. — Cushman & Wakefield has brokered the sale of a 44,400-square-foot life sciences facility located at 107 Morgan Lane in Plainsboro, a suburb of Princeton. At the time of sale, the single-story building was leased to a subsidiary of global pharmaceutical firm WuXi AppTec. Frank DiTommaso, David Bernhaut and Andy Merin of Cushman & Wakefield represented the seller, XBL Realty, in the transaction. The buyer was undisclosed.
MILWAUKEE — Colliers has brokered the sale of the Global Water Center in Milwaukee for an undisclosed price. The historic office building totals 86,156 square feet and is 87 percent leased to 14 tenants. The property was originally constructed in 1904 for the Molitor Paper Box Co. After Molitor relocated, machinery manufacturer The Murphy Specialty Co. occupied the building until 1938. In 2013, the building was redeveloped in partnership with the Milwaukee Water Council, a nonprofit organization. Since the summer of 2020, the property has welcomed new tenants such as Xylem Water Solutions, Beckhoff Automation, OpenGov and Diverge Translational Science Laboratory. Tom Shepherd and Jennifer Huber-Bullock of Colliers represented the seller, Water Accelerator LLC. The buyer was 247 Freshwater LLC, an affiliate of SixSibs Capital Corp.
SHELBY TOWNSHIP, MICH. — Greystone has provided a $22.6 million HUD-insured 223(f) loan for the refinancing of Aria of Shelby in Michigan. The 96-unit multifamily property is located in Shelby Township, a northern suburb of Detroit. The newly built townhome community features two- and three-bedroom floor units across 18 buildings. Lisa Fischman of Greystone originated the loan on behalf of the borrower, an entity doing business as Aria of Shelby LLC. The fixed-rate loan features a 35-year term and a 35-year amortization. The borrower was also able to secure green certification through the National Green Building Standard, leading to a heavily reduced mortgage insurance premium. In addition to refinancing, loan proceeds enable the borrower to monetize a portion of the equity in the property.