Property Type

Columbia Completes Phase I of Redevelopment of 680,000 SF Office Building in Jersey City

by Taylor Williams July 22, 2021

JERSEY CITY, N.J. — Columbia Property Trust (NYSE: CXP) has completed Phase I of the redevelopment of 95 Columbus, a 680,000-square-foot office building in the Grove Street neighborhood of Jersey City. Global architecture firm Spector Group is leading design of the project, the first phase of which centered on the renovation of the lobby. The next phase of the redevelopment will involve the creation of a lounge area, as well as the enhancement of utility and elevator systems. Columbia is also constructing a bike storage room, bathrooms and shower facilities. Cushman & Wakefield has been tapped to lease the building following the completion of the redevelopment, which is slated for the this fall.

July 22, 2021

Development Multifamily North Carolina Office Retail Southeast

Dominion Realty, New York Life Open 29-Story FNB Tower in Uptown Charlotte

by Julia Sanders July 22, 2021

CHARLOTTE, N.C. — Dominion Realty Partners and New York Life Real Estate Investors has opened the FNB Tower, a 29-story office, retail and residential development at 401 S. Graham St. in Uptown Charlotte. FNB Corp., the corporate parent company of Pittsburgh-based First National Bank, signed a long-term commitment to become the tower’s anchor office tenant. New York Life Real Estate Investors, a subsidiary of New York Life Insurance Co., is the equity partner in the development. The developers broke ground on FNB Tower in January 2019 and have designed the tower to achieve both LEED certification and Three Green Globes. The tower is Uptown Charlotte’s newest and only green-certified, vertically integrated mixed-use development and is only the second dually certified mixed-use tower in the region, according to Dominion Realty Partners. FNB Tower is situated directly between Truist Field and Bank of America Stadium, home of the Charlotte Knights and Carolina Panthers, respectively. FNB Tower is a 420,000-square-foot building that includes 156,000 square feet of Class A office space with ground floor retail. The property also houses The Reid, which comprises 196 high-rise apartments that sit atop an eight-level parking deck. Community amenities include a pool and amenity sky deck and …

July 22, 2021

Acquisitions Multifamily New York Northeast

Fairfield Properties Acquires 367-Unit Apartment Community in Glen Cove, New York

by Taylor Williams July 22, 2021

GLEN COVE, N.Y. — Locally based owner-operator Fairfield Properties has acquired Avalon Glen Cove, a 367-unit apartment community located about 30 miles northeast of New York City on Long Island. The property offers studio, one- and two-bedroom units with walk-in closets, individual washers and dryers and private patios/balconies. Amenities include two pools, two fitness centers, an outdoor picnic area and a cinema room. Maryland-based investment firm FCP served as Fairfield Properties’ preferred equity partner in the acquisition. The new ownership has since rebranded the community as Fairfield Metro at Glen Cove.

July 22, 2021

Acquisitions Industrial Southeast Tennessee

LRC Properties, Rialto Capital Purchase Industrial Portfolio in Memphis for $57M

by Julia Sanders July 22, 2021

MEMPHIS, TENN. — LRC Properties, in a joint venture with funds managed by Miami-based Rialto Capital Management, has purchased a 1.1 million-square-foot industrial portfolio in Memphis for $57 million. The seller was not disclosed. The portfolio is currently 100 percent occupied by tenants including Geodis Logistics and Dayco. The properties are located at 3530 East Raines Road, 5510 East Holmes Road and 5540 East Holmes Road. LRC Properties plans to do minor capital improvements to the portfolio. With this purchase, New York City-based LRC Properties owns approximately 6 million square feet of commercial properties in the Southeast. LRC has recently purchased the 640,000-square-foot Technicolor Building in Memphis; a 288,860-square-foot industrial property at 2 Dell Parkway in Nashville; and a 469,830-square-foot industrial property in Jacksonville.

July 22, 2021

Loans New Jersey Northeast Office

Progress Capital Arranges $53M Loan for Refinancing of Multifamily Building in East Orange, New Jersey

by Taylor Williams July 22, 2021

EAST ORANGE, N.J. — Progress Capital has arranged a $53 million loan for the refinancing of LOTUS 315, a 180-unit multifamily building located in the Northern New Jersey community of East Orange. The property also houses 33,151 square feet of ground-floor commercial space. The borrower, locally based developer Blackstone 360, delivered the eight-story building in 2019. Units feature stainless steel appliances and individual washers and dryers, and amenities include an outdoor garden with a lounge, private garden terraces, a fitness center and shuttle service to Newark Penn Station. Brad Domenico of Progress Capital arranged the nonrecourse loan through Arbor Commercial Mortgage.

July 22, 2021

Florida Loans Multifamily Southeast

Berkadia Secures $52M Refinancing for Pier 19 Residences & Marina in Miami

by Julia Sanders July 22, 2021

MIAMI — Berkadia has secured a $52 million bridge loan to refinance Pier 19 Residences & Marina, a 199-unit apartment community along Miami River. Charles Foschini and Christopher Apone of Berkadia secured the financing on behalf of the sponsor, Neology Life Development Group, a Miami-based residential and commercial real estate firm. LoanCore Capital originated the two-year, floating-rate loan with three 12-month extension options at a 72 percent loan-to-value ratio. Suzanne Amaducci-Adams and Alexandra Lehson of Bilzin Sumberg were the legal team representing the venture in the refinancing and initial financing. Located at 1951 NW S River Drive, Pier 19 Residences & Marina is located 3.8 miles from downtown Miami and 4.9 miles from Miami International Airport. The property was originally built in 2011 as condominiums. In 2018, Neology purchased the 21-story property and invested more than $2 million to transform the property into a lifestyle-driven residential community. Pier 19 offers one-, two- and three-bedroom units ranging from 720 to over 1,200 square feet. Individual units feature granite countertops, marble and ceramic flooring, stainless steel kitchen appliances, walk-in closets, in-unit washer/dryer and balconies. Community amenities include a marina with 10 slips, a pool deck with pool and hot tub, a dog …

July 22, 2021

Connecticut Loans Lument Multifamily Northeast

Lument Provides $26M Fannie Mae Loan for Refinancing of Connecticut Workforce Housing Portfolio

by Taylor Williams July 22, 2021

HARTFORD, CONN. — Lument has provided a $26 million Fannie Mae loan for the refinancing of a 591-unit workforce housing portfolio in Hartford. All units are restricted to renters earning 60 percent or less of the area median income (AMI). Josh Messier of Lument originated the financing, which carried a 10-year term that includes five years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed. The portfolio was approximately 98 percent occupied at the time of sale.

July 22, 2021

Illinois Loans Midwest Office

Newmark Arranges $147.5M Loan for Refinancing of Chicago Office Complex

by Kristin Harlow July 22, 2021

CHICAGO — Newmark has arranged a $147.5 million loan for the refinancing of President’s Plaza in Chicago. The Class A office complex spans 830,789 square feet and is located on West Bryn Mawr Avenue. The property recently underwent a $20 million renovation. Amenities include a lounge with a bar, pool tables and TVs, as well as a café, outdoor terrace and a fitness center operated by Midtown Fitness. Jordan Roeschlaub, Dustin Stolly, Chris Kramer, Nick Scribani, Eden Abraham and Ben Kroll of Newmark arranged the loan with Bank of America. Angelo Gordon Real Estate and Glenstar Properties were the borrowers.

July 22, 2021

Illinois Midwest Minnesota Retail

Target, Ulta Beauty Reveal Brands and Locations Ahead of August Launch

by Kristin Harlow July 22, 2021

MINNEAPOLIS AND BOLINGBROOK, ILL. — Target Corp. (NYSE: TGT) and Ulta Beauty (NASDAQ: ULTA) have revealed further details about the Ulta Beauty at Target launch, which is slated to begin rolling out in more than 100 Target stores nationwide and online this August. Most of the initial locations will be concentrated in California, Colorado, Florida, Illinois, Minnesota, New York and Texas. The “shop-in-shop” retail concept will include 50 specially curated brands. The two companies are planning to roll out the concept at 800 Target stores in the coming years. Each shop-in-shop will be placed near the existing Target beauty section. Minneapolis-based Target operates more than 1,900 stores. Beauty retailer Ulta is based in Bolingbrook.

July 22, 2021

Development Michigan Midwest Multifamily

Lutz Real Estate, Northern Equities Complete $70M Conversion of Detroit’s Albert Kahn Building into Apartments

by Kristin Harlow July 22, 2021

DETROIT — Lutz Real Estate Investments and Northern Equities Group have completed the $70 million conversion of The Albert Kahn Building in Detroit into a multifamily property named The Kahn Apartments. The 11-story, 320,000-square-foot office building was constructed by The Fisher Brothers and designed by famed architect Albert Kahn. It first opened its doors in 1931 and later became listed on the National Register of Historic Places. The building was home to Kahn’s architectural firm for 90 years and once housed Saks Fifth Avenue on the first floor. The building now features 206 apartment units ranging in size from 530 to 1,317 square feet. The penthouse units include interior stairwells. Kraemer Design Group designed the interiors and paid homage to the building’s Art Deco architecture. Amenities include a workspace area and library as well as a media room with large screen TVs. There is also a pet spa, 3,000-square-foot fitness center and outdoor rooftop deck. Farmington Hills-based Beztak will serve as property manager. Monthly rents start at $1,535. The Fisher Brothers built carriage bodies for emerging automobile manufacturers in the early 1900s. General Motors purchased their company in 1926. The brothers resigned from GM in 1944 to devote their …

July 22, 2021

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