NEW YORK CITY — Bentex Group, a consortium of companies that provides electronics, pet supplies and home décor products, has signed a 48,881-square-foot office lease at 34 W. 33rd St. in Manhattan. The 12-story building was originally constructed in 1908. David Levy and Brett Maslin of Adams & Co. represented the landlord, Arcade Building Associates, in the lease negotiations. Michael Beyda of Benchmark Properties represented the tenant.
HILLSIDE, N.J. — NAI James Hanson has negotiated the sale of a 28,000-square-foot vacant industrial building in the Northern New Jersey community of Hillside. The building sits on a 1.4-acre site that provides access to Interstate 78, Route 9 and the Garden State Parkway. Eric Demmers and Russel Verducci of NAI James Hanson represented the seller, Certified Processing, in the transaction. The buyer, an investor who owns nearby properties, plans to demolish the existing structure and add more parking space for an existing business.
PISCATAWAY, N.J. — New York City-based Ready Capital has closed a $3.7 million loan for the acquisition, renovation and stabilization of a 100,000-square-foot industrial property in the Northern New Jersey community of Piscataway. The nonrecourse, interest-only loan was structured with a 48-year term, floating interest rate and one extension option. The borrower was not disclosed.
SEATTLE — Urban Visions has obtained $90 million in construction financing for The Jack, an office development under construction at 74 S. Jackson St. in Seattle’s Pioneer Square. Slated for delivery in first-quarter 2023, The Jack will offer 146,000 square feet of office space in 20,000-square-foot flexible floorplates. The property will also feature 42 below-grade parking spots, onsite secure bike storage and a 17,000-square-foot outdoor terrace/roof deck. Olson Kundig designed the eight-story brick and glass building. Bruce Ganong, Kaden Eichmeier and Christopher DuCharme of JLL secured the construction financing, which an affiliate of Mack Real Estate Credit Strategies provided.
LAS VEGAS — Interwest Capital has completed the sale of The Lennox, a multifamily property located at 430 E. Cactus Road in Las Vegas’ Silverado Rancho submarket. An undisclosed buyer acquired the asset for $38.5 million, or $385,000 per unit. Taylor Sims, Carl Sims and Brady Cleary of Cushman & Wakefield’s Multifamily Advisory Group in Las Vegas represented the seller in the transaction. Constructed in 2015, The Lennox features 100 units in a mix of one-, two- and three-bedroom and penthouse floor plans. The community offers a fitness center, resident clubhouse, Wi-Fi lounges, resort-style pool and luxury home finishes.
EVERETT, WASH. — New York-based Castle Lanterra Properties has completed the disposition of Lumen, a multifamily community in Everett. An undisclosed private investor acquired the asset for $36.7 million. Castle Lanterra originally purchased the property in 2018 for $22.6 million. The 108-unit property features fully equipped kitchens, upgraded cabinets/countertops, state-of-the-art appliances, washer/dryer connections and walk-in closets. Community amenities include a large rooftop deck, barbecue area, clubhouse, garage with ample parking and ground-floor retail space, which a Mexican restaurant currently occupies. Castle Lanterra completed interior renovations and unit upgrades, as well as an overhaul of the amenity space, which included adding a community room, expanding the fitness center and improving the rooftop deck.
LOS ANGELES —Grandbridge Real Estate Capital has provided a $30.4 million first mortgage loan secured by Sunset at Normandie Towers, a 148-unit Section 8 senior living facility in Los Angeles. Artin Anvar originated the refinancing transaction through HUD’s 223(f) loan insurance program. The loan features a 35-year term and 35-year amortization. “The owners of Sunset Normandie were able to lock a very low fixed rate for 35 years allowing for the preservation of the much-needed affordable housing in Los Angeles,” says Anvar. “As a repeat HUD borrower they were able to capitalize on the low rate environment while also taking equity out of the property.”
SPOKANE VALLEY, WASH. — Ready Capital has closed $7.3 million in financing for the acquisition, renovation and stabilization of an apartment community in Spokane Valley’s Dishman Hills submarket. Upon acquisition, the undisclosed borrower will implement a capital improvement plan curing deferred maintenance, renovating unit interiors and building exteriors while performing various common area upgrades. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.
The Raleigh-Durham region is experiencing increasing optimism despite the lingering impacts of COVID-19. While some reentry plans have been delayed and companies are still grappling with the way in which they will utilize office space moving forward, tenant demand is expected to rebound sharply in the first half of 2022. “We’ve seen an encouraging uptick in tenant activity since the second quarter of 2021, and we expect that trend to accelerate,” says Kathy Gigac, principal of Avison Young and a member of the firm’s Occupier Solutions Team. “Tenants seem ready to get back to some sense of normalcy.” Local economic fundamentals are sound, as reopening efforts and positive job growth have allowed Raleigh-Durham’s unemployment rate to recover from a pandemic high of 12 percent to 3.2 percent as of Sept. 2021. The region continues to witness major economic development wins with companies such as Google and Apple announcing plans to create thousands of new jobs. In its largest presence on the East Coast, Apple will invest $1 billion over a 10-year period to create a 3,000-job campus to eventually span 1 million square feet. In the most recent announcement from an office-using tenant, Fidelity Investments will add 1,500 jobs in …
PLAINFIELD, IND. — A partnership led by Indianapolis-based New City Development has unveiled plans for Hobbs Station, a $300 million mixed-use project in Plainfield, about 19 miles southwest of Indianapolis. Hobbs Station will be located on a 125-acre site just off U.S. Highway 40. Phase I of the project will consist of 300 apartments with 30,000 square feet of street-level commercial space, 99 single-family homes and 500,000 square feet of logistics space. The industrial component will be known as Terminus at Hobbs Station. Phase I’s residential amenities will include a pool, fitness center, remote workspaces, a pet washing facility and various open green spaces. As part of the project, the development team is investing in local infrastructure, including a two-mile extension of the Vandalia Trail across the southern boundary of the site. The trail network will connect to a public park with pickleball courts, a playground and space for festivals and events. Additional planned infrastructure improvements include new sidewalks, landscaping, hardscaping, utilities, stormwater facilities roads and parking. Construction of Phase I is slated to begin this summer. At full build-out, Hobbs Station will feature 240 single-family homes, 650 multifamily units, 120 seniors housing residences, 70,000 square feet of retail and …