Property Type

Stream Realty Partners to Develop 156,000 SF Spec Industrial Project in Northwest Houston

by Taylor Williams February 7, 2022

HOUSTON — Stream Realty Partners will develop Raceway NW Distribution Center, a 156,000-square-foot speculative industrial project that will be located in northwest Houston. Building features will include 36-foot clear heights, 109 car parking spaces and 22 trailer parking stalls. Construction is set to begin in the second quarter, and completion is scheduled for December. Project partners include Randall-Paulson Architects and civil engineer Halff Associates. A general contractor has yet to be selected.

February 7, 2022

Acquisitions Multifamily Texas

Conti Capital Acquires 300-Unit Pioneer Hill Apartments in Northeast Austin

by Taylor Williams February 7, 2022

AUSTIN, TEXAS — Dallas-based Conti Capital has acquired Pioneer Hill, a 300-unit apartment community located at 1625 Edgeworth Bend in northeast Austin. The property was built in 2021, according to Apartments.com. Units feature one-, two- and three-bedroom floor plans, and amenities include a pool, movie theater, 24-hour fitness center, business center, outdoor grilling and dining areas, package lockers and a dog park. The seller and sales price were not disclosed.

February 7, 2022

Development Multifamily Texas

PointOne Holdings Completes 266-Unit Main Street Lofts in Mansfield, Texas

by Taylor Williams February 7, 2022

MANSFIELD, TEXAS — PointOne Holdings, a development and investment firm with offices in Atlanta and South Florida, has completed Main Street Lofts, a 266-unit apartment complex in the southern Fort Worth suburb of Mansfield. Units are available in studio, one-, two- and three-bedroom formats. The amenity package consists of a pool with an adjacent game lawn, fire pit and lounge, as well as a rooftop lounge with shuffleboard, fitness center with yoga and spin studios, dog park, conference rooms, biking trails and resident lounges with TVs. Information on starting rents was not disclosed.

February 7, 2022

Loans Multifamily Texas

Ready Capital Closes $24.5M Acquisition Loan for San Antonio Apartments

by Taylor Williams February 7, 2022

SAN ANTONIO — New York City-based Ready Capital has closed a $24.5 million loan for the acquisition and stabilization of an unnamed, 288-unit apartment complex in San Antonio. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The undisclosed sponsor plans to implement a value-add program.

February 7, 2022

Development Life Sciences Northeast Pennsylvania

Joint Venture to Develop 310,000 SF Life Sciences Facility in Philadelphia

by Taylor Williams February 7, 2022

PHILADELPHIA — A joint venture between Chicago-based developers Sterling Bay and Harrison Street, as well as New York City-based Botanic Properties, will develop a 310,000-square-foot life sciences facility in Philadelphia’s University City neighborhood. The 13-story building will be situated on a 33,400-square-foot parcel at 3801 Chestnut St. The facility will house lab space to accommodate cell and gene therapy users. Construction is scheduled to begin in the first quarter of 2023 and to be complete in mid-2025.

February 7, 2022

Loans Lument Multifamily New York Northeast

Lument Provides $115M Agency Loan for Refinancing of New York City Multifamily Property

by Taylor Williams February 7, 2022

NEW YORK CITY — Lument has provided a $115 million Fannie Mae loan for the refinancing of an undisclosed multifamily property in New York City. The property was originally built in the 1950s and consists of seven residential buildings, 40 commercial units and a parking garage. The loan carries a 10-year term, fixed interest rate and a 30-year amortization schedule. Nicholas Diamond led the transaction for Lument. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.

February 7, 2022

Acquisitions Industrial New Jersey Northeast

JLL Arranges Sale of 131,205 SF Warehouse, Distribution Center in Newark

by Taylor Williams February 7, 2022

NEWARK, N.J. — JLL has arranged the sale of a 131,205-square-foot industrial warehouse and distribution center located on a five-acre site at 241 Oraton St. in Newark. The property features a clear height of 25- to 28-feet, nine loading docks and 9,789 square feet of office space. Jordan Avanzato, Marc Duval, Jose Cruz, Nick Stefans and Josh Stein of JLL represented the seller, Jewels Transportation, in the transaction. David Sitt, Peter Rotchford, Matthew Pizzolato and Jake Moore of JLL arranged acquisition financing for the deal through National Life Group on behalf of the borrower, Thor Equities. The nonrecourse loan was structured with an 11-year term and a fixed interest rate.

February 7, 2022

Acquisitions Industrial New Jersey Northeast

STRO Cos., Millstein Acquire 90,000 SF Industrial Building in Passaic, New Jersey

by Taylor Williams February 7, 2022

PASSAIC, N.J. — A partnership between locally based investment firm STRO Cos. and The Millstein Family Office has acquired a 90,000-square-foot warehouse and manufacturing building located at 147 Falstrom Court in Passaic, about 30 miles northwest of Manhattan. James McNerney of McBride Corporate Real Estate represented the buyer in the transaction. Additional terms of sale were not disclosed.

February 7, 2022

Georgia Loans Multifamily Southeast

New York Life Real Estate Investors Provides $88.8M Loan for Apartment Community in Atlanta

by Julia Sanders February 7, 2022

ATLANTA — New York Life Real Estate Investors has provided an $88.8 million loan for The Edge on The Beltline, a 350-unit apartment community in Atlanta’s Inman Park neighborhood. James Maynard and Brian Kochan of Newmark arranged the seven-year, fixed-rate loan on behalf of the borrower, Nashville-based Carter-Haston. Built in 2019, The Edge on The Beltline offers studio, one-, two- and three-bedroom floorplans. Units include granite countertops, walk-in closets, hardwood-style flooring, stainless steel appliances, available storage units and private balconies. Community amenities include a pool, tropical oasis courtyard, office pods available for lease, onsite restaurants, fitness center, pet spa, package room, clubroom, private garage parking, electric car charging stations and bike maintenance and storage. Located at 670 Dekalb Ave. NE, The Edge is located directly adjacent to the Eastside Trail of the Atlanta BeltLine. The property is also 3.3 miles from Georgia Tech, a little over one mile from Georgia State University and 11.5 miles from Hartsfield-Jackson Atlanta International Airport.

February 7, 2022

Industrial Loans Massachusetts Northeast

Ready Capital Closes $31M Acquisition Loan for Metro Boston Industrial Property

by Taylor Williams February 7, 2022

NEW YORK CITY — New York City-based Ready Capital has closed a $31 million loan for the acquisition, renovation and stabilization of a 200,000-square-foot industrial property located in the Andover/Lawrence submarket of Boston. The nonrecourse, interest-only loan carried a 48-month term and a floating interest rate and includes a facility to fund capital improvements. The borrower was not disclosed.

February 7, 2022

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