Property Type

NASHVILLE, TENN. — Walker & Dunlop Inc. has arranged $371.5 million in development financing for The Nashville Edition Hotel & Residences, a luxury mixed-use property that will be located in the heart of Nashville’s Gulch neighborhood. Positioned at 11th Avenue and Grundy Street, The Nashville Edition will comprise a 28-story tower with 261 hotel rooms and 84 for-sale residences. The project will include chef-led restaurant and bar concepts, multiple floors of amenity spaces and fully separate hotel and residential lobbies and gyms. Shared amenity offerings will include a spa, golf simulator, 8,300 square feet of combined ballroom and pre-function space, conference rooms and a rooftop pool and bar. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Ari Hirt and Michael Ianno of Walker & Dunlop’s capital markets team collaborated with Jay Morrow, Carter Gradwell and Jack Hughes of the firm’s hospitality team to arrange the financing through Madison Realty Capital and KSL Capital Partners. The borrower was Tidal Real Estate Partners, which is developing The Nashville Edition Hotel & Residences in collaboration with Left Lane Development and Marriott International. Tidal has obtained a total of $400 million in construction financing for the development.

FacebookTwitterLinkedinEmail
Inkwell-Greenhouse-Katy

KATY, TEXAS — Memphis-based investment firm Fogelman Properties has purchased Inkwell Greenhouse, a 301-unit apartment community located in the western Houston suburb of Katy. Built in 2018 by metro Atlanta-based Davis Development, the property offers one-, two- and three-bedroom units and amenities such as a pool, outdoor pavilion area, clubhouse, fitness center and pet spa/dog park. According to Apartments.com, residences range in size from 661 to 1,461 square feet. Inkwell Greenhouse was 91 percent occupied at the time of sale. Fogelman plans to implement a value-add program. The seller was not disclosed, but the property was formerly known as Cortland Inkwell Greenhouse.

FacebookTwitterLinkedinEmail
The-Langley-Houston

HOUSTON — Dallas-based developer StreetLights Residential has begun leasing The Langley, a 134-unit apartment building located near Rice University in Houston’s Museum District. The Langley is a 20-story building that houses two- and three-bedroom units that range in size from 2,165 to 3,401 square feet. Residences are furnished with walk-in closets, wine coolers, various smart technology features and service kitchens with secondary refrigerators. Outdoor amenities include a pool, grilling and dining stations, outdoor yoga space and a dog run. Indoors, residents have access to a fitness center, lounge, library, coffee bar, conference room and a mailroom. Monthly rents start at $9,100.

FacebookTwitterLinkedinEmail

MCALESTER, OKLA. — Mumford Co., a national brokerage firm based in Virginia, has arranged the sale of a 61-room hotel in McAlester, about 130 miles southeast of Oklahoma City. The two-story building is operated under the Best Western brand and includes an outdoor pool. G.R. Patel of Mumford Co. represented the seller, an Oklahoma-based family trust, in the transaction. The buyer was AMBA Hospitality LLC. The sales price was not disclosed.

FacebookTwitterLinkedinEmail

LEANDER, TEXAS — Marcus & Millichap has brokered the sale of a 9,917-square-foot retail strip center in the northern Austin suburb of Leander. Built in 2018, the center houses five suites and is home to tenants such as Verizon and ATI Physical Therapy. Coleman Solomon, Philip Levy, Joseph Jaques and Ron Hebert of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors who requested anonymity, in the transaction.

FacebookTwitterLinkedinEmail

NEW YORK CITY — Local development and investment firm Tavros has acquired a mixed-use development site at 250 Water St. in Lower Manhattan for $143 million. The site spans a whole city block and is currently entitled for the construction of a 26-story building that will include both market-rate and affordable housing units, as well as commercial, retail and/or community space. Andrew Scandalios, Ethan Stanton and Nicco Lupo of JLL represented the seller, Seaport Entertainment Group (NYSE: SEG), in the transaction. Luppo also worked with JLL’s Christopher Peck to arrange predevelopment financing and an equity investment from Atlas Capital. Tavros has tapped Fogarty Finger as the project architect going forward.

FacebookTwitterLinkedinEmail

NEW YORK CITY — Bushburg has received $78 million in financing for an office-to-residential conversion project in Manhattan. The locally based development and investment firm will use the proceeds to acquire the 21-story building at 100 William St. in the Financial District and fund predevelopment costs. Bushburg plans to convert the building into an approximately 400-unit complex in which 25 percent of the units will be reserved as affordable housing. Bridge lender Oak Funding and OakNorth Bank co-provided the financing. A tentative completion date was not disclosed.

FacebookTwitterLinkedinEmail
Camelot-West-at-Townelake-Sayreville-New-Jersey

SAYREVILLE, N.J. — JLL has arranged a $47.5 million loan for the refinancing of Camelot West at Townelake, a 176-unit, newly constructed apartment complex in the Central New Jesey community of Sayreville. Camelot West at Townelake comprises seven residential buildings that house one-, two- and three-bedroom units, as well as a clubhouse and leasing office. The average unit size is 1,153 square feet. Amenities include a pool, fitness center, coffee bar, grilling stations, a playground and a dog park. Michael Klein, Jim Cadranell and John Cumming of JLL arranged the five-year, fixed-rate loan through an undisclosed regional bank on behalf of the borrower, Kaplan Cos.

FacebookTwitterLinkedinEmail
19-19-Cornaga-Ave.-Queens

NEW YORK CITY — A partnership between PGM Affordable and Brisa Builders Development has topped out a 92-unit affordable housing project in the Far Rockaway area of Queens. The nine-story building at 19-19 Cornaga Ave. will offer studio, one- and two-bedroom units that will range in size from 331 to 652 square feet, with 60 units to be set aside as supportive housing. Amenities will include a fitness center, computer room, resident lounge, children’s play area, social services office and a multi-purpose space for community programs, classes and recreational activities. Completion is slated for the end of the year.

FacebookTwitterLinkedinEmail
CapRock-West-202-Phase-2-Phoenix-AZ

PHOENIX — CapRock Partners has completed CapRock West 202 Logistics, a 3.4 million-square-foot industrial warehouse complex in central Phoenix. The final phase of the infill development features 825,000 square feet of Class A space spread across three buildings on 43 acres in the Southwest Phoenix submarket. Located at 675 N. 55th Ave, Phase 2 includes Building F (301,771 square feet), Building G (295,586 square feet) and Building H (227,107 square feet). The facilities feature clear heights ranging from 32 feet to 36 feet and a combined 139 dock-high doors. The project completion coincides with CapRock securing a 1.1 million-square-foot lease for Building C, the largest building within the project, to an undisclosed corporate tenant. As part of Phase 1, Building C is a cross-dock facility with a clear height of 40 feet, 159 dock-high doors, four drive-in ramp doors, 500 auto parking stalls and 279 trailer parking stalls. Currently 85 percent occupied, Phase 1 features five buildings totaling 2.5 million square feet across 140 acres. Payson MacWilliam, Don MacWilliam, Chris Reese and Casey Koziol of Colliers represented CapRock in the Building C lease transaction and are handling all leasing efforts for CapRock West 202 Logistics.

FacebookTwitterLinkedinEmail