NORMAN, OKLA. — Colliers Mortgage has provided a $10.5 million Fannie Mae loan for the refinancing of a portfolio of market-rate multifamily properties totaling 314 units in Norman. The portfolio consists of five properties — Huntington Creek Apartments, Winshire Square Apartments, Willowbrook Apartments, Saratoga Springs and Sycamore Cottages — all of which are located within 15 miles of downtown Oklahoma City. Colliers originated the seven-year loan on behalf of the borrower, an entity doing business as Teelco Parent LLC.
NEW YORK CITY — Aeroterm, a provider of facility-related services to airports throughout North America, has signed a ground lease at JFK International Airport in Queens with plans to open a $145 million cargo handling facility. The project is expected to create about 350 new jobs. Aeroterm will develop the 26-acre facility in partnership with the Port Authority of New York and New Jersey and Worldwide Flight Services, the main cargo handler at JFK, as part of New York Gov. Andrew Cuomo’s JFK Vision Plan to redevelop the airport. Demolition of the existing facilities on the site is scheduled to begin in September, with project completion slated for the end of 2023.
NEWARK, N.J. — Greystone has arranged a $94 million construction loan for a 403-unit multifamily project that will be located at 55 Union St. in downtown Newark. The project will include 3,000 square feet of retail space and a 196-space parking garage. The amenity package will consist of a rooftop garden and entertainment area, an outdoor courtyard with grills, fire pits and lounge space and a fitness center. Drew Fletcher, Matthew Hirsch and Steven Deck of Greystone placed the debt on behalf of the developer, J&L Cos. Inc. A four-bank syndicate led by Valley National Bank and including Bank Hapoalim, Abanca USA and TriState Capital Bank provided the loan.
MIAMI — Wharton Equity Partners and Cross Lake Partners LP have sold a 92,972-square-foot development site located at 16 SE 2nd St. in downtown Miami. Colliers International’s Urban Core Division facilitated the $46 million sale of the full city block, known as Miami Center. The property is currently home to a parking lot. Mika Mattingly of Colliers and Robert Given of Cushman & Wakefield represented Wharton Equity Partners and Cross Lake Partners in the sale. Estrella Perez with EP Realty Group Inc. represented the buyer, a South American family office known as Enrique Manhard. The zoning designation for the property allows several uses, including residential, hotel, office and retail totaling 2 million square feet. The maximum height permitted at the site is 80 stories with unlimited height available through public benefit bonuses.
TAMPA, FLA. — Cushman & Wakefield has arranged the $43 million sale of Preserve VII, a 115,000-square-foot, Class A office building located at 18216 Crane Nest Drive in Tampa. Situated within a corporate office park called Highwoods Preserve, the four-story building is 100 percent leased to MetLife Corp., whose lease runs through October 2031. The building includes large windows and structured parking with a parking ratio of 4.5 per 1,000 square feet. Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Zachary Eicholtz, Ryan Jenkins and Robert Elms of Cushman & Wakefield represented the seller, Highwoods Properties Inc., in the transaction. New York City-based Sentinel Real Estate Corp. acquired the property.
NEW YORK CITY — Scale Lending, an affiliate of Slate Property Group, has provided a $63 million construction loan for 322 Grand Concourse, a 151-unit multifamily project that will be located in the Mott Haven area of The Bronx. Thirty percent (45) of the units in the 14-story building will be earmarked as affordable housing. Construction is expected to take about two years to complete.
IRVINGTON, N.J. — The NRP Group, a Cleveland-based developer, has broken ground on a 56-unit affordable housing project in the Northern New Jersey community of Irvington. The five-story, mid-rise building will offer a mix of one-, two- and three-bedroom residential units that will be reserved for residents earning 60 percent or less than the area median income. Five of the 56 units will be set aside for residents with special needs. Amenities will include a fitness center, children’s playroom, computer room, laundry facilities and an onsite management/leasing office. Financing partners include the New Jersey Housing Mortgage Finance Agency, JPMorgan Chase Bank, Hudson Housing, The Township of Irvington and Greater Newark LISC.
NEW YORK CITY — Fashionphile, a California-based provider of resale services for women’s apparel and accessories, has signed a 60,000-square-foot office lease at the Starrett-Lehigh Building in the Chelsea neighborhood of Manhattan. The building encompasses 2.3 million square feet of office and retail space and a full city block along 11th and 12th avenues and 26th and 27th streets. Jason Frazier and Jesse de la Rama of CBRE represented the tenant in the lease negotiations. Dan Birney and Denise Rodriguez represented the landlord, RXR Realty, on an internal basis along with Jeffrey Fischer, Evan Haskell, Mary Ann Tighe and Sacha Zarba of CBRE. The lease term was 10 years, and the asking rent was $70 per square foot.
NEW YORK CITY — Locally based real estate giant SL Green Realty Corp. (NYSE: SLG) has received a $3 billion loan for the refinancing of One Vanderbilt, a 1.7 million-square-foot office tower in the East Midtown neighborhood of Manhattan. Designed by Kohn Pederson Fox Associates and located across the street from Grand Central Station, One Vanderbilt rises 77 stories and 1,401 feet, making it the tallest building in Midtown Manhattan. SL Green developed the property, which carried a price tag of $3.3 billion, in partnership with Houston-based Hines and the National Pension Service of Korea. One Vanderbilt includes 10,000 square feet of ground-floor retail and restaurant space. In terms of tenant amenities, the building features a 30,000-square-foot space with meeting areas, a club-style lounge, curated food offerings and an outdoor terrace that faces Grand Central. A consortium of financial institutions led by Wells Fargo and Goldman Sachs provided the debt, which was structured with a 10-year term and all-in fixed interest rate of approximately 2.94 percent. Other lenders that contributed to the financing included Bank of America, Bank of China, Bank of Montreal, Deutsche Bank, JPMorgan Chase, Barclays Capital Real Estate Inc. and Citi. Chatham Financial acted as an advisor …
MANVEL, TEXAS — Weitzman has broken ground on Phase I of Manvel Town Center, a 273-acre mixed-use project that will be located at the intersection of State Highways 288 and 6 in Manvel, a southern suburb of Houston. The centerpiece of the initial phase of construction is a 100,000-square-foot H-E-B grocery store that will include a fuel station and a car wash. The store is expected to open late next summer. All told, the development will consist of more than 1 million square feet of retail, entertainment, hospitality, medical and office space. In planning the project, Weitzman directed the development of key pieces of infrastructure, including a wastewater treatment plant, water plant, detention facilities, feeder road modifications and Kirby Drive, a new thoroughfare that borders the site.