FRISCO, TEXAS — Kansas City-based VanTrust Real Estate has completed The Offices Three at Frisco Station, a 210,000-square-foot speculative office project located within the 242-acre Frisco Station mixed-use development north of Dallas. The six-story building offers a fitness center, conference center and a tenant lounge and is located within walking distance of more than 50 retail, restaurant and entertainment options. The property is the third of five office buildings planned for that component of Frisco Station.
WYLIE, TEXAS — Greystone has brokered the sale of Villas at Wylie, a 303-unit apartment community in Wylie, a northeastern suburb of Dallas. Alliance Residential originally developed the property in 2008. The community features one- and two-bedroom units and amenities such as a pool, game room and outdoor grilling areas. Zac Thomas and Sean Reynolds of Greystone represented the seller, Oregon-based Hayden Properties, and procured the buyer, Utah-based Lionel Partners. The sales price was not disclosed.
DALLAS — Palladium USA, a locally based affordable housing developer and operator, is underway on construction of an 87-unit mixed-income property at 2440 Southwell Road in northwest Dallas. The affordable component of the project will include units that are reserved for renters earning between 30 and 60 percent of the area median income. Amenities will include a pool, dog park, hiking trails, conference room, computer lab, kid’s playroom and a fitness center. HEDK is the project architect, and Treymore Construction is the general contractor. Palladium expects to deliver the first units in June 2022.
NEW YORK CITY — Madison Realty Capital, a New York City-based private equity firm, has provided a $395 million loan for a portfolio of three nearly completed residential properties totaling 1,161 units and a development site that is zoned for 4,200 units in New Jersey. The three buildings in various stages of construction are located in Bayonne, Raritan and Linden and will all offer studio, one- and two-bedroom units. The development parcel is located at the site of the former Bears Stadium, a 6,200-seat ballpark in downtown Newark. The borrower, Accurate Builders & Developers, plans to develop the site in nine phases as part of a master-planned community. The project will include 200 affordable housing units, 3,000 parking space and 100,000 square feet of commercial and green space. Shaya Ackerman of Meridian Capital Group arranged the acquisition financing for the transaction.
BOLINGBROOK, ILL. — JLL Capital Markets has brokered the $93.5 million sale of Riverstone Apartments, a 789-unit affordable housing community in the southwest Chicago suburb of Bolingbrook. The property underwent a significant redevelopment between 2005 and 2007 using low-income housing tax credit equity. Amenities include a clubhouse, two outdoor pools, two fitness centers, volleyball and soccer courts, a media center, playground, business center and dog park. Doug Childers, Marty O’Connell and Michael Fox of JLL represented the seller, Jackson Square Properties. Paul Smith and CW Early of JLL secured a $60.8 million Freddie Mac acquisition loan on behalf of the buyers, Alliant Strategic Investments and Nuveen Real Estate. JLL Real Estate Capital LLC provided the loan. The buyers will maintain the affordability requirements on all units through 2036.
CHICAGO — Clune Construction has completed Sterling Bay’s new headquarters in Chicago’s Fulton Market. IA Interior Architects designed the 28,000-square-foot space, which pays tribute to Chicago and its architectural history. Sterling Bay owns the property, which is located at 333 N. Green St. Construction began in February 2020 and the project was severely impacted by COVID-19 a month later. Sterling Bay is a Chicago-based real estate investment and development company.
MINNEAPOLIS — Ryan Cos. US Inc. has acquired the commercial property management, property engineering and construction management business of The Excelsior Group (TEG). The transaction, which closed April 29, grows Ryan’s real estate management portfolio by eight office buildings totaling 1.4 million square feet. Minneapolis-based Ryan now manages more than 16 million square feet across the country, including 9 million square feet in Minnesota. TEG is based in St. Louis Park, Minn.
SARTELL, MINN. — Grandbridge Real Estate Capital has arranged a $5.7 million loan for the refinancing of a 78-unit apartment community in Sartell, about 70 miles northwest of Minneapolis. Tony Carlson of Grandbridge arranged the nonrecourse loan, which features a 15-year term, a 20-year amortization schedule and a fixed interest rate. An insurance company provided the loan on behalf of the undisclosed borrower.
GLENDALE HEIGHTS, ILL. — Associated, a supply chain solutions company, has signed a 44,300-square-foot industrial lease at 490 Windy Point Drive in Glendale Heights. The building, which will complement the company’s existing 87,000-square-foot headquarters, features 2,300 square feet of office space, recently updated interior finishes and fenced outdoor storage access. Corey Chase of Newmark represented the tenant in the lease transaction. The landlord information was undisclosed.
PALMYRA TOWNSHIP, N.J. — A partnership between St. Louis-based development firm Sansone Group and a private equity real estate fund backed by Crow Holdings Capital is underway on construction of Tac-Pal Logistics Center. The 702,450-square-foot industrial facility is located in Palmyra Township. The development team expects to complete the single-building property, which will feature modern design and build-to-suit opportunities, during the first quarter of 2022. Cushman & Wakefield and Avison Young have been tapped to lease the project.