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.
DENVER — University and Evans, a limited liability company based in Denver, has completed the disposition of the fee simple interest in University Lofts, a student housing and retail property located at 2076 University Blvd. in Denver. An entity doing business as DU Univ Lofts Acq. LLC purchased the asset for $17.3 million. Built in 2006, the 44,495-square-foot property features 35 residential units totaling 97 bedrooms, as well as 8,636 square feet of street-level retail space. The five-story building also features a two-story underground parking structure with 69 heated parking stalls. The residential component is master leased by the University of Denver for student housing through summer 2022. The four-tenant retail space is 48 percent leased to TCF Bank and Paradise Dentistry, which will open in the third quarter. Patrick Henry and Boston Weir of Henry Group represented both the buyer and seller in the transaction. The new owner plans to renovate the unit interiors and convert a portion of the existing retail space into amenity space for residents.
LOS ANGELES — Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, has provided a $27 million construction-to-bridge loan to recapitalize the Hyatt Hotel Nue in Los Angeles. Located at 1525 N. Cahuenga Blvd., the hotel will feature 64 guest rooms, a ground-floor lobby and restaurant, rooftop bar, lounge and pool, as well as an underground parking garage. The hotel is part of the Hyatt Unbound collection that caters to business travelers and tourists seeking a unique social experience. S3D Partners, led by Jayesh Kumar, owns the hotel. The group currently owns or maintains an interest in 12 hotels throughout California and Texas.
LONG BEACH, CALIF. — Stepp Commercial has arranged the sale of a multifamily property located at 2104 E. Florida in Long Beach’s Fourth Street/Retro Row neighborhood. A locally based private investor sold the asset to another local private investor in a 1031 exchange for $4 million. Built in 1948, the property features 10 one-bedroom units and one studio apartment. The community recently underwent more than $600,000 of capital improvements. Interior units included the installation of new laminate flooring, custom shaker-style cabinets, quartz countertops, washers/dryers in most units, stainless steel appliances, designer bathroom tile and pedestal sinks, as well as modern lighting, ceiling fans and fixtures throughout. Robert Stepp and Todd Hawke of Stepp Commercial represented the seller in the deal.
TUCSON, ARIZ. — REM Investment Group has purchased Grant Road Place, a multi-tenant office property located in Tucson. Entities doing business as Shenitzer Family Trust U/T/A, the Pepper Trust U/T/A and WV LLC sold the asset for $2.7 million. Located at 5625-5687 E. Grant Road, the property features 20,057 square feet of office space. Richard Kleiner of Cushman & Wakefield | PICOR represented the buyer and seller in the deal.
PHOENIX — Newmark has arranged the sales of two grocery-anchored shopping centers located in Phoenix for a combined total of $14 million. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark facilitated the transactions. In the first deal, Boros Investments sold Safeway Shops at 83rd & Camelback, a multi-tenant retail center located at 4819 N. 83rd Ave. and 8141 W. Camelback Road, to an entity doing business as Reel Retail Fund I LLC. Tenants at the fully occupied property include H&R Block, Great Clips, One Main Financial, a donut shop, dentistry office and a Mexican restaurant. Newmark represented the buyer and seller in the deal. In the second transaction, Desert Canyon Investment Properties III acquired Happy Valley Walmart Shops, located at 25155 N 67th Ave. and 6520 W. Happy Valley Road, from BevNorm Olive LLC. Tenants at the property include Pacific Dental, Edward Jones, a bagel shop, bike store and a sushi restaurant. The property includes the shops on other side of a Walmart Neighborhood Market store.
BLACKSBURG, VA. — Berkadia has secured $100.2 million in financing and arranged the sale of a three-property student housing portfolio in Blacksburg. The properties in the portfolio include Hunters Ridge, Maple Ridge Townhomes and Collegiate Suites of Blacksburg and are approximately 1.3 to 2.1 miles from Virginia Tech. The student housing communities are also located close to the shops and restaurants along North Main Street. David Hudgins of Berkadia’s Newport News office represented the undisclosed seller and the buyer, California-based Reliant Group, in the transaction. John Richards of Berkadia’s Richmond office secured the acquisition financing for the portfolio. Pacific Life Insurance provided the five-year, interest-only loan, which features a 30-year amortization schedule and a fixed 2.66 percent interest rate. Hunters Ridge is a 72-unit property located at 1401 and 1441 Seneca Drive. The student housing community features four-bedroom floor plans with balconies or patios, in-unit washers and dryers and full appliance packages. Community amenities include a clubhouse, coffee bar, gaming area with a pool table, grilling stations, full-sized basketball court, fitness center and a tanning salon. Maple Ridge Townhomes is located at 344 Red Maple Drive. The 314-unit property features two-, three- and four-bedroom floor plans with in-unit washers and …