COLUMBIA, S.C. — Lument has provided a $15.2 million Fannie Mae loan for a 176-unit, garden-style multifamily community in Columbia. Steven Cox of Lument originated the financing on behalf the undisclosed borrower. The loan refinances existing debt at a low, fixed interest rate. The loan features a 10-year term with full-term interest only payments and a nine-and-a-half-year yield maintenance period. Chuck Cronin of Axiom Capital Corp. arranged the financing. The apartment community includes 176 units across 19 two-story buildings. Of the 176 units, 52 are one-bedroom, 104 are two-bedroom and 30 are three-bedroom units. Community amenities include a clubhouse, pool, picnic area, dog park, business center and a fitness center. The borrower owns approximately 1,121 units across the Southeast. The sponsor has owned the unnamed property since it was constructed in 2000 and has made investments in capital improvements.
MCKINNEY, TEXAS — Developer Craig International has unveiled plans for District 121, a $250 million mixed-use project that will be located on 17.5 acres next to the Craig Ranch master-planned community in McKinney. Phase I of the project consists of a 200,000-square-foot office building by Kaizen Development that is currently under construction, as well as 40,000 square feet of retail and restaurant space, an 800-space parking garage and green space known as The Commons. District 121 will eventually include 520,000 square feet of office space and a hotel. SHOP Cos. has been tapped to lease the retail and restaurant space.
SAN ANTONIO — Big V Property Group, a Charlotte-based retail owner-operator, has acquired The RIM Shopping Center, a 1 million-square-foot retail and restaurant destination in San Antonio. Big V acquired the property, which is part of a larger mixed-use development, in partnership with New York-based Kimco Realty and San Diego-based Equity Street Capital. Big V will also manage the property. Chris Gerard, Barry Brown, Ryan Shore, Danny Finkle, Jeremy Womack, Matthew Wheeler and Robby Westerfield of JLL represented the seller, HGR Liquidating Trust, a fund sponsored by Hines, in the transaction. Jim Curtin, Christopher Drew, Timothy Joyce and Rex Cruz of JLL arranged acquisition financing on behalf of the new ownership.
NORMAN, OKLA. — Lambert, a hospitality development and management firm, has broken ground on the NOUN Hotel, a boutique property that will be situated near the University of Oklahoma’s campus in the downtown area. The hotel will 92 guestrooms, including two 900-square-foot suites, as well as a banquet room and several bars with indoor and outdoor seating. Completion is slated for summer 2022.
SUMMERVILLE, S.C. — New Jersey-based Sharbell Development Corp. has broken ground on Downtown Nexton, an urban-inspired mixed-use development in Summerville. Downtown Nexton will be situated on nearly 100 acres between Sigma Drive and Brighton Park Boulevard, about 24 miles away from Charleston. Upon completion, Downtown Nexton will provide retail, dining, hospitality, residential, service, office and commercial options. The first phase of the Downtown Nexton project is slated to be completed in 2022 and will include multifamily residences, a mixed-use building with loft apartments above ground-level retail and several outparcels. In addition, Phase I will feature various walking trails, pocket parks and two ponds with walking trails on the north and south sides of the development. Downtown Nexton will offer over 110,000 square feet of both for-sale and rental office space within several two-story office buildings. The buildings will feature parking, multiple entry points, green space and Nexton’s GigaFi internet services. CBRE’s Charleston office will market the office component for lease. The project will also include three apartment parcels, each with their own amenity packages. One of these parcels is intended to be an age-restricted (55-plus) upscale rental community. Additionally, some of the mixed-use buildings will include upper-floor lofts. Amenities for …
WACO, TEXAS — ABC Supply Co., a Wisconsin-based provider of roofing products, windows and gutters, has signed a 44,200-square-foot industrial lease at 1212 LaSalle Ave. in Waco. The building features 14- to 18-foot clear heights, nine grade-level overhead doors and office space. Josh Carter of Coldwell Banker Commercial represented the landlord, California-based Mission Linen Supply, in the lease negotiations. Dan Spika of Henry S. Miller Brokerage represented the tenant.
SAN ANTONIO — Colorado-based coworking concept Office Evolution has opened a 7,064-square-foot space at Plaza Las Campanas, a shopping center located at 1846 N Loop 1604 W. in San Antonio. The space includes both common workspaces and private offices. The space is Office Evolution’s first in San Antonio. Following the opening of its San Antonio space, Office Evolution announced that it would open its first coworking concept in Austin in mid-May. That space will be located at 8911 N. Capital Texas Highway and will span 7,845 square feet.
MCLEAN, VA. — KLNB has arranged the sale of Chesterbrook Shopping Center in McLean. Located at 6244 Old Dominion Drive, Chesterbrook Shopping Center has been anchored by Safeway since 1965. Additional tenants at the 89,625-square-foot shopping center include Walgreens, a Starbucks Coffee pad and Mylo’s Grill. The sales price was $32.1 million. Vito Lupo, Andy Stape and Jake Furnary of KLNB’s investment sales team represented the seller, Chesterbrook One LLC, in the transaction. The team also worked with the buyer, Federal Realty Investment Trust, which was managing the center at the time of sale and has a long-standing relationship with the previous ownership.
NEWPORT, N.J. — The LeFrak Organization, a family-owned development firm, has begun leasing The Beach, a 336-unit multifamily community in Newport, located across the Hudson River from Lower Manhattan. Designed by HLW Architects, the waterfront property offers studio, one-, two-, three- and four-bedroom units with private terraces or balconies. Amenities include a pool, fitness center, coworking lounge, dog park, package lockers, children’s play area, library, game room and a rooftop lounge with a wet bar. Rents start at $2,450 per month for a studio apartment.
HAZELTON, PA. — Endurance Real Estate Group has acquired 360 Maplewood Drive, a 191,979-square-foot manufacturing and distribution facility in Hazelton, located roughly midway between Allentown and Scranton. The property was built in 1993, expanded in 1995 and features a clear height of 30 feet, 11 dock doors and rail access. Endurance plans to upgrade the facility’s roof, lighting and sprinkler system. Endurance acquired the property from an undisclosed seller in an off-market sale-leaseback transaction. Mike Hess of CBRE arranged that deal. CBRE will also market the building for lease upon completion of the capital improvements program in the third quarter.