Property Type

Walker & Dunlop Arranges $205M Refinancing for Hudson Research Center in Manhattan

by Kristin Harlow February 10, 2021

NEW YORK CITY — Walker & Dunlop Inc. has arranged a $205 million loan for the refinancing of Hudson Research Center in Manhattan’s Midtown West neighborhood. Located along the Hudson River at 619 W. 54th St., the Class A life sciences and medical office property spans 320,000 rentable square feet. Originally built in 1930 as a film-editing house for Warner Brothers Pictures, the Art Deco property came to be known as The Movie Lab Building. Taconic Partners purchased the asset in October 2012 and undertook a capital improvement plan, including creating several floors of research space; updating the building’s façade, interior and crown; and adding tenant amenities such as bike storage and private showers. In 2017, Taconic recapitalized the asset with Silverstein Properties Inc. Since the end of 2013, the number of life sciences jobs nationally has increased by 70,000 per year, according to Walker & Dunlop. Demand for well-located, modernized life sciences and medical office space has soared nationally amid industry growth and lack of available product, adds the finance company. A Walker & Dunlop team led by Aaron Appel and Keith Kurland arranged the loan, with Square Mile providing the funds. The interest-only financing features a floating rate, …

February 10, 2021

Development Multifamily Texas

Provident Realty Advisors Underway on 331-Unit New Multifamily Project in Arlington

by Taylor Williams February 9, 2021

ARLINGTON, TEXAS — Provident Realty Advisors is underway on construction of Debbie Lane Flats, a 331-unit multifamily project that will be situated on 17 acres in Arlington. Amenities will include a fitness center, pool and a dog park. Construction officially began in June 2020 and is expected to be complete in the first quarter of 2022. Trez Capital recently provided $8.7 million in financing for the project.

February 9, 2021

Development Multifamily Texas

Allied Orion Breaks Ground on 324-Unit Granary Flats Apartments in Metro Houston

by Taylor Williams February 9, 2021

RICHMOND, TEXAS — Locally based developer Allied Orion Group has broken ground on Granary Flats, a 324-unit apartment community that will be located in the southwestern Houston suburb of Richmond. Designed by Sage Group, the property will be situated within Johnson Development’s 1,300-acre Harvest Green master-planned community and will feature one-, two- and three-bedroom floor plans. Units will be furnished with stainless steel appliances, granite countertops and wood-style flooring. Amenities will include a pool, fitness center, media room and a resident lounge with coworking spaces. Allied Orion expects to open the community in the fourth quarter.

February 9, 2021

District of Columbia Healthcare Hospitality Industrial Loans Multifamily Office Retail Southeast

MBA: Commercial, Multifamily Borrowing Falls 18 Percent in Fourth-Quarter 2020

by John Nelson February 9, 2021

WASHINGTON, D.C. — Commercial and multifamily mortgage loan originations were 18 percent lower in the fourth quarter of 2020 compared to a year ago, and increased 76 percent from the third quarter of 2020, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. A decrease in originations for hotel, retail, office and healthcare properties led the overall decline in lending volumes when compared to the fourth quarter of 2019. There was a 79 percent year-over-year decrease in the dollar volume of loans for hotel properties, 72 percent dip for retail properties, 6 percent decline for office properties and a 12 percent decrease for healthcare properties. Industrial property loan originations increased 15 percent, while multifamily property lending rose 14 percent. Jamie Woodwell, MBA’s vice president of commercial research, says that unsurprisingly the data shows that the property types most affected by the pandemic struggled to transact. “Borrowing and lending remain weakest for the property types most impacted by the pandemic — particularly hotel and retail buildings,” says Woodwell. “Multifamily, led by government-backed financing from FHA, Freddie Mac and Fannie Mae, continued to see the strongest commercial mortgage activity.” Among investor types, the dollar volume of loans …

February 9, 2021

Acquisitions Affordable Housing Multifamily Texas

Davis Cos., Hayden Glade Acquire 250-Unit Affordable Housing Property in Austin

by Taylor Williams February 9, 2021

AUSTIN, TEXAS — A joint venture between developer Davis Cos. and Hayden Glade, an investment fund focused on affordable housing, has acquired Rosemont at Hidden Creek, a 250-unit property in northeast Austin that was built in 2006. The new ownership will invest in capital improvements to the unit interiors and common areas and rebrand the community as Eryngo Hills, named after a flower that is indigenous to the region. The seller was not disclosed.

February 9, 2021

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates Two Industrial Leases Totaling 91,992 SF in Metro Dallas

by Taylor Williams February 9, 2021

MCKINNEY, TEXAS — Lee & Associates has negotiated two industrial leases totaling 91,992 square feet at McKinney Trade Center, an industrial development by ML Realty that is located on 24 acres in the northern Dallas suburb of McKinney. Blount Fine Foods Corp. preleased 28,212 square feet, and L&S Plumbing Partnership Ltd. preleased 63,780 square feet. Adam Graham and Ken Wesson of Lee & Associates represented ML Realty in both sets of lease negotiations. Brett Lewis of Lee & Associates represented Blount Fine Foods, and Kent Smith and Stephen Cooper of NAI Robert Lynn represented L&S Plumbing.

February 9, 2021

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 143-Unit Multifamily Asset in Port Arthur, Texas

by Taylor Williams February 9, 2021

PORT ARTHUR, TEXAS — Marcus & Millichap has brokered the sale of Normandy, a 143-unit multifamily asset that is located on 9.7 acres in Port Arthur, located just south of Beaumont. Nick Fluellen, Bard Hoover, David Fersing and Sean Scott of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.

February 9, 2021

Acquisitions Florida Multifamily Southeast

Bluerock Sells Grandewood Pointe Apartments in Orlando for $46.2M

by John Nelson February 9, 2021

ORLANDO, FLA. — Bluerock Real Estate has sold Grandewood Pointe, a 306-unit apartment community in Orlando, for $46.2 million. Jay Ballard and Ken DelVillar of JLL represented Bluerock in the sale to the buyer, a joint venture led by Miami-based multifamily investor and operator Lloyd Jones LLC. Elliott Throne, Jesse Wright, Tarik Bateh and Jennifer Swanson and Drew Jennewein of JLL arranged a 10-year, fixed-rate acquisition loan on behalf of the borrower. The loan is a Fannie Mae Green Rewards Program product, which JLL will service. Grandewood Pointe features one-, two- and three-bedroom units. The new ownership group is planning to make renovations to the building’s exterior, community amenities and units, including new countertops, vanities and lighting. Current community amenities include a courtyard, barbecue and picnic area, playground and a business center. Located at 3701 Grandewood Blvd., Grandewood Pointe is situated close to Lake Nona’s Medical City and 17 miles from downtown Orlando.

February 9, 2021

Acquisitions Florida Mixed-Use Southeast

JLL Arranges Sale of Mixed-Use Marina in Miami

by John Nelson February 9, 2021

MIAMI — JLL Capital Markets has arranged the sale of Monty’s Coconut Grove, a fully leased mixed-use marina in Miami’s Coconut Grove neighborhood. Also known as Bayshore Landing, the property features retail, office and restaurant. Manny de Zárraga, Luis Castillo, Ted Taylor and Kim Flores of JLL marketed the property on behalf of the seller, Aligned Bayshore Marina LLC. Suntex Ventures LLC purchased the asset for an undisclosed price. Monty’s Coconut Grove is situated along Biscayne Bay at 2550 S. Bayshore Drive, with direct access to the Atlantic Ocean. The property features a 111-slip marina, a 30,535-square-foot boutique office and retail building and Monty’s Raw Bar, a 750-seat restaurant that has been around for 50 years. Dallas-based Suntex Ventures is a real estate firm focused on the ownership of marina properties.

February 9, 2021

Development Multifamily Northeast Pennsylvania

KRE, Silverman Group to Develop 273-Unit Multifamily Project in Lehigh Valley

by Taylor Williams February 9, 2021

UPPER MACUNGIE, PA. — A partnership between two New Jersey-based firms, KRE Group and Silverman Group, will develop Lehigh Hills, a 273-unit multifamily project that will be located outside of Allentown in the Lehigh Valley community of Upper Macungie. The community will feature a mix of one- and two-bedroom units that will be housed in seven mid-rise buildings. Amenities will include a fitness center with a yoga room, gaming room, conference room, a pool, dog park and a children’s play area. Valley National Bank provided a $44.4 million construction loan for the project, which is expected to be complete in 2022.

February 9, 2021

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