SYRACUSE, N.Y. — The Community Preservation Corp. (CPC) has provided a $4.5 million construction loan for a multifamily conversion project in Syracuse. The project will transform the former William Howard Taft School in the city’s Eastwood neighborhood, which opened in 1907 and closed in 1964, into a 28-unit rental complex. The unit mix will comprise six one-bedroom residences and 22 two-bedroom apartments. The developer is Skinner Properties.
NEW YORK CITY — Upstart has signed a seven-year, 15,356-square-foot office lease in Midtown Manhattan. The AI-driven lending platform will occupy the entire 33rd floor at NoMad Tower, a 39-story building located at 1250 Broadway. Scott Brown of Newmark represented the tenant in the lease negotiations. Paul Glickman, Benjamin Bass, Kristen Morgan, Harrison Potter and Diana Biasotti of JLL, along with internal agents Craig Panzirer and Alex Radmin, represented the landlord, Global Holdings.
SAN JOSE, CALIF. — San José State University (SJSU) has purchased Spartan Village on the Paseo (SVP) at 184 S. Market in downtown San Jose from Throckmorton Partners for $165 million. Throckmorton acquired the asset, the former Signia by Hilton Hotel south tower, in November 2023 and commenced a nine-month conversion into a 264-room student housing property with beds for approximately 700 undergraduate students. The 14-story property offers an onsite dining area and community kitchen, a fitness center, games room, co-learning spaces and a study lounge in the sky bridge. SJSU was granted access to $89 million in debt relief capacity as part of the state’s Higher Education Student Housing Grant program that allowed the university to enter a lease agreement with Throckmorton Partners. The agreement included an option to purchase after two years, which SJSU has implemented to assume ownership of the building.
PHOENIX — Speed Bay, sponsored by Academy Partners Group, has purchased a 228,733-square-foot portfolio of industrial properties in Phoenix from Top Ten Properties for $43.7 million, or $191.27 per square foot. The portfolio includes Carleton Square at 1711-1741 W. Rose Garden Lane, Top 10 Business Center at 4845 and 4855 W. McDowell Road and Valley Commerce Center at 4810-4828 S. 40th St. KBC Advisors represented the buyer, while the Leroy Breinholt team at Commercial Properties Inc./CORFAC International represented the seller in the deal.
GRESHAM, ORE. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of East Wind, an apartment community in Gresham. Terms of the transaction were not released. Hamid Panahi and Anthony Palladino of IPA and Whitney Rhoades of Marcus & Millichap represented the seller and procured the buyer in the deal. David Tabata of Marcus & Millichap served as broker of record in Oregon. Built in 1971, the three-story, eight-building property features 150 one-, two- and three-bedroom apartments with enclosed patios with planters boxes and large, dual-pane windows. Community amenities include a clubhouse with kitchen, individual leasing offices, a basketball court, playground and laundry facilities.
CARLSBAD, CALIF. — CBRE has arranged the sale of an industrial property located at 1695 Faraday Ave. in Carlsbad. AG-LC 1695 Faraday Owners LLC sold the asset to Faithway LLC for $13.5 million. Dennis Visser and Weston Yahn of CBRE represented the seller, while Blake Wilson and Roger Carlson of CBRE represented the buyer in the deal. Situated on 4.1 acres within Carlsbad Research Center, the 63,062-square-foot property features 3,000 amps of power, 24- to 25-foot clear heights and three dock-high doors.
BRIGHTON AND COLORADO SPRINGS, COLO. — Bespoke Holdings Co. has completed the disposition of a two-property industrial outdoor storage (IOS) portfolio totaling 67,508 square feet in the Denver and Colorado Springs metro areas. Alterra IOS acquired the portfolio for an undisclosed price. Located at 995 N. 5th Ave. in Brighton, the property features a 4,890-square-foot building on a 4.6-acre site with 2.4 percent site coverage. Built in 1982, the steel-constructed facility features a clear height of 14 feet and two drive-in doors. The property was fully leased to a major national equipment rental company at the time of sale. Located at 3240-3250 Astrozon Blvd. in Colorado Springs, the asset spans 62,618 square feet across 6.9 acres with 20.8 percent site coverage. Constructed in 1981 with recent improvements including a 2018 standing-seam metal roof installation, the facility features a clear height of 18 feet, 10 drive-in doors and railroad spur access. The property is fully leased to an established lumber and building materials company. Peter Merrion and Robert Key of JLL Capital Markets represented the seller, while Parker Pearson of Alterra IOS represented the buyer.
BALTIMORE — Capital Funding Group (CFG) has provided a $253.2 million bridge loan for the refinancing of a skilled nursing portfolio. The portfolio includes six facilities in Maryland and one in Virginia. Together, the properties total 1,050 beds. Craig Casagrande, Scott Robinson and Catherine Mansel of Baltimore-based CFG originated the financing for the undisclosed borrower.
CHICAGO — Pebblebrook Hotel Trust (NYSE: PB) has sold the 752-room Westin Michigan Avenue Chicago hotel for $72 million. Mark Perkowski of Draper and Kramer’s Commercial Finance Group arranged a $54 million acquisition loan on behalf of the buyer, Vinayaka Hospitality. A life insurance company provided the loan. The hotel is located at 909 N. Michigan Ave. along the Magnificent Mile. For the trailing 12 months that ended Sept. 30, the hotel generated earnings before interest, taxes, depreciation and amortization of $4.6 million and net operating income of $2.5 million, according to Pebblebrook.
CHESTERFIELD, MO. — The Staenberg Group (TSG) has begun utility work and site grading for Downtown Chesterfield, the redevelopment of the former Chesterfield Mall site into a mixed-use destination in suburban St. Louis. This phase of work includes utility installation and relocation needed to support future development as well as site grading focused on the new road network and the 3.3-acre park that will serve as the centerpiece of Downtown Chesterfield. These early infrastructure improvements help transition the project site from demolition to active development. Plans call for a mix of residential, hotel, restaurant, entertainment, office and community spaces. The overall project’s price tag is $2 billion, according to The St. Louis Business Journal.