NEW YORK CITY — JLL has negotiated a 14,795-square-foot office lease at 485 Lexington Avenue in Manhattan for marketing company Trusted Media Brands, which is relocating from 750 Third Avenue. The term of the new lease is 10 years. Matthew Astrachan, Mitch Konsker and Kristen Morgan of JLL represented the tenant in the lease negotiations. Paul Glickman, Jonathan Fanuzzi, Diana Biasotti and Kip Orban, also with JLL, represented the landlord, SL Green.
WASHINGTON, D.C. — Toll Brothers Apartment Living and GSLM Capital Partners, a venture between L+M Development Partners and Goldman Sachs Urban Investment Group, have received $160 million in construction financing for Phase I of a new multifamily project in the NoMa neighborhood of Washington, D.C. The project will redevelop Sursum Corda Cooperative, a low-income housing complex built in 1968. Sursum’s tenant association sold the site in 2018. As part of the agreement, current residents of Sursum will have the right to rent up to 127 units included in the new complex. Phase I of the project will include 561 units, approximately 20 percent of which will be designated as affordable. It will also feature one acre of public open space and nearly 50,000 square feet of amenities. Citi Community Capital provided the $160 million, funded with $23 million of tax-exempt notes issued through the Washington, D.C. Housing Finance Agency and a $137 million taxable construction loan. In addition, Citi arranged a $160 million forward commitment for permanent financing from Freddie Mac in its role as an Optigo lender. Goldman Sachs, in addition to its land loan financing and equity participation, will purchase approximately $15.7 million of low-income housing tax credits. …
NASHVILLE, TENN. — Austin-based Endeavor Real Estate Group and Dallas-based Granite Properties have finished construction on 1222 Demonbreun at Gulch Union, a 20-story, 330,000-square-foot office building in Nashville’s Gulch district. The property also features 6,000 square feet of ground-level retail space. The building is now open to tenants. Amenities include a fitness center, training room, sky lounge, catering kitchen and a parking garage. Cushman & Wakefield is handling leasing at the site, which has announced tenants including Revance Therapeutics Inc., RSM Accounting, staffing agency Insight Global, tax and advisory firm Dixon Hughes Goodman and Cahaba Wealth Advisors. Dallas-based HKS Inc. designed the building to meet LEED Silver certification. The building also includes the use of MERV 13 air filters and distribution system, which helps eliminate airborne viruses and toxins.
MIAMI — Balfour Beatty has completed construction on River Landing Shops and Residences, a 2.5 million-square-foot mixed-use development along the Miami River. The Atlanta-based general contractor completed the project on behalf of real estate investment trust H&R REIT and South Florida developer Urban-X Group. Matthews Southwest provided owner representative services. River Landing Shops and Residences spans 8.1 acres of riverfront land. The development features a seven-story, 488,000-square-foot retail and commercial space housing national retailers and shops; 142,000 square feet of Class A office space; and two multifamily residential towers above a 12-story, 2,344-space parking garage. River Landing also provides boater access along the Miami River, a waterfront linear park and a 25,500-square-foot restaurant row that will accommodate up to seven fine dining to fast casual restaurants. The design team includes architects BC Architects, McNamara Salvia Structural Engineers and Steven Feller MEPFP engineers. At its peak, the job employed more than 750 Balfour Beatty workers. River Landing Shops and Residences began opening its retailers to the public in early September. The tenant roster includes national retailers T.J. Maxx, Chase Bank, AT&T, Ross Dress for Less, Burlington, Hobby Lobby, Publix, Old Navy and Chick-fil-A.
WASHINGTON, D.C. — The UIP Cos. Inc. has delivered The Kiley, a $118 million multifamily project in Washington, D.C.’s Southwest Waterfront district. The 315-unit property will open to residents beginning in January. UIP installed a common area HVAC system with UV light scrubbers to kill viruses. The community will offer studio to three-bedroom floor plans and two-story lofts. Communal amenities will include a golf simulator, library, bar and games on the ground floor, as well as a rooftop deck and fitness center, a pool and grills. UIP acquired and broke ground on the site of The Kiley, which was an above-ground parking structure, in 2018. WDG Architecture designed the building to include arched concrete canopies as an homage to the parking deck’s original structure. The Kiley also mirrors in size Capitol Park Tower, an adjacent community that UIP bought in 2013. Capitol Park Tower was originally built in 1962 and UIP is implementing significant renovations to the property.
DANIA BEACH, FLA. — Aztec Group has arranged a $60.3 million construction loan for Oasis Pointe, a planned 301-unit apartment community in Dania Beach. Cymbal Development received the non-recourse loan from 3650 REIT. The 42-month loan features a fixed interest rate at an 80 percent loan-to-cost ratio. The waterfront community will span 2.4 acres and include structured parking, a 19-slip boat club, waterfront boardwalk, butterfly and meditation gardens and a lap pool. The community will also include COVID-19 protocols, including fresh-air intake throughout the property to sterilize and purify the air. A timeline for completion was not disclosed. Jason Shapiro, Charles Penan and Joel Zusman of Aztec arranged the loan on behalf of the Miami-based developer. Michael Fleischer and Will Pierce of 3650 REIT originated the financing.
ATLANTA — JLL has negotiated the $38.5 million sale of a four-building, 281,677-square-foot industrial campus in Atlanta’s Cumberland-Galleria submarket. The property was 87 percent leased to 36 tenants at the time of sale. The asset is situated on 23 acres at 120 Interstate NW, less than one mile from the Interstate 75-285 interchange and 23 miles north of Hartsfield-Jackson Atlanta International Airport. The buildings feature 14- to 18-foot clear heights, new roofs, 34 dock-high doors and 39 grade-level roll ups. Dennis Mitchell, Matt Wirth, Britton Burdette and Crosby Taylor of JLL represented the seller, a joint venture between The Ardent Cos., Taconic Capital Advisors and Axonic Capital, in the transaction. Albany Road Real Estate acquired the property through its Albany Road Fund III.
BROOKFIELD, WIS. — NorthMarq has arranged $26.2 million in permanent debt for the recapitalization of Poplar Creek Club, a recently stabilized, 138-unit apartment property in Brookfield near Milwaukee. Brett Hood of NorthMarq arranged the Freddie Mac loan, which features a 10-year, fixed-rate term with five years of interest-only payments followed by a 30-year amortization schedule. Loan proceeds retired a $22.6 million construction loan. The borrower was undisclosed. The four-story property features a 143-space parking garage as well as a separate 4,544-square-foot retail building. Amenities include a clubhouse, fitness center, yoga studio, outdoor pool and sundeck.
SHAKER HEIGHTS, OHIO — Pembrook Capital Management LLC has provided a $17.7 million loan for the acquisition and renovation of a 275-unit multifamily portfolio in Shaker Heights, an inner-ring suburb of Cleveland. The properties include Colton House, Golfview, Fairway-Marchmont Terrace, Aristocrat and Moreland Manor. The borrower, Significan Lifestyle Communities, is known for its unique property management method whereby tenants enter into membership agreements as opposed to leases and pay membership fees instead of rent. Members are invited to personalize their homes through a selection of custom paint colors and other upgrade choices. The seller was undisclosed.
ELK GROVE VILLAGE, ILL. — Anritsu Infivis Inc. has signed a 61,627-square-foot industrial lease at 701 Innovation Drive within the Elk Grove Technology Park in Elk Grove Village. The tenant is a supplier of advanced product inspection and foreign material detection equipment installed on food and pharmaceutical production lines globally. The new lease represents an expansion from the company’s former location on Cambridge Drive. David Creiner and Corey Chase of Newmark represented the tenant in the lease transaction. Elk Grove Technology Park is a 600,000-square-foot industrial park that includes bike and walking paths. Brennan Investment Group is the developer of the park.