CINCINNATI — Ready Capital has closed a $4.5 million bridge-to-agency refinancing for a 148-unit, Class B multifamily property in the Winton Hills submarket of Cincinnati. The sponsor will use funds to retire existing debt, continue marking rents to market and implement a utility billing system. The nonrecourse, floating-rate loan features a 24-month term, one extension option and flexible prepayment. The sponsor has the ability to execute a low-cost refinancing with Ready Capital’s Freddie Mac small-balance loan program. The name of the borrower and property were not disclosed.
CONROE, TEXAS — JLL has arranged a loan of an undisclosed amount for the refinancing of 336 Marketplace, a 471,752-square-foot retail power center in Conroe, about 40 miles north of Houston. The center is situated on 72 acres and houses tenants such as Kroger, Michaels, Dick’s Sporting Goods, Marshalls, Five Below, Ross Dress for Less, HomeGoods, Ulta Beauty, DSW and Burlington. Colby Mueck, Molly Leinsdorf and Tolu Akindele of JLL arranged the nonrecourse, fixed-rate loan through The Guardian Life Insurance Co. of America on behalf of the borrower, Fidelis Realty Partners.
SAN ANTONIO — Winston Hotels LLC has purchased Riverview Towers, a 20-story- building in downtown San Antonio that previously served as a 298,000-square-foot office property. The new ownership will convert the building into a mixed-use development with 342 hotel rooms, 60,000 square feet of office space and 3,000 square feet of ground-floor retail space. The hotels will carry the dual brands of AC by Marriott and Element by Westin. A timeline for completion was not disclosed. Whit Jordan of CBRE represented Winston Hotels in the acquisition. Bart Wilson of Primera Partners represented the seller.
TERRELL, TEXAS — Ventures Development Group and Batson-Cook Development Co. (BCDC) have broken ground on a 270-unit multifamily project in Terrell, an eastern suburb of Dallas. The property will be situated on 10.8 acres within the Crossroads at Terrell mixed-use development and will feature studio, one-, two- and three-bedroom units. Amenities will include a pool, playground, dog park, fitness center, demonstration kitchen and multiple lounge areas. Hodges Architecture is designing the project, and Construction Enterprises Inc. is serving as general contractor. The opening is slated for the fourth quarter.
NEW YORK CITY — JLL Project and Development Services has completed construction of Iona College’s new LaPenta School of Business, a 68,000-square-foot building in New Rochelle, a northern suburb of New York City. Development costs were approximately $38 million. The project included a complete renovation of the college’s existing four-story business school and the ground-up construction of a 35,000-square-foot addition. Peter Rader led the JLL project management team. Gensler served as the project architect, and Pavarini North East Construction Co. was the general contractor.
PISCATAWAY, N.J. — Third party logistics provider Hall’s Warehouse Corp. has renewed its 135,000-square-foot industrial lease in Piscataway, a southwestern suburb of New York City. The property is situated within Rutgers Industrial Center, a five-building, 535,000-square-foot complex located at 120 Circle Drive N. The tenant has leased space at the property since 2003. Brian Dudzinski of Atlantic Real Estate Services represented Hall’s in the lease negotiations. Levin Management Corp. is the asset manager of the complex.
WIMBERLEY, TEXAS — Civitas Senior Living has opened Alexis Pointe Senior Living, an 83-unit seniors housing community in Wimberley, located outside San Marcos in Central Texas. The property is located near Wimberley Town Square, the Cypress Creek Nature Preserve and Blue Hole Regional Park. Alexis Pointe Senior Living features 49 assisted living apartments, 24 memory care suites and 10 independent living cottages, as well as resort-style amenities.
LAKE JACKSON, TEXAS — Ready Capital has closed a $4.8 million loan for the acquisition, renovation and stabilization of a 72-unit apartment community in the South Brazoria County submarket. Upon acquisition, the sponsor will address deferred maintenance and upgrade existing units. Ready Capital closed the nonrecourse, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures. The property name and sponsor were not disclosed.
NEW YORK CITY — Ready Capital has closed a $24.6 million loan for the acquisition, renovation and stabilization of a 52-unit, Class B multifamily property located in the Greenpoint neighborhood of Brooklyn. Upon acquisition, the sponsor will convert the existing multifamily building into a co-living property. Additionally, the sponsor will implement a capital expenditure to prepare the co-living units for occupancy, which includes fully furnishing each unit. Ready Capital closed the nonrecourse, floating-rate loan, which features a 48-month term, one extension option, flexible prepayment and a facility to provide future funding for capital expenditures.
WALLINGFORD, CONN. — O,R&L Integrated Services has negotiated a 20,079-square-foot industrial lease for Consolidated Electrical Distributors Inc. (CED) in Wallingford, a northern suburb of New Haven. The space is located at 34 Barnes Industrial Road S. in a warehouse building that features 22-foot clear heights and one 7.5-ton bridge crane. CED will utilize the space for additional storage, supporting its primary Wallingford manufacturing and distribution facility. Red Bull Distribution Co. is the other tenant of the building, with 31,141 square feet. Frank Hird of O,R&L represented CED in the lease negotiations. Hird also represented the landlord, a partnership between ADM Wallingford LLC and Tremblant Enterprises LLC.