Property Type

EagleBridge Capital Secures $25.1M Construction Loan for Apartment Building in Rhode Island

by David Cohen January 3, 2019

PROVIDENCE, R.I. — EagleBridge Capital has arranged a $25.1 million construction loan for the development of Chestnut Commons, a six-story, 116,000-square-foot apartment building in Providence. Located at 91 Chestnut St. in downtown Providence, the property consists of 92, one- and two-bedroom units as well as 6,000 square feet of street-level retail space. Amenities will include a fitness center, rooftop terraces and covered parking. Brian D. Sheehan and Ted. M. Sidel of EagleBridge secured the financing on behalf of the undisclosed borrower. The lender was a leading Massachusetts financial institution. Terms of the financing were not disclosed.

January 3, 2019

Loans Multifamily New York Northeast

Greystone Arranges $11.7M Refinancing for Multifamily Portfolio in Brooklyn

by David Cohen January 3, 2019

NEW YORK CITY — Greystone has arranged $11.7 million in Fannie Mae loans to refinance a portfolio of multifamily properties in Brooklyn. The four-property portfolio is located at 867-869 Knickerbocker Ave., 221 Himrod St., 299 Throop Ave. and 634 Wilson Ave. The refinancing included four separate Fannie Mae loans, which are all seven-year hybrid adjustable-rate mortgages (ARMs). The loan proceeds will be used for value-add improvements to the properties. Anthony Cristi in Greystone’s New York office secured the financing on behalf of borrower Zalmen Wagschal.

January 3, 2019

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Brokers $5.4M Sale of Mixed-Use Building on Lower East Side

by David Cohen January 3, 2019

NEW YORK CITY — Cushman & Wakefield has brokered the $5.4 million sale of a 5,467-square-foot mixed-use building on the Lower East Side of Manhattan. Located at 48 Clinton St., the four-story property was formerly known as the Loho Studios and has hosted a number of recording artists through the years, including Willie Nelson, John Mayer, Joey Ramone, Phish, Patti Smith, Lindsay Lohan, OAR, Art Garfunkel and Joan Jett. Michael F. DeCheser, Patrick Dugan, Mei Ling Wong, Andrew T. Berry and Bryan Hurley of Cushman & Wakefield represented the seller, the Blue Man Group, in the transaction. The buyer was Arani Bose.

January 3, 2019

Acquisitions Industrial New Jersey Northeast

Seagis Property Group Acquires 93,000 SF Industrial Building in Northern New Jersey

by David Cohen January 3, 2019

CARTERET, N.J. — Seagis Property Group has acquired a 93,000-square-foot warehouse in Carteret. The sales price was undisclosed. The property is located at 1001 Roosevelt Ave., which is approximately 10 miles from Newark Liberty International Airport. With the acquisition, Seagis now owns 28 buildings totaling 4.4 million square feet throughout Northern New Jersey. The seller was undisclosed.

January 3, 2019

Development Multifamily New York Northeast

DXA Studio Completes 80,000 SF Condominium Building in Brooklyn

by David Cohen January 3, 2019

NEW YORK CITY — Architecture and design firm DXA Studio has completed 280 St. Marks, a 31-unit condominium project in the Prospect Heights neighborhood of Brooklyn. Located at 280 St. Marks Ave., the 80,000-square-foot building includes a suite of community-focused amenity spaces, including a rooftop terrace and public garden. Units include white oak floors with walnut accents and Olympian Danby stone counters.

January 3, 2019

Development Mixed-Use South Carolina Southeast

Centennial American Properties to Break Ground on Next Phase of $200M Mixed-Use Project in Greenville

by Alex Tostado January 3, 2019

GREENVILLE, S.C. — Centennial American Properties (CAP), the developer of Camperdown, a four-acre, $200 million mixed-use development in downtown Greenville, is set to break ground on the project’s next phase. Falls Tower, the second office tower in the development, is scheduled to begin construction in the first quarter. The 15-story building will have 10 stories of office space, topped by five floors of for-sale condominiums. At full buildout, Camperdown will have more than 200,000 square feet of office space, 18 condos, an AC Hotel and 217 apartment residences. Construction on Camperdown is expected to be complete in 2020.

January 3, 2019

Acquisitions District of Columbia Office Southeast

Akridge, STARS Buy 116,000 SF Office Building in Downtown D.C. for $48.5M

by Alex Tostado January 3, 2019

WASHINGTON, D.C. — Akridge and STARS REI have partnered to buy 1025 Vermont Avenue N.W., a 12-story, 116,000-square-foot office building in downtown Washington, D.C. The sales price was not disclosed, but multiple media outlets are reporting the building traded for $48.5 million. The property, also referred to as The Global Building, is situated about four blocks north of the White House. Bill Collins, Paul Collins, Drew Flood, Eric Berkman, Shaun Weinberg and Ben Mann of Cushman & Wakefield represented the seller, Carr Properties. This is STARS and Akridge’s second joint venture, having already partnered for a redevelopment of 1101 16th Street, which is expected to be delivered this month.

January 3, 2019

Acquisitions Multifamily Southeast Virginia

Dominion Realty Partners Sells New Multifamily Complex in Charlottesville for $44M

by Alex Tostado January 3, 2019

CHARLOTTESVILLE, VA. — Dominion Realty Partners (DRP) has sold 5th Street Place, a 200-unit apartment community in Charlottesville, to Raia Capital Management for $44 million. The asset was delivered in summer 2018 and was 93 percent occupied at the time of the sale. Amenities include a clubhouse, fitness center, yoga studio, pool and grilling areas. Kris Mikkelsen, Chris Doerr and Will Harvey of Walker & Dunlop represented DRP in the transaction.

January 3, 2019

Acquisitions California Multifamily Western

IPA Negotiates $56.2M Sale of Newly Built Multifamily Property in Santa Barbara, California

by Amy Works January 3, 2019

SANTA BARBARA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Marc, a newly constructed multifamily asset located on State Street in Santa Barbara. Realty Center Management acquired the property for $56.2 million. The sellers are a partnership between Los Angeles-based The Kor Group, REthink Development of Santa Barbara and several affiliates of Westport Capital Partners. Built in 2017, the property features 89 multifamily apartments and 2,500 square feet of ground-floor retail space for a total of 78,166 net rentable square feet. Additionally, the property features dual-pane windows, tankless water heaters, drought-resistant gardens and landscaping, and a reflective low-heat roof. Greg Harris, Ron Harris, Kevin Green and Joseph Grabiec of IPA represented the sellers in the transaction.

January 3, 2019

Acquisitions Nevada Retail Western

Cushman & Wakefield Brokers $12.9M Sale of Craig Promenade Shopping Center in North Las Vegas

by Amy Works January 3, 2019

NORTH LAS VEGAS, NEV — Cushman & Wakefield has directed the sale of Craig Promenade, a neighborhood shopping center located at 655-755 W. Craig Road in North Las Vegas. Tulsa, Okla.-based Liberty Crossing Apartments LLC, an entity formed by Precision Equity, purchased the asset from RREF-II KI Promenade, an entity formed by Rialto Capital Advisors. The acquisition price was $12.6 million. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office, along with Lauren Tabeek of the company’s Las Vegas office, represented the seller in the deal. Big Lots anchors the 81,057-square-foot retail center, which sits on 7.6 acres. At the time of acquisition, the property was 84.8 percent occupied.

January 3, 2019

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