Property Type

GMH, Wexford Open 270-Bed Student Housing Property in Providence

by Taylor Williams June 20, 2019

PROVIDENCE, R.I. — A partnership between GMH Capital Partners LP and Wexford Science & Technology LLC has opened River House, a 270-bed student housing community in downtown Providence. The property’s 174 units come fully furnished and will serve students attending Brown University, the University of Rhode Island and the Rhode Island School of Design, among others. Communal amenities include a 24-hour fitness center, rooftop lounge with outdoor grilling stations and a kitchen bar, a business center, private study rooms and a cyber café with a complimentary coffee bar. Leasing began in February.

June 20, 2019

Development Northeast Pennsylvania Retail

Rivers Casino Pittsburgh to Develop $60M Hotel Starting This Summer

by Taylor Williams June 20, 2019

PITTSBURGH — Rivers Casino Pittsburgh has unveiled plans to develop The Landing Hotel, a 219-room property that will be attached to the casino. Designed by architecture firm VOA, the project is valued at roughly $60 million and will be privately funded. Construction is expected to begin this summer and last 18 months, giving the project an anticipated completion date of early 2021. Rivers Casino Pittsburgh is located along the Ohio River and features 2,708 slots, 128 table games, 55 hybrid gaming seats and a designated sports book area for live sports betting. VOA is the project architect, and Massaro Construction Group is the general contractor. The project is expected to create 128 permanent new jobs

June 20, 2019

Acquisitions Hospitality New Jersey Northeast

MCR Acquires 150-Room Marriott-Branded Hotel in Newark

by Taylor Williams June 20, 2019

NEWARK, N.J. — MCR, a hospitality owner-operator based in Dallas and New York City, has acquired the 150-room Courtyard by Marriott Newark Downtown. The property, which opened in 2012, is located near Newark Penn Station, Newark Liberty International Airport and the Prudential Center, a live music venue. Hotel amenities include a restaurant, coffee shop, snack shop, a fitness center and more than 4,000 square feet of meeting and event space. The seller and sales price were not disclosed.

June 20, 2019

Acquisitions New Jersey Northeast Office

HFF Negotiates Sale of 120,000 SF Office Property in Montvale, New Jersey

by Taylor Williams June 20, 2019

MONTVALE, N.J. — HFF has negotiated the sale of 5 Paragon Drive, a 120,000-square-foot office property in Montvale, located near the New York border. The site also houses a Wegmans grocery store and a Life Time Fitness center. Tenants at the property, which was 71 percent leased at the time of sale, include BMW, Benjamin Moore, KPMG and Sharp Corp. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and J.B. Bruno of HFF represented the seller, a private equity firm, in the transaction. The buyer and sales price were not disclosed.

June 20, 2019

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $16.2M Sale of Multifamily Asset in The Bronx

by Taylor Williams June 20, 2019

NEW YORK CITY — Rosewood Realty Group has arranged the $16.2 million sale of a six-story multifamily building located ar 135-145 W. Kingsbridge Road in the Kingsbridge Heights/Jerome Park area of The Bronx. The 79,000-square-foot building, which houses 58 apartments and nine retail stores, was built in 1922 and sold at a cap rate of 5.4 percent. Aaron Jungreis of Rosewood Realty Group represented the seller, Morgan Group, in the transaction and procured the buyer, a private investor.

June 20, 2019

Development Multifamily Texas

Signorelli Opens Phase I of Apartment Community in Metro Houston

by Taylor Williams June 20, 2019

NEW CANEY, TEXAS — The Signorelli Company has opened Phase I of The Pointe at Valley Ranch Town Center, a project that delivered 336 multifamily units to the northeastern Houston suburb of New Caney. The waterfront property features one-, two- and three-bedroom units and proximity to shopping and dining via nearby Valley Ranch Town Center. Residents will also have access to a 10-acre beach, a pool, outdoor kitchen and a fitness center, as well as package and concierge services. Signorelli expects to begin construction of Phase II, a 120-unit project, by year’s end.

June 20, 2019

Acquisitions Industrial Texas

NIT Industrial Buys Land Near Port Houston for 204,175 SF Industrial Project

by Taylor Williams June 20, 2019

HOUSTON — NIT Industrial LLC has purchased 12.8 acres within Cedar Port Industrial Park near Port Houston for the development of a 204,175-square-foot speculative industrial project. The project will encompass four buildings measuring between 50,250 and 51,925 square feet that will feature 32-foot clear heights, dock- and grade-level loading doors and ESFR sprinkler systems. Construction is slated to begin in October. Jason Tangen of Colliers International represented the buyer in the transaction. Joel Michael of NAI Partners represented the seller, TGS Cedar Port Partners LP. Colliers will also handle leasing of the new facility.

June 20, 2019

Loans Multifamily Texas

NXT Capital Provides $53M Loan for Refinancing of Plano Apartment Community

by Taylor Williams June 20, 2019

PLANO, TEXAS — Chicago-based NXT Capital has provided a $53 million loan for the refinancing of a 320-unit apartment community located in the northeastern Dallas suburb of Plano. The property is located within a mile of the Sam Rayburn Tollway and the Dallas North Tollway junction. Amenities include a resort-style pool with cabanas, fitness center, resident lounge with coffee bar, business center, pet play area and walking and running trails. Jeremy Sain of HFF placed the loan with NXT Capital on behalf of the undisclosed borrower.

June 20, 2019

Loans Multifamily Texas

LMI Capital Arranges Two Acquisition Loans Totaling $39M for Corpus Christi Apartments

by Taylor Williams June 20, 2019

CORPUS CHRISTI, TEXAS — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two acquisition loans totaling $39 million for a pair of multifamily assets in Corpus Christi. In the first transaction, Brandon Brown of LMI Capital placed a $16 million, nonrecourse loan for a 190-unit property. The loan carried a 4.47 percent interest rate and four years of interest-only payments. In the second deal, Brown arranged a $23 million bridge loan for a 265-unit community, which was structured with a floating interest rate and three years of interest-only payments. The borrowers and property names were not disclosed.

June 20, 2019

Loans Multifamily Seniors Housing Texas

Live Oak Bank Funds $10M Acquisition Financing for Seniors Housing Community in Texas

by Taylor Williams June 20, 2019

TEXAS — Live Oak Bank has provided a $10 million conventional loan for the acquisition and renovation of a 90-unit assisted living and memory care community. The name and location were not disclosed, though the lender noted the property is located “in a significant Texas market.” The borrower was a private investment firm that acquired the project from the original developer and will introduce new management with a multi-year plan to stabilize the project. The balance sheet loan features a 70 percent loan-to-value ratio, five-year term, interest-only period and flexible prepayment options.

June 20, 2019

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