ORLANDO, FLA. — McCraney Property Co. has chosen Lakeland, Fla.-based Macrobay Construction as the general contractor for a co-development project with Tavistock Development Co. in Orlando. The 1.3-million-square-foot project at Infinity Park is expected to break ground by the end of 2018. According to Tavistock, Infinity Park is a 200-acre mixed-use site located three miles from the Orange County Convention Center.
LEXINGTON, KY. — Waypoint Residential LLC has acquired Waterstone at Hamburg, a 264-unit apartment complex in Lexington. The community was built in 2017 and consists of three mid-rise buildings. The property is situated near the intersection of Interstate 75 and Man o’War Boulevard and within a mile of Hamburg Pavilion. Amenities include a clubhouse, pool, outdoor firepit, fitness center, garages, 24-hour fitness center, dog park and an outdoor bar and lounge. Monthly rental rates at Waterstone at Hamburg range from $1,039 to $1,641.
NEW YORK CITY — NKF has brokered the sale of a 349,274-square-foot mixed-use building in the Bryant Park neighborhood of Manhattan for $282 million. Located at 114 W. 41st St., the 22-story property is currently 91 percent leased to 13 office tenants and several street-level restaurants. Office tenants include Roku, Quartet Health, View the Space (VTS), Kensington Publishing, SpotCo and the New York headquarters of Guess?. The property recently underwent nearly $30 million in capital investment, including a dual-entrance lobby and tenant-only amenity center. James Kuhn, Edward Maher, David Colen and James Tribble of NKF’s New York Capital Markets team represented the seller, Blackstone, in the transaction. The buyer was Clarion Partners.
NEW YORK CITY — German bank Helaba has provided a $125 million loan to refinance The Paris, a 24-story multifamily tower on the Upper West Side of Manhattan. Located at 752 West End Ave., the property was originally built in the 1930s as the Hotel Paris. The 191,500-square-foot property consists of 168 units. Amenities include a fitness center, children’s playroom, rooftop terrace, storage units and bike racks. A newly renovated pool is scheduled to open in early 2019. Helaba provided the financing to Stellar Management, a New York City-based owner-operator of commercial real estate. Nesenoff & Miltenberg LLP represented Stellar Management, while Dentons US LLP represented Helaba Bank.
PHILADELPHIA — Berkadia has secured a $45 million acquisition loan for Versailles Apartments, a high-rise multifamily property in Philadelphia. Located at 1530 Locust St., the property was originally built in the 1920s and fully rehabbed by Alterra Property Group over the past 36 months. Amenities at the community include a fitness center, yoga studio and roof deck. Matt Cullison of Berkadia’s Philadelphia office secured the financing on behalf of funds affiliated with Spring Creek, a Philadelphia-based family office. The lender was New York Life Insurance Co. Terms of the financing include five years of interest-only payments followed by a 30-year amortization schedule.
KATY, TEXAS — Hines has sold 150 acres in the western Houston suburb of Katy to Costco Wholesale Corp., which will develop a large-format distribution center, according to local media reports and a press release from the Houston-based real estate giant. Andy Sowell and Bo Pettit of Boyd Commercial represented Hines in the sale of the tract, which is known as Pintail Business Park. A timeline for construction has not been reported or disclosed.
NEW YORK CITY — Cushman & Wakefield has negotiated the $6.1 million sale of a four-story mixed-use property on the Upper East Side of Manhattan. Located at 218 E. 61 St., the property includes two floors of commercial space as well as two floors of residential space. A periodontics practice currently occupies the commercial space. Will Conrad of Cushman & Wakefield, in partnership with Olshan Realty, represented the seller, Teri Betesh. The buyer was Justin Derfner of the Feil Organization.
PLANO, TEXAS — High Street Residential, a subsidiary of Trammell Crow Co., has completed The Kincaid at Legacy, a 25-story apartment tower in the northeastern Dallas suburb of Plano. The property totals 300 units in one-, two- and three-bedroom layouts ranging in size from 677 to 4,500 square feet. Amenities include a pool, fitness center, lounge with a media screening room, entertainment kitchen, conference room, outdoor grilling areas and a business center. ZRS Management LLC is handling leasing and management of the project.
MESQUITE, TEXAS — Centurion American Development Group will develop Iron Horse Village, a mixed-use project in the eastern Dallas suburb of Mesquite that is valued at more than $116.5 million. Iron Horse Village will consist of 336 single-family homes and a combined 130,000 square feet of restaurant, retail and office space. Construction is expected to begin in April or May of 2019.
GLEN MILLS, PA. — LCB Senior Living has broken ground on The Residence at Chadds Ford, an independent living, assisted living and memory care community in Glen Mills, located west of Philadelphia and north of Wilmington, Del. Once completed, the community will offer 84 luxury apartment units. The Residence at Chadds Ford will be LCB’s flagship community in the area. The property is located near a variety of shopping and recreation. LCB’s portfolio includes properties in Massachusetts, New Hampshire, Rhode Island, Connecticut, Vermont and Pennsylvania.
