Property Type

Facebook Signs 1.5 MSF Office Lease at Hudson Yards in Manhattan

by Alex Patton November 19, 2019

NEW YORK CITY — Facebook has signed a 1.5 million-square-foot office lease at Hudson Yards in Manhattan. The social media giant will occupy space across 30 floors and three buildings at the mixed-use development, including approximately 1.2 million square feet in 50 Hudson Yards, 265,000 square feet in 30 Hudson Yards and 57,000 square feet in 55 Hudson Yards. Related Cos. and Oxford Properties Group developed 30 Hudson Yards. Related Cos., Mitsui Fudosan America and Oxford Properties Group developed 50 and 55 Hudson Yards. Cushman & Wakefield represented Facebook in the lease negotiations. Related Cos. was self-represented.

November 19, 2019

Acquisitions Multifamily Texas

Keener Investments Acquires Two Multifamily Assets Totaling 378 Units in North Houston

by Taylor Williams November 19, 2019

HOUSTON — Keener Investments has acquired two multifamily assets totaling 378 units in North Houston. Both the 266-unit Mira Bella Apartments and the 112-unit San Martin Apartments were built in 1982 and offer amenities such as pools and fitness centers. Mira Bella also features a playground, and San Martin features a business center. The new ownership will implement a value-add program and manage the properties moving forward.

November 19, 2019

Development Multifamily New Jersey Northeast Retail

Paramount Breaks Ground on 70-Unit Multifamily, Retail Project in Plainfield, New Jersey

by Alex Patton November 19, 2019

PLAINFIELD, N.J. — Paramount Assets is underway on Netherwood Flats, a 70-unit multifamily project that will include 4,000 square feet of ground-floor retail space in Plainfield, located approximately 25 miles west of New York City. The building will offer one- and two-bedroom apartments and close access to Netherwood transit station. Construction is slated for completion in spring 2021.

November 19, 2019

Acquisitions Affordable Housing Multifamily Texas

Steele Properties Buys 160-Unit Affordable Housing Community in Temple, Texas

by Taylor Williams November 19, 2019

TEMPLE, TEXAS — Steele Properties, a Denver-based investment firm specializing in affordable housing, has purchased Wayman Manor, a 160-unit Section 8 affordable housing complex located in the central Texas city of Temple. Steele Properties will implement a capital improvement program that will upgrade roofs, HVAC systems and both indoor and outdoor amenity spaces. Monroe Group Ltd., Steele’s sister company, will oversee property management. Wayman Manor was built in 1971.

November 19, 2019

Development Multifamily Seniors Housing Texas

Forefront Plans 112-Unit Expansion Project at Dallas Seniors Housing Community

by Taylor Williams November 19, 2019

DALLAS — Forefront Living has unveiled plans for a 112-unit residential building at Presbyterian Village North, a nonprofit continuing care retirement community (CCRC) in Dallas. The groundbreaking of the new building, which will be named The Hawthorne, is scheduled for spring 2020. Units will range from 912 to 1,633 square feet. The project also includes renovations to existing parts of the community.

November 19, 2019

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

LCS Real Estate Acquires 98-Unit Seniors Housing Community in Pennsylvania

by Alex Patton November 19, 2019

WARRINGTON, PA. — LCS Real Estate has acquired The Solana Doylestown, a 98-unit seniors housing community in Warrington, located approximately 20 miles north of Philadelphia. LCS Real Estate brokered the transaction, and Life Care Services will provide management services; both are LCS companies. The community opened in 2016 and has a total of 70 personal care apartments and 28 memory care residences. Financial details and the name of the seller were not disclosed.

November 19, 2019

Loans Office Washington Western

JLL Arranges $110M Refinancing for 15-Building Bellefield Office Park in Metro Seattle

by Amy Works November 19, 2019

BELLEVUE, WASH. — JLL has secured $110 million loan for the refinancing of Bellefield Office Park, a 15-buliding campus in Bellevue, a city 10 miles east of Seattle across Lake Washington. The borrowers are Lionstone Investments and Talon Private Capital. Situated on 56 acres at 1150-1180 114th Ave SE, Bellefield Office Park’s 15 buildings offer a combined total of 513,385 square feet. The buildings were renovated between 2013 and 2017 and offer a variety of tenant amenities including a new fitness center, conference facilities, dry cleaning pick-up services and electric car charging stations, as well as monthly on-site mechanic service. At the time of financing, the property was 96 percent leased to a diverse tenant roster of investment-grade credit and nationally recognized tenants. Colby Mueck, Tom Wilson and Laura Sellingsloh of JLL Capital Markets arranged the loan for the borrowers through Bank of America.

November 19, 2019

California Development Multifamily Seniors Housing Western

Urban Catalyst Plans 75-Unit Delmas Senior Living in Downtown San Jose

by Amy Works November 19, 2019

SAN JOSE, CALIF. — Urban Catalyst has unveiled plans for Delmas Senior Living @ Downtown West, a seniors housing community in downtown San Jose. The community will be the first new seniors housing community in the city’s downtown area in decades, according to the developer. The property will feature 52 assisted living units and 23 memory care units in a mix of studios, one-bedroom, and two-bedroom layouts. Construction is slated to start in first-quarter 2021 for completion in fourth-quarter 2022.

November 19, 2019

Acquisitions Arizona Office Western

Wilshire Capital Partners Acquires 177,520 SF Office Building in Phoenix’s Camelback Corridor for $54.5M

by Amy Works November 19, 2019

PHOENIX — Ryan Cos., as developer, builder, owner and property manager, has completed the disposition of 3900 Camelback Center. The Class A office building is located at 3900 Camelback Road in Phoenix’s Camelback Corridor. Wilshire Capital Partners acquired the asset for $54.5 million, or $306.44 per square foot. Certified LEED Gold, the 177,520-square-foot building features xeriscape (dry) landscaping, storm water management, water-efficient fixtures and parking for fuel-efficient vehicles. Additionally, local/recycled materials and natural wood and stone finishes were used throughout the space. The property features terraced balconies and views of Squaw Peak and the Camelback Mountains. Current tenants include Ryan Cos.’s Southwest office and the corporate headquarters of Shamrock Foods. Kevin Shannon, CJ Osbrink, Paul Jones, Ken White, Brunson Howard and Rick Stumm of Newmark Knight Frank represented the seller. David Milestone and Brett Green, also of Newmark Knight Frank, facilitated financial structuring and placement of debt for the buyer in the transaction.

November 19, 2019

Loans Multifamily Texas

Dougherty Arranges Fannie Mae Acquisition Loan for 100-Unit Apartment Property in Howe, Texas

by Taylor Williams November 19, 2019

HOWE, TEXAS — Dougherty Mortgage LLC has arranged an undisclosed amount of Fannie Mae financing for the acquisition of Westwood Manor Apartments, a 100-unit multifamily community in Howe, located north of Dallas near the Oklahoma border. The loan, which carried a 10-year term and a 30-year amortization schedule, was arranged through a partnership with Old Capital Lending for the borrower, Westwood Manor Apartments LLC.

November 19, 2019

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