CHICAGO — Play2Day, a childcare service for infants and toddlers ranging in age from 2 months to 5 years old, will open at Lincoln Common in Chicago. The 1,510-square-foot location is expected to open in the third quarter of this year. Play2Day joins the growing roster of Lincoln Common retailers, including Equinox, Velvet Taco, Philz Coffee, Athletico, Compass and Kohler Waters Spa. Developed by Hines and McCaffery, Lincoln Common features 100,000 square feet of retail space, 538 apartment units, 40 condominium units, a five-story office building, 850-stall parking garage, 156-room senior living community and more than an acre of open space.
NEW YORK CITY — PGIM Real Estate Finance has provided a $200 million loan for the refinancing of 315 Hudson Street in Manhattan. The 10-year, fixed-rate loan will be used to restructure existing debt and to fund the remaining costs of a capital improvements program that will upgrade the lobby, elevators, signage and other mechanical systems. The borrower was Jack Resnick & Sons. Standing 10 stories tall and spanning 484,000 square feet, 315 Hudson is located in the Hudson Square area of Lower Manhattan. PGIM Real Estate Finance, the commercial mortgage business of PGIM, is an international full-service, commercial and multifamily mortgage finance business.
NEW YORK CITY — JLL’s Capital Markets team has arranged a $75 million CMBS loan for the refinancing of 450-460 Park Avenue South, a 183,019-square-foot office building in the Midtown South neighborhood of Manhattan. Aaron Appel, Kellogg Gaines, Jackson Sastri and Matt Fagella of JLL placed the debt through Wells Fargo on behalf of the borrower, Moinian Group, which has owned the property for more than three decades. Coworking giant WeWork recently inked a deal to occupy space at the building, which was originally built in 1912 and was 95 percent leased at the time of the loan closing.
NORTH WALTHAM, MASS. — U.S. Storage Centers has acquired a 445-unit self-storage facility, located at 115 Bacon St. in the Boston suburb of North Waltham, from Planet Self Storage. The 34,116-square-foot property was originally built as a manufacturing plant in 1900 and converted to self-storage use in 1983. With this acquisition, U.S. Storage Centers now owns and operates four self-storage facilities in the Boston area.
RIDGEWOOD, N.J. — The STRO Companies, a locally based investment firm, has purchased a 35,000-square-foot, stand-alone industrial facility fully leased to FedEx in Ridgewood, located in Union County. The building is positioned near I-78 and I-95, as well as the Garden State Parkway and State Route 28. John Zieran, Zach Bermudez and Lubna Syed of Signature Bank provided acquisition financing for the deal. The seller and sales price were not disclosed.
SPRINGFIELD, MASS. — The Davenport Company, a Boston-based developer, has broken ground on a new retail building for CVS Pharmacy in Springfield, located in the western part of the state. The property is being constructed on Main Street at a site that was damaged by a tornado in 2011. Davenport acquired the parcel in 2016 and redeveloped it to include medical office and residential space. Davenport is also redeveloping a former factory in Springfield into a market-rate multifamily community, and will begin construction of that project this month.
FORT WORTH, TEXAS — Mercedes-Benz Financial Services USA LLC, the automotive financing arm of Daimler Financial Services Group, has opened a 200,000-square-foot business center at AllianceTexas in Fort Worth. The facility features amenities such as a fitness center, onsite café, basketball court, jogging trails and outdoor dining areas. Hillwood, the master developer of AllianceTexas, broke ground on the build-to-suit office project in February 2018. Mercedes-Benz Financial Services has maintained a presence at the 26,000-acre development since 2017, and company officials estimate that the opening of this facility will keep about 900 direct or indirect jobs in Fort Worth.
HOUSTON — Harvey Construction has completed Central Houston Nissan, a 162,500-square-foot property that will serve as the hub for Central Automotive Group, which comprises an additional three of the Japanese carmaker’s Houston dealerships. The grand opening of the dealership, which is located at 2901 S. Loop West and will employ more than 200 people, will be held June 12. Kirksey Architects designed the 16-acre property, which will offer customers an array of amenities and services, including two coffee bars, three lounges, a children’s play area and an entertainment center.
GARLAND, TEXAS — Dougherty Mortgage has arranged an undisclosed amount of acquisition financing for The Hills of Palos Verdes, a 154-unit multifamily community in Garland, located northeast of Dallas. The property was built in 1983 and spans eight three-story residential building and one auxiliary building. Amenities include a pool, fitness center, playground and outdoor grilling areas. Dougherty arranged the loan in partnership with Old Capital Lending on behalf of the undisclosed borrower.
CONROE, TEXAS — Houston-based Gordon Partners will soon begin construction of Phase II of Waterpoint Center, a mixed-use development located along the southern shore of Lake Conroe, about 40 miles north of Houston. Plans for Phase II include the development of an additional 35,000 square feet of retail, office and restaurant space, as well as the expansion of the marina to include an additional 70 boat slips. Construction is expected to be complete in the second quarter of 2020.