NEW YORK CITY — Madison Realty Capital has provided a $36.1 million construction loan for a mixed-use development in the Upper West Side neighborhood of Manhattan. Located at 214 W. 72nd St., a vacant, five-story building currently occupies the property. The borrower, a partnership between Scott Shnay of SK Development and Charles Blaichman of CB Developers, is planning to construct a 21-story, 38,000-square-foot mixed-use project on the site that will include both residential and retail uses.
PITTSBURGH — Greystone has provided $19.5 million in bridge financing for the acquisition of Squirrel Hill Center for Rehabilitation and Health in Pittsburgh. The borrower is Squirrel Hill PA Realty LLC. The property is an eight-story, 178-bed skilled nursing facility, and will be renamed The Squirrel Hill Wellness & Rehabilitation Center. It was originally built in 1964 and is currently undergoing refurbishing and improvements. Fred Levine of Greystone originated the non-recourse, floating-rate loan. The financing features a 24-month term, two six-month extension options and interest-only payments for the life of the loan. The borrower intends to refinance the bridge loan with a fixed-rate, HUD-insured permanent takeout loan.
HOUSTON — WGC Development, in conjunction with an undisclosed institutional investor, has broken ground on Tower 5040, a 405-bed student housing community located near the University of Houston. The eight-story building will offer one-, two- and four-bedroom units. Select apartments will feature large balconies with fire pits. Shared amenities will include a swimming pool with an adjacent movie screen, a fitness center, conference room, business center, private study rooms, a game room, indoor and outdoor socializing areas and a dog park. Humphreys & Partners Architects designed the community, and Arch-Con Construction will handle construction. Nick Gonzalez of GRC Capital arranged equity and debt financing on behalf of the partnership. The property is set to open in summer 2020.
CAMBRIDGE, MASS. — Newmark Knight Frank has arranged the $10.7 million sale of a 12,128-square-foot retail strip center in Cambridge. Located at 351-359 Fresh Pond Parkway, the property is fully leased to a tenant roster that includes Bank of America, AT&T, Sherwin Williams, Sleep Number and The Vitamin Shoppe. The retail center was built in 2013. NKF represented the seller, a joint venture between Spellman Ventures and Sydney Associates, in the transaction. The buyer was an affiliate of The Grossman Companies.
COLLEGE STATION, TEXAS — Texas-based Sodalis Senior Living will build Sodalis College Station a 73,777-square-foot assisted living and memory care community that will be located less than three miles from Texas A&M University. The number of units was not disclosed, but the property will offer a mix of one-bedroom and studio residences. The official groundbreaking will take place on Wednesday, Oct. 24, and the opening is slated for late 2019.
RICHMOND, TEXAS — Sporting goods provider Slater Sports LLC has sold 727 Plantation Drive, a freestanding, 62,132-square-foot industrial asset located in Richmond, a southwestern suburb of Houston. Burdette Huffman and Josh Jacobs of EDGE Realty Capital Markets represented Slater Sports in the transaction. Other terms of sale were not disclosed.
AUSTIN, TEXAS — Coworking firm Spaces will open a 53,000-square-foot space at 501 Congress Ave. in downtown Austin. Kelly Woodruff and Mike Cleary of CBRE represented Spaces in the lease negotiations. Brent Powdrill of JLL represented the landlord, AFIAA U.S. Investment Inc. The space, which is the company’s first in Austin, will officially open during the third quarter of 2019. Spaces is a brand owned by Regus PLC, a Luxembourg-based coworking office operator with more than 3,000 business centers in 120 countries.
CEDAR KNOLLS, N.J. — HFF has brokered the sale of a 120,000-square-foot office building in Cedar Knolls. Located at 240 Cedar Knolls Road, the four-story property is situated on 14 acres and is approximately two miles from downtown Morristown. HFF represented the seller, MB1 Capital Partners, in the transaction. The buyer was Highstone Equity Group. The building is currently 78 percent leased to a tenant roster that includes JAG Physical Therapy and P Value Communications.
NASHVILLE, TENN. — AllianceBernstein (AB), a global investment firm with approximately $500 billion in assets under management, has selected Fifth + Broadway, a 6.2-acre mixed-use project in downtown Nashville, as its global headquarters. AB has leased 205,000 square feet at 501 Commerce, Fifth + Broadway’s Class A office tower. The company will occupy floors 18 to 25, the top floors of the tower. AB’s staff will have 360-degree views of Nashville’s Central Business District, Lower Broadway and the Cumberland River. AB announced in May 2018 that it would relocate its global headquarters to Nashville. The company expects to complete all phases of its move by 2024, bringing approximately 1,050 corporate office jobs. OliverMcMillan Spectrum | Emery LLC (OM-SE) is developing Fifth + Broadway, which is slated to open by mid-year 2020. The project also includes the 55,000-square-foot National Museum of African American Music; 200,000 square feet of entertainment and retail space, including a flagship H&M, multi-story food hall from The Food Hall Co. and Shake Shack; and 386 residential units. Neil Goldmacher, Brian Goldman and Jared Horowitz of Newmark Knight Frank and Kim Moore with Newmark Knight Frank’s Incentive Group represented AB in the lease transaction. Rob Lowe and Stewart …
NEW YORK CITY — Marcus & Millichap has negotiated the $6.7 million sale of a 14,000-square-foot development site in the Red Hook neighborhood of Brooklyn. Located at 153-161 Van Dyke St., the property includes 140 feet of frontage on Van Dyke Street. Jakub H. Nowak, Matthew Rosenzweig and Jesse Kay of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.