CHICAGO — Interra Realty has brokered the sale of a 61-unit multifamily building in Chicago’s South Shore neighborhood for $3.2 million. Located at 7131-7151 S. Bennett Ave., the property includes a mix of studios, one-, two- and three-bedroom units. The buyer plans to make capital improvements to the units. At the time of sale, the units were 80 percent leased. Lucas Fryman of Interra represented both parties.
CLEVELAND — Berkadia has arranged a $100 million refinancing of the Ernst & Young Office Tower, a 23-story property in downtown Cleveland.The Class A building is located at 950 Main Ave. and totals 465,000 square feet. Onsite amenities include garage parking, a dry cleaner, a fitness center and concierge services. According to LoopNet Inc., the property has a Walk Score of 85 (out of 100) due to its proximity to numerous downtown restaurants, a commuter rail and Cleveland’s waterfront district. Ernst & Young, a London-based accounting firm, moved into the building upon its completion in 2013, occupying the top six floors. The building was 95 percent leased at the time of the loan closing to other tenants such as law firm Tucker Ellis and Wells Fargo, which houses its regional Cleveland office in the building. Ernst & Young Tower also adjoins a 150-room Starwood Aloft Hotel. Mark Vogel and Eric Bevilacqua of Berkadia arranged the financing through J.P. Morgan with mezzanine debt from Axonic Capital LLC. The borrower was The Wolstein Group, an Ohio-based development and investment firm.The two-year permanent refinancing features an adjustable interest rate, three one-year extension options, an 80 percent loan-to-value ratio and interest-only payments. — Taylor …
Though Savannah by all standards is a small industrial market, you would never know it from the activity in the area. At 57 million square feet, the port city is poised to add an astounding 9.75 million square feet of inventory by mid-2019. The force behind all of this growth is attributed to one key factor: The Georgia Ports Authority (GPA). The GPA is an economic giant in Georgia supporting one of every 11 jobs in the state and accounting for 8 percent of its GDP. Home to the largest single-container terminal in North America, GPA moved more than 4.2 million TEUs (20-foot equivalent units) in fiscal year 2018, an 8 percent increase over 2017 and an all-time record for the port. With both CSX and Norfolk Southern on terminal, GPA also handled a record 435,000 rail lifts in FY 2018, which was a 16.1 percent increase over 2017. As the fastest growing port in the country, one might be concerned about congestion becoming an issue for the port, but reinvestment remains a top priority. The GPA recently opened its second inland port to move more containers toward population centers via CSX rail. It doesn’t hurt either that Savannah, geographically …
RALEIGH, N.C. — PN Hoffman has purchased Seaboard Station in the north end of downtown Raleigh from William Peace University (WPU) for $34 million. The Washington, D.C.-based developer plans to build a $250 million, 800,000-square-foot mixed-use development consisting of approximately 650 apartments, 150 hotel rooms and 135,000 square feet of retail space. The development sits on seven acres and will be built in three phases, though a timeline was not disclosed. TradeMark Properties represented WPU in the sale. The liberal arts college will remain an active voice in the future of Seaboard Station, according to PN Hoffman.
DELRAY BEACH, FLA. — BRP Senior Housing Management has acquired a 15-acre site for $9 million in Delray Beach to build a $150 million, 279-unit assisted living community. SB Architects is designing the project, which will comprise a three-story building, courtyards and a central lobby. The property will offer multiple dining choices, a movie theater, fitness center, pool, yoga studio and game rooms. Trez Forman Capital of Boynton Beach, Fla., financed the land acquisition, and Al Rex of Walker & Dunlop is the project’s financing adviser. Construction is expected to begin in the summer, with opening slated for 2021.
ATLANTA — Preferred Office Properties, a subsidiary of Preferred Apartment Communities Inc., has closed an investment loan worth up to $67.6 million for 8 West, a 187,000-square-foot office building planned to rise in Atlanta’s West Midtown district. Preferred Office Properties has the option to purchase 8 West upon stabilization from the developers, Atlantic Capital Properties and Gateway Development. Situated at the corner of Howell Mill Road and 8th Street, 8 West will be built on a speculative basis and cost roughly $150 million to develop, according to the Atlanta Business Chronicle.
NEW YORK CITY — New York City-based real estate investment owner/operator Savanna has acquired a 12-story, 126,256-square-foot office and retail building in the NoMad neighborhood of Manhattan. The sales price was $100 million. Located at 48 W. 25th St., the property was built in 1920. Savanna plans to implement a $21 million capital improvement plan at the property, which will include a complete lobby renovation as well as roof and façade repairs. Adam Spies, Adam Doneger and Josh King of Cushman & Wakefield represented the seller, a longtime family owner, in the transaction.
WEST MELBOURNE, FLA. — MultiVerse Global LLC has unveiled plans to build a 600-unit apartment community within Space Coast Town Center in West Melbourne. MultiVerse Global is partnering with Lake Mary, Fla.-based Integra Land Co. and Atlanta-based JMG Realty on the project. Situated at the intersection of U.S. Highway 192 and St. Johns Heritage Parkway, the community will offer a gym, pool and entertainment areas. Michael Seltzer of Keller Williams/Elite Properties and William Benson of W.H. Benson & Co. represented MultiVerse Global in the land sale. No construction timeline was given.
NEW YORK CITY — Equicap has provided a $24 million construction loan for the development of a 60-unit apartment building in East Harlem. The property also includes 6,500 square feet of retail space. The building is part of NYC Fresh, a program that allows developers to construct or renovate retail space that will be leased by a minimum 6,000-square-foot grocery store operator. Equicap provided the non-recourse loan to the borrower, a developer. The financing was secured at 475 basis points above the 30-day LIBOR.
NASHVILLE, TENN. — Embrey Partners has broken ground on Knox at Metrocenter, a 322-unit apartment complex in Nashville. The community is located about one mile north of downtown Nashville and will offer one- and two-bedroom floor plans in two-, three- and four-story buildings. Knox at Metrocenter will overlook Amulet Lake and residents will have access to the Nashville Greenway Trail. San Antonio-based Embrey Partners expects the first units to be ready to lease in spring 2020.
