PLANO, TEXAS — Bob Moore Construction has begun work on a 55,000-square-foot manufacturing and distribution facility in Plano for Signazon, an online retailer and supplier of signs, banners and marketing materials. The property includes an unspecified amount of office space. GFF Architecture designed the tilt-wall project, which is expected to be complete by early 2019.
NEW CANEY, TEXAS — Arch-Con Construction, a general contractor with offices in Dallas and Houston, has broken ground on an 11,000-square-foot medical office building in New Caney, a northern suburb of Houston. The property will be situated within Grand Texas, a mixed-use development by GT Operating Co. that includes a theme park, a water park, hotels and restaurants. Browne McGregor Architects is the architect of the project, which will deliver primary care offices and an urgent care clinic. Completion is scheduled for early 2019.
DALLAS — Secure Collateral Management, a Dallas-based financial services firm specializing in locating and recovering collateralized assets, has signed a 22,000-square-foot office lease in Dallas. The firm is relocating from its current space to Lake Highlands Tower, a recently renovated office building that includes a bank, barbershop, café and conference center. Blake Shipley, Jay Bailey and Ashley Curry of JLL represented the landlord, Malouf Interests, in the lease negotiations.
DENVER — Denver-based Continuum Partners has received $110 million in financing for A Block, a mixed-use development located in downtown Denver. The 310,055-square-foot project features the 200-key Kimpton Hotel Born, located at 1600 Wewatta St., and a 54,976-square-foot Class A office building with ground-level retail space and a 197-space parking garage, located at 1881 16th St. Completed in 2017, A Block has two separate components: the 12-story Hotel Born and the five-story office and retail portion. The hotel features 13,937 square feet of flexible meeting space, a fitness center, business center, ground-floor retail space and two food and beverage options, Citizen Rail Restaurant in the hotel lobby and Tavernetta. The fully occupied office building features 7,929 square feet of retail space leased to national tenants. Eric Tupler, Leon McBroom and Tyler Dumon of HFF arranged the floating-rate loan with a national bank. Loan proceeds will be used to retire the existing construction financing, which was placed by HFF in 2015.
MELVILLE, N.Y. — CBRE has brokered the $54.5 million sale of a flex facility in Melville on Long Island. Located at 235 Pinelawn Road, the 48-acre site is the former headquarters, newspaper production and distribution center of Newsday. CBRE represented the seller, Tribune Real Estate Holdings, in the transaction. The buyer was New Jersey-based real estate owner/developer Hartz Mountain, which plans to build an 800,000-square-foot high-bay logistics space on the property.
NEW YORK CITY — HKS Real Estate Advisors has secured a $55 million acquisition loan for the Chelsea Collection, an eight building multifamily portfolio in Manhattan’s Chelsea neighborhood. HKS arranged the financing on behalf of Dalan Management and Elion Partners through lender M&T Bank. The portfolio, which is located at 102-116 8th Ave., is comprised of 102 multifamily units and 10 ground-floor retail units spanning 115,046 square feet. Terms of the financing were not disclosed.
WORCESTER, PA. —Meadowood Senior Living, a nonprofit, independent continuing care retirement community, has broken ground on The Grove, a $30 million independent living expansion. Located in Worcester, approximately 25 miles northwest of Philadelphia, the project will add 52 new units to the 133-acre campus. The Grove will add four buildings to the Meadowood campus, and it will be completed in two phases of two new buildings each. While the first phase will finish in November 2019, Meadowood is planning to complete The Grove in January 2020. The new buildings will contain 13 apartments each, with residences ranging from 1,400 to 1,800 square feet.
CHICAGO AND WILLOWBROOK, ILL. — Avanath Capital Management LLC has acquired two affordable housing properties in metro Chicago totaling 668 units for $72.2 million. Avanath’s institutional fund, Avanath Affordable Housing III, was used to acquire the assets. The properties include the 582-unit Hinsdale Lake Terrace in Willowbrook and the 86-unit Drexel Court in Chicago. Avanath plans to upgrade amenity spaces at both properties. Sellers were not disclosed. At the Hinsdale property, 100 percent of the rents are restricted for those earning no more than 60 percent of the area median income. At the Drexel property, resident incomes are restricted per the Illinois Housing Development Authority.
IOWA AND NEBRASKA — NorthMarq Capital has arranged $53.3 million for the refinancing of five multifamily properties located in Iowa and Nebraska. The properties include Park Avenue in Des Moines; Bentley and Enclave in Omaha; and Highpointe and Old Cheney in Lincoln, Neb. The five properties contain a total of 899 units. Jason Kinnison of NorthMarq arranged the five individual financings through Freddie Mac. The fixed-rate, 10-year loans feature amortization schedules of 30 years.
YOUNGSTOWN, OHIO — Greystone has provided $15 million in bridge financing for two skilled nursing facilities in Youngstown. The properties include Beeghly Oaks Center for Rehab and Healing and Oasis Center for Rehab and Healing. The properties have undergone significant renovations and offer sub-acute care, skilled nursing, pulmonary care, wound care, orthopedic rehabilitation, a veterans program, concierge services and outpatient therapy. The Beeghly Oaks Center has a dialysis unit, and the Oasis Center offers diabetic management and a Parkinson’s program for residents and non-residents. Fred Levine of Greystone originated the loan.