NEW YORK CITY — Walker & Dunlop Inc. has arranged a $52.5 million refinancing for 153 Remsen, a recently constructed multifamily property in the Brooklyn Heights neighborhood of Brooklyn. The property, which was delivered in June 2017, includes 60 units and features floor-to-ceiling windows, central air conditioning and in-unit washers and dryers. Amenities include a fitness center and a rooftop terrace with views of Brooklyn and Manhattan. Walker & Dunlop represented the property’s developers, Quinlan Development Group and Lonicera Partners, in refinancing the original construction loan. A life insurance company provided the permanent, 12-year, fixed-rate loan.
PHILADELPHIA — Colliers International has negotiated the $2.5 million sale of a 5,170-square-foot retail condominium in Philadelphia’s central business district. Located on the first floor of 1228-1232 Arch St., the condominium was formerly occupied by CitiBank and will be converted into restaurant and other retail space. Todd Sussman, Josh Goldfine and Anna MacDonald of Colliers represented the seller, Independence Realty Arch Street, in the transaction. The property was purchased by Maitay LLC.
ROXBURY, N.J. — NAI James E. Hanson has brokered the sale of a two land parcels totaling 48 acres that have been approved for a zip line adventure park in Roxbury. NAI James E. Hanson represented the seller, Darl Enterprises LLC. Flagstaff Extreme LLC purchased the two parcels for an undisclosed price. Arizona-based Flagstaff Extreme operates a number of extreme adventure courses in Arizona the Midwest. This will be its first location in the Northeast. The two vacant parcels, which are located at 1233 Route 46, were listed separately with the option to purchase together. The smaller parcel is .17 acres and the larger parcel is 48 acres.
CHERRY HILL, N.J. — Pennrose, a multifamily developer and operator, and the Jewish Federation of Southern New Jersey have broken ground on The Commons at Springdale, an affordable seniors housing community. The project is located in Cherry Hill, just across the Delaware River from Philadelphia. The first phase of development will include 80 units, followed by a second phase of another 80 units. Twenty percent of the total units will be designed to support individuals with special needs by creating four smaller cottages out of four one-bedroom units. The cottages will contain a shared common space where individuals can receive access to services and community programming in a safe setting. All units are reserved for seniors or special needs adults earning at or below 60 percent of the area median income (AMI). At least 40 percent of the units are for those earning at or below 50 percent of AMI and at least 10 percent are for 30 percent of AMI. Phase one of the project is scheduled to open in the summer of 2019. Financing for the Springdale Road development came from a variety of sources, including $2.4 million in conventional financing, $1 million in Township Affordable Housing Trust Funds, …
HOUSTON — The Houston Astros have extended their lease at Minute Maid Park, where the professional baseball team has played since 2000, through 2050 following a positive vote by the Houston Sports Authority. The stadium, formerly known as Enron Field, was built in the late 1990s and seats about 41,000 people. The original lease was set to expire in 2030. The terms of the extension call for a $1 million increase in rent beginning this year and running through the remainder of the original lease period, and an additional $1 million increase for the 20-year period ending in 2050. The Astros beat the Los Angeles Dodgers in seven games to win the 2017 World Series.
OKLAHOMA CITY — Metropolitan Capital Advisors Ltd. (MCA) has closed a $33.7 million floating-rate bridge loan for J Marshall Square, a 280-unit multifamily community in Oklahoma City. The sponsor, local developer Gardner Tanenbaum Holdings, will use the proceeds to retire existing construction debt. The bridge structure will also help the borrrower facilitate the lease-up and stabilization of the property. Sunny Sajnani and Todd McNeill of MCA arranged the loan through Centennial Bank.
SAN ANTONIO — Berkadia has provided a $24 million construction loan for Brookwood Senior Apartments, a 197-unit community being developed in northwest San Antonio. Chad Bedwell, Franklin Brown and Lloyd Griffin of Berkadia secured the loan, which has a 4 percent fixed interest rate and a 40-year amortization schedule, through HUD’s 221(d)(4) program. The property will feature one- and two-bedroom units and amenities such as a pool, fitness center and a business center.
HOUSTON — Full-service real estate firm United Equities Inc. will develop a two-building, 83,500-square-foot industrial project in Houston. Built on a speculative basis, the project will be situated on a seven-acre tract within the 115-acre Satsuma Station Industrial Park in northwest Houston. Travis Land of NAI Partners represented United Equities in its acquisition of the land from an affiliate of Pinpoint Commercial, which developed the park.
KATY, TEXAS — Tampa-based investment firm Carter Validus Mission Critical REIT has purchased Oceans Behavioral Hospital of Katy, a 34,296-square-foot healthcare property located in the western Houston metro of Katy. The single-tenant hospital was built in 2015 and offers 69 surface parking spaces. The tenant, which provides mental health education, group therapy and medication management services, currently has about 12 years remaining on the lease.
SIMI VALLEY, CALIF. — HFF has arranged the sale of Mountaingate Plaza, a value-add shopping center located in Simi Valley. A joint venture between Investcorp International Realty and ScanlanKemperBard sold the property to Merlone Geier Partners for $51.1 million. Situated on 24.8 acres at 1197-1301 E. Los Angeles Ave. and 2022-2090 First St., the property comprises eight buildings and outparcel pads. Tenants at the center include Valley Marketplace, Rite Aid, 99 Cents Only, dd’s Discounts, Black Bear Diner, Smash Burger, El Pollo Loco, Jersey Mike’s Subs, Starbucks Coffee, U.S. Armed Forces and Ventura County Health Care Agency. Gleb Lvovich, Bryan Ley and Daniel Tyner of HFF represented the seller in the transaction.