MONT BELVIEU, TEXAS — E.E. Reed Construction has completed a 130,000-square-foot distribution center for Wismer Distributing, which specializes in the delivery of alcoholic beverages, in Mont Belvieu, about 30 miles east of Houston. The property consists of 100,000 square feet of warehouse/distribution space and 30,000 square feet of office space. E.E. Reed worked in conjunction with Houston-based Tramonte + Johnson on the design/build project.
LUBBOCK, TEXAS — NorthMarq Capital has arranged $11.4 million in acquisition financing for Metropolitan Apartments, a 236-unit multifamily community in Lubbock. The property is located at 6402 Albany Ave. near South Plains Mall, about six miles from Texas Tech University. Carl Pankratz of NorthMarq Capital arranged the financing on behalf of the borrower, EBG Acquisitions, a Plano-based multifamily investment firm. The transaction was structured with a bridge loan.
HOUSTON — Wilson Investment Properties, a Silicon Valley-based investment firm, has acquired a portfolio of 19 industrial properties totaling approximately 460,000 square feet in northwest Houston. The properties are situated within six different industrial parks and are leased to a total of 103 tenants, including users in the manufacturing and fabrication services. The seller was not disclosed.
CHARLOTTE, N.C. — Dominion Realty Partners (DRP) has sold Centric Gateway, a 297-unit apartment community located at 1010 W. Trade St. in Uptown Charlotte. An affiliate of TH Real Estate acquired the property for $68.8 million. Justin Good, Allan Lynch and Jeff Glen of HFF arranged the transaction on behalf of DRP, which completed construction on the property in December 2017. Individual units feature quartz countertops, private balconies, exterior storage and keyless entry. Community amenities include a central courtyard with a saltwater pool, activity lawn, automated package delivery system, fitness center with an interactive studio and a game room. Centric Gateway was 43 percent occupied at the time of sale.
RALEIGH AND DURHAM, N.C. — Hunt Mortgage Group has provided two Freddie Mac loans totaling $65 million for the acquisition of two multifamily properties in North Carolina’s Triangle region. The borrower is a joint venture between an equity investor and American Landmark. Chicago-based Livcor sold the assets, according to local media reports. In Raleigh, Hunt Mortgage provided a $30.1 million, seven-year loan for Edinborough Commons, a 312-unit community that was completed in 1997. The new owner plans to invest an additional $2.2 million in improvements over the next few years. The community features resort-style pools, a spa area, gas grill stations, fitness center, dog park, sand volleyball court, car wash station, clothes care center and two tennis courts. In Durham, Hunt Mortgage provided a $34.9 million, seven-year loan for the acquisition of Edinborough at the Park. The 330-unit community features a concierge, package/grocery/dry cleaning reception, two resort-style pools, heated indoor lap pool, business center, fitness center, dog park with agility stations, car wash station and a tennis court. The new owner will invest $2.3 million to upgrade the property.
TYSONS, VA. — Skanska USA has acquired a 94,000-square-foot site in Tysons for a new multifamily and retail development. Richard Siegel, Wendy Feldman Block and Bill Quinby of Savills Studley arranged the transaction on behalf of Skanska. The development company acquired the site within the mixed-use district of Scotts Run from master developer Cityline Partners. At full build-out, Scotts Run will span 8 million square feet and house offices, apartments, hotels, retail and restaurants. The land Skanska acquired is located across the street from the McLean Silver Line Metro station. The company is scheduled to break ground on the unnamed multifamily/retail development in 2019, with completion slated for 2022.
ORLANDO, FLA. — Hilton Hotels, in partnership with Epelboim Development Group, has broken ground on a new Tru by Hilton property in Orlando. The 259-room, eight-story hotel is located along Westwood Boulevard and will be the largest Tru property to date upon completion in the fourth quarter of 2019. Tru by Hilton hotels feature 24/7 markets, workspaces, game rooms, fitness centers, complimentary breakfast and digital keys. Epelboim is currently in the final stages of building an EVEN hotel in Miami, and is developing two EVEN hotels in Georgia.
ARLINGTON, VA. — Avison Young has arranged a $15.7 million loan for the refinancing of Lyon Village Apartments, a 109-unit multifamily community located at 3004 Lee Highway in Arlington, roughly five miles southwest of Washington, D.C. Mike Yavinsky, Wes Boatwright, Jon Goldstein and Clayton Pristou of Avison Young arranged the 20-year loan through John Hancock Financial on behalf of the borrower, Lyon Village Apartments LLC. The community was originally constructed in 1939 and underwent extensive renovations in 2002. In addition to refinancing, the owner will use proceeds of the loan to fund another capital improvement program. Lyon Village Apartments is located within one mile of three different Metro stations and one block from Interstate 66. The community features a fitness room and free parking and storage.
NEW YORK CITY — New York REIT (NYSE: NYRT) has entered into a contract to sell the Viceroy Hotel in Manhattan for $41 million. The buyer is Arden Group. After the sale of the Viceroy Hotel, New York REIT, which is in the process of liquidating, will have sold all properties aside from a remaining 50.1 percent interest in Worldwide Plaza in Manhattan. Located at 120 W. 57th St., the 29-story, 240-room hotel features a rooftop lounge and bar, fitness center and restaurant. The transaction is expected to close by the end of the third quarter.
YONKERS, N.Y. — Houlihan Parnes Properties has arranged a $2 million refinancing for a four-story brick apartment building in Yonkers. Located at 819-821 McLean Ave., the property contains 11 residential units and two retail stores. Jeremiah A. Houlihan of Houlihan Parnes arranged a 10-year loan with a fixed rate of 4.75 percent and a 30-year amortization. The lender was an undisclosed savings bank from Upstate New York.
