NEW YORK CITY — JLL Capital Markets has secured a $26 million loan for the refinancing of a three-property multifamily portfolio in the Bushwick neighborhood of Brooklyn. The properties are located at 184 Noll St., 286 Stanhope St. and 324 Melrose St. Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Diaz, Adam Schwartz and Matt Fagella of JLL secured the interest-only loan for borrower Cayuga Capital Management through lender Citigroup Global Markets. The 62,000-square-foot portfolio consists of 63 residential units and six commercial units with a combined 5,650 square feet of office space.
NEW YORK CITY — The Dermot Company has acquired the Kestrel, an eight-story, 126-unit multifamily building in Brooklyn’s Windsor Terrace neighborhood. Located at 33 Caton Place, the property was constructed in 2014. Amenities include a resident lounge, children’s playroom, fitness center, yoga room, sauna, pet spa and a landscaped roof deck with grilling areas and private cabanas. HFF represented The Dermot Company in the transaction. The seller was undisclosed.
NEW YORK CITY — Brax Realty has brokered the $12.2M sale of a two multifamily buildings on the Upper East Side of Manhattan. The properties, which were built in 1910, are located at 432-434 E. 89th St. and contain 41 residential units. Alan Stenson of Brax Realty represented the buyer, S.W. Management, in the transaction. The seller was H S Realty Associates.
NEW YORK CITY — Marcus & Millichap has arranged the $2 million sale of a four-story, mixed-use building in the Bedford-Stuyvesant section of Brooklyn. Located at 40 Nostrand Ave., the property consists of one retail unit and six residential units. Matt Fotis and Dylan Renicker of Marcus & Millichap’s Manhattan office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
DETROIT — Bedrock has released new renderings featuring an updated tower design for its development of the former J.L. Hudson department store site in Detroit. The tower is now slated to rise 912 feet and include 1.4 million square feet of retail, office, hotel, residential and public space. The new design features stepped tiers, which “allow for terraces for amenities and possible hospitality spaces,” according to SHoP Architects, the project architect. Bedrock, the real estate arm of businessman Dan Gilbert, founder of Quicken Loans, broke ground on the project in December 2017. Completion is slated for December 2020. The department store closed in 1984 and was imploded in 1998.
PEORIA, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.7 million non-recourse loan for the acquisition of an 82,229-square-foot retail center in Peoria. Schnucks grocery store anchors the property with a 20-year lease. Robert Bhat of MMCC arranged the loan that features a 75 percent loan-to-value and two years of interest-only payments followed by a 30-year amortization schedule. Brett Chetek, Chris Garavaglia and Alex Perez of Marcus & Millichap represented the seller and procured the buyer. The sales price was $18.2 million.
CHICAGO — Summit Design + Build LLC has broken ground on 1040 West Fulton, a five-story, 29,000-square-foot boutique office building in Chicago. Summit plans to occupy the top two floors of the property following its completion next fall. This leaves roughly 14,000 square feet of office space and 2,800 square feet of retail space for lease. The property will include 17 indoor parking spaces, a fifth-floor outdoor terrace and a sixth-floor rooftop. The project team includes architect Hartshorne Plunkard Architecture, owner’s representative Carr Realty Advisors, structural engineer IMEG Corporation, civil engineer Weaver Consultants Group and MEP engineer WT Engineering. Chad Schroedl, Scott Maesel and Drew Dillon of SVN Commercial Chicago will market the available space for lease. First Bank of Highland Park is providing construction financing.
TINLEY PARK, ILL. — Lee & Associates has negotiated the $7 million sale of an 84,388-square-foot industrial building in Tinley Park, about 30 miles south of Chicago. The property is located at 8201 W. 183rd St. Terry Grapenthin, Jeff Galanteand Ryan Earley of Lee & Associates represented the buyer, 7600 Grant BR LLC. The seller was not disclosed. The property was 80 percent leased at the time of sale.
BLUE ASH, OHIO — Colliers International has brokered the $2.9 million sale of the Corporate Centre of Blue Ash, a 57,722-square-foot flex office building in suburban Cincinnati. Built in 1990, the property is located at 11101 Kenwood Road. Tenants include Fastsigns, Handyman Connection, Ohio State Auditor, Parallel Technologies Inc., Sellyourmac.com, Sheppard Insurance and Financial and IT support company 4bis.com. Steve Timmel, Jeff Johnston, Chris Prosser, Will Roberts and Matt Smyth of Colliers brokered the transaction. Midwest Properties Corp. purchased the asset from LNR Partners.
TAMPA, FLA. — Cushman & Wakefield has brokered the sale of Tampa City Center, an office tower located at 201 N. Franklin St. in downtown Tampa. A partnership between affiliates of Miami-based Banyan Street Capital and funds managed by Oaktree Capital Management acquired the 38-story property for $110 million. An affiliate of Alliance Partners HSP, the East Coast operating arm of the Shilder Group, sold the property. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield represented the seller in the deal. Ernst & Young, Deloitte, Masonite, Morgan & Morgan, FieldCore (a division of GE), CDW, PNC Bank and The University Club are tenants at the 757,425-square-foot, Class A office building. Via a skybridge, the tower is connected to the 520-room Hilton Tampa Downtown, with 30,000 square feet of meeting and conference space; 211 Restaurant; Starbucks Coffee; and Fort Brooke parking garage, a covered parking facility owned by the City of Tampa. Jason Hochman, Chris Lentz, Michael Ryan and Brian Linnihan of Cushman & Wakefield’s Equity, Debt & Structured Finance Group assisted the buyer in securing an $84 million acquisition loan. Funded by HSBC Bank, the loan includes proceeds at acquisition plus future funding for capital improvements to …