MINNEAPOLIS — Dougherty Mortgage LLC has provided an $8.5 million HUD 221(d)(4) loan for the rehabilitation of Albright Townhomes in Minneapolis. The affordable housing property includes 89 rental units. Originally constructed in 1977, the property underwent renovations in 2000 and 2006. All units are restricted to residents earning 60 percent or less of the area median income. The fully amortized loan features a 40-year term. Albright LP was the borrower.
CEDAR RAPIDS, IOWA — Ross Holdings LLC, a telemarketing company, has signed a 5,260-square-foot office lease in downtown Cedar Rapids. The company will occupy the space on the skywalk level of the 15-story Plaza 425 building. Kirk Hiland of NAI Iowa Realty Commercial brokered the lease transaction. Panda Investments Inc. is the property landlord.
NEW YORK CITY — JD Carlisle Development Group and Fosun International have received a $350 million loan for the construction of a 66-story luxury condominium project in Manhattan’s NoMad neighborhood. The 199-unit tower will be located at 126 Madison Ave., also known as 15 East 30th St. Once known for its wholesale stores along Broadway Street, NoMad is now a hotbed for luxury condo buildings. Designed by Handel Architects, the project will span 400,408 square feet and include 4,093 square feet of retail space. Amenities will include an indoor pool, private party room, dining room, lounge, fitness center and full-time doorman. The building is slated for completion in 2021. Adam Hakim, James Murad and Andrew Ladeluca of Eastern Consolidated arranged the construction loan, which was provided by Bank of the Ozarks. Jon Mechanic, Nathaniel Lifschitz, Danielle Frank and Shelby Smith of Fried Frank acted as counsel on behalf of the developers. Other recent luxury residential developments for JD Carlisle in Manhattan include 160 Madison Ave., the Beatrice, Centria, Cielo and Morton Square. The New York-based firm was founded in 1946. In addition to 126-132 Madison Ave., Shanghai-based Fosun International owns 28 Liberty St. in Manhattan. — Kristin Hiller
DALLAS — Nashville-based multifamily developer Southern Land Co. has broken ground on Novē at Knox, a 19-story apartment tower located in the Knox-Henderson neighborhood of Dallas. Designed by GDA Architects, the building will consist of 41 studio units, 159 one-bedroom apartments and 90 two-bedroom residences. There will also be 16 penthouse units on the top floors. Amenities will include a dog park, outdoor grilling area, pool with cabanas, fitness center, residents’ lounge and concierge services. The property is scheduled to open in early 2020 and preleasing will begin in 2019.
GRAND PRAIRIE, TEXAS — Stream Realty Partners has begun work on Parkway Logistics Center, a 271,794-square-foot industrial development in Grand Prairie, a western suburb of Dallas. Built on a speculative basis, the Class A space will be divisible into 50,000-square-foot blocks and will feature 44 dock-high bays as well as dedicated parking for 69 trailers and more than 100 vehicles. Stream Realty acquired the site in February through a joint venture with LaSalle Investment Management, a subsidiary of JLL. Completion is scheduled for later in the year.
DALLAS — Adobe Properties, a subsidiary of Dallas-based Transcontinental Realty Investors Inc., has completed Eagle Crossing, a 150-unit multifamily community located just outside downtown Dallas. Floorplans consist of one-, two- and three-bedroom units and communal amenities include a walking trail, pool, fitness center and a pet park. Construction wrapped up in January and the property was 97 percent preleased as of April.
ADDISON, TEXAS — VapeWild, a manufacturer and distributor of e-cigarette juice, has signed a 62,289-square-foot office/industrial lease at 4550 Excel Parkway in Addison, a northern suburb of Dallas. VapeWild has operated in Addison since 2013 and is expanding its footprint, which previously totaled 20,765 square feet. Roughly half the new space is being used for manufacturing and distribution and the other half will be used to house its customer relations team. The company, which now employs about 280 people, will move into its expanded space in July.
HOUSTON — NAI Partners has arranged the sale of a 54,750-square-foot warehouse located at 14333 Sommermeyer St. in northwest Houston. Nick Peterson, John Ferruzzo and Ryan Searle of NAI Partners represented the seller, Vallourec Tube Alloy LLC, a provider of casing and tubing accessories, in the sale. Justin Clark and Nathan Gaines of Clark Gaines represented the buyer, H&B Development & Construction LP.
HOBOKEN, N.J. — HFF has brokered the $146 million sale of The Rivington, a 240-unit apartment community in Hoboken. The transaction is the largest apartment sale in New Jersey year-to-date, according to HFF. The Rivington is located at 1130 Grand St. in the northwest section of Hoboken. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the seller, institutional investors advised by J.P. Morgan Asset Management, in the transaction. The buyer was Equity Residential, which purchased the property free and clear of existing debt. The property was completed in 1999 and features 240 two-bedroom units at market-rate rents. A majority of the units have been renovated since 2014. Amenities include a fitness center, clubhouse and private storage lockers.
NEWPORT, R.I. — NKF Capital Markets has orchestrated the sale of the Newport Grand Casino in Newport for $10.1 million. NKF represented the seller, Twin River Management Group, in the transaction. The buyer was Carpionato Group. Initially serving as an arena for jai alai, Newport Grand added slot machines in 1992 and was renovated in 2008 to add space for a full casino. The property will continue to operate as the Newport Grand Casino until the gaming facility relocates to Tiverton, Rhode Island later this year. The buyer plans to redevelop the 23.5-acre site into a mixed-use project.
