SACRAMENTO, CALIF. — Money360 has arranged a $5 million bridge loan for a manufactured housing community in San Francisco. The non-recourse, three-year loan features an interest-only amortization and a 46 percent loan-to-value ratio. The borrower was not disclosed.
CHICAGO — Belgravia Group has completed the topping-off ceremony for Renelle on the River in Chicago’s River North neighborhood. The 18-story luxury condominium building is located at 403 N. Wabash Ave. The 50-unit property, designed by bKL Architects, features five different floor plans. Listing prices start at $1.3 million. Amenities include a game room, fitness center, outdoor dog run and a 4,500-square-foot terrace. Completion is slated for early 2019.
LYON TOWNSHIP, MICH. — Investment group CORE BKG has purchased a 30-acre site located at 54500 and 54650 Grand River Ave. in southeast Michigan’s Lyon Township. CORE BKG plans to develop Lyon Commerce Center, which will consist of three industrial buildings totaling 450,300 square feet. The buildings will be suited for distribution, high-tech and light manufacturing uses. Construction is scheduled to begin in June. CORE BKG includes principals form both CORE Partners and Burton-Katzman.
MILWAUKEE — HSA Bank, a division of Webster Bank NA and provider of consumer-directed health accounts, has extended the lease on its 57,517-square-foot office space in Milwaukee. The bank is also expanding by 10,725 square feet. HSA Bank is located on the second floor of Schlitz Park’s RiverCenter building at 1515 N. RiverCenter Drive. The office is home to 335 employees. Ned Purtell and Jenna Maguire of Founders 3 Real Estate Services represented Schlitz Park in the lease transaction. Drew Saunders and Dan Jessup of JLL represented the tenant. The expansion is expected to be complete this summer.
ST. PAUL, MINN. — Dougherty Mortgage LLC has provided a $5.6 million HUD 221(d)(4) loan for the construction of Thomas Avenue Flats in St. Paul. The 40-year loan is fully amortized. The 51-unit affordable housing property is slated to open in spring 2019. All units are restricted to residents earning 60 percent or less of the area median income. The project will also receive equity from the sale of low-income housing tax credits and funds from the St. Paul Housing & Redevelopment Authority. Thomas Avenue Flats LP was the borrower.
ELK GROVE VILLAGE, ILL. — Toshiba Machine Co. has signed a 58,760-square-foot industrial lease in Elk Grove Village. The building, located at 695 Touhy Ave., will serve as a supplemental facility, complementing Toshiba’s existing U.S. headquarters facility located at 755 Greenleaf Ave., also in Elk Grove Village. The new location will house research and development and distribution operations for Toshiba’s Plastic Injection and Machine Tools divisions. Chris Lydon of Avison Young represented the tenant in the lease transaction. Al Caruana and Britt Casey of Cushman & Wakefield represented the undisclosed landlord.
From Dallas-Fort Worth’s (DFW) explosive rate of corporate relocations and expansions to Houston’s reliance on oil prices to Austin’s strong supply of tech talent, there’s very little common ground among the office sectors of Texas’ biggest cities. And whereas the pace of sales, development and absorption for certain property types — industrial, multifamily, self-storage — are strong across DFW, Houston, Austin and San Antonio, it’s the office sectors of these metros that truly capture their differences. The office markets of the Lone Star State’s four major metros each have a different story to tell — a narrative that speaks to their core demand drivers, as well as their projected performances for the rest of the year. In this piece, we take a closer look at the crucial factors underlying each of the Big Four’s office markets. DFW: Slowing But Stable The DFW office market isn’t as hot as its multifamily or industrial sectors, which are seeing record volumes of new construction and absorption, respectively. But the metro’s ability to create 100,000-plus jobs per year ensures that its strong office fundamentals can be maintained. The metro posted year-over-year rent growth of 2.2 percent, according to CoStar Group, right on par with …
GREENWICH, CONN. — Arch Street Capital Advisors has brokered the sale of an 11-property industrial portfolio located across seven states for $156.7 million. The buyer was an institutional client of Greenwich-based Arch Street Capital. The portfolio totals 2.8 million square feet and is made up of primarily single-tenant, long-term, net-leased, industrial properties.
WORCESTER, MASS. — MassHousing has provided $5.1 million in affordable housing financing to support the redevelopment of Worcester’s Central Building. The financing will allow the borrower, Central Building Development Group, to transform a vacant office building into a 55-unit, mixed-income housing community with 14 workforce-housing units. Dellbrook JKS is serving as general contractor on the project with The Architectural Team serving as architect. MassHousing provided a $3.7 million permanent loan and $1.4 million in workforce housing funding from the agency’s $100 million workforce housing initiative. The project also received $12 million through an allocation of federal and state low-income housing tax credits by the Massachusetts Department of Housing and Community Development. The property, which is located at 332 Main St., was built in 1925 as an office building and has been vacant for several years. Of the 55 units in the building, 50 will be allocated to lower-income households.
ALLEN, TEXAS — The Howard Hughes Corp. will develop Monarch City, a mixed-use destination that will be located at the corner of North Central Expressway and the Sam Rayburn Tollway in Allen, a northern suburb of Dallas. According to the Allen Economic Development Corp., Monarch City will span roughly 270 acres. The project will feature approximately 9 million square feet of retail, hospitality, urban residential and Class A office space surrounding a central park. Omniplan is designing the project and JLL is marketing and leasing it. Zoning is expected to begin this year.