Property Type

JLL Arranges $235M Construction Loan for 34-Story Office Tower in Brooklyn

by David Cohen July 25, 2018

NEW YORK CITY — JLL Capital Markets has arranged a $235 million loan for the construction of One Willoughby Square, a 34-story, Class A office tower in downtown Brooklyn. One Willoughby Square will rise 560 feet above the future Willoughby Park, a one-acre public green space on top of a 700-space underground parking garage in Brooklyn’s Tech Triangle. The building will feature column-free floor plates as well as 10-foot windows. The tower is the first ground-up office development in downtown Brooklyn in decades, according to JLL. Aaron Appel, Keith Kurland, Aaron Niedermayer, David Sitt and Eliott Zetioune of JLL arranged the four-year, floating-rate loan through Québec-based Otéra Capital Inc. for borrower JEMB Realty. The planned 462,656-square-foot tower is already 27 percent leased to two tenants: architectural firm NYC School Construction Authority and FXCollaborative, the executive architect of One Willoughby Square. JEMB will seek LEED Silver certification for the project, which is scheduled for completion in 2021. “The lending community was impressed by the experienced sponsorship of this project as well as its quality design, location and preleasing,” says Kurland. “Clearly, One Willoughby is destined to become Brooklyn’s most distinctive and sought-after office address.” — David Cohen

July 25, 2018

Acquisitions Healthcare Texas

LaSalle Acquires 510,000 SF Medical Office Building in Houston

by Taylor Williams July 24, 2018

HOUSTON — Chicago-based LaSalle Investment Management has acquired Memorial Hermann Medical Plaza, a 510,000-square-foot medical office property in Houston. The 28-story building is located within the Texas Medical Center on the city’s south side. The property, which features retail amenities and a 13-level parking garage, was 99 percent leased at the time of sale. Scott Galloway, Colby Mueck and Rusty Tamlyn of HFF represented the seller, a partnership between Mischer Healthcare, Memorial Hermann Health System and other private investors, in the transaction.

July 24, 2018

Aspire-at-Preston-Trails-Cedar-Hill-Texas

Development Loans Multifamily Texas

Mason Joseph Arranges $42.5M HUD Loan to Build New Apartment Community in Metro Dallas

by Taylor Williams July 24, 2018

CEDAR HILL, TEXAS — San Antonio-based Mason Joseph Co. Inc. has arranged a $42.5 million construction and permanent financing loan for Aspire at Preston Trails, an apartment community that will be located in the Dallas metro of Cedar Hill. The property will feature 299 market-rate units across nine garden-style buildings. Mason Joseph placed the loan, which features a fixed interest rate for the 22-month construction period and subsequent 40-year term, through HUD’s 221(d)(4) program, on behalf of the developers, Covenant Development LLC and Stewart Residential LLC. Humphreys & Partners is serving as architect for the project and Jordan Foster Construction is serving as general contractor. The property broke ground in early July.

July 24, 2018

Acquisitions Industrial Self-Storage Texas

Bellomy Brokers Sale of 246-Unit Self-Storage Facility in Houston

by Taylor Williams July 24, 2018

HOUSTON — Bellomy & Co. has brokered the sale of Alief Westwood Storage, a 246-unit self-storage facility located about 16 miles southwest of downtown Houston. Situated on 5.3 acres with room for expansion, the property features more than 64,000 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, a Houston-based family partnership, in the transaction. The duo also procured the undisclosed, Austin-based buyer.

July 24, 2018

Acquisitions Industrial Texas

Finial Group Negotiates Sale of 52,682 SF Manufacturing Facility in Houston

by Taylor Williams July 24, 2018

HOUSTON — Full-service commercial real estate firm Finial Group has negotiated the sale of a 52,682-square-foot manufacturing facility located at 6410 Langfield Road in northwest Houston. The Class A facility is crane-served and includes 10,000 square feet of office space. Keith Bilski and Dylan Schopper of Finial Group represented the seller, Buks Global Enterprises, which occupies the space, in the transaction. Ron Roberson of Caldwell Cos. represented the buyer, S&R Realty Group LLC.

July 24, 2018

Acquisitions Colorado Mixed-Use Multifamily Retail Western

RedPeak Properties, Allstate Investments Sell Mixed-Use Property in Downtown Denver

by Amy Works July 24, 2018

DENVER — A joint venture between RedPeak Properties and Allstate Investments has sold 1600 Glenarm Place, a mixed-use, high-rise property located on the 16th Street Mall in downtown Denver. Northland Investment Corp. acquired the property, along with a 0.77-acre land parcel at 14th Street and Glenarm Place, for an undisclosed price. Constructed in 1967 as an office tower known as the Security Life Building, the property was converted into a multifamily property in 2006 by RedPeak Properties. The 31-story building features 333 apartments in studio, one-bedroom, two-bedroom and penthouse layouts, and 29,000 square feet of commercial space, including frontage along Denver’s 16th Street pedestrian mall. On-site amenities include an outdoor terrace with barbecue grills and fireplace, fitness center, demonstration kitchen, cyber lounge, conference room, movie theater, game room, resident library, reading room, valet parking, 24-hour concierge service and room service from Earl’s Restaurant on the property’s ground floor. Jordan Robbins, Jeff Haag and Anna Stevens of HFF represented the seller in the transaction.

July 24, 2018

California Development Multifamily Western

Realm Group Buys Development Site in Downtown Los Angeles for High-Rise Multifamily Project

by Amy Works July 24, 2018

LOS ANGELES — Realm Group, a joint venture between Realm Estate and The Bascom Group, has purchased a 1.7-acre land parcel located within Los Angeles’ Fashion District. An undisclosed seller sold the property for $24.2 million. The site is entitled for the development of a 33-story, 452-unit, high-rise multifamily property. Additionally, the site’s existing parking lot, located at the corner of Seventh Street and Maple Avenue, will be redeveloped into 13,600 square feet of ground-floor commercial space. The concrete, steel and glass tower will feature a rooftop lounge with city skyline views and a one-acre amenity deck on the sixth floor with a pool terrace and oversized dog park. Charles Halladay, Andrew Hornblower and Jamie Kline of HFF secured a land loan from Ladder Capital for the acquisition of the site. Realm is co-developing the mixed-use property with Urban Offerings.

July 24, 2018

Loans Mixed-Use New York Northeast

JLL Secures $20.7M Acquisition Loan for Mixed-Use Portfolio in Chelsea

by David Cohen July 24, 2018

NEW YORK CITY — JLL has secured a $20.7 million acquisition loan for the High Line Portfolio, a four-building, mixed-use portfolio in the Chelsea neighborhood of Manhattan. Jonathan Schwartz, Aaron Appel, Brian Buglione and Patrick Cotter of JLL arranged the financing for Morgenstern Capital through an undisclosed lender. Terms of the loan were not disclosed. The portfolio includes three contiguous mixed-use buildings at 505 W. 22nd St., 203 and 205 10th Ave. as well as one retail building at 207 10th Ave. All totaled, the properties include 26 residential and four retail units.

July 24, 2018

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates $26.8M Sale of Multifamily Community Near Hartford, Connecticut

by David Cohen July 24, 2018

BLOOMFIELD, CONN. — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the $26.8 million sale of The Arbors at Brighton Park, a 132-unit multifamily community in Bloomfield. Victor Nolletti, Wes Klockner and Eric Pentore of IPA represented the seller, Bloomfield Realty Partners. The buyer was an affiliate of Paredim Partners. Situated on more than 14 acres, The Arbors at Brighton Park is located within five miles of Hartford Hospital, The University of Hartford, Trinity College and the 800-acre Penwood State Park.

July 24, 2018

Acquisitions California Multifamily Western

Luxo II Apartment Homes Acquires 40-Unit Complex in San Diego for $21.3M

by Amy Works July 24, 2018

SAN DIEGO — Luxo II Apartment Homes has purchased Villa Cusma, a 40-unit apartment complex at 1907 Columbia St. in San Diego’s Little Italy neighborhood. The price was $21.3 million, more than $500,000 per unit. Raymond Choi of Marcus & Millichap represented the seller, 1907 Columbia St. LLC, and procured the buyer in the all-cash transaction. Built in 2012, Villa Cusma features 24 one-bedroom/one-bath apartments, one two-bedroom/one-bath unit and 15 two-bedroom/two-bath apartments. Additionally, the property features a a gated subterranean parking garage and a 2,475-square-foot, ground-floor retail space leased to Harumama, a sushi and ramen restaurant.

July 24, 2018

Newer Posts

Older Posts