WAUWATOSA, WIS. — Axilla Capital LLC has arranged a $5.6 million loan for the acquisition of the Holiday Inn Express in Wauwatosa. Originally completed in 1984, the 121-room hotel underwent a multi-million dollar renovation in 2017. The three-story property features a fitness center, business center and shuttle service. Tom Fleming of Axilla arranged the loan with a conventional bank on behalf of the undisclosed borrower.
CANONSBURG, PA. — HFF has arranged the $90 million refinancing of Zenith Ridge Corporate Campus, a 486,000-square-foot, three-building office park in Canonsburg. HFF represented the borrower, Quattro LP, in securing a 10-year, fixed-rate loan through Starwood Mortgage Capital. Burns Scalo Real Estate currently manages the property. Amenities at the office campus include walking trails, outdoor exercise stations, ping pong tables, communal fire pits, outdoor patios and outdoor meeting areas. Zenith Ridge Corporate Campus is fully leased.
WINDSOR, CONN. — KeyBank Real Estate Capital has provided a $20 million Freddie Mac, first mortgage loan for Windsor Station, a 130-unit multifamily community in Windsor. Built in 2017, the property sits on 6.5 acres and comprises two four-story buildings. Tom Peloquin of KeyBank arranged the non-recourse, fixed-rate financing with a 12-year term, six years of interest-only payments and a 30-year amortization schedule. The loan will be used to refinance existing debt. The lender was undisclosed. Lexington Partners LLC and LAZ Investments developed Windsor Station.
BAYTOWN, TEXAS — Houston-based Clay Development & Construction Inc. will build Cedar Port IV Distribution Center, a 349,440-square-foot industrial facility that will be located within Cedar Port Business Park in Baytown, an eastern suburb of Houston. The rail-served property will feature 32-foot clear heights, 50- by 52-foot column spacing and 60-foot loading bays, as well as the capacity to accommodate a 72,320-square-foot building expansion. Construction is scheduled to begin in October and wrap in summer 2019.
HOUSTON —A subsidiary of Chilean real estate firm Red Megacentro will develop Megacenter Willowbrook, a project that will convert a former Walmart Supercenter building in the Willowbrook area of northwest Houston into a 235,627-square-foot mixed-use property. Preliminary plans call for industrial, self-storage, retail and office space. Phase I will deliver a 113,940-square-foot gym, 47,319 square feet of flex space and a 6,810-square-foot auto center. The final project completion date is slated for November 2019. Michael Johnson and Stuart Hepler of HFF arranged floating-rate financing for the project through Icon Bank.
AUSTIN, TEXAS — Tech firm GLG, which provides platforms that bring subject matter experts together, has expanded its office lease in Austin. The company will now occupy 84,000 square feet at 301 Congress Avenue, with space for up to 730 employees. The new space includes an additional coffee bar, an outdoor covered terrace and a training and presentation room.
HOUSTON — LMI Capital has arranged five loans totaling $16 million for five multifamily properties located throughout the Houston area. The undisclosed properties total 390 units and are located in south Houston, Pasadena, Brazoria County and the Fondren submarket on the southwest side of town. Brandon Brown, Jamie Mullin and Jamie Safier of LMI Capital placed the loans on behalf of undisclosed borrowers.
NEW YORK CITY — RD Management and partner Yassky Properties have acquired a 6,316-square-foot mixed-use building located at 55 5th Ave. in Brooklyn for $4.1 million. The seller was Burke Leighton Asset Management. The four-story building was built in 1920 and includes six apartments and a 1,390-square-foot, ground-level retail space that is currently vacant. Yassky will manage the property.
HEMPFIELD TOWNSHIP, PA. — CBL Properties, in partnership with Stadium Casino LLC, has unveiled plans to develop a 100,000-square-foot casino and entertainment complex at CBL’s Westmoreland Mall in Hempfield Township. Stadium Casino LLC is a joint venture between The Cordish Cos. and Greenwood Gaming & Entertainment. The new casino will backfill space currently occupied by Bon-Ton, which will close in early August. The project, which is expected to create 600 jobs, is subject to the review and approval of the Pennsylvania Gaming Control Board. A construction timeline will be released upon approval.
NEW YORK CITY — Fisher Brothers has signed Deluxe Financial Services to a 21,229-square-foot lease at 605 Third Ave., a 1.1 million square-foot office tower in Manhattan. The financial services provider will occupy the entire 37th floor of the building. Ryan Tibbits and Harry Krausman of Cushman & Wakefield represented Deluxe Financial Services in the transaction. Since completing a $25 million capital improvement program at 605 Third Ave., Fisher Brothers has executed 280,000 square feet of leases at the tower. Originally built by Fisher Brothers in 1963, the 44-story building is certified LEED Gold by the U.S. Green Building Council with a tenant roster that includes Univision, AECOM, David Hutcher & Citron LLP and the United Nations Population Fund.