NEW YORK CITY — Hilton has opened its first tapestry collection property in New York City. The Bernic Hotel New York City, Tapestry Collection by Hilton is now open in the Midtown East neighborhood of Manhattan at 145E 47th St. The 96-room hotel features floor-to-ceiling windows in every room, heated bathroom floors and walk-in rain showers as well as a rooftop lounge, open from May through October with 180-degree, panoramic views of the city. Hilton launched the tapestry collection brand in 2017 as a lineup of original upscale hotels.
PHILADELPHIA — Rittenhouse Realty Advisors has arranged the sale of a 16-unit apartment building in the Northern Liberties neighborhood of Philadelphia. The property, which is located at 938-940 New Market St., features digitally controlled lights and locks as well as a video intercom system. The building is located near a grocery store, several healthcare providers, fitness studios and numerous popular bars, restaurants and cafes. Rittenhouse represented the seller, a local developer, in the transaction. JOSS Realty Partners represented the buyer, a family office investor who purchased the property for an undisclosed price.
CHICAGO — Echo Development Group Inc. has purchased 2401 W. Grace on Chicago’s northwest side for just under $14 million. AT&T Services Inc., a subsidiary of AT&T, occupies the single-tenant office building. AT&T has completed a renovation of the 93,000-square-foot property and recently announced the addition of 500 call center jobs at the site. The seller was not disclosed.
EVANSTON AND OAK PARK, ILL. — Albion Residential, along with general contractor Clark Construction, has broken ground on two apartment projects in suburban Chicago. Albion Evanston will include 268 apartment units with 6,800 square feet of retail space. Existing buildings on the development site will be demolished this month with construction slated to begin in August. The property is scheduled to open in the third quarter of 2019. The Northwestern Mutual Life Insurance Company provided project financing. Albion Oak Park will include 265 apartment units and 8,000 square feet of retail space. Construction of the building’s foundation is underway. CIBC and Associated Bank provided project financing. Hartshorne Plunkard Architecture is designing both projects.
AURORA, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of two retail properties in Aurora for an undisclosed price. The sale includes a 31,000-square-foot retail center and a single-tenant building occupied by Walgreens. The retail center was fully leased at the time of sale. Tenants include Dollar General, O’Reilly Auto Parts and Subway. Constructed in 2002, the Walgreens property is approximately 15,000 square feet. Chad Firsel of Quantum represented the seller, a Chicago-based investor. Daniel Waszak of Quantum represented the buyer, a Colorado-based private investor.
CHICAGO — American Street Capital (ASC) has arranged a $3.5 million bridge loan for the acquisition of a 25,000-square-foot office building in Chicago’s River North neighborhood. Built in 1920, the five-story building is currently vacant and in need of repairs. The buyer plans to renovate the property to include modern floor plans and amenities for tenants. Igor Zhizhin of ASC arranged the floating-rate loan, which features a full term 18 month interest reserve. A commercial bank provided the loan.
MOUNTAIN VIEW, CALIF. — HFF has arranged the $250 million capitalization of Ameswell Mountain View, a fully entitled mixed-use project under development in Mountain View. Bruce Ganong, Michael Leggett, Ben Bullock, Thomas Foley, Austin White and Bercut Smith of HFF arranged the joint venture equity partnership with Rockwood Capital for the borrower, Broadreach Capital. Additionally, the HFF team worked on behalf of both parties to secure $140 million in construction financing with Wells Fargo Bank. Ameswall will feature a 255-room independent hotel and a 216,700-square-foot Class A office building. The Ameswall Hotel will feature a creative, local design with a strong emphasis on art and technology; 6,258 square feet of meeting and events space; food and beverage offerings, including a destination bar and restaurant and a grab-and-go market; and outdoor gathering spaces with a swimming pool, fire pits, bocce ball court and a lawn. Aiming for LEED Platinum certification, the five-story creative office building will feature floor-to-ceiling glass lines to provide natural light, 14-foot ceilings and 47,000-square-foot floorplates. Amenities for the property include a 2.5-acre park, terraces, break-out areas to merge workspace and nature, dedicated bike and pedestrian trails, and electric vehicle charging stations. The development will also feature a …
RANCHO CUCAMONGA, CALIF. — Apartment Income Investors has sold Thomas Winery Plaza, a shopping center located along Route 66 in Rancho Cucamonga. An undisclosed buyer acquired the asset for $24 million. CVS/pharmacy anchors the 99,838-square-foot shopping center. Lindsay Tsumpes and El Warner of Matthews Real Estate Investment Services handled the transaction.
LOS ANGELES — Avison Young has arranged the sale of The Culver, an apartment complex located at 3325 S. Canfield Ave. in the Culver City/Palms neighborhood of Los Angeles. Palm Heights LLC sold the property to Mapleton Culver City LLC for $15.6 million. Built in 2006, the four-story building features 28 apartment units in a mix of studio, two- and three-bedroom floorplans. Each unit features nine-foot ceilings, in-unit washer/dryers and balconies. On-site amenities include a rooftop deck with seating and grills, fitness center, coffee station and business center. Peter Sherman of Avison Young’s Los Angeles office represented the seller in the deal.
LINCOLN, CALIF. — Blueprint Healthcare Real Estate Advisors has brokered the sale of four plots of land in California totaling 21 acres for $14.7 million, with the buyers planning to develop assisted living on the land. The seller was PDC Capital, a private equity firm specializing in EB-5 investments. The plots had been placed in SEC receivership by order of a federal judge. The first plot is located in Lincoln, adjacent to an existing active adult community named Sun City of Lincoln Hills. Lincoln MCC US LLC, a division of MCC China, acquired those seven acres for $8.7 million. Carefield Senior Living acquired the remaining three plots, totaling 14 acres, for $6 million. The location of those properties was not disclosed. Blueprint’s Jacob Gehl, supported by Giancarlo Riso and Scott Frazier, handled the transactions.