ST. LOUIS — Greyhill Group has purchased Westminster Place Apartments, a 337-unit multifamily property located at 4005 Westminster Place in St. Louis, for $38.2 million. Built during the 1980s to 1990s, the community was 96 percent occupied at the time of sale. Greyhill plans to make improvements to the property and hold it for the long term. The acquisition marks Greyhill’s expansion into its ninth state.
CHICAGO — NewMark Merrill Cos. Inc. has acquired Lake Meadows Shopping Center, a 179,106-square-foot property in Chicago. Draper and Kramer Inc. was the seller. Anchor tenants include Jewel-Osco, LA Fitness, Foot Locker, CVS Pharmacy and Citi Trends. NewMark Merrill now owns or operates eight properties in the Chicago area representing more than 1.6 million square feet and a combined asset value of over $300 million. The company plans to upgrade Lake Meadows with improvements to signage, lighting and gathering spaces. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist, Susan Rorison and Matt Gugliciello represented NewMark Merrill on an internal basis. Michael Nieder, Brian Page and John Dettlaff of JLL represented the seller. Lake Meadows was 85 percent leased at the time of sale.
WEST DUNDEE, ILL. — Principle Construction has completed a 4,000-square-foot flagship Circle K fleet convenience store at 70 Airport Road in West Dundee, a far northwest Chicago suburb. The store is part of a 56-acre redevelopment project on I-90 at Route 31. Principle installed eight dual-sided fuel dispensers for cars and four dual-sided and two single-sided fuel dispensers for trucks on the building’s exterior. Inside is a 354-square-foot cooler for soda, water, energy drinks and beer. The team built a 52-square-foot freezer for ice cream and pizza. A hot dog island holds condiment dispensers, a soda fountain and coffee station. The redevelopment includes a 1,006-space secured truck parking facility, a comprehensive truck repair and maintenance facility, truck wash, quick-service restaurant and office space for trucking and logistics companies. Gleason Architects designed the space. An affiliate of Speedwagon Capital owns the building.
NEW YORK CITY — Related Cos. and Oxford Properties Group have fully capitalized 70 Hudson Yards, a 72-story office tower underway within the co-developers’ 28-acre Hudson Yards campus in Manhattan’s Midtown West neighborhood. The companies recently closed $2.45 billion in financing for the project, including a $1.6 billion construction loan from Wells Fargo, Bank of America and Standard Chartered, as well as equity from institutional investors. “Securing full equity and the largest construction loan in New York since 2020, on attractive terms, demonstrates the growing global demand from sophisticated investors and lenders of capital into first class office product like 70 Hudson Yards,” says Dean Shapiro, Oxford’s global head of development. The multi-tenant tower will span 1.4 million square feet and include the U.S. headquarters for Deloitte, one of the “big four” accounting firms that signed a lease for more than 800,000 square feet at the tower last year. The lease represents the largest tenant relocation in New York City since 2020, according to Related and Oxford. Shapiro adds that the co-developers broke ground before the lease with Deloitte was executed. Related and Oxford plan to begin vertical construction in the first half of the year. The foundations are nearing …
By Ann Atkinson, Regions Real Estate Capital Markets Most multifamily real estate owners need to finance or refinance their apartment community at some point. Many utilize the small balance multifamily loan programs available through Fannie Mae and Freddie Mac to do so. Understanding how lenders navigate each phase of the loan cycle can give owners a strategic advantage, especially in a time of elevated rate volatility. A significant amount of multifamily debt is maturing in 2026. Borrowers should not wait to refinance to avoid the concentrated competition later in the year when lenders are faced with refinancing demand. In addition, modest rent growth today offers refinancing upside; and finally, Fannie Mae and Freddie Mac have higher production caps in 2026, providing more runway for lending. The following overview, based on Regions Real Estate Capital Markets’ experience, outlines five key phases of the process, with helpful tips throughout: 1. Screening and Term Sheet Loan screening kicks off the relationship between borrower and lender. The lender’s production representative often conducts an introductory call with the borrower, who completes an application and provides due diligence items. Access a checklist of items to provide to Regions for screening here. Tip #1: Get all required (and …
LAREDO, TEXAS — LITOS, an industrial developer based in Mexico City, is underway on a 952,560-square-foot speculative project in the Rio Grande Valley city of Laredo. Known as LITOS Laredo, the facility will consist of two cross-dock buildings totaling 476,280 square feet each. Building features will include 40-foot clear heights, 70-foot speed bays and 3,000 square feet of office space. ARCO/Murray is the design-build firm on the project, which is the first in the United States for LITOS.
DALLAS — JLL has brokered the sale of Core45 Building 1, a 616,068-square-foot industrial structure in South Dallas. Built on 33.8 acres in 2023, the building features 40-foot clear heights, 110 dock doors, four drive-in ramps, 188-foot truck court depths, 8,180 square feet of office space and parking for 306 cars and 151 trailers. Trent Agnew, Tom Weber, Pauli Kerr and Carson Stogner of JLL represented the seller, an affiliate of Grandview Partners, in the transaction. The buyer was LBA Logistics.
SUGAR LAND, TEXAS — Morgan, a Philadelphia-based developer, has broken ground on Pearl Lake Pointe, a 376-unit multifamily project in Sugar Land, located southwest of Houston. The five-story building will feature 9,940 square feet of commercial space and a six-story parking garage. Amenities will include a pool, fitness center, golf simulator, sky lounge and a café. Texas Capital Bank is financing construction of the 6.5-acre project, the first units of which are expected to be available for occupancy in mid-2027.
CARROLLTON, TEXAS — Aircool AC Parts Supply has signed a 17,213-square-foot industrial lease in the northern Dallas metro of Carrollton. According to LoopNet Inc., the building at 1705 Wallace Drive was completed in 2001 and totals 138,600 square feet. Corbin Blount and Baron Johnson of Lee & Associates represented the tenant in the lease negotiations. Mac Hall and Sarah Ozanne of Stream Realty Partners represented the landlord.
MORGANTOWN, PA. — California-based Panattoni Development Co. will build a 1.2 million-square-foot industrial project in Morgantown, about 50 miles northwest of Philadelphia. Known as New Morgan Gateway Commerce Center, the development will comprise a 925,680-square-foot building and a 291,600-square-foot building on a 128-acre site. Both buildings will feature clear heights of 40 feet. HDA Architects is designing the project, and Brinkmann Constructors is serving as the general contractor. A construction timeline was not announced.
