NEW YORK CITY — KeyBank Community Development Lending & Investment has provided $5.2 million acquisition financing for Grand Crossing, an affordable housing property located in Central Harlem. Built in 1910, the five-story property features five studio units, 35 two-bedroom units and 15 three-bedroom units. The undisclosed borrower plans to invest in unit upgrades, including green renovations. Tom Peloquin and John Gilmore of KeyBank arranged the financing through Freddie Mac. Paul McCormick and Matt Dzbanek of Ariel Property Advisors represented the borrower in the financing.
THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHC) has broken ground on Lake Woodlands Crossing, a 62,565-square-foot retail center in the northern Houston suburb of The Woodlands. The property is 65 percent preleased to tenants such as Ulta Beauty, Main Squeeze Juice Co. and Stickhouse, a gelato shop. Completion of the center, which will be located at the intersection of Lake Woodlands Drive and Grogan’s Mill Road, is slated for the fourth quarter.
HOUSTON — Levey Group, a family-owned industrial development firm, has completed a 64,850-square-foot distribution center within Northwest Place Industrial Park in Houston. The side-load facility can service a single tenant for be divided into leasehold spaces as small as 22,000 square feet. Facility features include 32-foot clear heights, dock-high loading doors and two ramps for grade-level building access. Two additional tilt-wall facilities are also being developed as part of Phase II of the project. CBRE is handling leasing of the property.
KINGWOOD, TEXAS — German discount grocer Aldi and Virginia-based Dollar Tree have opened stores at Shoppes at Kingsgate, a 156,000-square-foot retail center in the northern Houston suburb of Kingwood. Aldi will occupy approximately 19,000 square feet and Dollar Tree will occupy 9,500 square feet. A building that formerly housed Sears was demolished to make way for the construction of both retailers’ spaces. Shawn Ackerman of Henry S. Miller Co. Inc. (HSM) represented the landlord, Chestnut Ridge Associates, in the lease negotiations. Chris Pitts and Joe Silver of Streetwise Retail Advisors represented Aldi and Perry Zieben of Zieben Realty represented Dollar Tree.
HOUSTON — NAI Partners has brokered the sale of a 55,640-square-foot, crane-served manufacturing facility situated on 3.6 acres at 6460-6450 Langfield Road in northwest Houston. Clay Pritchett and Joshua Lass-Sughrue of NAI Partners represented the seller, JHV LLC, in the transaction. Travis Secor and Ryan Fuselier of JLL represented the buyer, MC Properties & Investments LLC.
OKLAHOMA — Lawrence, N.Y.-based Harborview Capital Partners has arranged the $16 million refinancing of a multifamily property in Oklahoma that comprises more than 300 units. The non-recourse loan was financed through HUD’s MAP 223(f) program and features an 80 percent loan-to-value (LTV) ratio and a 35-year fixed-rate term. Jeffrey Fuchs of Harborview secured the loan on behalf of a California-based borrower, which purchased the property two years ago and implemented a $4 million capital improvement plan.
CLEVELAND — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Statler Arms in downtown Cleveland for $40 million. The 295-unit apartment building is located on the corner of East 12th Street and Euclid Avenue in the Theater District. The property was originally built in 1912 as the 700-room Statler Hotel. The building was then expanded in the 1930s, became an office building in the 1980s and was converted into apartments in 2000. Michael Barron, Joshua Wintermute and Daniel Burkons of IPA represented the buyer. According to The Plain Dealer, Millennia Cos. purchased the building from an affiliate of the California State Teachers’ Retirement System.
SCHAUMBURG, ILL. — Associated Bank has provided a $14.5 million refinancing and construction loan for a multi-tenant retail project in Schaumburg. Known as Woodfield Gatherings, the three-building project is located near Woodfield Mall. The 30,074-square-foot retail property was formerly home to a parking lot for a J.C. Penney store. Chuy’s, Naf Naf Grill, Mod Pizza and Honey Grow have all signed leases at the new development. Chuy’s is currently open for business, while the remaining tenants will open in April. Daniel Barrins of Associated Bank originated the loan on behalf of the borrower, Shorewood Development Group.
ST. CLOUD, MINN. — Novak Construction has completed the remodeling of a 180,000-square-foot retail store occupied by Sam’s Club in St. Cloud in central Minnesota. The property is located at 207 County Road 120. The interior now features a new grocery wing with deli, bakery, produce, meat and dairy departments. The remodeling also features new offices, a training room, pharmacy and Subway sandwich shop. The project also included the installation of new electrical, mechanical, refrigeration systems, flooring, wall finishes and landscaping. Paul Bergin, John Rudd, Sean Raby, Kelsey Green and Dave Baniewicz led the project team for Novak.
CHICAGO — National Express LLC has signed a 98,840-square-foot industrial lease on Chicago’s South Side. The transportation company will occupy the space at 2005 W. 43rd St. starting in the second quarter of this year. The company is relocating from the Fulton Market neighborhood in order to have more parking options. Mitch Adams and Nicole Mentone of CBRE represented the landlord, Avgeris & Associates, in the lease transaction. Chris Gary of NAI Hiffman represented the tenant.