HIGHLANDS RANCH, COLO. — LaSalle Investment Management has purchased the 422-unit Legacy at Highlands Ranch just south of Denver for an undisclosed sum. The community is located at 355 W. Burgundy St. in Highlands Ranch. Legacy at Highlands Ranch was built in 1999. It is expected to benefit from an extension of the Light Rail, which will connect Highlands Ranch to the broader Denver area and downtown’s Union Station. LaSalle plans to update the asset’s interiors and common areas. LaSalle purchased this multifamily property on behalf of its U.S. core open-end real estate fund, LaSalle Property Fund.
SAN FRANCISCO — Mindspace has announced plans to open its first U.S.-based co-working outpost in San Francisco. The European co-working provider has leased 36,000 square feet at the Market Center Building at 575 Market St. The new office will open in the second quarter of 2018. It will be able to hold around 600 members. Market Center is owned by Equity Office. JLL advised Mindspace in this lease transaction.
NEW YORK CITY — Thor Equities has purchased The James New York – SoHo, a hotel located at 27 Grand St. in Manhattan’s Soho district, for an undisclosed price. The 18-story, 75,800-square-foot property features 114 guest rooms, three food and beverage outlets, and 1,500 square feet of meeting and event space. Hotel amenities include an outdoor rooftop swimming pool, a fitness center and 24-hour in-room dining. Jeffrey Davis of JLL brokered the deal. The name of the seller was not released.
NEWTON, MASS. — Benchmark Senior Living has selected Erland Construction to manage the construction of a 50-unit memory care community in the Boston suburb of Newton. The project will be located on the former campus of Andover Newton Theological Seminary in Newton Centre. Plans include construction of a 34,683-square-foot building, as well as renovations to an existing five-story building on the site. Combined, the project will total 54,597 square feet. Bechtel Frank Erickson designed the community. Waltham, Mass.-based Benchmark’s portfolio totals 56 communities in seven states.
WOODCLIFF, N.J. — Cushman & Wakefield has arranged $26.2 million in financing on behalf of Hudson Equities Management. The financing is secured by 300 Tice Boulevard, a 240,291-square-foot office property. Streamline Realty Funding provided the four-year, floating-rate financing. At the time of financing, the property was 78.5 percent occupied by a variety of tenants in the auto, pharmaceutical and financial services industries. John Alascio, Sridhar Vankayala and Andre Hass of Cushman & Wakefield represented the sponsor in the transaction.
HOUSTON — First Industrial Realty Trust Inc. has broken ground on First 290 @ Guhn Road, a 126,250-square-foot distribution center located at 6913 Guhn Road in northwest Houston. The front-load facility will feature 32-foot clear heights, an ESFR sprinkler system, 185-foot truck court, 137 parking stalls and up to 46 trailer stalls. Completion is slated for summer 2018. Stream Realty Partners will handle leasing of the facility.
ORLANDO, FLA. — ARA Newmark has arranged the $57 million sale of The Place on Millenia, a 371-unit apartment community located along the I-Drive Corridor in Orlando. Scott Ramey and Kevin Judd of ARA Newmark arranged the transaction on behalf of the seller, B&M Management. Millburn & Co. acquired the asset. In addition, Matthew Williams of NKF Capital Markets secured a seven-year, $40 million Freddie Mac acquisition loan with two years of interest-only payments and a floating interest rate of 3.51 percent. The Place on Millenia offers one- to three-bedroom floor plans and features a fitness center, clubhouse and a swimming pool with sundeck and cabanas.
SPRING, TEXAS — Greystone has provided a $36.4 million bridge loan for the acquisition of Parkside Place Apartments, a 384-unit multifamily community in Spring, about 45 minutes north of Houston. The property features amenities such as a pool, demonstration kitchen, complimentary coffee bar, fitness and business centers, a movie-screening room with an arcade and a game room. Donny Rosenberg of Greystone originated the loan, which carries a two-year term with two six-month extensions, on behalf of Houston-based Ilan Investments.
BIRMINGHAM, ALA. — KeyBank Real Estate Capital has closed a $35.2 million Freddie Mac loan for the refinancing of Retreat at Greystone, a 312-unit multifamily community in Birmingham. Caleb Marten and Chris Black of KeyBank originated the seven-year loan with a 30-year amortization schedule on behalf of the undisclosed borrower. Constructed in three phases between 2015 and 2016, the property includes 26 two-story apartment buildings. Community amenities include grilling stations, a fitness center and a swimming pool.
NEWARK, N.J. — Love Funding has arranged a $7.9 million loan for the construction and permanent financing of Carrino Plaza Apartments, a new affordable and special needs community in Newark. Carrino Plaza Apartments will offer 60 one-, two- and three-bedroom units in one mid-rise building located in the North Ward of Newark. In addition to three multifamily floors, the property will contain partial ground-floor commercial space. Additionally, 49 of the residential units will be restricted to those earning less than 60 percent of the area median income under the Low-Income Housing Tax Credit program, and 10 rental-assistance units will be reserved for residents who receive mental health services. The development is being led by Resetarits Construction Corp. The project team includes Jose Carballo Architectural Group, Signature Custom Homes and Interstate Realty Management Co.