WACO, TEXAS — Metropolitan Capital Advisors Ltd. (MCA) has arranged a $4.3 million construction loan for The Containery, a retail conversion project in Waco. Private developer Bill Wetterman plans to convert an existing warehouse situated on 24,750 square feet of land into a shopping destination with boutique retail and restaurant spaces. Brandon Wilhite of MCA arranged the loan through McGregor, Texas-based TFNB Bank.
NEW YORK CITY — Rockefeller Group has signed Latham & Watkins LLP to a 407,000-square-foot office lease at 1271 Avenue of the Americas. The law firm will occupy floors 25-34 in the 48-story building with an anticipated move-in during the second half of 2020. Built in 1959, the building was originally designed by Harrison & Abramovitz & Harris, the architects for all of Rockefeller Center. Scott Gamber and Craig Reicher of CBRE represented Latham & Watkins in the transaction. 1271 Avenue of the Americas is currently undergoing extensive renovations designed by the architectural firm Pei Cobb Freed & Partners. The project began in 2016 and is slated to be complete by the end of 2019. Major League Baseball and Mizuho Americas have also recently signed leases at the building.
NORTH PLAINFIELD, N.J. — Cronheim Mortgage has negotiated $3 million in permanent financing for Mountain View Gardens in North Plainfield. The 43-unit garden style apartment community, located at 470 West End Ave., is comprised of six, two-story walkup buildings and has 24 one-bedroom and 19 two-bedroom units. The seven-year loan amortizes over a 30-year period and has a fixed rate, which was locked five months prior to closing. The borrower and lender were undisclosed. The loan was originated and placed by Allison Villamagna and Andrew Stewart of Cronheim.
COPPELL, TEXAS — Stream Realty Partners has negotiated a 63,911-square-foot industrial lease at Park West Crossing, a 74-acre, eight-building business park located in the northern Dallas metro of Coppell. Jeremy Kelly and Ryan Boozer of Stream Realty represented the landlord, MLRP Park West Crossing F LLC. Bryan Graham of BLG Commercial RE represented the tenant, Black Horse Carriers Inc., an Illinois-based freight company.
MALDEN, MASS. — Fantini & Gorga has arranged $1.2 million in financing for the acquisition of a multifamily property at 21-23 Myrtle St. in Malden, about five miles north of Boston. The property is a 12-unit apartment building made up of one- and two-bedroom units. At the time of sale, the property was fully occupied with under market leases. Derek Coulombe and Jon Garcia of Fantini & Gorga arranged the loan for the undisclosed borrower. The lender was not disclosed. The property is located in close proximity to the Malden Metro Boston Transit Authority station, which allows for direct access to downtown Boston on the Orange Line.
NEWARK, N.J. — Marcus & Millichap has orchestrated the sale of a 43,869-square-foot tract of land in Newark for the development of an 84-unit condominium community. Carlos Zapata represented the seller, a developer in the transaction. The buyer was undisclosed. Located at 73-87 Clay St., the land is approved for 84 residential units and 4,630 square feet of retail space. The city will be adjusting the surrounding landscape and traffic patterns to encourage retail shopping in the area.
CARROLLTON, TEXAS — CCG Valwood, a Dallas-based investment firm, has acquired a 22,506-square-foot warehouse located at 1208 Tappan Circle in Carrollton. The property, which offers convenient access to Interstates 635 and 35 East and the George Bush Turnpike, was 60 percent leased at the time of sale. Richmond Collinsworth of Bradford Commercial represented the buyer in the transaction. Scott Gregory of Caddo Holdings represented the seller.
SAN DIEGO — Invesco Real Estate has originated an $80 million senior loan for the acquisition and full redevelopment of Bella Posta Apartments, a 344-unit multifamily property located in San Diego’s Mission Valley submarket. The sponsor is Sares Regis Multifamily Value Add Fund II, an affiliate of Sares Regis Group. Loan proceeds will be used to acquire, as well as renovate and upgrade, the property. Planned renovations include the full modernization of exteriors, common areas and amenities.
PHOENIX — L5 Investments, in partnership with MLA Properties and BH Equities, has acquired Cielo Apartments, a multifamily community located at 8222 N. 19th Ave. in Phoenix, for $27.2 million. Built in 1981, Cielo features 360 residences in a mix of studio, one- and two-bedroom units, ranging in size form 455 square feet to 879 square feet. At the time of acquisition, the property was 91 percent occupied. The buyers plan to execute an $4.2 million capital improvement plan to increase occupancy and attract and retain residents. The renovation plan will update unit interiors, including flooring, cabinets, lighting, appliances, and adding in-unit washers and dryers in select units. On-site amenities include two pools, a newly renovated clubhouse and fitness center, a picnic and barbecue area, and covered parking. Brett Polachek and Jim Crews of Cushman & Wakefield represented the buyer and undisclosed seller in the off-market transaction.
TUSTIN, CALIF. — Continental Partners has secured $9.3 million in financing for an office and retail property located at 15501 Red Hill Ave. in Tustin. Eugene Rutenberg of Continental Partners arranged the five-year loan, which includes $8.7 million in initial funding and $588,000 to be released as cash-out proceeds after the undisclosed sponsor completes minor tenant improvements to fully stabilize the property. Recently renovated, the 44,123-square-foot property was vacant at the time of loan application. During the loan application, the borrower executed two long-term leases, including TAPS Fish House & Brewery, for the property.
