Property Type

Lendlease Relocates Office to City National Plaza in Downtown LA

by Nellie Day January 12, 2018

LOS ANGELES — Lendlease has signed an 11-year lease at City National Plaza in downtown Los Angeles. The center is located at 515 S. Flower St. The Australia-based property company sought a prominent and central downtown location that would keep employees connected to the community, with access to a variety of amenities and transportation. The Class A office tower is part of the larger City National Plaza, a 2.6 million-square-foot project spanning the entire city block between Flower, Figueroa streets, Fifth and Sixth streets. City National Plaza contains two office towers, one plaza-level building, and four subterranean levels featuring retail and parking. Notable tenants include City National Corp., Gensler, Paul Hastings LLP, Chubb Group of Insurance Companies, Foley & Lardner LLP and Norton Rose Fulbright US LLP. Justin Collins of Cushman & Wakefield represented Lendlease, while the firm’s John Bendetti represented the landlord, CommonWealth, in this transaction.

January 12, 2018

Multifamily Texas

Oden Hughes Breaks Ground on 350-Unit Apartment Community in North Austin

by Taylor Williams January 12, 2018

AUSTIN, TEXAS — Oden Hughes LLC has broken ground on Lenox Ridge, a 350-unit multifamily community that will be located in north Austin. The property will feature a 1,600-square-foot community work studio on the second floor, which will offer private and community offices, meeting rooms, an open-floor lounge and a hospitality bar. The community is scheduled to open in early 2019.

January 12, 2018

Loans Multifamily Texas

KeyBank Secures $32.3M in Construction Financing for 324-Unit Apartment Complex in Austin

by Taylor Williams January 12, 2018

AUSTIN, TEXAS — KeyBank’s community development lending and investment group has secured $32.3 million in financing for the construction of Harris Ridge Apartments, a 324-unit multifamily complex that will be located in Austin. All units will be rented to residents earning at or below 60 percent of the area median income (AMI). Kyle Kolesar and Jeff Rodman of KeyBank arranged the financing through Freddie Mac’s Tax Exempt Loan program on behalf of NRP Group and the Housing Authority of the City of Austin. The loan, which includes 4 percent low income housing tax credits (LIHTC), features a 15-year term, 35-year amortization schedule and a 24-month interest-only period. Completion is slated for 2019.

January 12, 2018

Retail Texas

Trademark, ALTO Acquire 86,943 SF Shopping Center in Fort Worth

by Taylor Williams January 12, 2018

FORT WORTH, TEXAS — A joint venture between Trademark Property Co. and ALTO Real Estate Funds has acquired 5000 South Hulen, an 86,943-square-foot, open-air shopping center in Fort Worth. Anchored by Barnes & Noble and Old Navy, the property was 95 percent leased at the time of sale. Other tenants include Potbelly Sandwich, Jamba Juice and Sprint. The seller was not disclosed.

January 12, 2018

Office Texas

Marcus & Mllichap Brokers Sale of 80,653 SF Office Building in Houston

by Taylor Williams January 12, 2018

HOUSTON — Marcus & Millichap has brokered the sale of 3033 Chimney Rock, an 80,653-square-foot office building located on Houston’s west side. Alex Zylberglait, Keith Lloyd and Chris Jones of Marcus & Millichap represented the seller, a limited liability company. Lloyd and Jones also secured the buyer, another limited liability company. Other terms of sale were not released.

January 12, 2018

Loans Multifamily Texas

NorthMarq Closes $13.1M Green Loan for Multifamily Asset in Corpus Christi

by Taylor Williams January 12, 2018

CORPUS CHRISTI, TEXAS — NorthMarq Capital has closed $13.1 million in refinancing for an undisclosed, 218-unit multifamily property located in Corpus Christi. Randy Wolfe and Bert Roberds of NorthMarq secured the 12-year loan, which features a 12-year term, 35-year amortization schedule and three years of interest-only payments, through Fannie Mae’s Green Rewards program.

January 12, 2018

Mixed-Use Multifamily New York Northeast Retail

AMAC Acquires Mixed-Use Property in Manhattan for $59M

by Amy Works January 12, 2018

NEW YORK CITY — AMAC, a Midtown Manhattan-based real estate investment firm, has purchased 10 Rutgers Street, a mixed-use property located in downtown Manhattan. Hudson Cos. sold the property for $59 million. Located at the intersection of the Lower East Side and Two Bridges neighborhoods, the asset features 83 residential units and seven retail spaces. The eight-story property features a unit mix of studios, one- and two-bedroom units; amenities include a doorman, a gym, a landscaped garden and a bike room. AMAC plans to renovate the units, common areas and amenities.

January 12, 2018

Affordable Housing Connecticut Loans Multifamily Northeast

Greystone Provides $55.2M Loan for Affordable Housing Acquisition in Stamford, Connecticut

by Amy Works January 12, 2018

STAMFORD, CONN. — Greystone has provided $55.2 million in Freddie Mac financing for the acquisition of an affordable housing community in Stamford. Dan Sacks of Greystone originated the loan in conjunction with Greystone’s Affordable Lending team. The seven-year adjustable rate Freddie Mac Targeted Affordable Housing loan was provided to a New Jersey-based investment group for the acquisition of The Wescott Apartments, a 261-unit income-restricted property. Built in 1986, the asset was renovated over the last five years and restricts 20 percent of its units to households earning 80 percent or less of the average median income.

January 12, 2018

Connecticut Multifamily Northeast

Avalon Bay Communities Sells 246-Unit Apartment Community in Milford, Connecticut, for $50.5M

by Amy Works January 12, 2018

MILFORD, CONN. — Avalon Bay Communities has completed the sale of Avalon Milford, an apartment community located in Milford. An affiliate of DSF Group acquired the property for $50.5 million. Jeffrey Dunne, Gene Pride, Simon Butler and Biria St. John of CBRE New England represented the seller in the deal. Built in 2004, the community has 246 apartments with open floorplans, gas heat and cooking, walk-in closets, full-size in-home washer/dryers and 10-foot or more vaulted ceilings on the third floor.

January 12, 2018

Multifamily New Jersey Northeast

Friedkin Realty Group Acquires 170-Unit Apartment Property in Cherry Hill, New Jersey

by Amy Works January 12, 2018

CHERRY HILL, N.J. — Friedkin Realty Group has purchased The Highlands at Cherry Hill Apartments, a multifamily housing property situated on 11.3 acres at 1980 Route 70 in Cherry Hill. Equity Residential sold the 170-unit property for an undisclosed price. Completed in 2002, the property comprises 12 two-story residential buildings housing one-, two- and three-bedroom units. On-site amenities include a clubhouse with lounge, fitness center, business center, grilling area, resort-style swimming pool with Jacuzzi, valet dry cleaning service and parking. At the time of sale, the property was 97 percent leased. Jose Cruz, Mark Thomson, Kevin O’Hearn, Stephen Simonelli, Carl Fiebig and Fran Coyne of HFF represented the seller in the transaction.

January 12, 2018

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