NEW YORK CITY — HFF has arranged $126.6 million in refinancing for Mondrian Park Avenue, a luxury lifestyle hotel located at 444 Park Ave. in Manhattan. The sponsor was David Moinian of Moin Development Corp. Provided by JPMorgan Chase Bank, the proceeds of the floating-rate loan were used to refinance the construction loan. Designed by Philippe Starck, the 190-room hotel opened in October 2017 and features a rooftop lounge, Cleo Restaurant and Never Never night club. Evan Pariser and KC Patel of HFF secured the financing for the borrower.
FREEHOLD, N.J. — Freehold-based UMH Properties has acquired five manufactured home communities located in Pennsylvania for a total purchase price of $22.8 million. The portfolio consists of three all-age communities and two age-restricted communities with a total of 643 developed home sites. The portfolio is situated on approximately 141 acres, with a weighted-average occupancy rate of 72 percent. With this acquisition, UMH now owns and operates 112 manufactured home communities with 20,000 developed home sites throughout New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland and Michigan.
NEW YORK CITY — Forest City Realty Trust has completed the conversion of its common ownership interest to preferred interest in 10 specialty retail centers in the New York City metro area. The closing covers 10 of the 13 centers that are part of a joint venture between Forest City and Madison International Realty. Final closings on each of the individual centers are expected to occur as Forest City secures replacement assets into which to redeploy its preferred interest. The properties included in this round of closings are Shops at Gun Hill Road (Waring), Shops at Gun Hill Road (Ely) and Castle Center in the Bronx; Harlem Center in Manhattan; The Heights, Atlantic Terminal Mall and Atlantic Center in Brooklyn; Forest Avenue and Shops at Richmond Avenue in Staten Island; and Columbia Park Center in North Bergen, N.J. Closings on the conversions on the remaining two centers — Shops at Northern Boulevard and Queens Place — are expected by the end of the first quarter of 2018. The last center in the joint venture, a retail/entertainment complex on 42nd Street, is expected to transact at a later date upon resolution of the ground lease dispute with the city of New …
NEW HAVEN, CONN. — Fischer Commercial Real Estate has arranged the sale of an industrial property located at 300 East St. in New Haven. Space Craft Holdings sold the property to 300 East Street LLC, a title-holding entity whose members are the owners of New Haven-based Luckey Climbers, for $1.5 million. Situated on 2.3 acres, the property features 27,238 square feet of space. Luckey Climbers is a bespoke design-build firm specializing in creating unique and imaginative three-dimensional climbing structures for children-oriented institutional and commercial clients. The firm plans to relocate its manufacturing and executive offices from Chapel Street in New Haven to the new property. Alan Fischer of Fischer Commercial Real Estate represented the seller and buyer in the off-market transaction.
DENVER — Heitman LLC has purchased a 309,988-square-foot trophy office building in Denver for an undisclosed sum. The Class AA tower is located at 1401 Lawrence St. It sits adjacent to Larimer Square and the Four Seasons hotel at the convergence of Denver’s LoDo (lower downtown) neighborhood and the Central Business District. The property features 10-foot finished ceilings with floor-to-ceiling windows, outdoor terraces and balconies, 360-degree views from every floor including unobstructed panoramas of the Rocky Mountains, an exterior glass façade, state-of-the-art building systems, and a seven-story, above-grade parking garage. The asset is 98 percent leased to tenants like CoBiz Financial, Jagged Peak Energy and law firm Polsinelli. CBRE represented the seller, First Gulf Corporation of Toronto, which also developed the property.
CHANDLER, ARIZ. — An institutional investment manager has acquired the 300-unit Pinnacle Terrace apartment complex in Chandler for $56 million. The community is located at 801 N. Federal St. Pinnacle Terrace is situated near West Chandler Corridor, Arizona State University Research Park and the Discovery Business Campus. It was built in 1998. Steve Gebing and Cliff David of Institutional Property Advisors represented both the buyer and seller, TA Realty, in this transaction.
ALBUQUERQUE, N.M. — CFH Investment Partners has purchased the 456-unit Diamond Mesa apartment complex near downtown Albuquerque for an undisclosed sum. The community is located at 2300 Diamond Mesa Trail SW. Diamond Mesa was built in 2015. Amenities include a social lounge with game tables, resort-style pool area, fitness facility, business center and a barbeque grilling area. The community is situated near one of six Facebook data centers currently under construction just south of Albuquerque. CFH plans to hold the asset long-term. CBRE represented the undisclosed seller in this off-market transaction.
LAS VEGAS — Love Funding has arranged a $7.9 million bridge loan to build a 46-bed memory care center in Las Vegas. The new facility will be built adjacent to Welbrook Transitional Rehabilitation in the Centennial Hills neighborhood. The existing facility offers rehabilitation services and overnight care for those recovering from an injury, planned surgery or illness. Leonard Lucas of Love’s Boston office obtained the bridge loan from Love Funding’s parent company, Midland States Bank. The bridge financing was needed because the timing of the FHA construction financing did not fit the borrower’s development timeframe.
LAS CRUCES, N.M. — Campus Advantage has been awarded management of The Flats at Ridgeview, a 252-bed student housing community located near New Mexico State University and the Burrell College of Osteopathic Medicine in Las Cruces. The property is currently under development, and is set to open in fall 2018. The garden-style community will feature one- and two-bedroom units. Shared amenities will include a pool, fitness center, four study rooms, a conference room, clubhouse and game room.
MINNEAPOLIS — Mesa West Capital has provided a $20 million loan for the refinancing of the Colwell Building in Minneapolis. Built in 1909, the 150,000-square-foot office building is located at 123 N. 3rd St. in the Warehouse District. A joint venture led by San Francisco-based Spear Street Capital recently completed the first phase of a multi-million dollar renovation of the property. Improvements included new terrazzo floors in the lobby, upgrades to the elevator systems, a new HVAC system and new windows. Proceeds from the five-year loan will be used to build a fitness center and bike storage room, as well as to fund leasing and tenant improvement costs associated with stabilizing the building.