SAN ANTONIO — Arbor Realty Trust Inc., a publicly traded REIT and direct lender, has provided a $24 million loan for the refinancing of Manor at Castle Hills, a 306-unit apartment community in San Antonio. Located at 1835 Lockhill Selma Road, the property offers amenities such as a pool, cyber café, billiards room, spa and a dog park. The 10-year, fixed-rate loan features a 30-year amortization schedule.
DALLAS — Gather Kitchen, a fast casual restaurant specializing in locally sourced items, has opened its flagship location at Thanksgiving Tower in downtown Dallas. The 2,400-square-foot restaurant will feature a bakery, outdoor seating area and floor-to-ceiling windows with views of the CBD. Greg Pierce and Ryan May of CBRE represented Gather Kitchen in the lease negotiations. Jack Gosnell and Amy MacLaren, also of CBRE, represented the landlord, Woods Capital Management.
LEWISVILLE, TEXAS — Retail brokerage firm Venture Commercial has arranged the sale of a 4,600-square-foot retail center located at 5020 State Highway 121 in the Dallas metro of Lewisville. The property is adjacent to Grandscape, a 433-acre development owned by Berkshire Hathaway and anchored by Nebraska Furniture Mart. John Zikos, Jonathan Cooper and Don Miller of Venture Commercial represented the seller, NDC Holdings, in the transaction. Austin-based management firm Mutyala Properties purchased the asset for an undisclosed price.
PHILADELPHIA — Houston-based Hanover Co. has opened Hanover North Broad, an apartment building located at the corner of North Broad and Callowhill streets in Philadelphia. The property features 339 studio, one- and two-bedroom apartments, as well as 17,000 square feet of retail space. Units feature designer kitchens with stainless steel appliances, granite countertops and luxury finishes, including frameless cabinetry, expansive windows and nine-foot ceilings. On-site amenities include a residents’ clubhouse with private gym, lounge and media room, as well as landscaped courtyards with fire pit, grilling areas, dining areas and a bocce ball court.
NEW HAVEN, CONN. — KeyBank Real Estate Capital has provided $12.9 million in FHA financing to the Jewish Federation of Greater New Haven for Tower One & Tower East, a seniors housing property in New Haven. Built in 1969 and 1981, the apartment complex features 328 age- and incomed-restricted units. Ed Foulon of Key’s Commercial Mortgage Group arranged the financing, which features a 35-year amortization schedule, through the FHA 223(f) mortgage insurance program. Loan proceeds were used to refinance existing debt. The Jewish Federation of Greater New Haven is a non-profit, faith-based, service-oriented organization that provides continuing care and affordable housing to seniors.
NEW YORK CITY — Metropolitan Avenue Associates has purchased a six-story mixed-used building located at 524 Metropolitan Ave. in Brooklyn’s Williamsburg neighborhood. Pinny and Moishe Loketch of the Loketch Group sold the property for $11.3 million. The 12,160-square-foot building features 20 apartment units and two commercial spaces, which are leased to Yola’s Café. At the time of sale, the building was fully occupied. Brendan Maddigan, Ethan Stanton and Michael Gignate of Cushman & Wakefield represented the seller in the deal.
HORSHAM, PA. — The Verrichia Co. has acquired the final three parcels necessary to begin development of Horsham Village Plaza, a retail center located at the intersection of Route 611 and Blair Mill Road in Horsham. The center will feature a 5,585-square-foot Wawa convenience store with six fuel pumps and a 12,900-square-foot CVS/pharmacy, both of which are slated to open in fall 2018. Additionally, the center will feature three pad sites, totaling 17,200 square feet, which are available for lease through Metro Commercial.
HUNTINGTON, N.Y. — HFF has arranged the sale of Huntington Square Plaza, a grocery-anchored retail center located at 3124 Jericho Turnpike in the Long Island community of Huntington. Completed in 2002, the 116,200-square-foot center was fully leased at the time of sale. Tenants include Stop & Shop and Best Buy. Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver of HFF represented the undisclosed seller in the deal. The name of the buyer and acquisition price were not released.
MIAMI — Melo Group has completed vertical construction on Square Station, a transit-oriented development that will include two 34-story towers located at 1424 N.E. Miami Place in downtown Miami. The 710-unit apartment development will feature market-rate rental apartments and 15,000 square feet of ground-floor retail and restaurant space, as well as access to the Metromover, Metrorail and Miami Trolley. Square Station will include one- to three-bedroom units ranging in size from 900 to 1,500 square feet, with rental rates ranging from $1,650 to $2,500 per month. Individual units will features granite countertops, stainless steel appliances, wood floors and large balconies. Community amenities will include a swimming pool, Jacuzzi, fitness center, valet service, covered garage parking and a social room. Apartments are open for preleasing and slated for completion in the first quarter of 2018. Square Station marks the first phase of Melo Group’s three-phase multifamily development to boost transit-oriented residential options in downtown Miami. The second phase, known as Art Plaza, will comprise two 36-story towers located next door to Square Station with a total of 667 residential units and roughly 15,000 square feet of retail space. The final phase of the project, Miami Plaza, will be designed as a …
INDIAN LAND, S.C. — TWO Capital Partners has broken ground on Capital Club at Indian Land, a 312-unit apartment community in Indian Land, approximately 20 miles south of Charlotte. TWO Capital’s financial partner, Patterson Real Estate Advisory Group, arranged a preferred equity investment from RSE Capital Partners, as well as a construction loan from Texas Capital Bank NA and HomeTrust Bank. Capital Club at Indian Land is located at the intersection of Highway 521 and Fort Mill Highway. Community amenities will include an outdoor amphitheater, saltwater pools with cabanas, outdoor kitchens, virtual golf room, dog park, fitness center and shared workspaces. The project, which marks TWO’s second multifamily development in the Charlotte area, is slated for completion at the end of 2018.
