FORT WORTH, TEXAS — Greystar will develop Elan at River District, a 341-unit multifamily community that will be located roughly 10 minutes from downtown Fort Worth. Designed by Houston-based Meeks + Partners, the project will consist of 325 apartment units ranging in size from 491 to 1,268 square feet and 16 townhome units that measure up to 2,031 square feet. Amenities will include a lounge/game room, fitness wing, pool area with an outdoor kitchen and a media room. Construction is expected to be complete by the first quarter of 2018.
Property Type
PLANO, TEXAS — Dougherty Mortgage has closed a $34.3 million Fannie Mae loan for the acquisition of The Domaine Apartment Homes, a 270-unit multifamily community located at 6400 Windcrest Drive in Plano. Dougherty arranged the 10-year loan, which features five years of interest-only payments and a 30-year amortization schedule, on behalf of the borrower, Domaine Apartments LLC.
BEAUMONT, TEXAS — Transwestern has brokered the sale of Pindo Pointe, a 164-unit multifamily asset located at 7390 Pindo Circle in the East Texas city of Beaumont. Ed Cummins and Ryan Mendez of Transwestern represented the landlord, Parkdale Pinto LLC, in the transaction. Ohio-based Winslow Asset Management purchased the property for an undisclosed price.
HOUSTON — NAI Partners has secured a 31,792-square-foot office lease at 15990 N. Barkers Landing Road in Houston on behalf of 2H Offshore, a Houston-based engineering firm. Jon Silberman of NAI Partners represented the tenant in the lease negotiations. Michelle Wogan and Monte Calvert of Transwestern represented the landlord, Banyan Street/GAP Timberway One Owner LLC.
BURLESON, TEXAS — Orangetheory Fitness will open a 4,050-square-foot location at Burleson Commons, a grocery-anchored shopping center in the southern Fort Worth metro of Burleson. Owned by Cullinan Properties, the center is located at 1561 Wilshire St. This gym will be the company’s sixth location in the Burleson area and its 25th overall in the Dallas-Fort Worth (DFW) area. The opening is currently scheduled for mid-December.
NEW YORK CITY — Cignature Realty Associates has arranged the sale of a six-story multifamily building located at 336 Fort Washington Ave. in Manhattan’s Washington Heights. Michael Aryeh of Heritage Realty acquired the property from Fort Washington 336 for $30.8 million, or $402.32 per square foot. Built in 1924, the 76,536-square-foot property features 79 apartment units. Peter Vanderpool of Cignature Realty represented the buyer and seller in the deal.
Greystone Provides $21M in Refinancing for Eight-Property Multifamily Portfolio in Brooklyn
by Amy Works
NEW YORK CITY — Greystone has provided $21 million in Freddie Mac loans to refinance an eight-property multifamily portfolio in Brooklyn. Anthony Cristi of Greystone originated the loans for the borrower, Steve Lubin. The refinanced properties are 1060 Hancock St., 1315 Sutter Ave., 135 Dupont St., 187 Rochester Ave., 1904 Nostrand Ave., 4515 Snyder Ave. and 802 and 809 Park Place. The properties feature between six and 35 units. The properties received five-year, fixed-rate Freddie Mac Small Business Loans, which include an additional 15 years of floating rate and one year of interest-only payments at an 80 percent loan-to-value ratio.
Walker & Dunlop Arranges $14.9M Construction Loan for EVEN Hotel in Downtown Pittsburgh
by Amy Works
PITTSBURGH — Walker & Dunlop has closed a $14.9 million construction loan for EVEN Hotel, located within the historic Kaufmann’s department store building in downtown Pittsburgh. The borrower is Reception Hotels and Resorts, which acquired the fifth and sixth floors for the hotel. The hotel will be part of the Kaufmann’s Grand on Fifth, a master redevelopment the former department store that will feature retail, hospitality, multifamily and office space. The loan closed with Orix USA on behalf of Reception Hotels and Resorts. Jacob Cohen of Walker & Dunlop secured the non-recourse loan that features three years of interest-only payments.
WARRENDALE, PA. — Teen clothing retailer rue21 has completed its financial restructuring and emerged from the Chapter 11 bankruptcy process. The Warrendale-based company began to close approximately 400 underperforming stores in April, and filed for Chapter 11 bankruptcy on May 15. Kirkland & Ellis LLP acted as rue21’s legal advisor, Rothschild Inc. acted as investment banker and financial advisor, and Berkeley Research Group acted as restructuring advisor throughout the process.
MILFORD, N.J. — Marcus & Millichap has brokered the sale of Holland Center, a neighborhood shopping center located at 621-641 Milford Warren Glen Road in Milford. A private buyer acquired the asset for $2 million. Situated on 5 acres, the 10,777-square-foot property was fully occupied by six tenants at the time of sale. Derrick Dougherty, Mark Krantz and Shannon Bona of Marcus & Millichap represented the seller, while Mark Taylor, also of Marcus & Millichap, represented the buyer in the deal.