EAST WINDSOR, N.J. — Kennedy Funding Financial has closed a $1.7 million loan for EW Acquisition. The loan proceeds will be used for working capital and to fund infrastructure improvements to convert the property into The Seasons at East Windsor, a proposed 121-unit/148-bed assisted living facility located at 359 Princeton Road in East Windsor. The borrower acquired the property in 2005 and started an improvement program at the property, which is situated on 3.9 acres. The 89,038 square feet of improvements are scheduled for completion in 2017. Once complete, the property will contain a mix of assisted and memory care units.
WACO, TEXAS — Eisner Equities has broken ground on OPUS 2430, a 151-bed boutique student housing community located near Baylor University in Waco. The development is expected to open for occupancy in fall 2017. The 68,000-square-foot property will offer townhome-style units featuring granite countertops, washers and dryers and en-suite bathrooms, with an additional powder room on the ground floor of each unit for guests. Community amenities will include a clubhouse, fitness center, outdoor living and exercise areas and a resort-style pool and tanning deck. Project team members include Bennett, Benner Partners Architects and Waco-based engineering firm Walker Partners. Campus Realtors will serve as the on-site management and leasing firm. Ciera Bank of Fort Worth provided construction financing on behalf of Eisner Equities.
OKLAHOMA CITY — NewcrestImage is developing an AC Hotel in Oklahoma City. Slated to open in May 2017, the 142-room property will feature 81 modules to form the core of the property. Modules are independent standardized units that can be used to construct a more complex structure, including buildings. The first floor of the five-story hotel will feature traditional construction, while the remaining floors will consist of 81 modules. The modules include all interior furniture, furnishing and equipment and were produced by Boise, Idaho-based Guerdon Modular Buildings. Currently, NewcrestImage has a portfolio of 23 hotels, with an additional 14 hotel under construction or in development.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Windemere, an apartment property located at 2001 Wesley Drive in Arlington. A limited liability company acquired the 60-unit property for an undisclosed price. Built in 1980, the property features a mix of three floorplans with an average unit size of 797 square feet. Nick Fluellen, Bard Hoover and Evan Burke of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer in the deal.
ROSENBERG, TEXAS — McAlister Real Estate has arranged the sale of a 10-acre development site located adjacent to GreatTown Plaza at the northwest corner of FM 2218 and Town Center Boulevard in Rosenberg. Gamal Enterprises acquired the property for $1.4 million and plans to use the site for retail development. James Kadlick, Chris Hutcheson and Matt Herring of McAlister represented the undisclosed seller in the deal.
HOUSTON — NAI Partners has brokered the lease of a 28,800-square-foot industrial manufacturing facility located at 6614 Dixie Drive in Houston. Diverse Metal Products LLC leased the facility from 6614 Dixie Properties LLC. Chris Caudill and Jake Wilkinson of NAI Partners represented the landlord in the deal.
ATLANTA — Portman Holdings has broken ground on Coda at Tech Square, a 770,000-square-foot mixed-use development at the edge of Georgia Tech’s campus in Midtown Atlanta. The development cost was undisclosed, but the Atlanta Business Chronicle reports the project as costing $400 million to construct. Upon completion in early 2019, Coda at Tech Square will feature advanced research facilities, a high-speed data center, dining options, outdoor gathering spaces and collaborative office space. The design team includes architect and engineer John Portman & Associates and general contractor DPR Construction.
ATLANTA — Sumitomo Corp. of Americas has closed its $222.5 million purchase of Atlanta Financial Center, a three-building, Class A office asset in Atlanta’s Buckhead district. The 914,774-square-foot property is located on Peachtree Road and sits directly atop the Buckhead MARTA station and has the GA 400 highway run directly underneath. Atlanta Financial Center was 85 percent leased at the time of sale to tenants such as SunTrust Bank and Morris, Manning and Martin. Situated blocks from Lenox Square mall and Phipps Plaza, the property includes a nine-level parking garage with 2,335 parking spaces. Sumitomo Corp. of Americas, a New York-based subsidiary of global Japanese investment firm Sumitomo Corp., plans to upgrade Atlanta Financial Center’s common areas, amenities and building systems and equipment, as well as re-landscape an on-site park. Eastdil Secured brokered the sale.
BOYNTON BEACH, FLA. — ARA Newmark has brokered the $109 million sale of Las Ventanas, a 15-acre mixed-use development in east Boynton Beach. Atlanta-based Pollack Shores Real Estate Group purchased the asset, which features 494 apartment units and 42,000 square feet of retail space. The residences are configured in one-, two- and three-bedroom layouts and rent for anywhere from $1,360 to $2,337 monthly, according to Apartments.com. ARA Newmark represented the seller, Epoch Residential and its joint venture partner, in the transaction.
WASHINGTON, D.C. — Alamo Drafthouse Cinema is set to open its first location in Washington, D.C., at Bryant Street, a mixed-use project currently being developed by MRP Realty. The 44,000-square-foot theater will feature luxury recliners, food prepared in-house and an extensive selection of draft craft beers available both in the theater and a standalone bar named Glass Half Full. The location is set to open in 2019. Upon completion, the 13-acre Bryant Street development will feature 1,550 residential units and 245,000 square feet of retail and restaurant space.