NEW YORK CITY — Rockwood Capital and Midtown Equities, in joint partnership, have received $245 million in financing for a portion of Empire Stores in Brooklyn’s DUMBO neighborhood. The loan is for 55 Water Street, an 1860s-era warehouse building that was recently renovated, including the addition of a sixth floor to the original five stories. Upon completion, the overall project will feature 380,000 square feet of commercial space, including office, retail, restaurant and exhibition space, as well as rooftop gardens and public facilities. Provided by M&T Bank, the loans consisted of a $217.3 million land loan, plus $27.7 million for future project costs. Diana Brummer and Elizabeth Akerman of Stroock represented the joint venture in the financing.
HARTFORD, CONN. — Aria Legacy Group has purchased Ritz Grande Apartments, a residential community located at 29 Annawan St. in Hartford’s South End, for $3.7 million. This acquisition marks the company’s 16th multifamily investment in the city. The 58-unit complex features a mix of one-, two-, three- and four-bedroom apartments. On-site amenities include laundry facilities, a playground, basketball courts and off-street parking. Taylor Perun and Rich Edwards of Northeast Private Client Group represented the undisclosed seller in the deal. Adelle Ross of Eastern Union Funding arranged acquisition financing with Freddie Mac through CBRE for the buyer.
MOUNTAIN LAKES, N.J. — NAI James E. Hanson has brokered the sale of The Plaza at Mountain Lakes, an office building located at 60 Midvale Road in Mountain Lakes. Giovanna Levato acquired the 11,000-square-foot property from 60 Midvale LLC for an undisclosed price. The two-story multi-tenant office building features ample parking and flexible zoning allowing for both office and retail uses. Andrew Kirshenbaum, Barry Mayer, Arthur Hixson, Josh Levering and Nicholas DePaolera of NAI Hanson represented the seller in the transaction.
LOGAN TOWNSHIP, N.J. — Kenco Logistics has signed a lease to occupy space at 395 Pedricktown Road, a storage and distribution facility located at Dermody Properties’ LogistiCenter at Logan Industrial Park in Logan. The company, which specializes in distribution and fulfillment, transportation management, material handling, real estate management and information technology, will utilize 401,008 square feet of the facility for storage and distribution of its customers’ products. Ware Malcomb provided architectural services and Blue Rock is serving as contractor for the tenant improvements. Kenco is expected to move into the building in January. A remaining 80,750 square feet of the building is available for lease. LogistiCenter at Logan is a 1,100-acre, master-planned Class A industrial park. Marc Isdaner, Mark Chubb and Michael Zerbe of Colliers International represented Dermody Properties, while Vincent Ranalli and William Goodwin of CBRE represented Kenco in the lease transaction.
FLOWER MOUND, TEXAS — Greystar is developing Elan Flower Mound, a mixed-use community that will be situated on 13 acres in the northern Dallas-Fort Worth (DFW) metro of Flower Mound. The property will feature 426 apartments ranging in size from 493 to 1,558 square feet, as well as 40 townhomes ranging in size from 1,309 to 1,848 square feet. Amenities will include a theater room, pool, fitness center, dog park and bike repair area. Designed by Meeks + Partners, the project will also deliver more than 15,000 square feet of retail space. Construction is already underway with a target completion date of fourth-quarter 2018.
BROOKHAVEN, GA. — The Brookhaven City Council has approved a community investment agreement that will allow Children’s Healthcare of Atlanta (CHOA) to move forward with a new pediatric campus in the city of Brookhaven, roughly 11 miles north of downtown Atlanta. CHOA unveiled plans for the $1.3 billion project earlier this year. The new campus will include a 446-bed replacement hospital, support buildings, a physical plant, more than 20 acres of greenspace and the Center for Advanced Pediatrics, a 260,000-square-foot outpatient facility currently under construction. After construction of the new hospital is complete, CHOA will cease operations at the inpatient facility at Egleston Hospital in Atlanta. Construction on the campus’ first building will break ground next year. The project is slated for completion in 2025.
TAMARAC, FLA. — ARA Newmark has arranged the $53.8 million sale of Hidden Harbour, a 368-unit apartment community in Tamarac, roughly 15 miles northwest of Fort Lauderdale. Hampton Beebe, Avery Klann, Jonathan Senn, Matt Scarola, Dick Donnellan and Marc deBaptiste of ARA Newmark arranged the transaction on behalf of the seller, BH Management. Matthew Williams of NKF Capital Markets arranged a 10-year, $35.1 million acquisition loan on behalf of the buyer, Orstac Investments. The loan features a fixed interest rate of 4.02 percent and 10 years of interest-only payments. Constructed in 1988, Hidden Harbour includes one- and two-bedroom units. Orstac Investments has the option to enhance 218 of the units with updated cabinets, granite countertops, stainless steel appliances and vinyl plank wood flooring. Existing community amenities include two pools with a spa, poolside barbeque area, playground, lighted tennis courts, car care center and a fitness center. At the time of sale, Hidden Harbour was 93 percent occupied.
PLANO, TEXAS — JLL has arranged a $45 million Fannie Mae loan for the acquisition of Windhaven Park Apartments, a 474-unit multifamily community located in the northern Dallas suburb of Plano. The property features two pools, a pet park, soccer field, volleyball court and community clubhouse. Tim Leonhard and Chris Crump of JLL arranged the loan on behalf of BSR Trust, an Arkansas-based multifamily operator.
LUTZ, FLA. — Colliers International has arranged the $26 million sale of The Social, a 560-bed student housing community located at 2919 Network Place in Lutz, roughly two miles from the University of South Florida in Tampa. Travis Prince and Sean Baird of Colliers International arranged the transaction. Other terms of the deal were not disclosed. The Social includes two- and four-bedroom floor plans ranging in size from 960 to 1,498 square feet. All apartment units feature a private balcony or patio, full-size washer and dryer and direct access to the Hillsborough Area Regional Transit bus service. Community amenities include a resort-style pool, tanning suite, study room, fitness center, outdoor lounge and a computer lab with free printing.
ATLANTA — The Loudermilk Cos. has topped off construction of 371 East Paces Ferry, a nine-story, 120,000-square-foot medical office building in Atlanta’s Buckhead district. George Olmstead of Cushman & Wakefield is handling the property’s leasing assignment, and recently secured a 3,576-square-foot lease with Interventional Orthopedics of Atlanta LLC. The company will join other committed tenants including Concord Pharmacy, Piedmont Medical Care Corp., Peachtree Dermatology and Kalos Surgical Associates. The building will include 485 parking spaces in a seven-level deck and is expected to open in April 2018.