LOS ANGELES — California Landmark Group has broken ground on D1, a 68-unit luxury apartment complex in the Los Angeles submarket of Marina del Rey. The $30 million community is located at 4210 Del Rey Ave. within the Marina Arts District. The development will feature a mix of open concept studios, as well as one-, two- and three-bedroom floor plans, ranging in size from 740 square feet to 1,640 square feet. Common area amenities will include a gym, business center, meeting areas, outdoor lounge spaces, and a 3,000-square-foot rooftop pool deck with unobstructed city and ocean views. D1 will be completed in fall 2018. PK Architecture designed the project.
DALLAS — HFF has secured the $120 million refinancing for Cityplace Tower, a 1.35 million-square-foot office tower in Uptown Dallas. The borrowers were Parmenter and Angelo, Gordon & Co. Starwood Property Trust provided the loan, which is interest-only for the full term. Proceeds of the loan were used to refinance the existing debt and provide capital for future tenant improvements, leasing commissions and capital expenditures. Situated along North Haskell Avenue, the 42-story Cityplace Tower was built in 1988 and underwent a $15 million renovation and rebranding last year. The property features eight levels of subterranean parking, 51,434 square feet of conference facilities, a 300-seat amphitheater, a 34,000-square-foot spa and fitness center, six patio sunrooms, a carwash, concierge service, convenience store and cafeteria. Ed Coco, John Brownlee, Jim Curtain and Matt Casey of HFF arranged the loan.
HOUSTON AND DALLAS — LMI Capital has closed five financing transactions for six assets in the Houston and Dallas exceeding $36 million. In the first transaction, Jamie Mullin of LMI Capital procured a $15 million, floating-rate loan for a 435-unit multifamily asset in southwest Houston. The terms include a two-year interest-only period, open prepayment structure and significant rehab component, which will be used to improve the buildings’ exteriors and complete select upgrades for the units’ interiors. The name of the borrower and the property were not released. In the second deal, Kurt Dennis of LMI Capital originated a 25-year bank loan on an 11,000-square-foot office building in northwest Dallas. The first mortgage equated to 73 percent of the purchase price and included a step-down prepayment structure and low closing costs. The name of the borrower and the amount of the loan were not disclosed. Mullin also arranged financing for four assets in southwest Houston. The transactions included: – A 10-year, $4 million agency loan for a 120-unit multifamily asset. Terms of the loan included a fixed 4.1 percent interest rate, two years of interest-only payments and cash out proceeds to make ongoing improvements to the property and fund future acquisitions. – …
FORT WORTH, TEXAS — Presidium Group has purchased the Vistas at Lake Worth Apartments, a multifamily property located in Fort Worth, for an undisclosed price and renamed the property The Ascent. Built in 1970, the property features 265 units in a variety of floor plans, averaging 935 square feet. On-site amenities include a clubhouse, two swimming pools, a fitness center, media room, business center, controlled gate access, mature landscaping and views of Lake Worth. The buyer plans to upgrade and renovate both the exterior and interiors of the property. The name of the seller was not released.
HOUSTON — JLL has arranged $9.8 million in acquisition financing for Cypress Ridge Apartments, a multifamily property located in Houston. The borrower is The PPA Group LLC. Mark Brandenburg and CW Sheehan of JLL arranged the seven-year loan through JLL’s Fannie Mae DUS lending program. Situated on 8 acres, the property features 252 apartment units in a mix of one-, two- and three-bedroom floor plans. Community amenities including a swimming pool with a gazebo, a playground and three central laundry rooms.
CORPUS CHRISTI, TEXAS — The Richland Cos. has entered the Corpus Christi market with the acquisition of Pizza Hut & Wing Street, located at 2120 S. Staples St. across from Del Mar College East Campus. The restaurant property is situated on a 46,110-square-foot land parcel. The acquisition price and name of the seller were not released. The property is Richland’s 35th asset, marking more than 2.5 million square feet of properties that the company owns and manages in four states.
CHICAGO — Tishman Speyer has arranged a 105,000-square-foot lease for OCC, the world’s largest equity derivatives clearing organization, at The Franklin in Chicago’s West Loop. The Franklin is a Class A office complex that recently underwent a complete repositioning, including the redevelopment of the lobby. The complex consists of two connected buildings at 222 W. Adams St. and 227 W. Monroe St., totaling nearly 2.5 million square feet. Holly Duran, Lois Durkin and Jeff Mulder of Holly Duran Real Estate Partners LLC represented OCC in the transaction. Ellen May and Greg Tait of Tishman Speyer represented building ownership.
BISMARCK, N.D. — Mid-America Real Estate Corp. has arranged the sale of Pinehurst Square West, a 69,119-square-foot shopping center in Bismarck. The sale price was not disclosed. The center is located at the northeast quadrant of I-94 and Tyler Parkway and is anchored by Best Buy, PetSmart and Dollar Tree. Joe Girardi and Ben Wineman of Mid-America Real Estate, in cooperation with Jill Duemeland of Duemelands Commercial Real Estate, were the exclusive brokers in the transaction on behalf of the seller. Dakota REIT was the buyer.
CHICAGO — The Boulder Group has arranged the sale of a single-tenant property net leased to Walgreens in Chicago for $6.5 million. Located at 4385 S. Archer Ave., the property is situated near Interstate 55. There are over 14 years remaining on the lease to Walgreens. The lease expires in 2030. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a Midwest-based private real estate firm. The buyer was a Midwest investment company.
ORLANDO, FLA. — Megastron Development LLC has broken ground on Kirkman Point II, a Class A, 134,000-square-foot office building located at the intersection of International Drive and Kirkman Road in south Orlando. The building is the second phase of development for Kirkman Point, an office park that will consist of four Class A office buildings and two parking decks upon completion. Megastron Development has selected Jay Dixon and Tom Rich of CBRE as the leasing agents for the entire Kirkman Point development. Megastron plans to deliver Kirkman Point II in the fourth quarter of 2017.