DALLAS — Ascension Coffee, a Texas-based coffee shop, café and wine bar, will open its third location in Dallas within Thanksgiving Tower, a 50-story tower located at 1601 Elm St. Amy MacLaren of CBRE represented the landlord, Woods Capital Management, in the lease negotiations. Jack Gosnell and Elizabeth Herman of CBRE represented the tenant.
BOSTON — New York Life Real Estate Investors has originated a 10-year, $207.8 million loan for 100 High St., a 546,300-square-foot office property in Boston. The loan was made to an affiliate of the Rockpoint Group LLC. The property is located in Boston’s financial district.
AMHERST, MASS. — MassHousing has provided $15.8 million in financing to Redwood Housing for the renovation and preservation of 100 affordable housing units at Clark House in Amherst. Redwood Housing recently acquired Clark House and has extended the federal Section 8 housing assistance payment contract on all 100 units at the property. This is the first transaction Redwood Housing has completed in Massachusetts. MassHousing provided the permanent loan through the HUD/HFA 50/50 risk share program. Of the 100 units at Clark House, 81 are designated affordable for elderly residents, and 19 are affordable units for families and disabled residents. Redwood plans to replace all domestic hot and cold water piping, improve accessibility, upgrade the community room, and replace sliding glass doors and windows. Built in 1980, Clark House is located at 22 Lessey St. The property contains 76 one-bedroom units, 18 two-bedroom units and six three-bedroom units. WinnCompanies manages Clark House.
BASKING RIDGE and WARREN, N.J. — Cronheim Mortgage has arranged $10.9 million in financing for two mixed-use properties in Basking Ridge and Warren. The loans were placed with State Life Insurance Co. and Southern Farm Bureau Life Insurance Co., which Cronheim represents as a correspondent and servicing agent. Riverwalk Village, located in Basking Ridge, received $8.5 million in financing. The 18-year loan is self-liquidating with a 3.8 percent interest rate. Tenants at the 47,604-square-foot property include Starbucks, Supercuts and Gymboree. Second-floor office space is leased to YMCA, a chiropractor and an orthodontist. Gateway East in Warren was refinanced for $2.4 million at a 3.8 percent interest rate. The property includes a pair of freestanding, two-story buildings with first-floor retail and office space on the second floor. Tenants include Subway, Great Clips, a pilates studio, law offices and a dentist. The property is located at a signalized intersection and features surface parking for 89 vehicles. Cronheim’s Andrew Stewart, Dev Morris and Allison Villamagna originated and placed the loans.
BRIDGEWATER, N.J. — Hampton Inn & Suites is now open in Bridgewater. RD Management owns the 133-room property and developed it in partnership with XSS Hotels. Colwen Hotels will manage the property. Located at 1277 Route 22 W., the hotel is located near I-287 and Bridgewater Commons Mall. Amenities include an indoor heated pool, fitness center, meeting space, 24-hour business center, free breakfast, an on-site lounge and bar, 24-hour snack shop and complimentary Wi-Fi.
NEW YORK CITY — Equicap has secured a $7.9 million land loan for property in the East Village section of Manhattan. The borrower purchased the development site on Second Avenue for $9.15 million and was seeking bridge financing to carry the project through predevelopment. The proposed building will consist of 19,000 square feet of residential and retail condominiums. Equicap executed a closing at 86 percent of the purchase price for the transaction. A future funding component was also added for potential air rights.
TUSTIN, CALIF. — A private investor has acquired the Palm Gardens Apartment Homes in Tustin for $27.5 million. The community is located at 1132-1220 Bryan Ave. The asset is situated one mile from the 5 and 55 interchange and less than two miles from Tustin Legacy, a master-planned community consisting of 4,500 housing units and a major retail center. Palm Gardens was built in 1963. Tyler Leeson and Alex Mobin of Marcus & Millichap represented both the buyer and the seller, another private investor, in this transaction.
LAS VEGAS — World Investment Network has purchased the Mission Linen building, a 31,000-square-foot facility in Las Vegas, for an undisclosed sum. The facility is situated within the Arts District in Downtown. World Investment Network plans to transform the space into a Class A creative office and entertainment property. It was originally built in 1950. The redevelopment is scheduled for completion in the first quarter of 2018.
ORO VALLEY AND GILBERT, ARIZ. — CA Senior Living LLC, the senior housing investment and development division of Chicago-based CA Ventures, has broken ground on seniors housing communities in the Tucson suburb of Oro Valley and the Phoenix suburb of Gilbert. The Gilbert community, Quail Park at Morrison Ranch, will total 115 units across two stories on a 4.5-acre plot. Chicago-based BKV Group designed the $25 million property. The Oro Valley community, Quail Park of Oro Valley, will total 101 units in a two-story building situated on three acres. The Chicago office of Harley Ellis Devereaux designed the $30 million project. Seattle-based Living Care Lifestyles will operate both communities, which will each offer a mix of assisted living and memory care residences. The two communities represent an entrance to Arizona for both the developer and operator. The communities are scheduled to open in summer 2018.
LOS ANGELES — HFF has secured $28.7 million in financing for the acquisition of a six-acre parcel in Los Angeles. The property includes a 244,000-square-foot retail structure occupied by Macy’s and a 1,550 space parking garage at the Westside Pavilion Mall. HFF worked on behalf of the borrower, GPI Cos., to secure a two-year, fixed-rate loan through a life insurance company. Located at the intersection of Pico Boulevard and Overland Avenue, the property is situated near the 405 and 10 freeways. The HFF debt placement team representing the borrower included Kevin MacKenzie, Greg Brown,Jeff Sause and Jamie Kline.