Property Type

City Club Apartments Opens 800 Tower City Apartments in Downtown Louisville

by John Nelson October 28, 2016

LOUISVILLE, KY. — City Club Apartments LLC, a multifamily owner and developer led by Jonathan Holtzman, has opened 800 Tower City Apartments, a 29-story high-rise tower in downtown Louisville. Built in 1963 as The 800 Building, the 286-unit property is open following a year-long, $11 million renovation program. The tower’s top floor now features the Sky Club, which includes a gourmet kitchen, fireplace, TVs, lounge seating and an outdoor terrace with a dining and grilling station. The top floor also features a fitness center and Zen garden. The rooftop amenity deck, known as Sky Park, features a swimming pool, sun deck, firepit, outdoor kitchen, bar and outdoor TVs. Other amenities include Bar Vetti on the first floor, a conference room, theater, business center, café, dog park, parking garage and personal concierge services. The renovation included upgrades to the façade, a new pocket rotunda entry, landscaping, lighting and paint. About 80 percent of the apartment residences have been renovated with the rest slated for a late November completion.

October 28, 2016

Georgia Hospitality Southeast

Monarch Private Capital, BNA Associates Break Ground on Hotel Clermont Redevelopment in Atlanta

by John Nelson October 28, 2016

ATLANTA — Atlanta-based Monarch Private Capital and Nashville-based BNA Associates have begun the redevelopment of Hotel Clermont in Atlanta’s Poncey-Highland neighborhood. The firms are renovating the iconic hotel using Historic Tax Credits. Upon opening, the new 94-room boutique hotel will feature a restaurant and some of the original hotel’s art-deco design. Monarch and BNA worked closely with the city of Atlanta and the Georgia General Assembly, which passed House Bill 308 last year, raising the maximum tax credit allowance for historic structures from $300,000 annually to $5 million. The Poncey-Highland Neighborhood Association also supported the renovation and preservation of the landmark hotel.

October 28, 2016

Florida Seniors Housing Southeast

Greystone Arranges $21.5M Sale of Seniors Housing Community in Jacksonville

by John Nelson October 28, 2016

JACKSONVILLE, FLA. — Greystone’s Real Estate Advisors group has arranged the $21.5 million sale of Wyndham Lakes, a 245-unit independent living, assisted living and memory care community in Jacksonville. A private equity group purchased the property from a publicly traded REIT. Formerly operated by Brookdale Senior Living, Wyndham Lakes is situated on 14 acres of land. The community consists of 12 residential buildings and one common area structure. Mike Garbers and Cody Tremper of Greystone represented the seller in the transaction. Tremper also arranged non-recourse acquisition financing through a regional bank.

October 28, 2016

Healthcare Midwest Ohio

Marcus & Millichap Arranges $3.3M Sale of Health Center in Aurora, Ohio

by Kristin Harlow October 28, 2016

AURORA, OHIO — Marcus & Millichap has arranged the sale of the UH Walden Health Center, an 11,000-square-foot property located in Aurora, about 28 miles northeast of Akron. The one-story medical center, built in 2003, sold for $3.3 million. The building is leased on a triple-net basis to Robinson Memorial Hospital with just over seven years of base term remaining. Community Healthcare Trust, headquartered in Franklin, Tenn., purchased the asset. Christopher Mitchel, Gino Lollio, Scott Niedergang and Ryan E. Moore, investment specialists in Marcus & Millichap’s Cleveland and downtown Chicago offices, had the exclusive listing to market the property on behalf of the seller, a local developer.

October 28, 2016

Midwest Retail Wisconsin

The Boulder Group Arranges $1.6M Sale of Building Net Leased to Dollar Tree in Green Bay, Wisconsin

by Kristin Harlow October 28, 2016

GREEN BAY, WIS. — The Boulder Group has completed the sale of a newly constructed single-tenant building occupied by Dollar Tree at 1940 Main St. in Green Bay for $1.6 million. Dollar Tree is leasing the 10,000-square-foot property for 10 years with three five-year renewal options. The seller was a Midwest-based real estate development company and the buyer was a Midwest-based real estate investment firm. Randy Blankstein and John Feeney of The Boulder Group represented both parties in the transaction.

October 28, 2016

Loans New York Northeast Office Retail

Himmel + Meringoff Properties, The Swig Company Receive $200M in Financing for 8 Times Square

by Amy Works October 28, 2016

NEW YORK CITY — Himmel + Meringoff Properties and The Swig Company have received a $200 million mortgage loan for the refinancing of 8 Times Square, a 220,000-square-foot office and retail property located at 1460 Broadway in New York City. The loan was provided by Citigroup. The 16-story property offers 185,000 square feet of office space and 35,000 square feet of retail space. Current tenants of the property include WeWork and Foot Locker. Robert Sorin, Julianne Befeler, Chad Sandler and Jason Robinson of Fried Frank acted as counsel to the companies in the transaction.

October 28, 2016

Multifamily New Jersey Northeast

Gebroe-Hammer Associates Arranges $18.5M Sale of Multifamily Property in East Newark, New Jersey

by Amy Works October 28, 2016

EAST NEWARK, N.J. — Gebroe-Hammer Associates has brokered the sale of St. George Harrison Apartments, a multifamily property located at 400 Passaic Ave. in East Newark. An undisclosed buyer acquired the 60-unit property for $18.5 million. Built in 2013, the four-story property features 24 one-bedroom units and 36 two-bedroom units. The units feature modern open kitchens with stainless steel appliances, hardwood floors, in-unit washer/dryers, central heat/air conditioning and private terraces. Community amenities include controlled access, a resident lounge, private fitness center, landscaped terrace and a heated on-site parking garage. Nicholas Nicolau of Gebroe-Hammer Associates arranged the transaction. The name of the seller was not released.

October 28, 2016

Northeast Office Pennsylvania

Hollwich Kushner Opens Innovation Center at University of Pennsylvania in Philadelphia

by Amy Works October 28, 2016

PHILADELPHIA — Hollwich Kushner, serving as architect, has opened Pennovation Center, the centerpiece of the new 23-acre development at the University of Pennsylvania in Philadelphia dedicated to innovation. The 69,314-square-foot project transformed a 20th century paint factory. The project team includes KSS Architects, Land Collective, Bruce Mau Design, Ballinger, Atelier Ten, Pennoni Associates, Focus Lighting and Hunter Roberts.

October 28, 2016

Loans Multifamily New York Northeast

Equicap Secures $18M in Construction Financing for Condo Development on Upper East Side

by Amy Works October 28, 2016

NEW YORK CITY — Equicap has arranged $18 million in construction financing for a condominium development on Manhattan’s Upper East Side. Daniel Hilpert secured the bank financing for the borrower, a foreign developer, at a competitive interest rate.

October 28, 2016

New York Northeast Office

Cushman & Wakefield Negotiates $17M Sale of Medical Office Building in Manhattan

by Amy Works October 28, 2016

NEW YORK CITY — Cushman & Wakefield has facilitated the sale of a medical office building located at 407-409 E. 70th St. in Manhattan’s Upper East Side. An undisclosed buyer acquired the five-story building for $17 million, or $1,133 per square foot. The 15,000-square-foot property was sold by a group of doctors who practice in the building. Upon sale, the former owners inked a long-term leaseback for the space. Mitchell Levine, Guthrie Garvin and James Nelson of Cushman & Wakefield brokered the transaction.

October 28, 2016

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