NEW YORK CITY — Greystone has provided $21 million in Freddie Mac loans to refinance an eight-property multifamily portfolio in Brooklyn. Anthony Cristi of Greystone originated the loans for the borrower, Steve Lubin. The refinanced properties are 1060 Hancock St., 1315 Sutter Ave., 135 Dupont St., 187 Rochester Ave., 1904 Nostrand Ave., 4515 Snyder Ave. and 802 and 809 Park Place. The properties feature between six and 35 units. The properties received five-year, fixed-rate Freddie Mac Small Business Loans, which include an additional 15 years of floating rate and one year of interest-only payments at an 80 percent loan-to-value ratio.
PITTSBURGH — Walker & Dunlop has closed a $14.9 million construction loan for EVEN Hotel, located within the historic Kaufmann’s department store building in downtown Pittsburgh. The borrower is Reception Hotels and Resorts, which acquired the fifth and sixth floors for the hotel. The hotel will be part of the Kaufmann’s Grand on Fifth, a master redevelopment the former department store that will feature retail, hospitality, multifamily and office space. The loan closed with Orix USA on behalf of Reception Hotels and Resorts. Jacob Cohen of Walker & Dunlop secured the non-recourse loan that features three years of interest-only payments.
WARRENDALE, PA. — Teen clothing retailer rue21 has completed its financial restructuring and emerged from the Chapter 11 bankruptcy process. The Warrendale-based company began to close approximately 400 underperforming stores in April, and filed for Chapter 11 bankruptcy on May 15. Kirkland & Ellis LLP acted as rue21’s legal advisor, Rothschild Inc. acted as investment banker and financial advisor, and Berkeley Research Group acted as restructuring advisor throughout the process.
MILFORD, N.J. — Marcus & Millichap has brokered the sale of Holland Center, a neighborhood shopping center located at 621-641 Milford Warren Glen Road in Milford. A private buyer acquired the asset for $2 million. Situated on 5 acres, the 10,777-square-foot property was fully occupied by six tenants at the time of sale. Derrick Dougherty, Mark Krantz and Shannon Bona of Marcus & Millichap represented the seller, while Mark Taylor, also of Marcus & Millichap, represented the buyer in the deal.
HARTWELL, GA. — Nestlé Purina PetCare Co. has unveiled plans to deliver a $320 million manufacturing facility and distribution center in Hartwell, a city in northeast Georgia. Purina, a global producer of pet products, currently employs more than 8,000 individuals in the U.S., including an existing factory southwest of Atlanta in Fairburn. The Hartwell site will be the company’s first new U.S. factory in 20 years and will create up to 240 jobs over the next five years. Joshua Stephens of the Georgia Department of Economic Development represented the organization’s Global Commerce division throughout the project. Stephens worked in collaboration with the Hart County Industrial Development Authority and Georgia Power. Nestle Purina’s distribution center operations are expected to begin in 2018, with production to follow in 2019. Leading Purina brands include Purina ONE, Dog Chow, Friskies, Tidy Cats and Pro Plan.
CHARLOTTE, N.C. — The Shopping Center Group has unveiled the tenant lineup for the retail portion of One305 Central, a $53 million adaptive reuse development located approximately one mile northeast of Charlotte’s Uptown district. The developer, TriBridge Residential, has selected The Shopping Center Group to be the exclusive leasing representative for the retail portion of the project. The new tenants include: Yafo Kitchen, a fast-casual Mediterranean restaurant that will occupy 3,500 square feet; TRUE Crafted Hospitality Group, a fast-casual concept that will occupy 4,200 square feet and feature traditional diner fare; and Pilot Brewing Co., a local nano-brewery specializing in small-batch, experimental beer. Pilot Brewing’s nearly 1,900-square-foot space will include a tasting room. The retailers are expected to open next spring. In addition to retail, One305 Central includes 281 residential units. The first phase of the residential portion is 95 percent preleased and 85 percent occupied, and the second phase is slated for completion in October. The commercial building was originally built in the 1960s and 70s. Hood Architecture designed the updated commercial space, and Roper Construction served as the general contractor. TriBridge originally acquired the five-acre site in 2014 for $7.8 million.
TAMPA, FLA. — JLL has brokered the $22.5 million sale of a 334,279-square-foot industrial portfolio located at 5802-5912 Breckenridge Parkway within Breckenridge Park in Tampa. John Dunphy, Ryan Vaught and Robyn Hurrell of JLL represented the seller, Triangle Capital Group, in the transaction. MLG Capital acquired the asset. The 51-acre Breckenridge Park is located at the intersection of Highway 301 and Interstate 4 and is home to tenants including Swagelok, Rosetta Technologies and Audio Fidelity Holdings. The property features a garden, ample parking, on-site property management and grade-level and dock-high loading options.
CHATTANOOGA, TENN. AND MOBILE, ALA. — KeyBank Real Estate Capital has secured $32.5 million for the refinancing of two multifamily properties in the Southeast. The undisclosed borrower received an $18.4 million loan to refinance Courts at Waterford in Chattanooga and a $14.1 million loan to refinance Maison De Ville in Mobile. Erik Storz of KeyBank arranged the 10-year Freddie Mac loans with five years of interest-only payments and 30-year amortization schedules. Constructed in 1988, Courts at Waterford features 318 units with 28 reserved for tenants earning 60 percent of the area median income (AMI). Maison De Ville was constructed in two phases — Phase I in 1963 and Phase II in 1973. The 347-unit community reserves 33 units for tenants earning 60 percent of the AMI.
BOCA RATON, FLA. — Hunt Mortgage Group has arranged $15.2 million in financing for the acquisition of a five-property multifamily portfolio in Boca Raton. The New York-based company structured the Freddie Mac loan with a 30-year amortization schedule on behalf of the borrowers, Kimberly Sorrentino and Lawrence Rolnick. The properties include: Whispering Palms Apartments, located at 4850 N.E. 5th Ave.; Sabal Palm Apartments, located at 665 Glouchester St.; Caribbean Apartments, located at 690 Kingsbridge St.; Del Rio Apartments, located at 480 W. Camino Real; and Villa Rica Apartments, located at 4670 N.E. 5th Ave.
DERBY, KAN. — MedProperties Holdings LLC, CarrBaierCrandall Real Estate Group (CBC) and Candor Healthcare LLC have formed a joint venture to develop Rock Regional Hospital in Derby, a southern suburb of Wichita. The 31-bed, 89,500-square-foot facility will be located near Rock Road and Patriot Avenue on a 15-acre parcel. The site includes two additional land parcels for future healthcare facilities, such as a medical office building and a freestanding inpatient rehabilitation hospital. Other development team partners include architect ACI Boland, general contractor McCownGordon Construction and engineer Renaissance Infrastructure Consulting. The project is slated for completion in late 2018.