DELRAY BEACH, FLA. — Meridian Capital Group has arranged $23.9 million in financing for the development of a three-story, 118-unit seniors housing community in Delray Beach. The five-year loan, provided by a regional balance sheet lender, features a floating interest rate of 3.25 percent over LIBOR and three years of interest-only payments. Ari Adlerstein, Ari Dobkin and Josh Simpson, all based in the Meridian’s New York City headquarters, arranged the financing.
ATLANTA — CBRE Capital Markets has closed $19 million in financing through the Freddie Mac Small Balance Loan program for a 12-property multifamily portfolio in Atlanta. The workforce housing properties are located in three metro Atlanta submarkets and total 458 units. Kelly Martone of Bellwether Enterprise arranged the refinancing on behalf of the borrower, Nelkin Real Estate. Jeffrey Pirhalla of CBRE Capital Markets’ Wholesale Lending team originated the financing, which comprises 20-year hybrid ARM loans whereby the interest rate is fixed for the first 10 years of the term and adjustable for the following 10 years. The financing also features three years of interest-only payments.
OAK LAWN AND WORTH, ILL. — Essex Realty Group Inc. has brokered the sale of a 110-unit multifamily portfolio in suburban Chicago for $7.4 million. The portfolio consists of three buildings in the southwest suburbs of Oak Lawn and Worth. The properties include 10409-35 S. Menard Ave. and 10300-20 S. Parkside Ave. in Oak Lawn, and 6615-19 W. Lloyd Drive in Worth. The buildings were converted to condos in the mid-2000s. The unit mix for the buildings includes 49 one-bedroom, 59 two-bedroom and two three-bedroom units. The purchaser plans to acquire the remaining 16 units. Brian Kochendorfer and Matt Welke of Essex represented the seller in the transaction. Doug Imber and Kate Varde represented the buyer.
MINNEAPOLIS — CBRE has arranged the sale of The Parkway in Minneapolis for $6.5 million. The 70-unit apartment community is located at 1501 LaSalle Ave. near Loring Park. The building, originally built in 1917, has undergone significant improvements to the lobby and common areas. Half of the apartments were upgraded prior to the sale. Ted Abramson, Robert Lockman, Keith Collins and Laura Hanneman of CBRE represented the seller, Parkway Property Investors LLC. The buyer was local owner TE Miller Development LLC, based in Eden Prairie.
CHICAGO — Nitel has relocated to a 32,115-square-foot office space in Chicago’s River North neighborhood. The building is located at 350 N. Orleans St. The space at River North Point is fully built-out and Nitel will make modest tenant improvements to its new space to accommodate density. The provider of telecommunications network services previously occupied 20,000 square feet at 1101 W. Lake St. in Fulton Market. Kyle Kamin, Jon Milonas and Dan Persa of CBRE represented Nitel in the transaction.
MILWAUKEE — Unique Delivery Service Inc. has signed a 27,000-square-foot industrial lease in Milwaukee. The courier service company will occupy the building located at 4122 S. 13th St. Jonas Family Limited Partnership was the landlord. TJ Huenerbein and Cale Berg of the Dickman Co. Inc. brokered the lease transaction.
HOUSTON — Parkway Properties (NYSE: PKY), a Houston-based REIT, has agreed to sell 49 percent interest in Greenway Plaza and Phoenix Tower, two Class A office properties in the Greenway submarket of Houston, for $512.1 million. Ownership of the two properties will now be a joint venture between Parkway, TH Real Estate, Silverpeak Real Estate Partners and Canada Pension Plan Investment Board. Parkway will retain a 51 percent majority interest in the portfolio, with TH Real Estate and Silverpeak sharing a 24.5 percent interest, and Canada Pension Plan Investment Board owning the remaining 24.5 percent. Greenway Plaza is a 52-acre, master-planned, mixed-use development featuring 11 buildings totaling approximately 4.9 million square feet of office space as its focal point. On-site amenities include a full-service restaurant, an underground food court with 16 restaurants, multiple fitness facilities, three full-service banking centers and conference facilities. Although Phoenix Tower is technically a separate property, it’s located immediately adjacent to Greenway Plaza. The 34-story building totals 665,332 square feet and was built in 1984. Amenities include an on-site deli and a Jack Nicklaus-designed, nine-hole putting green. “This transaction helps to mitigate risk in a single office campus that represents 57 percent of our company’s overall …
Jacksonville’s industrial market continues to improve as encouraging fundamentals are in place that are prompting developers to commit to building spec warehouse again. The lack of new construction over the last eight years, the expected reduction in regulations and taxes by the new administration in Washington and the commitment to upgrades in the local infrastructure will drive growth in our market. A 5.3 percent vacancy rate for warehouses and distribution space is also a major factor. With 126 million square feet of existing warehouse space spread over 860 square miles, our market has room to grow. Recent announcements of major expansions coming to Jacksonville include Amazon, General Electric and UPS. Amazon will occupy 2.5 million square feet in North Jacksonville and will have the largest impact on employment in the history of the city. General Electric is leasing 500,000 square feet in Hillwood’s Cecil Commerce Center. Situated on Jacksonville’s Westside adjacent to Pattillo’s Westside Industrial Park, UPS is adding 260,000 square feet to its existing 560,000-square-foot facility. When completed in the fall of 2019, the 820,000-square-foot facility will be able to process more than 80,000 packages per hour. Jacksonville is a tier-two market nationally and typically has a few large-scale …
NEW YORK CITY — Capital One has provided an $80 million construction/mini-perm loan for 1 Hotel Brooklyn Bridge, located on Brooklyn’s waterfront. The loan was initially part of a larger financing package that included a recently completed 107-unit condominium building. Capital One previously provided a $160 million loan to the borrower, a joint venture between Starwood Capital Group and Toll Brothers, to finance initial construction of the project. The 194-key hotel, which opened yesterday, is the third property in Starwood’s 1 Hotel brand. The property features 20,000 square feet of meeting/event space, a 24-hour fitness center, rooftop bar and pool and a 12,000-square-foot indoor/outdoor restaurant.
SMITHTOWN, N.Y. — Benchmark Senior Living is developing Whisper Woods, an assisted living community located at Route 25A and River Heights Drive in Smithtown. Slated to open in June 2018, the $25 million property will feature 101 units. Project members include EW Howell Construction Group and Moseley Architects. The property will be Benchmark’s first assisted living facility in New York.