WHITE MARSH, MD. — Construction has begun on Greenleigh at Crossroads, a $750 million component of Baltimore Crossroads, a 1,000-acre mixed-use development in White Marsh in the eastern section of Baltimore County. The completed Greenleigh at Crossroads will contain 1,000 single-family homes and townhomes, 500 multifamily units, three mid-rise Class A office buildings spanning 300,000 square feet, 128,000 square feet of single-story office space, 116,000 square feet of retail and a 120-room SpringHill Suites by Marriott. The development team consists of St. John Properties, Somerset Construction Co. and Elm Street Development. “The integrated design of Greenleigh at Crossroads reflects and responds to the new urbanism trend that is sweeping the country, while also complementing the existing product mix that exists at Baltimore Crossroads,” says Edward St. John, chairman of St. John Properties. St. John Properties has broken ground on one of the office buildings, and should begin construction on the hotel in late 2016. Elm Street Development will soon begin building the single-family homes and townhomes, with models expected to open in spring 2017. Somerset Construction will begin work this fall on The Berkleigh, a luxury apartment community featuring 317 units. Located along Maryland Route 43 near I-95, Baltimore Crossroads is …
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JACKSONVILLE, TEXAS — Metropolitan Capital Advisors has arranged the $3.5 million refinancing of an existing loan for Jackson Square Shopping Center, a 109,538-square-foot property in Jacksonville. Built in 1974, the shopping center was 96 percent leased at the time of financing to tenants including Tractor Supply, AutoZone, Blake Furniture, King’s Wok, Dollar General, First Choice Realty, Smith County Health, Legends Old Time Café and The Market. LegacyTexas Bank provided the non-recourse, 10-year swap loan, which features a fixed 5.7 percent interest rate. Jackson Square Shopping Center fronts State Highway 69, a major throughway in Jacksonville.
HOUSTON — Transwestern’s Houston multifamily investment services group has completed the sale of the 164-unit Le Renaissance apartment community in Houston to Moody National Cos. Transwestern’s Ed Cummins and Ryan Mendez represented the seller, Texas Pinnacle Apartments, in the transaction. The buyer, which acquired the property for an undisclosed price, will operate the project as-is in the short term with plans to eventually redevelop the site into a mixed-use office and retail development. Located at 970 Bunker Hill Road, just south of I-10, Le Renaissance benefits from an average daily traffic count of more than 300,000 vehicles.
DALLAS — Marcus & Millichap has arranged the sale of Deer Creek, a 104-unit apartment property located in Dallas. Al Silva, Mark McCoy and Ford Braly of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Silva and Braly also secured the buyer, an experienced local investor. The new buyer plans to rehab the property to improve unit interiors and curb appeal to raise rents to competitive market levels. The mid-1980’s property is an individually metered community located near I-30. All units have individual HVACs and individual hot water heaters. Deer Creek is located at 3550 Saint Francis Ave.
DALLAS — Lee & Associates has negotiated a lease transaction for a 27,800-square-foot industrial space located at 4653 Leston Ave. in Dallas. Corbin Blount of Lee & Associates’ Dallas/Fort Worth office represented the tenant, Philadelphia Hardware Group. Phillip Rosenfeld and Matt Thompson of Lee & Associates’ Dallas/Fort Worth office represented the landlord, Regal Business Center LLC.
HOUSTON — A partnership between Stolz Partners and Sudhoff Cos. will develop a mid-rise condominium project known as The Sophie at Bayou Bend in Houston. The nearly two-acre site is located at 6017 Memorial Drive. The project was initially to be developed into townhomes, but instead the two companies will develop a seven-story building with 42 condominiums on six floors. Units will range in size from 2,400 square feet to nearly 5,000 square feet, and will include private terraces. Common area amenities will include controlled-access entry points, two levels of controlled-access garage space, private garages, a fitness center and a dog park. Construction will begin once 50 percent of all units are pre-sold.
Rockport Mortgage Corp. Arranges $55M in Refinancing for 465-Unit Apartment Community in Massachusetts
by Amy Works
MEDFORD, MASS. — Rockport Mortgage Corp. has arranged a $55 million loan for the refinancing of Mystic Place Apartments, a mixed-income apartment community located in Medford. The property owner and borrower is an affiliate of WinnCompanies. Joe Mueller and Linda Pellegrino of Rockport Mortgage originated the loan, which utilized the HUD 223(f) program. Situated on nine acres, the community comprises three high-rise buildings featuring a total of 465 apartments. The refinance transaction was done in collaboration with MassHousing through its MAP/Ginnie Mae Mortgage Backed Security program. With the completion of the refinancing, the affordability restrictions on the 140 affordable housing units were extended through 2050.
NEW YORK CITY — Benchmark Real Estate Group has sold a residential and retail building located at 885 10th Ave. in Manhattan’s Midtown West neighborhood. A private family acquired the 37,000-square-foot property for $47.5 million. The six-story building features 36 newly upgraded apartment units, a roof deck, laundry facilities, bike/general storage and a smartphone-based intercom system. Additionally, the building features two ground-floor retail spaces that are fully leased and 20,000 square feet of buildable air rights. Eric Anton, Jeff Julien and Steven Rutman of HFF represented the seller in the deal.
Rosewood Realty Group Arranges $40M Sale of Nine-Building Apartment Portfolio in Brooklyn
by Amy Works
NEW YORK CITY — Rosewood Realty Group has brokered the sale of a nine-building multifamily portfolio in Brooklyn. Chestnut Holdings acquired the 203-unit portfolio from San Francisco-based Carmel Partners for $40 million. Spread across Brooklyn’s Crown Heights and East New York neighborhoods, the properties are located at 883 Franklin Ave., 1742-1746 Union St., 1746 President St. and 1402-1406 Sterling Place. All of the 203 apartments are rent stabilized. Aaron Jungreis of Rosewood Realty Group represented both the buyer and seller in the transaction.
MOUNT VERNON, N.Y. — Redwood Realty Advisors has brokered the sale of two apartment buildings located on South Second Avenue in Mount Vernon. An undisclosed buyer acquired the properties for $7.5 million, with a 6.9 percent cap rate. The assets are a 34-unit apartment building and a mixed-use building with 35 apartment units and seven commercial spaces. Michael Scrima and Thomas Gorman of Redwood Realty Advisors brokered the transaction. The name of the seller was not released.