Property Type

Interior Fit-Out Completed for 45,000 SF Fernandez-Duminuco Hall Addition in Manhattan

by Haisten Willis March 7, 2017

NEW YORK CITY – Construction manager Richter+Ratner (R+R) and architect Beyer Blinder Belle have completed the interior fit-out of Xavier High School’s 45,000-square-foot Fernandez-Duminuco Hall. The project is located on six floors and the cellar level of a 25-story mixed-use building at 35 W. 15th St. Xavier is a Jesuit college preparatory school for young men founded in 1847 in the Chelsea neighborhood of Manhattan. The school’s campus includes six buildings located alongside the Church of Saint Francis Xavier. Fernandez-Duminuco Hall is Xavier’s first campus expansion in more than 90 years. The $11.7 million, nine-month project called for the construction of a science, technology, engineering, arts and math (STEAM) classroom, music facilities, a recording studio, student project space and a multi-use area that hosts theater productions and major assemblies. Fernandez-Duminuco Hall is located within a larger 170,000-square foot, 330-foot tall luxury residential condominium tower named 35XV, which was designed by FXFowle. The developer, Alchemy Properties, obtained the air rights for the new building from Xavier High School in exchange for locating the hall inside the new development. In addition to R+R, Beyer Blinder Belle and McLaren Engineering, the project team included owner’s representative Sterling Project Development; structural engineer for the …

March 7, 2017

Loans Mixed-Use New York Northeast

Madison Realty Capital Provides $18M First Mortgage Loan for Mixed-Use Portfolio in Brooklyn

by Haisten Willis March 7, 2017

NEW YORK CITY – Madison Realty Capital (MRC), an institutionally-backed real estate investment firm focused on real estate equity and debt investments, has provided an $18 million first mortgage loan to finance the acquisition of an eight-property, 64,438-square-foot mixed-use portfolio in Greenpoint, Brooklyn. The portfolio consists of 3 Sutton St., 5 Sutton St., 657 Meeker Ave., 661 Meeker Ave., 667 Meeker Ave., 669 Meeker Ave., 673 Meeker Ave. and 164-166 Kingsland Ave. The buyer contributed $11 million of cash equity to complete the acquisition, and plans to maximize value through renovation and repositioning. In total, there are 73 market rate residential units and 14 commercial units in the portfolio. Rosewood Realty Group’s Aaron Jungreis, Ben Khakshoor and Mike Kerwin brokered the deal.

March 7, 2017

Multifamily New Jersey Northeast

FEM South Beach Urban Renewal Unveils Plans for South Beach at Long Branch Multifamily Project in New Jersey

by Haisten Willis March 7, 2017

LONG BRANCH, N.J. – Conceptual renderings of the interiors and common areas are now available for South Beach at Long Branch, a luxury residential project. Currently under construction, South Beach at Long Branch occupies 1.7 oceanfront acres between Ocean Avenue and Ocean Boulevard at the intersection of North Bath Avenue. FEM South Beach Urban Renewal is the developer for the project, which will include 47 one- to five-bedroom multifamily residences ranging from 1,352 to 3,382 square feet, with pre-construction pricing starting at $1.2 million. Completion is slated for spring 2019. Construction crews will pour concrete and place footings and foundations in the next 90 days. Members of the architectural, construction and design teams include construction managers David Ulassin and Jared Yorder of Cornerstone Construction, interior designers Brian Dumervil and Steven Gurowitz of Interiors by Steven G., site engineer John Buletza of Nelson Engineering and architect Stephen Carlidge of Shore Point Architecture.

March 7, 2017

Loans Mixed-Use Northeast Rhode Island

TARC Recapitalizes Mixed-Use Development in Providence, R.I.

by Haisten Willis March 7, 2017

Providence, R.I. – The Armory Revival Co. (TARC) has recapitalized Rising Sun Mills, a 313,000-square-foot mixed-use complex with 135 residential units and 130,000 square feet of commercial space located at 166 Valley Street in Providence. On-site management by TARC will oversee new construction commencing immediately with lobby renovations. The recapitalization will also fund tenant improvement projects, accounting for 90,000 square feet of available commercial space. CBRE’s Andrew Galvin leads the leasing efforts for Rising Sun Mills. Located two miles from downtown Providence, Rising Sun Mills is accessible from Routes 6 and 10 as well as Interstate 95. The campus includes 135 residential units and offers office tenants a parking ratio of four per 1,000 square feet. The site features a waterfall and walking/bike paths along the Woonasquatucket River. The property features the on-site Café at Easy Entertaining and offers proximity to local and regional restaurants in Olneyville Square, Atwells Avenue and on Broadway.

March 7, 2017

Loans Multifamily New Hampshire Northeast

NorthMarq Capital Secures $2.4M Financing for Multifamily Property in New Hampshire

by Haisten Willis March 7, 2017

MANCHESTER, N.H. – Mark Whelan of NorthMarq Capital has arranged $2.4 million in earn-out/supplemental financing for a 123-unit multifamily property located in Manchester. The transaction was structured with an eight-year term on a 28-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank.

March 7, 2017

Office Texas

TREK Investment Group Closes Sale of 89,545 SF Office Property in Abilene

by Taylor Williams March 7, 2017

ABILENE, TEXAS — TREK Investment Group, an Austin-based brokerage firm, has closed the sale of an 89,545-square-foot office property located at the corner of State Highway 277 and South First Street in Abilene, a city about 180 miles west of Dallas. The property, which is situated on 8.8 acres, was 100 percent leased at the time of sale to the Texas Departments of Public Safety, Human Services and Health. Ethan Offenbecher and Parker Carroll of TREK represented the seller and procured the buyer, both of which requested anonymity.

March 7, 2017

Multifamily Texas

Marcus & Millichap Brokers Sale of Multifamily Property in Austin

by Taylor Williams March 7, 2017

AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Spanish Village Apartments, a 13-unit property located at 2210 Enfield Road in the Tarrytown neighborhood of Austin. Built in two phases in 1940 and 1960, the property consists of 12 two-bedroom units and one one-bedroom unit. Josh Kantor and Mike Moffitt, Jr. of Marcus & Millichap represented the seller, an undisclosed individual. The buyer’s name and representative were not disclosed.

March 7, 2017

Retail Texas

Vitorino Group Arranges Sale of Retail Center in Fort Worth

by Taylor Williams March 7, 2017

FORT WORTH, TEXAS — The Vitorino Group has completed the sale of Magnolia Park Center, a 13,626-square-foot retail property located at 5408 Basswood Blvd. in Fort Worth. The center was 88 percent occupied at the time of sale. Bryce Gissler and Anthony Pucciarello of the Vitorino Group represented the buyer in the transaction, and Jason Vitorino, also with the Vitorino Group, represented the seller. Both parties are undisclosed private investors.

March 7, 2017

Industrial Loans Texas

JLL Secures Financing for Self-Storage Development in Pearland, Texas

by Taylor Williams March 7, 2017

PEARLAND, TEXAS — JLL has arranged financing for the construction of a new, 91,590-square-foot self-storage development in Pearland, a southern suburb of Houston. The five-year, non-recourse, floating-rate loan for the 726-unit facility, located at the intersection of Broadway and Kirby drives, was secured on behalf of SurePoint Self Storage. Griffin Guthneck of JLL led the effort for the financing, which originated from an undisclosed regional bank.

March 7, 2017

Retail Texas

X Team International Arranges Two Retail Leases in Houston, Midland

by Taylor Williams March 7, 2017

HOUSTON AND MIDLAND, TEXAS — Baker Katz and Venture Commercial Real Estate, member brokerage firms of X Team International, have secured two new leases for Northern Tool + Equipment, a Minnesota-based hardware supplier, in Houston and Midland. The Houston lease is for 18,000 square feet at Willowchase Shopping Center, located at 12944 Willow Chase Drive, and the Midland lease is also for 18,000 square feet at NEQ IH-20 and Loop 250. Clay Mote of Venture Commercial and Jason Baker of Baker Katz represented Northern Tool + Equipment in the two deals.

March 7, 2017

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