Property Type

Greysteel Arranges Sale, Acquisition Financing for Multifamily Property in Metro Dallas

by Haisten Willis May 4, 2016

GARLAND, TEXAS — Greysteel has arranged the sale of Casa Del Mar, a 59-unit multifamily property in Garland, to Casa Del Mar I LLC on behalf of a private local investor. Greysteel’s Boyan Radic and Doug Banerjee negotiated the transaction. Greysteel also arranged acquisition financing for the buyer. The seven-year, non-recourse loan was provided by an agency lender under the Freddie Mac small balance loan program. It features a fixed interest rate and one year of interest-only payments followed by a 30-year amortization schedule. Greysteel’s Anton Mattli and John Marshall Doss negotiated the terms of the financing. Casa Del Mar is located at 3810 W. Walnut St.

May 4, 2016

Paramount Group Completes $500M Refinancing of 786,647 SF Office Building in Midtown Manhattan

by Amy Works May 4, 2016

NEW YORK CITY — Paramount Group Inc. has completed a $500 million refinancing of an office building located at 31 W. 52nd St. in Midtown Manhattan. The 10-year loan is interest only at a fixed rate of 3.8 percent. Eastdil Secured represented Paramount in the financing transaction. The loan was arranged with AXA Equitable Life Insurance Co., through its advisor Quadrant Real Estate Advisors LLC, and Metropolitan Life Insurance Co. The company realized net proceeds of $65 million after the repayment of the existing loan, swap brokerage costs and closing costs. The 786,647-square-foot property was previously encumbered by a $413.5 million loan that was scheduled to mature in December 2017 and had a weighted average interest rate of 4.23 percent.

May 4, 2016

Midwest Minnesota Office

Ryan Cos. Breaks Ground on Millwright Office Building in Minneapolis

by Christina Cannon May 4, 2016

MINNEAPOLIS — Ryan Companies US Inc. has broken ground on the Millwright Building in Minneapolis. Located at Third Street and Portland Avenue, the office building will be part of Downtown East, Ryan Cos.’ $450 million mixed-use development near the US Bank Stadium. Ryan Cos. will relocate its corporate headquarters from South Tenth Street to 65,000 square feet within the four-story building when it opens in spring 2017. The 172,000-square-foot Millwright Building will feature access to a skyway connection system, 4.2-acre public green space, parking deck and light rail transit system. The building will also include common areas, a rooftop terrace and several bike-friendly features. The Downtown East project includes 1.2 million square feet of office space, 26,000 square feet of retail space, a six-level parking deck, a set of four sky bridges and internal skyways, a Radisson RED Hotel, a residential apartment complex named EDITION and a 4.2-acre public green space called The Commons.

May 4, 2016

Loans Massachusetts Northeast Office

Colliers Arranges $133M in Financing for 500,000 SF Office/Retail Building in Boston

by Amy Works May 4, 2016

BOSTON — Colliers International has arranged $133 million in financing for Park Square Building, an 11-story office and retail building located at 31 St. James Ave. in Boston’s Back Bay neighborhood. Capital Properties took on the loan to replace existing debt and provide capital expenditures for the 500,000-square-foot building including improvements to the lobby and common areas, tenant improvements and leasing commissions. Aareal Capital Corp. provided the three-year loan, which features an interest-only floating rate and two options to extend for one year each. At the time of closing, the asset was 96 percent occupied by a diverse tenant roster, including WeWork, Fiksu, Yahoo, Goji, HNTB and six foreign embassies. Kevin Phelan, Stephen Horan and Patrick Boyle of Colliers represented the borrower in the financing deal.

May 4, 2016

Illinois Midwest Retail

Mid-America Arranges $46.5M Sale of The Heritage Shops at Millennium Park in Chicago

by Christina Cannon May 4, 2016

CHICAGO — Mid-America Real Estate Corp. has arranged the $46.5 million sale of The Heritage Shops at Millennium Park, a 98,547-square-foot street retail property located in Chicago. Joe Girardi and Stan Nitzberg of Mid-America represented the seller, Acadia Realty Trust, in the sale of the property to Texas-based Hunt Investment Management. The asset is located at the southeast corner of Randolph Street and Wabash Avenue. Tenants at the property include LA Fitness Signature Club, McDonald’s, Fifth Third Bank, Ann Taylor LOFT, Lane Bryant/Cacique, Fannie May Candies, Intelligentsia Coffee and Sugar Bliss Cake Boutique.

May 4, 2016

Industrial Massachusetts Northeast

Calare Properties Acquires 119,000 SF Warehouse/Retail Building in Massachusetts

by Amy Works May 4, 2016

STOUGHTON, MASS. — Calare Properties has acquired a warehouse and retail building located at 301 Page St. in Stoughton. The 119,000-square-foot property was purchased for an undisclosed sum. The Class A property is currently fully occupied by Boston Interiors. Built in 2004, the property features 10,000 square feet of office space; 9,000 square feet of showroom space; and 100,000 square feet of high-bay warehouse space. Situated on 17.1 acres, the facility also features 36-foot clear ceiling heights, 16 dock-high doors, two trash dock doors and 113 surface level parking spaces. The name of the seller was not released.

May 4, 2016

Midwest Missouri Multifamily Student Housing

CA Student Living, Fields Holdings Break Ground on 430-Bed Student Housing Community near the University of Missouri

by Christina Cannon May 4, 2016

COLUMBIA, MO. — A partnership between CA Student Living and Fields Holdings has broken ground on Rise on 9th near the University of Missouri campus in Columbia. The 10-story, 430-bed project is the sixth development by the partnership. Brinkmann Constructors is building Rise on 9th, which was designed by ACI Boland. The project is scheduled to be completed in time for the fall 2017 academic semester.

May 4, 2016

Loans New York Northeast Office

Houlihan-Parnes Arranges $30M Loan for 220,000 SF Office Condo in the Bronx

by Amy Works May 4, 2016

NEW YORK CITY — Houlihan-Parnes Realtors has placed a $30 million first mortgage on a 220,000-square-foot office condominium at 1775 Grand Concourse in the Bronx. The seven-year, non-recourse loan features a fixed rate with interest-only payments for two years and an option to extend. The mortgage covers a commercial condominium interest in the 300,000-square-foot building that shares ownership with Verizon, which owns the first two floors of the building. Current tenants of the property include Con Edison, Special Citizens Futures Unlimited, Inovalon SME Inc., Safe Horizon, The Bronx Lebanon Hospital Center, Public Health Solutions and Abbott House. Bryan Houlihan and James J. Houlihan of Houlihan-Parnes represented the undisclosed borrower in the transaction.

May 4, 2016

Healthcare Midwest Office Ohio

NGKF Brokers $10M Sale of Medical Office Property in Cleveland Suburb

by Christina Cannon May 4, 2016

INDEPENDENCE, OHIO — Newmark Grubb Knight Frank (NGKF) has brokered the $10 million sale of a 54,611-square-foot medical office building in Independence, approximately 10 miles south of Cleveland. Dennison Development Group sold the property, located at 6701 Rockside Road, to a healthcare real estate company based in Tennessee. Dennison Development Group built the three-story Rockside Medical Center in 1980. The building features a surgical center, new HVAC system, new roof and recent renovations to common areas. The multi-tenant building is 65 percent leased to St. Vincent Charity Medical Center and The Cleveland Clinic. Bob Nosal and Susan Licciardi of NGKF represented the seller in the transaction.

May 4, 2016

Northeast Office Pennsylvania

Bennett Williams Commercial Brokers $13.1M Sale of Office Park in Pennsylvania

by Amy Works May 4, 2016

LANCASTER CITY, PA. — Bennett Williams Commercial has arranged the sale of an office park located at 1300 Marshall Ave. in Lancaster City. Brook Farms Development acquired the 60,000-square-foot property from Stockyards Development for $13.1 million. Jeff Herr of Bennett Williams Commercial represented the buyer and seller.

May 4, 2016

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