CHICAGO — Novak Construction has completed work on a 15,000-square-foot restaurant in downtown Chicago. Portillo’s is a two-story eatery offering Italian beef, hot dogs and cake among other menu items. The project is the second Portillo’s location in downtown Chicago. The building features two patios, a drive-thru, an elevator and a vintage car on display.
NEW YORK CITY — Welltower Inc. and Hines have partnered to develop an assisted living and memory care community at 139 E. 56th St. in Midtown Manhattan. Designed by SLCE Architects, the as-of-right development will have retail space at its base and a senior living and memory care facility above. The 15-story, 125,000-square-foot facility will feature residential units on floors three through 14, community space throughout the property, and outdoor living space on three floors, including landscaped terraces and gardens.
PITTSBURGH — UC Funds has completed a $24.2 million adaptive reuse bridge loan for the conversion of the historic Salvation Army building into the Distrikt Hotel in downtown Pittsburgh. The 183-room hotel will operate as a full-service boutique hotel with amenities including a high-end restaurant with room service, bar and lounge, fitness center and rooftop patio.
NEW YORK CITY — Walker & Dunlop Commercial Property Funding has closed a $17.5 million loan for the acquisition and repositioning of a multifamily property located at 916-926 Southern Blvd. in the Bronx. The short-term high-yield bridge loan was used to fund the acquisition, as well as reserves related to capital improvements and operating shortfalls. Geoff Smith and Tom Toland of Walker & Dunlop originated the deal with Gold Edge Capital. Built in 1911, Southern Boulevard features two adjacent buildings totaling 66 multifamily units. The property will be transformed into 105 units of revitalized, market-rate multifamily housing and 12,333 square feet of ground-floor retail space.
MEDFORD, MASS. — CBRE/New England’s Capital Markets team has arranged the sale of Lumiere, an infill apartment community located in Medford. An affiliate of The Guardian Life Insurance Company of America acquired the multifamily property from MV Parkways Partners, a joint venture between Criterion Property Co. and an affiliate of AIG Global Real Estate, for an undisclosed price. Opened in September 2014, the property features 33 studios, 76 one-bedroom apartments, 53 two-bedroom apartments, and a 4,600-square-foot Lookout Lounge, including a game room, kitchen and 24-hour fitness center. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the sale.
MIDDLETOWN, CONN. — Cornerstone Realty Capital has arranged $2.9 million in financing for the acquisition of a mixed-use property in Middletown. The office and retail property consists of five buildings totaling 47,250 square feet. Additionally, the property features 104 parking spaces. The name of the borrower was not released.
AUSTIN, TEXAS — Austin-based developer W2 Real Estate Partners (W2) and joint venture seniors housing partner Bridgewood Property Co. are planning to build a 206-unit senior living project called The Village at the Triangle. The project will be located on the final site in the Triangle mixed-use development in north central Austin. Construction will begin in August and will be complete in early 2018. The Village at the Triangle will be located on a 1.5-acre site within the 30-acre Triangle development, which was first conceived in 2004 and now features more than 750 apartments, 120,000 square feet of retail, restaurant and commercial space, a rehab hospital and a three-acre park. The Village at the Triangle will feature seven floors of apartment units built above two levels of parking. Independent living, assisted living and memory care service options will be offered within the building, enabling residents to age in place. The luxury suites will range in size from efficient memory care units to independent living two-bedroom units spanning more than 1,300 square feet. The average unit size will be 882 square feet and individual units will feature private balconies and floor-to-ceiling glass windows with views of downtown Austin’s skyline and the …
RICHARDSON, TEXAS — Transwestern Development Co. will break ground this month on 3400 @ CityLine, a 310,000-square-foot speculative office building. Located at 3400 N. Central Expressway, the Class A building is adjacent to the 183-acre CityLine campus in Richardson. The five-story project will be developed by a joint venture including a fund advised by the real estate business of UBS Asset Management, Transwestern Development Co. and Malouf Interests. Slated for delivery in mid-2017, the building will feature design elements including floor-to-ceiling glass and 10-foot ceilings. The property will offer five parking spaces per 1,000 square feet in a parking structure. On-site amenities will include a deli and lounge area, fitness center and a 40,000-square-foot exterior courtyard. Transwestern’s Duane Henley and Nathan Durham are providing leasing services. Construction financing is being provided by a consortium led by Amegy Bank N.A., a division of Zions Bank N.A., and includes American National Bank of Texas and Commerce Bank, a Missouri bank and trust company. The consultant team includes architect BOKA Powell, structural consultant Cardno Haynes Whaley, mechanical, electrical and plumbing engineer DBR, civil engineer Halff & Associates and landscape architect Pacheco Koch.
ROUND ROCK, TEXAS — The Bascom Group has acquired a multifamily asset with over 300 units in the Austin suburb of Round Rock. De’On Collins, John Brownlee and Charles Halladay of HFF arranged acquisition financing on behalf of Bascom Group. Sean Sorrell with HFF represented the seller in the transaction. The property consists of 19 residential buildings and one standalone leasing center spread across 17 acres. The unit mix is 51 percent one-bedroom units, 40 percent two-bedroom units and 9 percent three-bedroom units. Community amenities include a clubhouse, fitness center, swimming pool, picnic areas and a pet park.
DALLAS — Health Wildcatters, a Dallas-based seed accelerator program, is relocating to 1910 Pacific Ave. in downtown Dallas. Health Wildcatters will occupy the entire top floor of the 20-story building, which is owned by Boxer Property. The 16,620-square-foot space will provide the company with the ability to host functions and events, create collaborative workspace for partners and house recent graduates of the accelerator program by offering temporary office space. Health Wildcatters has partnered with Page to design the interior space. Health Wildcatters will move into the Pacific Place tower alongside local startups including Zerologic, Deep Rapid Design Studio, Twentynine Thirty Creative and Launch DFW.
