It has been a tremendous year for the Twin Cities of Texarkana, Texas and Texarkana, Ark. with the education sector topping $70 million and a $180 million major medical campus projected to commence in early 2016. Educational Opportunity Texas A&M University-Texarkana has been awarded $35.5 million in state funding for the construction of a new building to house and expand its nursing program, including the expansion of a Master’s Degree program, and to promote student success initiatives. The Texas A&M University system expanded its four year-university program to Texarkana in 2010, with the first freshman class admitted that year including Phase I dorms on the 300-plus acre Bringle Lake Campus. University of Arkansas Community College at Hope (UACCH) expanded a satellite campus on Texarkana’s Arkansas side in 2012, with over $5.4 million going toward the construction of two buildings that service over 300 local students. Working hand in hand with the University of Arkansas at Little Rock, UACCH has expanded their four-year university program, and will continue to grow as the new health professions building completes construction. Further education initiatives include a $29.2 million commitment from Texarkana Independent School District for the construction of a new sixth grade center and …
ST. CHARLES, MO. — Bank Leumi USA has provided a $13.6 million loan to Chicago-based Innovative Management Associates Inc. for the acquisition of Windsor Estates of St. Charles, a continuing care retirement community (CCRC) in metro St. Louis. Windsor Estates is a 235-unit community operated by the borrower, In addition to the five-year, fixed-rate conventional mortgage, Leumi provided a $500,000 working capital line of credit and treasury management services. The line of credit is secured by the facility’s accounts receivables.
WAUKEGAN, ILL. — American Street Capital has arranged $5.8 million in acquisition financing for a 132-unit multifamily property in Waukegan for an undisclosed borrower. Westwood Apartments is a Class B apartment complex that was built in 1970. The property includes 11 two-story buildings. Amenities include an office suite, exercise room, playground, picnic area, laundry facilities and 225 parking spaces. Igor Zhizhin of American Street Capital originated the loan. The loan features a 10-year term.
FESTUS, MO. — Bamboo Equity Partners has acquired a 19,000-square-foot shopping center in Festus, approximately 35 miles south of St. Louis for an undisclosed amount. The retail center, located at 332-356 Festus Drive, is comprised of two buildings that include tenants such as Edward Jones, Vantage Credit Union and Berkshire Hathaway. Intelica CRE brokered the transaction between Bamboo Equity Partners and the undisclosed seller. Intelica will also manage the property.
BRETTON WOODS, N.H. — Omni Hotels & Resorts has acquired The Omni Mount Washington Resort from CNL Lifestyle Properties for an undisclosed price. The resort is home to the Omni Mount Washington Hotel and Bretton Woods, a ski area and one of the largest Nordic touring centers in New England. The acquisition includes the Omni Mount Washington Hotel, the Omni Bretton Arms Inn, Bretton Woods Ski Area and Nordic Center, the Lodge at Bretton Woods, Mount Washington and Mount Pleasant golf courses, and 500 acres for future expansion and development. The resort recently underwent a $90 million expansion and renovation, which includes updated guest rooms and public spaces, a 25,000-square-foot spa, a 20,000-square-foot conference center, enhancements to the ski area and acquisition of the golf courses and development land. Omni Hotels & Resorts has been managing the resort since September 2009, and with this transaction, will transition into long-term ownership of the all-season property.
NEW YORK CITY — Ready Capital Structured Finance has closed a $9.9 million value-add loan on a leasehold interest for a mixed-use retail and office property at 313-315 W. 125th St. and an adjacent undeveloped land parcel located at 316 W. 126th St. in Harlem. Proceeds of the loan will be used for the acquisition, renovation and stabilization of the vacant 27,145-square-foot mixed-use property and the 4,166-square-foot land parcel. The loan features a two-year term with a one-year extension. The property is one block from the Apollo Theater and a variety of retailers, including Old Navy, Banana Republic Factory Store and DSW.
CINNAMINSON, N.J. — HFF has brokered the sale of Riverline Self Storage, a self-storage facility located at 1714 Bannard St. in Cinnaminson, a suburb of Philadelphia. Saratoga Springs, N.Y.-based Prime Group purchased the 381-unit property for $5.4 million. The two-building property totals 63,539 rentable square feet, with the property’s 381 climate-controlled units totaling 36,586 rentable square feet and occupying portions of both two-story buildings. The remaining 26,953 square feet is occupied by a combination of office, retail and warehouse tenants. Richard Schontz and Barbara Guffey of HFF represented the seller, a local private investor, in the transaction.
NEW YORK CITY — Aquazzura, a Florence, Italy-based shoe retailer, has leased 2,221 square feet of retail space at 935 Madison Ave. in Manhattan for its first U.S. location. Situated between 74th and 75th streets, the shoe retailer will occupy 1,144 square feet on the ground floor and 1,077 square feet on the lower level. The retail space features 17 feet of frontage on Madison Avenue, with the building’s original 1876 façade, as well as 18-foot ceilings on the ground floor and 10-foot ceilings on the lower level. Ariel Schuster, Jackie Totolo and Brandon Elias of RKF, along with Joel Isaacs and Joshua Lewin of Isaacs and Company represented the landlord, JZS Madison LLC, in the transaction. Marc Simon, also of Isaacs and Company, represented the tenant.
NEW YORK CITY — Ariel Property Advisors has launched a Capital Services business line. Ariel Property Advisors: Capital Services will focus on multifamily, commercial, retail, development, mixed-use and industrial properties and work with the firm’s current investment sales and research professionals to structure financing for commercial real estate properties throughout the New York metropolitan area. Ariel Property Advisors has hired Paul McCormick, a 10-year veteran of the commercial mortgage industry, to lead the business line expansion and serve as vice president of Capital Services.
PHOENIX — Kimco Realty Corp. has acquired Christown Spectrum, an 850,000-square-foot destination power center located in Phoenix, for $115.3 million. The retail center is 94 percent occupied and anchored by Walmart Supercenter, Costco and SuperTarget. Other retailers include Walgreens, Ross Dress for Less, PetSmart, Dollar Tree, Bank of America, Famous Footwear, GNC, Bath & Body Works, Supercuts, Taco Bell, Carl’s Jr. and Wingstop Restaurant.