KALAMAZOO, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 96-unit apartment building in Kalamazoo for an undisclosed price. Ravine Apartments LLC sold the building to Ravine Apartment Limited Partnership and Princeton Enterprises. The property is located at 3510 N. Drake Road. Rick Tabbi of Friedman represented both parties in the transaction.
SAN ANTONIO — On behalf of Frontline Capital Partners, JLL has secured $18 million in acquisition and rehabilitation financing for Churchill Park Apartments, a 392-unit gated apartment community located in San Antonio. LegacyTexas provided the loan. Mark Brandenburg led the JLL Capital Markets team in arranging the loan. The apartment community consists of 31 two- and three-story buildings and features a fitness center, two swimming pools, a park and a barbeque area. The property is located near the area’s major highway systems, major employers and retail options.
ARLINGTON, PLANO AND SAN ANTONIO, TEXAS — Canyon Partners Real Estate, a commercial real estate investment firm, has completed three preferred equity investments in the fourth quarter of 2015. The deals totaled $29.4 million and will be used to develop apartment communities in Plano and San Antonio and a mixed-use student housing property in Arlington. The three investments closed included: An equity investment of $11.7 million in a joint venture with affiliates of Catalyst Urban Development and LandPlan to fund the construction of The Huntington, a 320-unit multifamily property in Plano. The site is less than a quarter-mile from Legacy Business Park, a 2,655-acre, Class A office development, which serves as the headquarters for many Fortune 500 companies; An equity investment of $7.6 million in a joint venture with affiliates of Catalyst Urban Development and LandPlan to fund the development of 101 Center, a mixed-use student housing community in Arlington. The project includes 244 units with high-end finishes and Class A amenities, 18,412 square feet of ground-floor retail with 90 parking spaces and a 600-space parking garage; A preferred equity investment of $10.1 million in a joint venture with an affiliate of the NRP Group to fund the development of …
BANDERA, TEXAS — Old Capital has arranged a loan for the purchase of Purple Sage Ranch in the San Antonio suburb of Bandera. The property spans 543 acres and was purchased by Josh and Lisa Lannon. The property is about 45 minutes northwest of San Antonio and will be converted to a private drug and alcohol treatment center under the name of Warrior’s Heart. Old Capital arranged a 25-year, fully amortizing loan at a 75 percent loan-to-value ratio. The loan included a fixed interest rate for the first five years.
TOMBALL, TEXAS — Northpointe Crossing LLC has purchased 4.3 acres located on Tomball Parkway near Northpointe Boulevard in Tomball. Christopher Winters of Colliers International represented the seller, Eastbourne Northpointe I, and R1 Brokerage represented the purchaser in the transaction. Northpointe Crossing is a local real estate developer specializing in retail and office development.
DALLAS — Lee & Associates has completed a lease transaction for 630,000 square feet of space located at 1 Mountain Creek Parkway in Dallas with Niagara Bottling, which will use the facility to distribute its water and flavored drinks to the contiguous 48 states. Trey Fricke and Reid Bassinger of Lee & Associates represented the tenant, Niagara Bottling, in the transaction. Kacy Jones and Steve Koldyke of CBRE represented the landlord.
QUONSET, R.I. — Rhode Island Governor Gina Raimondo has included a $70 million bond proposal in the state budget to modernize and reconstruct Pier 2 at the Port of Davisville in Quonset. The budget, including the proposal, has yet to be approved by the state legislature. The port recently closed its sixth record-breaking year of automobile imports by ship and is consistently one of the top 10 auto ports in North America. Additionally, the port has experienced 547 percent growth over the past 20 years. Built in 1956, the pier was designed for a 50-year lifespan. The $70 million investment will solidify Davisville’s position as the premier marine commercial gateway to New England and add an additional 50 years to the pier’s useful life, as well as preserve hundreds of jobs in the maritime sector. There were 227,021 automobiles imported at the port last year, surpassing 2014’s record by 48,806 vehicles. Vehicles arriving at the port are processed, finished and distributed across the United States by North Atlantic Distribution Inc.
NEW YORK CITY — Meridian Capital Group has arranged $18 million in acquisition financing for the purchase of a mixed-use property, located at 16 E. 18th St. in Manhattan. The borrower was Stone Street Properties. The three-year loan, which was provided by a national balance sheet lender, features a floating rate and interest-only payments for the full term with two one-year extension options. The building features eight residential units and one retail unit, which is occupied by Paragon Sports. The buyer plans to renovate the full-floor residential units. Drew Anderman and Alan Blank of Meridian negotiated the financing transaction.
DEDHAM, MASS. — R.W. Holmes Realty has arranged the sale of a medical office building, located at 910 Washington St. in Dedham. Vision Realty Dedham LLC sold the two-story building to Dedham MOB LLC an entity controlled by Whelan Associates, for $6.4 million. Built in 2012, the 22,388-square-foot building is located off Route 128 within walking distance of Legacy Place and the commuter rail. The main tenant of the building is Greater Boston Urology. Garry Holmes and Dean Blackey of R.W. Holmes Realty represented the seller in the transaction.
NEW YORK CITY — Shutterstock has expanded its lease at the Empire State Building for an additional 25,300 square feet. The global provider of commercial imagery and music will now occupy 105,300 square feet at the building. The company’s headquarters has occupied 80,000 square feet at the building since 2013. Additional tenants at the Empire State Building are LinkedIn, Bulova, Coty, Global Brands Group, HNTB, Expedia, Skanska and Media General Digital. Paul Ippolito of Newmark Grubb Knight Frank represented the tenant, while Ryan Kass, Fred Posniak and Shane Ursini provided in-house representation for the landlord, Empire State Realty Trust Inc., in the transaction.