Property Type

M&M Arranges Sale of 36-Unit Apartment Building in Dallas

by Jeff Shaw February 1, 2016

DALLAS — Marcus & Millichap has arranged the sale of Illinois Gardens Apartments, a 36-unit apartment property located in Dallas. John Barker and Mark Allen of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. Illinois Gardens Apartments is located at 3333 E. Illinois Ave. in Dallas. Illinois Gardens is a two-story apartment community constructed of brick with wood siding. Unit amenities include walk-in closets and mini blinds. Common area amenities include an on-site laundry facility, interior courtyards and gated entry. Recent capital improvements include new pitched roofs, exterior wood replacement, cabinets, electrical outlets, flooring and both interior and exterior paint.

February 1, 2016

JLL Negotiates 196,048 SF Office Lease in Dallas

by Jeff Shaw February 1, 2016

DALLAS — Equity Office has closed a new lease transaction with Sabre for 196,048 square feet in Solana Business Park in Dallas. Cushman & Wakefield’s Chris Taylor, Rodney Helm and Layne Mayfield represented Solana on the Sabre leasing transaction. Ryan Matthews and Cannon Camp of JLL represented Sabre, which inked a new deal to lease all of Building 2 at the Terrace at Solana, as well as the first three floors of Building 3. Solana Business Park is undergoing a $65 million campus renovation that modernizes the property’s original architectural design. The majority of the renovations are finished with final completion scheduled for mid-2016. Solana Business Park is a five-minute drive from Dallas/Fort Worth International Airport.

February 1, 2016

Office Texas

Texas Bank Financial Buys Fort Worth Office Building

by Jeff Shaw February 1, 2016

FORT WORTH, TEXAS — Texas Bank Financial has acquired a 47,830-square-foot, multi-tenant office building in southwest Fort Worth as the new headquarters location for its mortgage company. Executive Place, a two-story building located at 4521 S. Hulen St. near I-20, was 100 percent leased at the time of sale. The new owner’s first order of business will be to undertake a series of upgrades aimed at heightening curb appeal, including accentuating the exterior. In the fourth quarter of 2016, Texas Bank Mortgage Co. will move its 45-employee headquarters team into 18,000 square feet on the second floor from leased office space about two miles to the south. Gary Walker of Arlington-based Coldwell Banker Commercial Alliance DFW represented the buyer.

February 1, 2016

Florida Hospitality Southeast

Related Cos., Hilton Worldwide Open Hilton West Palm Beach

by John Nelson February 1, 2016

WEST PALM BEACH, FLA. — Related Cos. and Hilton Worldwide have opened Hilton West Palm Beach, a 12-story convention hotel located in downtown West Palm Beach. The property features 400 guestrooms, 43 suites, a grand lobby, thee quarter-acre lanai, zero-entry pool, private cabanas, Restoration Hardware furnishings and a poolside bar and fire pit. The property’s dining options include Manor, a farm-to-table restaurant; Galley, the hotel’s lobby bar; and Provisions, a marketplace that provides locally sourced goods, prepared food, cold-pressed juices and gifts from local shops and artists. Connected to The Palm Beach County Convention Center via an enclosed walkway, Hilton West Palm Beach features more than 24,000 square feet of meeting space, including the 13,350-square-foot Oceana Ballroom and the 5,800-square-foot Coral Ballroom, as well as two 2,400-square-foot lawn spaces for weddings, special events and fitness programming. The project team includes Miami-based architect Nicholas Brosch Wurst Wolfe & Associates and Dallas-based interior designer Looney and Associates.

February 1, 2016

Florida Multifamily Southeast

Bell Partners Acquires Apartment Community in Boca Raton

by John Nelson February 1, 2016

BOCA RATON, FLA. — Bell Partners Inc. has purchased Archstone Boca Town Center, a garden-style apartment community adjacent to Town Center Mall in Boca Raton. The Greensboro, N.C.-based apartment investor has renamed the project Bell Boca Town Center. Bell Partners will also manage the 252-unit apartment community, which was 96 percent occupied at the time of sale. Set in one-, two- and three-bedroom floor plans, the property’s unit interiors feature stainless steel appliances, microwaves, glass-top stoves, breakfast bars, dark espresso finish cabinetry, walk-in closets, washers and dryers and private balconies or patios. Community amenities include an on-site leasing office, clubhouse, fitness center, two tennis courts, resort-style pool, grilling area and Wi-Fi access in the common spaces.

February 1, 2016

Georgia Multifamily Southeast

Multi Housing Advisors Brokers $18.2M Sale of Two Apartment Complexes in Savannah

by John Nelson February 1, 2016

SAVANNAH, GA. — Multi Housing Advisors (MHA) has brokered the $18.2 million sale of Clover Village at Vernon Marsh and Clover Village at White Bluff, two apartment properties in Savannah that total 298 units. Robert Stickel of MHA represented the seller, Clover Group, in the sale. McDowell Properties purchased both properties. The adjacent developments are located along White Bluff Road at the intersection of Abercorn Street and Harry Truman Parkway. The Vernon Marsh asset was built in 1986 and the White Bluff project was built in 1985.

February 1, 2016

Loans Multifamily New York Northeast

Lustig Capital Arranges $66.6M Construction Loan for Condo Conversion in Manhattan

by Amy Works February 1, 2016

NEW YORK CITY — Lustig Capital has arranged a $66.6 million construction loan for the condominium conversion of 360 Central Park West in New York City. To be known as 360 CPW, the property is a 145-unit apartment building located at the south corner of Central Park West and 96th Street. Built in 1928, the Rosario Candela building is one of the famous church apartment buildings, which incorporated the Second Presbyterian Church of New York within the building’s structure. The property also hosts the Alexander Robertson School. Contiguous apartments at 360 CPW will be combined into luxury homes, designed by Cetra Ruddy and marketed by Stribling. The new residences will feature dedicated HVAC units, high-end finishes and Miele and Bertazzoni appliances. The building’s fully renovated lobby and common spaces will feature a children’s playroom, gym, bike room, private storage room and pet washing station. Bill Lustig of Lustig Capital arranged the financing for the undisclosed borrower.

February 1, 2016

Loans Midwest Multifamily Wisconsin

KeyBank Arranges $51.1M Refinancing Loan for Apartment Complex in Milwaukee

by Christina Cannon February 1, 2016

MILWAUKEE, WIS. — KeyBank Real Estate Capital has arranged a $51.1 million Fannie Mae loan for the refinancing of an apartment property in Milwaukee. Park Lafayette Towers is a 271-unit high-rise complex that was constructed in 2009. Erik Storz of KeyBank arranged the loan for the undisclosed borrower.

February 1, 2016

Illinois Industrial Loans Midwest

Associated Bank Provides $47.5M in Loans for Two Cold Storage Projects in Metro Chicago

by Christina Cannon February 1, 2016

CHICAGO and WHEELING, ILL. — Associated Bank has provided a total of $47.5 million for two cold storage projects in Chicago. In the first project, Associated Bank provided an $8 million refinancing and construction loan to 120 Palatine LLC for a vacant 115,000-square-foot freezer food manufacturing and distribution facility. The asset is located at 120 W. Palatine Road in Wheeling and will be leased to Richelieu Foods. Associated Bank was also the lead arranger and administrative agent of a $39.5 million credit facility for a 227,700-square-foot cold storage warehouse and distribution facility that will be located at 2302 S. Paulina St. Wanxiang America Real Estate Group and Clarius Partners are the borrowing entities. The facility is a build-to-suit project for Preferred Freezer. Ted Notz of Associated Bank managed both loans.

February 1, 2016

Loans Multifamily New York Northeast Seniors Housing

KeyBank Provides $28.6M in Financing for Seniors Housing Development in New York

by Amy Works February 1, 2016

ST. LAWRENCE COUNTY, N.Y. — KeyBank has provided $28.6 million in financing for Cambray Court Apartments, an affordable seniors housing redevelopment in St. Lawrence County. The redevelopment is in partnership with Omni Housing Development LLC and managed by United Helpers. The project will replace 72 flood-threatened, garden-style apartments with one accessible four-story energy-efficient building featuring 71 apartment units. Designated as affordable housing, the community will feature 52 units for residents earning 30 to 50 percent or less of the area median income (AMI); 13 units for residents earning at or below 60 percent of AMI; five units for residents earning 80 percent of AMI; and one unit for residents earning 90 percent of the AMI. On-site amenities include well-lit parking spaces, elevator access to each floor, laundry facilities, walking trails, a patio, a garden and a community room with a kitchen. The redevelopment project team includes Beardsley Architects and Engineers and Bette & Cring Construction Group.

February 1, 2016

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