BEDFORD, TEXAS — NXT Capital has provided a $17.6 million first mortgage loan to finance the acquisition of a 272-unit, Class B apartment community in Bedford. Located 10 miles northeast of the Dallas/Fort Worth International Airport, amenities at the property include two swimming pools and picnic areas. Michael Cosby in the Dallas office of HFF arranged the loan through NXT Capital.
FORT WORTH, TEXAS — May Group International has renewed a 138,000-square-foot lease at Carter Industrial Park in Fort Worth. The advertising agency has leased two office/warehouses spanning 60,000 square feet and 78,000 square feet at 1200 Forum Way S. since 2013, when it inked a sale-leaseback with Hangover Opportunity Fund LLC. May Sound Crazy is the landlord of record. The 11.5-acre tract is situated off Everman Parkway near I-35 West. The May Group maintains a 10,000-square-foot headquarters in the smaller building. The sister structure is divvied into 500 square feet of office and 77,500 square feet of warehouse space. The complex is also used for design, shipping and warehousing functions. Theron Bryant of Coldwell Banker Commercial Alliance DFW handled negotiations for the lease transaction.
NEW YORK CITY — Cignature Realty Associates has arranged the sale of a mixed-used building located at 1616 Amsterdam Ave. in Manhattan’s Hamilton Heights neighborhood. Sugar Hill Capital Partners sold the 58,810-square-foot to a private investor for $23 million. The seven-story building features 54 apartment units and ground-level retail space, including a grocery/deli, coffee shop, Laundromat and Mexican restaurant. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented the buyer and seller in the transaction.
NEW YORK CITY — Equity Office is executing a $25 million capital improvement program at Park Avenue Tower, a 300,000-square-foot office tower in Midtown. The renovations include a reinvented lobby by Gonzalez Architects; new transom windows on every floor; and The Club, a 20,000-square-foot amenity space for all tenants. The new space will include a state-of-the-art fitness center with executive locker room facility, a business and recreation lounge, conference center, a curated grab-and-go food service and innovative building technology. Additional renovations include a building within a building design concept; an outdoor plaza with bar/café designed by Moed De Armas & Shannon; 12-foot 9-inch ceiling heights; three-story office penthouse with 360-degree views; and iVisitor lobby technology, including iPad-carrying security guards to greet guests. The renovations are slated for completion by fourth quarter 2016.
LINCOLN PARK, N.J. — The Stro Companies has acquired an industrial building located at 510 Ryerson Road in Lincoln Park. A New Jersey-based developer sold the 150,000-square-foot property for $9.8 million. The multi-tenant building features 25-foot clear height ceilings and was 66 percent occupied at the time of acquisition.
NEW YORK CITY — Westbridge Realty Group has brokered the sale of two vacant buildings, located at 1269-1271 Dekalb Ave. in Bushwick. A local developer acquired the two properties for $1.8 million, or $212 per buildable square foot. The parcel offers 8,736 buidable square feet of residential space, as of right. The buyer plans to demolish the existing structures and construct a luxury condominium on the site. Steven Westreich and Hen Vaknin of Westbridge Realty Group represented the buyer and undisclosed seller in the off-market transaction.
SOUTH BURLINGTON, VT. — BMC Capital has arranged a $1.1 million loan for the cash-out refinance of a multifamily property located in South Burlington. The non-recourse loan features a 4.51 percent fixed rate for seven years, two years of interest-only payments and a 30-year amortization schedule. Brian Gramlich of BMC Capital’s Dallas office arranged the loan through one of BMC Capital’s correspondent agency relationships for the undisclosed borrower.
CHATTANOOGA, TENN. — Berkadia has originated $68.8 million in financing for a portfolio of eight seniors housing communities operated by Morning Pointe, a Chattanooga-based developer and operator. The portfolio totals 474 units in Lexington and Frankfort, Ky.; Knoxville, Tenn.; and Johnson, Ind. Morning Pointe plans to use the funds to fund future development across the Southeast. Berkadia’s Marcus Lyons, director, and Chris Fenton and David Oakley, managing directors, managed the transaction through Freddie Mac. Berkadia is a New York City-based lender specializing in Fannie Mae, Freddie Mac and HUD loans in the commercial real estate sector.
SAVANNAH, GA. — Noble Investment Group has opened the 252-room Hotel Indigo Savannah Historic District at 201 W. Bay St. in Savannah’s City Market at Ellis Square neighborhood. InterContinental Hotels Group manages the hotel, which is located at the site of the former Guckenheimer tobacco warehouse and grocery. The hotel features The Five Oaks Taproom restaurant, which serves breakfast and dinner with dishes made from ingredients sourced within 90 miles of Savannah. Local artist Meryl Turret designed the guest room murals, which showcase historic bottles that were unearthed in this district of Savannah, and each room also features watercolor pieces that highlight the original market building. Hotel amenities include a 24-hour fitness center and 6,000 square feet of flexible event space.
FAIRBURN, GA. — South City Partners has selected McShane Construction Co. to build The Oakley Apartments in Fairburn, roughly 13 miles from Hartsfield-Jackson Atlanta International Airport. The 308-unit property will feature units with granite countertops, stainless steel appliances, vinyl plank and ceramic tile flooring and washers and dryers. Community amenities will include a fitness center, on-site leasing and management building, beach entry swimming pool, fire pits, outdoor grills and pavilions, bocce ball court, sand volleyball court, dog park and walking paths. McShane Construction plans to complete the project in August 2017. Dallas-based Womack + Hampton Architects LLC is providing architectural services for the development.