Property Type

HFF Arranges $42.7M Refinancing for Samaritan Medical Tower in Los Angeles

by Nellie Day October 27, 2015

LOS ANGELES — HFF has arranged a $42.7 million loan for Boulevard Investment Group to refinance Samaritan Medical Tower, a 146,354-square-foot medical office building in Downtown Los Angeles. The tower is located at 1127 Wilshire Blvd. The building is situated directly across the street from Good Samaritan Hospital, a 408-bed academic medical center affiliated with both USC’s and UCLA’s schools of medicine. Samaritan Medical Tower was originally built in 1964. It was extensively renovated in 2000 and 2014. The 10-year, fixed-rate CMBS loan features interest-only payments throughout the entire term. HFF’s Marc Schillinger worked on behalf of the borrower.

October 27, 2015

Loans Mixed-Use Multifamily New York Northeast Retail

HFF Arranges $200M for Acquisition and Pre-Development for 151 East 60th Street in Manhattan

by Jaime Lackey October 27, 2015

NEW YORK CITY — Holliday Fenoglio Fowler LP (HFF) has secured $200 million in financing for the acquisition and pre-development of a 19,684-square-foot development site at 151 East 60th St., which is located at Lexington Avenue across from Bloomingdale’s in Manhattan. The undeveloped parcel has zoning square footage that will accommodate up to 350,000 square feet; development is slated to begin in March 2017. Working on behalf of Kuafu Properties, HFF placed the floating-rate loan with Mack Real Estate Credit Strategies. Loan proceeds will facilitate the purchase of the fee simple interest in the property and fund pre-development costs towards construction of a luxury residential tower with approximately 40,000 square feet of retail space. Christopher Peck and Jay Marshall led HFF’s debt placement team.

October 27, 2015

Multifamily New Jersey Northeast

Castle Lanterra Properties Buys New Jersey Apartment Property for $147.5M

by Jaime Lackey October 27, 2015

BAYONNE, N.J. — Castle Lanterra Properties (CLP) has purchased Alexan CityView, a 544-unit apartment community situated on 7.4 acres along the waterfront in Bayonne for $147.5 million from a joint venture between an investment fund and a large property manager. Jones Lang LaSalle arranged the transaction. The new owner will rename the property Harbor Pointe and plans property upgrades, including updates to the clubhouse and an expansion of the gym. The LEED Silver-certified property, which was built in 2010, features a 9,000-square-foot clubhouse, fitness studio, indoor basketball half-court, children’s playroom, a resort-style saltwater pool, and a seven-story parking garage. It was at 91 percent occupancy at the time of sale.

October 27, 2015

New York Northeast Office

Mission Capital Secures $70M Loan for Manhattan Office Property

by Jaime Lackey October 27, 2015

NEW YORK CITY — Mission Capital Advisors has arranged $70 million in financing for 88 University Place, a 94,000-square-foot building in the heart of Midtown South/Greenwich Village. Mack Real Estate Credit Strategies provided the floating-rate loan on behalf of the sponsor, an investment group led by fashion designer Elie Tahari, which recently purchased the property in an off-market transaction for approximately $75 million. The property, which was constructed in 1906, consists of 11 stories of commercial loft space and ground-floor retail. A forward lease is in place with WeWork, the real estate co-sharing office space company. WeWork will occupy eight of the 10 floors, with the company expected to eventually occupy all 10 floors. Jonathan More, Ari Hirt and Jamie Matheny of the Mission Capital Debt & Equity Finance Group secured the loan. Ownership plans to invest significantly in capital improvements, including new lobby entranceways, new elevator cabs and mechanical upgrades, common area improvements, and HVAC upgrades.

October 27, 2015

New Jersey Northeast Office

NGKF Brokers Lease Expansion at Rockaway, N.J., Office Property

by Jaime Lackey October 27, 2015

ROCKAWAY, N.J. — Newmark Grubb Knight Frank (NGKF) has represented owner Lexington Realty Trust in the leasing of its property at 333 Mount Hope Ave. in Rockaway. The three-story, 92,000-square-foot building is now occupied entirely by Atlantic Health System. The 12-year lease was brokered by David Simson, Jamie Drummond and Tim Greiner of NGKF. Bryn Cinque of Colliers International represented the tenant. Atlantic Health System initially leased 64,000 square feet at the property but outgrew the space and chose to expand.

October 27, 2015

Massachusetts Northeast Retail

Linear Buys 35,800 SF Westborough, Mass., Retail Property

by Jaime Lackey October 27, 2015

WESTBOROUGH, MASS. — Linear Retail Properties has acquired 9 West Plaza, located at 1 Oak St. in Westborough. Located at the intersection of Route 9 and Lyman Street, the 35,800-square-foot building located on 5.8 acres features Sleepy’s, Chipotle, FedEx, Hair Cuttery and Gold’s Gym.

October 27, 2015

Office Texas

CBRE Arranges Office Relocation for Lennar Homes in San Antonio

by Haisten Willis October 26, 2015

SAN ANTONIO — CBRE has arranged a 15,409-square-foot office relocation lease for Lennar Homes of Texas Land and Construction. Lennar Homes will move from Parkway North Office Park, located at 1015 Central Parkway North, to RidgeWood Business Center II at 1922 Dry Creek Way. Both properties are in San Antonio. The move will take place in February 2016. The new office is a consolidation of San Antonio office space for Lennar Homes and two affiliated companies owned by Lennar Corp.: North American Title Co. and Universal American Mortgage Co., which are currently in separate offices. Jerry Freyo of CBRE’s Austin office, along with Carl Salvato of CBRE’s San Antonio office, represented the tenant in the lease transaction. Shawn Gulley of R. L. Worth Co. represented the landlord, RidgeWood Building Two. RidgeWood Business Center is a two-building flex project in the far north-central San Antonio submarket.

October 26, 2015

Multifamily Student Housing Texas

Berkadia Negotiates Sale of Student Housing Property in Austin

by Haisten Willis October 26, 2015

AUSTIN, TEXAS — Berkadia has negotiated the sale of Lonestar Lofts, a student housing property located at 2408 Leon St. in Austin. Forrest Bass of Berkadia’s Austin office completed the sale on Sept. 28. The buyer was a private investor from New York, and the seller was a local, private investor partnership. Lonestar Lofts was built in 1971 and offers studio, one-, two-, three- and four-bedroom floor plans. Unit amenities include stained concrete floors, black appliances, washers and dryers and a loft-style layout. Community amenities include a swimming pool with a pergola lounge area, barbeque grill and parking garage. The 50-unit student housing property is 100 percent occupied. Lonestar Lofts is located in the west campus submarket, one mile from the University of Texas and two miles from downtown Austin.sa

October 26, 2015

Multifamily Texas

ARA Newmark Arranges Sale of 702-Unit Portfolio in Plano

by Haisten Willis October 26, 2015

PLANO, TEXAS — ARA Newmark has arranged the sale of two Class A apartment communities in Plano: Avalon at Chase Oaks, a 326-unit property, and Thornbury at Chase Oaks, a 376-unit property. ARA Newmark’s Brian O’Boyle, Sr., Brian Murphy, Brian O’Boyle, Jr. and Richard Furr led the marketing efforts for the two multifamily communities on behalf of Berkshire Group, a real estate investment management company headquartered in Boston. Frisco, Texas-based CAF Capital, a private equity real estate firm specializing in the acquisition, redevelopment, repositioning and subsequent sale of institutional quality multifamily real estate, acquired the communities for an undisclosed price. The properties were 96 percent occupied at the time of sale. Constructed in 1992 and 1996, respectively, Avalon at Chase Oaks and Thornbury at Chase Oaks back up to The Courses at Watters Creek golf course and are within a mile of each other. Plano is home to corporate and regional headquarters for JC Penney, Cinemark Holdings, Rent-A-Center, Dr. Pepper Snapple Group, Frito-Lay, Intel Security and Alliance Data Systems.

October 26, 2015

Office Texas

Moody Rambin Arranges Renewal of Office Space in Houston

by Haisten Willis October 26, 2015

HOUSTON — Apogee Consulting Group has renewed 3,018 square feet of office space at the Woodlake Park office building located at 2500 Tanglewilde St. in Houston. Terri Torregrossa of Moody Rambin represented the building owner, Woodlake Properties Ltd. Keith E. Lloyd of Marcus & Millichap represented the tenant in negotiations.

October 26, 2015

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