Property Type

Brooklyn Navy Yard Development Corp. Unveils Plans for Building 77

by Amy Works November 13, 2015

NEW YORK CITY — Brooklyn Navy Yard Development Corp. has unveiled its plans for Building 77, a $140 million renovation of a 1 million-square-foot industrial building at the Brooklyn Navy Yard. The repositioned property will feature a ground-floor public food hall, space for food manufacturing and a collaboration hub for the growing base of businesses in the area. Upon completion, the renovated building will increase overall employment at the Yard by more than 40 percent, creating 3,000 manufacturing and innovation jobs. Completion is slated for early 2017.

November 13, 2015

Loans Multifamily New York Northeast

First Niagara Provides $6.4M Construction Loan for Multifamily Development in Rochester

by Amy Works November 13, 2015

ROCHESTER, N.Y. — First Niagara Financial Group Inc. has provided a $6.4 million construction loan to Conifer Realty LLC for the development of Market Apartments at Corpus Christi. Located on East Main Street in Rochester’s Market neighborhood, the affordable housing development, which is tailored for local artists, will feature 42 energy-efficient apartments, including one- and two-bedroom units; art studio and work space; and plans to add a rehearsal space for musicians in a neighboring building. Additionally, the property is located within walking distance to public transportation and retailers. Conifer-LeChase Construction, a partnership between Conifer and LeChase Construction Services, is serving as general contractor for the project.

November 13, 2015

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Brokers $7.3M Sale of Upper East Side Mixed-Use Building

by Amy Works November 13, 2015

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 1481 York Ave. on Manhattan’s Upper East Side. The five-story building sold for $7.3 million, or $980 per square foot, in an all-cash transaction. The 7,500-square-foot property features one commercial unit and eight apartments, of which five are free market and three are rent stabilized. The five free-market units were delivered vacant. The property also offers 11,250 square feet of unused air rights. Thomas Gammino Jr. and Brett Weisblum of Cushman & Wakefield negotiated the transaction. The names of the buyer and seller were not released.

November 13, 2015

New Jersey Northeast Office

CBRE Group Negotiates Sale of Vacant Data Center in Teaneck

by Amy Works November 13, 2015

TEANECK, N.J. — CBRE Group Inc. has brokered the sale of a former data center, located at 1500 Queen Anne Road in Teaneck. The fully fenced, 55,000-square-foot center features three buildings and electric gates on more than three well-landscaped acres sold for an undisclosed sum. After being vacant for approximately eight years, the property will be repositioned as He’atid Yeshivat Day School, which is slated to open in January 2016. The repositioning will include rehabilitation of the existing buildings, construction of an additional floor to one building and the creation of 20 classrooms at the site. Elli Klapper, Charles Berger and Bill Hassan of CBRE represented both parties in the transaction. The names of the seller and buyer were not released.

November 13, 2015

Office Texas

Buchanan Street Partners Acquires Tollway Plaza in Dallas

by Haisten Willis November 13, 2015

DALLAS — Buchanan Street Partners has acquired Tollway Plaza, an office property located at 15950 and 16000 N. Dallas Parkway in Dallas. This is Buchanan Street’s third purchase in the greater Dallas area this year. Tollway Plaza is a LEED-certified property consisting of two eight-story buildings totaling 370,073 square feet. Onsite amenities include a fitness center, conference facility and café. Buchanan Street is planning upgrades to Tollway Plaza’s campus lobbies, elevators and restrooms to match the design of the property exteriors. Tollway Plaza is located in the Dallas North Tollway submarket and was 95 percent leased at the time of the sale to tenants such as Travis Wolff LLP, Axxess Technology Solutions, HQ Global and Stewart Title. Tommy Nelson, Shannon Brown and Kenzie Killgore of CBRE will handle leasing for Tollway Plaza. HFF’s Dallas investment sales team represented the seller, which was unnamed. Buchanan Street Partners represented itself.

November 13, 2015

Alabama Loans Retail Southeast

New York Life Originates $58M Loan for Power Retail Center in Montgomery

by John Nelson November 13, 2015

MONTGOMERY, ALA. — New York Life Real Estate Investors has provided a $58 million loan on behalf of institutional investors for The Shoppes at EastChase in Montgomery. The 389,084-square-foot power retail center is leased to tenants including AT&T Wireless, Banana Republic, Dillard’s, Earth Fare Organic Grocer, Kohl’s, LOFT, Moe’s Southwest Grill, Motherhood Maternity, PetSmart and Target. Phillip Cox and Bill Mattice of Grandbridge Real Estate Capital’s Greenville, S.C., office arranged the loan through New York Life. The 10-year loan featured a fixed interest rate.

November 13, 2015

Maryland Multifamily Southeast

Klein Enterprises Breaks Ground on Apartment Community in Metro Baltimore

by John Nelson November 13, 2015

TOWSON, MD. — Klein Enterprises has broken ground on Southerly Square Apartments, a 175-unit multifamily community in Towson, roughly 10 miles north of Baltimore. The property is located on Southerly Road close to the Baltimore Beltway and adjacent to Goucher College. The apartment community will feature an integrated five-story, 361-space parking garage. Community amenities will include a private courtyard with a swimming pool, fire pit, bocce ball court, fitness center, game room with billiards, theater room, café and a rooftop balcony. Units will feature stainless steel appliances, full-sized washer and dryer units, walk-in closets, high-speed internet access, high ceilings and a patio or balcony. Columbia National Real Estate Finance LLC is providing construction financing for the project. Klein Enterprises is developing Southerly Square with Taylor Property Group. Klein expects to deliver the apartment community by spring 2017.

November 13, 2015

Industrial Loans Texas

Cohen Financial Secures $6M Refinancing Loan for Self-Storage Portfolio

by Haisten Willis November 13, 2015

LUFKIN, TEXAS — Cohen Financial has secured a $6 million loan to refinance a portfolio of five self-storage facilities located in the east Texas city of Lufkin. The portfolio consists of 1,719 units spanning 264,040 square feet. Each facility features recreational vehicle and boat storage spaces. Lufkin is located 120 miles north of Houston and 170 miles southeast of Dallas, and all of the storage facilities are within a six-mile radius. Kenneth Fox of Cohen Financial’s San Francisco office originated the fixed-rate loan through Symetra Insurance Co. A San Francisco Bay-area investor/owner group is the borrower.

November 13, 2015

Loans Louisiana Retail Southeast Uncategorized

HFF Arranges $27.7M Refinancing of Grocery-Anchored Shopping Center in New Orleans

by John Nelson November 13, 2015

NEW ORLEANS — HFF has arranged a $27.7 million loan for Algiers Plaza, a recently renovated, 236,389-square-foot shopping center located along General deGaulle Drive in New Orleans. The Winn Dixie-anchored shopping center has recently added Petco, Ross Dress for Less, T.J. Maxx and Burke’s to its tenant roster. Existing tenants include Payless Shoe Source, Buffalo Wild Wings, Mattress Firm and Walgreens. Algiers Plaza was 85 percent leased at the time of financing. De’On Collins and Travis Anderson of HFF arranged the floating-rate loan through BBVA Compass on behalf of the borrower, N3 Real Estate. N3 will use the loan proceeds to pay off a construction loan, acquire all of the minority partnership interests and fund future capital improvements and leasing costs at the property.

November 13, 2015

Loans Multifamily Texas

BMC Capital Provides Trio of Loans in Metro Dallas, Houston and Beaumont

by Haisten Willis November 13, 2015

GARLAND, KATY AND BEAUMONT, TEXAS — BMC Capital has provided loans in the Texas cities of Garland, Katy and Beaumont totaling $8.2 million. In the first transaction, Tony Talamas of BMC Capital’s Houston office arranged a $1.7 million loan for the purchase of a 50-unit, garden-style multifamily property built in 1959 in Garland. The loan featured a 20-year term with 4.2 percent interest for five years, a 30-year amortization schedule and a step-down pre-payment premium. The non-recourse loan also featured one year of interest-only payments while the new owner makes upgrades and implements repairs/renovations to the property. The loan was arranged through one of BMC Capital’s correspondent agency relationships under the Freddie Mac Small Balance program. In the second transaction, Talamas arranged $4.5 million loan for the refinancing of an unanchored, multi-tenant retail strip center in Katy. The property was 57 percent occupied and 70 percent leased at the time of application. Talamas arranged a permanent loan with one of BMC Capital’s correspondent credit union relationships. The loan featured a five-year, fixed-rate term with 4.8 percent interest, 25-year amortization schedule and no pre-payment penalty. In the third transaction, Talamas arranged a $2 million loan for the purchase of a multifamily property …

November 13, 2015

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