Property Type

Muskin Commercial Arranges Sale of Apartment Complex in Austin

by Haisten Willis March 17, 2015

AUSTIN, TEXAS — Muskin Commercial has arranged the sale of Anderson Oaks Apartments in Austin. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller, a California-based investor, in the transaction. An undisclosed buyer purchased the property. Anderson Oaks is located at 9219 Anderson Mill Road in northwest Austin. Renovations were made to 24 units at the property. Amenities at the community include a swimming pool, a management office and business center and an on-site laundry facility. Arbor Property Management of Austin will continue to manage the property.

March 17, 2015

NorthMarq Capital Arranges $2.7M Loan for Holiday Inn Express & Suites in Bucyrus, Ohio

by Danielle Everson March 17, 2015

BUCYRUS, OHIO — NorthMarq Capital has arranged $2.7 million in acquisition financing for the purchase of a Holiday Inn Express & Suites in Bucyrus. The 40,380-square-foot hospitality property is located at 1575 N. Sandusky Ave. The 10-year loan includes a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender. Matt Marshall of NorthMarq Capital’s Boston regional office arranged the loan for the undisclosed borrower.

March 17, 2015

Loans Multifamily Seniors Housing Texas

LMI Capital Arranges Trio of Loans in Metro Houston

by Haisten Willis March 17, 2015

HOUSTON — LMI Capital has arranged loans for three properties in Houston. In the first transaction, Brandon Brown of LMI Capital arranged $4.3 million in debt for the refinance of two Class A, boutique multifamily assets in the Spring Branch submarket. The 10-year, fixed-rate loans both loans feature 4 percent interest rates and 30-year amortization schedules. In the second transaction, Brown arranged $8.4 million in debt for the refinance of a 124-unit seniors housing complex in Missouri City. The 10-year, fixed-rate CMBS loan will provide cash out proceeds to the client. The loan represented a 75 percent loan-to-value ratio and included a 30-year amortization schedule. In the third transaction, Jamie Stein of LMI Capital arranged $6.5 million in financing for a garden-style apartment complex in the Spring Branch submarket. Stein secured a 10-year, fixed-rate loan inclusive of a capital improvements component with a CMBS lender. The mortgage includes three years of interest-only payments.

March 17, 2015

Multifamily New York Northeast Retail

Eastern Consolidated Arranges $107M Sale of Multi-Property Portfolio

by Amy Works March 17, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of a multiple-property portfolio, known as the Lee Estate Portfolio, for $107 million. Spanning Brooklyn, Manhattan and Ulster County, N.Y., the portfolio consists of 17 retail and residential properties in Williamsburg, Brooklyn, which were acquired by L3 Capital LLC and ASB Real Estate Investments; a grocery store on Linden Boulevard in East New York; a three-story residential building in East Williamsburg; a co-op apartment on the Upper East Side; and a 108-acre site in Ulster County. Adelaide Polsinelli and Benjamin Tapper of Eastern Consolidated represented the seller, Lee Estate, and procured the buyers in the multi-faceted transactions. Additionally, Chris Matousek of Eastern Consolidated served as analyst for the transaction, and Roy Martin of Hodgson Russ Attorneys was the attorney for seller.

March 17, 2015

Multifamily New York Northeast

Quadrum Global, Simon Baron Development Sign Ground Lease to Develop Residential Building

by Amy Works March 17, 2015

NEW YORK CITY — Quadrum Global and Simon Baron Development (SBD) have signed a 99-year ground lease at 267 West 87th St. in Manhattan’s Upper West Side. The partnership plans to develop an 18-story, 100,000-square-foot residential building on the site. The 10,000-square-foot tract of land currently houses a parking garage, which will be demolished to make way for new project. This is the fifth joint venture project between Quadrum and SBD and the second deal on the Upper West Side. Terms of the lease were not released.

March 17, 2015

New Jersey Northeast Office

CBRE Group Brokers Sale of 220,877 SF Office Building in New Jersey

by Amy Works March 17, 2015

PARK RIDGE, N.J. — CBRE Group has brokered the sale of an office building located at One Sony Dr. in Park Ridge. Hornrock Properties purchased the 220,877-square-foot building from Sony Electronics Inc. for an undisclosed price. As part of the sale, the building will be partially leased back to Sony Electronics for two years. Jeffrey Dunne, Kevin Welsh, Brian Schulz, Jeffrey Babikian of CBRE represented the seller and procured the buyer in the transaction.

March 17, 2015

Hospitality Massachusetts Northeast

Starwood Hotels Opens Third Four Points Hotel in Metro Boston

by Amy Works March 17, 2015

WAKEFIELD, MASS. — Starwood Hotels & Resorts Worldwide has opened its third Four Points hotel in the metro Boston area. Located at 1 Audubon Road in Wakefield, newly converted Four Points by Sheraton Wakefield Boston Hotel & Conference features 280 guestrooms, an 18,000-square-foot conference center, full-service dining and an indoor pool. The hotel is owned and operated by Meera LLC, an entity of Jamsan Hotel Management. Additionally, the hotel is scheduled to complete a $5 million renovation to upgrade all guestrooms and public areas by early next year.

March 17, 2015

Florida Hospitality Loans Southeast

HFF Arranges $40M Construction Loan for Art Deco Hotel in Miami Beach

by John Nelson March 17, 2015

MIAMI BEACH, FLA. — HFF has arranged a $40 million construction loan for the redevelopment of Park Central Hotel, a 1939 Art Deco hotel located at 620-650 Ocean Drive in Miami Beach. The loan will be used to take three existing Art Deco buildings — the Park Central Hotel, the Imperial Hotel and Heathcoat Apartments — and a 0.2-acre development site and turn them into the new Park Central Hotel. The new 135-room boutique hotel will feature three restaurants totaling 8,100 square feet, a rooftop glass bottom pool, ground-floor pool with ocean views from the deck, 24 suites and 1,380 square feet of meeting space. Jim Dockerty, Scott Wadler and Marc Roth led HFF’s debt placement team to secure a three-year, floating rate loan through BB&T Real Estate Funding on behalf of the borrower, Park Central Partners LLC, an entity controlled by Optimum Asset Management.

March 17, 2015

Multifamily North Carolina Southeast

Camden Property Trust Opens Apartment Community in Charlotte

by John Nelson March 17, 2015

CHARLOTTE, N.C. — Camden Property Trust has opened Camden Southline, an upscale apartment community located at 2300 South Blvd. in Charlotte’s South End neighborhood. The apartment community offers studio, one- and two-bedroom apartments with amenities like a saltwater pool, on-site fitness center with virtual trainer and yoga zone, high-speed internet and Wi-Fi, cable through AT&T U-Verse and full-size washer and dryers. Camden Southline is also pet-friendly and features a Paw Spa and an unleashed dog park. The property is one of 10 Camden communities in the Charlotte metro area.

March 17, 2015

MidCity Plaza Atlanta Perimeter FOCUS Brands

Georgia Office Southeast

FOCUS Brands to Lease Entire MidCity Plaza in Atlanta for New Headquarters

by John Nelson March 17, 2015

ATLANTA — FOCUS Brands Inc. has leased MidCity Plaza, a Class A, 63,000-square-foot office building located at I-285 and GA 400 in Atlanta’s Central Perimeter submarket. MidCity Real Estate Partners purchased the property, located at 5620 Glenridge Drive, in mid-2013 and was completely converted to Class A standards over the course of a nearly two-year process. The office building is part of a mixed-use development including five restaurants (Blue Moon Pizza, Taziki’s, Firehouse Subs, Qdoba and Sushi Nami) and Windsor at Glenridge, a Class A apartment community developed by Wood Partners. FOCUS Brands is the parent company of Cinnabon, Auntie Anne’s, Moe’s Southwest Grill, McAlister’s Deli, Schlotzsky’s Bakery and Café and Carvel brands.

March 17, 2015

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