MCKINNEY, TEXAS — KWA Construction has started construction at Post Oak Apartments, a 182-unit affordable housing rental complex in McKinney, on behalf of owner McKinney Millennium II and developer Ground Floor Development. Post Oak Apartments will be financed with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The complex will offer 52 units at competitive market rental rates, with the remaining 130 units available to families and individuals earning 60 percent or less of the area median income (AMI). The community is located on seven acres at the southeast quadrant of the McKinney Ranch Parkway and Collin McKinney Parkway intersection. Designed by Architecttura, the six wood-frame buildings will feature a majority masonry exterior using a mix of brick and stone products. The four-story, elevator-served apartments will offer one-, two- and three-bedroom units. Tenant amenities will include a 5,978-square-foot leasing center and clubhouse with a fitness center, business center, laundry facility and resident lounges with a kitchen, as well as individual patios or balconies. The location of the 247,093-square-foot development will provide access to medical centers, schools, employment and recreation facilities. Boston Capital is the investor of the construction of Post Oak Apartments.
KILLEEN AND TEMPLE, TEXAS — Jamie Safier and Kurt Dennis of LMI Capital have placed debt for the acquisition and refinancing of two separate garden-style apartment complexes located in tertiary markets in the central Texas region. Dennis secured the acquisition loan for a garden-style apartment complex in Killeen totaling more than 100 units. The five-year, 4.75 percent fixed-rate loan equates to 70 percent of the purchase price and features a flexible pre-payment structure. Working on behalf of the borrower for the second transaction, Safier arranged a 10-year, fixed-rate agency loan at 75 percent leverage for a 140-unit multifamily community in Temple.
NEW YORK CITY — Stellar Management has completed the disposition of a loft office building located at 123 Lafayette St. in New York City. An undisclosed buyer purchased the 21,916-square-foot property for $33.5 million, or $1,525 per rentable square foot. The newly renovated property is a 100 percent occupied turn-key office building with ground-floor retail space. The retail space is occupied by Dunkin’ Donuts and Love Hate Social Club. Bob Knakal, Robert Burton and Jonathan Hageman of Cushman & Wakefield handled the transaction.
HAMILTON TOWNSHIP, N.J. — NAI Mertz has arranged the sale of the multi-building, 1 million-square-foot former Congoleum Corp. complex, located at 861 Sloan Ave. in Hamilton Township. Commercial Development Corp. (CDC) acquired the property from Congoleum Corp. for an undisclosed price. CDC plans to develop a mixed-use development on the 65-acre site. The developer plans to raze the majority of the buildings on site with the exception of Building 55, an existing 150,000-square-foot warehouse building. Jeffrey Licht and Fred Meyer of NAI Mertz represented the seller in the transaction.
NEW YORK CITY — Eastern Consolidated has arranged a $27 million bridge loan on behalf of XIN Development International for the acquisition of a development site in Manhattan’s Midtown West. XIN Development plans to build a mixed-use project on the 105,000-square-foot development site, which is located at 615 Tenth Ave. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated secured the financing, which was provided by Bank of the Ozarks, for the borrower.
NEW YORK CITY — Alpha Realty has arranged the sale of a mixed-use building located at 148 E. 98th St. in Manhattan’s Upper East Side. The asset sold for $6.6 million. The six-story, elevator-serviced property features 11 apartment units and a first-floor office space. Glenn Raff of Alpha Realty represented the seller and buyer in the transaction. The names of the buyer and seller were not released.
CRANBURY, N.J. — Colliers International has arranged the lease of 182,000 square feet of warehouse space at 1240 Cranbury South River Road in Cranbury. Achim Importing Co., a global home goods trading company, is relocating to the space after its previous facility at 1600 Livingston Ave. in North Brunswick, N.J., was destroyed by fire last year. Michael Markey and Jonathan Tesser of Colliers arranged the lease on behalf of Achim Importing Co. The landlord is Cosmetic Essence Innovations.
SAN DIEGO — San Diego-based Capital Real Estate Ventures Inc., along with its joint venture partner, Orion Investment and Management Ltd. Corp., has received $29.6 million in acquisition financing for four Del Taco portfolios, totaling 22 properties, in Southern California. HFF placed the non-recourse, two-year, floating-rate loan with Wells Fargo Restaurant Finance Group for the borrower. All properties in the four portfolios feature new long-term leases with Del Taco, a fast food restaurant specializing in Mexican cuisine. The properties are located in Colton, Highland, Lake Elsinore, La Verne, Moreno Valley, Palmdale, Placentia, Perris, Rancho Cucamonga, Rialto, Riverside, Sacramento, Temecula, Thousand Palms, Torrance, Upland, Walnut, Victorville and Vista. Kevin Mackenzie and Greg Brown of HFF secured the financing for the borrower.
PHOENIX — Westcore Properties has purchased a 170,625-square-foot industrial property in Phoenix for $10.2 million. The facility is located at 125 North 67th Ave. The tenants include Goodman Distribution and Omni Workspace. JLL’s Bo Mills and Mark Detmer represented Westcore in the transaction.
SAN DIEGO — Shea Properties has signed three new tenants to Mercado del Barrio, a mixed-use center located under the Coronado Bridge in San Diego’s Barrio Logan. Marciscos el Pulpo, a seafood restaurant, celebrated its grand opening on January 10; MishMash, a gourmet street-food truck and catering company, is opening its first brick-and-mortar location in the first quarter of this year; and The Gear Group, a tactical equipment retailer, is also opening this quarter. In addition to the new tenants, Fathom Crossfit is expanding its current location at the center to 6,111 square feet in mid-January. Other tenants at the property include Northgate Market, Little Caesars, T-Mobile, Asia Wok, Fade Factory, Iron Fist Brewing Co., National Laundry & Dry Cleaning, Sally Beauty and Tocumbo Ice Cream & Tortas.