BATTLE CREEK, MICH. — Bernard Financial Group has completed a $10 million loan for River Apartments and River Oaks Apartments located in Battle Creek. There are 288 units between the two properties. BC River Oaks Apartments LLC is the borrowing entity. Kevin Kovachevich of Bernard Financial originated the loan through a CMBS lender. River Apartments is a five-building, 120-unit property that was built in 1980. River Oaks Apartments is a seven-building, 168-unit complex that was built in 1976.
BEDFORD PARK, ILL. — Paine/Wetzel TNC Worldwide has arranged the 30,000-sqaure-foot industrial lease of a property located in Bedford Park, a southwestern suburb of Chicago. Midway Windows and Doors Inc. will lease the space at 5321 W. 65th St. Bill Kerrins of Paine/Wetzel TNC Worldwide represented the tenant in the transaction. Phil Mumford represented 5321 W. 65th LLC.
NEW YORK CITY — Related Companies and Oxford Properties Group have closed on $1.3 billion in financing to fund 15 Hudson Yards, the first residential tower at the 28-acre Hudson Yards mixed-use development on Manhattan’s West Side. Already under construction, the building contains both rental and condominium apartments. The 960,000-square-foot building will be completed in 2018, and sales are expected to begin in mid-2016. Designed by Diller Scofidio + Renfro and Rockwell Group to obtain LEED Gold certification, 15 Hudson Yards will be 910 feet tall and will include 285 for-sale residences throughout its 70 stories, as well as 106 rental units. The property will offer unobstructed views of the city and Hudson River. Hudson Yards is being developed by Related Cos. and Oxford Properties Group and will include 17 million square feet of commercial and residential space, more than 100 shops and restaurants, including the first Neiman Marcus in New York City, approximately 5,000 residences, 14 acres of public open space, a new 750-seat public school and a 200-room, Equinox-branded luxury hotel. 15 Hudson Yards will have frontage on the newly created plaza at the center of Hudson Yards and is also adjacent to the …
NEW YORK CITY — Heritage Equity Partners and Lichtenstein Group have partnered to redevelop five vacant warehouses into Bushwick Generator. The interconnected buildings at 215 Moore St. in Brooklyn will be transformed into a 75,000-square-foot light industrial, office and retail property, offering space office or workspaces ranging from 1,500 square feet to 20,000 square feet. Brooklyn-based ABS Partners has been retained as the office leasing agent for the property, which is geared toward new economy industries, including tech, creative arts and food production.
PENFIELD, N.Y. — Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, has closed a $17.6 million value-add loan for a multifamily property in Penfield. The loan features a three-year term with a one-year extension and is structured in the stretch senior loan program up to 85 percent loan-to-cost. The property, Penbrooke Meadows, features 350 apartment units. Ready Capital originates, manages and finances non-recourse floating- and fixed-rate loans of up to five years on transitional, value-add and event-driven commercial and multifamily real estate opportunities.
ROCKY HILL, CONN. — Colliers International has brokered the sale of an industrial facility located at 51 Belamose Ave. in Rocky Hill. MF Discala & Co. acquired the property from Fifty One Belamose LLC for $2.3 million. The 35,000-square-foot property is fully occupied and will provide a long-term cash flow for the new owner. Nicholas Morizio and Ian Hunt of Colliers represented the seller and buyer in the transaction.
SOUTHINGTON, CONN. — O,R&L Commercial has brokered the lease of 85,000 square feet at 200 Executive Blvd. in Southington to Webster Bank. The bank is consolidating its Cheshire and Wallingford, Conn., offices into the four-story, 150,000-square-foot office building. Webster Bank will occupy the first, second and third floors of the building, which was formerly occupied by The Hartford. Jay Morris and Robert Gaucher of O,R&L represented the landlord, Executive 200 LLC, while Drew Saunders of Jones Lang LaSalle represented the tenant in the transaction.
DALLAS — Carey Watermark Investors Inc. (CWI 1) has acquired Le Meridien Dallas, The Stoneleigh, a 176-room hotel in Uptown Dallas. Originally built in 1923, Le Meridien Dallas, The Stoneleigh is an Art Deco-style hotel that is listed on the National Register of Historic Places. The hotel underwent a $36 million renovation in 2008. Since then, $4.5 million has been spent to further upgrade the property, and in early 2016, an additional $4 million renovation is planned for guestroom and corridor updates, the addition of an outdoor courtyard event space, a pool and other enhancements. Le Meridien, a Starwood Hotels & Resorts brand, is a global hotel brand with a portfolio exceeding 100 hotels in more than 50 countries. The hotel will continue to be managed by Merritt Hospitality, an affiliate of HEI Hotels & Resorts, a hospitality owner and operator that owns and manages 48 hotels and resorts throughout the United States. Merritt Hospitality manages the Westin Pasadena, Westin Minneapolis, Sheraton Austin at the Capitol and the Boca Raton Marriott at Boca Center for CWI 1. Le Meridien Dallas, The Stoneleigh includes 8,900 square feet of meeting and event space, a three-meal restaurant, lobby bar, outdoor pool and event …
AMARILLO, TEXAS — HFF has secured $28.2 million in construction financing to develop a 225-room Embassy Suites hotel to anchor the Civic Center redevelopment in Amarillo. HFF worked on behalf of the developer, NewcrestImage, to secure the financing through Southwest Bank, the largest locally owned bank in Fort Worth. Located at the intersection of 6th Avenue and Buchanan Street, the 200,000-square-foot Embassy Suites hotel will be part of planned improvements in downtown Amarillo surrounding Amarillo’s Civic Center, a multi-purpose convention center that will also include retail, a parking garage and an entertainment venue/ballpark. Amarillo is the 14th-largest city in Texas and the largest city in the Texas Panhandle. The all-suite, Hilton-branded hotel will feature 30,000 square feet of meeting and function space, 300 parking spots in an adjacent garage, lounge and lobby bar, pool, fitness center and full-service restaurant for breakfast, lunch and dinner. The hotel is expected to be complete in 2017. Travis Anderson and Jim Curtin led the HFF debt placement team representing the borrower.
AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Rodeway Inn & Suites Downtown North Austin, a 49-room hospitality property located in Austin. Chris Gomes of Marcus & Millichap’s Dallas office, Allan Miller of Marcus & Millichap’s San Antonio office and Jake Gaddy of the firm’s Austin office marketed the property on behalf of the seller, a limited liability company. Michael Yu, Rahul Bijlani and Agrama Mannapperuma of Marcus & Millichap’s Houston office procured the buyer, an individual/personal trust. Rodeway Inn & Suites Downtown North Austin is located at 6201 E. Highway 290, less than one-half mile east of the I-35 intersection. Originally constructed in 1963, the recently renovated hotel is situated on 1.6 acres. Amenities include an outdoor pool, picnic area and breakfast bar.