SMITHFIELD, N.C. — Carolinas Holdings Inc. has begun developing Smithfield Landing, a two-building, 9,048-square-foot strip retail center. The fully leased center is located at 110 S. Equity Drive in Smithfield, adjacent to Simon Property Group’s Carolina Premium Outlets. The property’s tenant roster includes Starbucks Coffee, Chipotle Mexican Grill and Buffalo Wild Wings. The development team comprises architect McMillan Pazdan Smith, civil engineer McKim & Creed and general contractor Spell Construction. Palmetto Bank provided construction financing for Smithfield Landing, which will open in late 2015.
NASHVILLE, TENN. — Duke Realty Corp. has signed UNARCO Material Handling Inc. to lease 155,390 square feet of industrial space in Nashville Business Center II. UNARCO is a national manufacturer and distributor of structural and roll-formed pallet racking and warehouse storage systems. The company will use the building, located at 3438 Briley Park Blvd., as a product distribution center. UNARCO’s lease brings the building to 78 percent occupancy. Nashville Business Center II is a 501,300-square-foot building that features 32-foot clear heights, 42-foot by 50-foot bay spacing and auto and trailer parking around the building. Improvements made on behalf of UNARCO include constructing a demising wall, adding a new building entrance, establishing separate electrical service and reworking the office area. Charley Hankla of DTZ represented UNARCO in the lease transaction. Duke Realty was represented internally by Lonnie Russell.
TAMPA, FLA. — Roger B. Kennedy Inc. has begun construction on Haley Park Apartments, an $8.7 million seniors independent living community in Tampa. The 80-unit project will be located at 13045 N. 15th St. and will feature a swimming pool, outdoor gathering areas with benches, gazebo and a dog park. Roger B. Kennedy plans to wrap up construction in May 2016. The design team includes architect BDG Architects and developer NVC Haley Park Ltd.
LARGO AND CLEARWATER, FLA. — Franklin Street Real Estate Services has brokered the $2.8 million sale of Liv @ Jefferson and Liv @Jasper. Liv @ Jefferson is a 20-unit garden-style apartment community, built in 1976, that is located at 55 Jasper St. in Largo. The property contains a unit mix of one-, two- and three-bedroom units ranging from 900 to 1,550 square feet. Liv @ Jasper is a 33-unit, garden-style apartment community, built in 1971, located at 121 N. Jefferson Ave. in Clearwater. The property offers studio, one-, and two-bedroom floor plans ranging from 415 to 770 square feet. Darron Kattan, Robert Goldfinger, Kevin Kelleher, and Zachary Ames of Franklin Street represented both the seller, DRW Real Estate Management LLC, and the buyer, a private investor from the West Coast. In addition to these properties, the buyer recently bought three other apartment communities of varying sizes in Pinellas County. The buyer plans to operate them all centrally out of one of the larger properties they acquired, according to Franklin Street. Liv @ Jefferson and Liv @Jasper were financed with a newer product being offered by Freddie Mac and Fannie Mae.
NEW YORK CITY — Jonathan Rose Cos. has begun construction of BCD:A (Brooklyn Cultural District Apartments), a 121,551-square-foot mixed-use, mixed-income property located at the corner of Lafayette Avenue and Ashland Place in the Downtown Brooklyn Cultural District. The $51.1 million, 11-story development includes 123 apartments of which 40 percent will be affordable to families earning between 80 percent and 130 percent of Area Median Income; 2,800 square feet of retail space for a flagship ’wichcraft restaurant; and 21,400 square feet for cultural use. The Center for Fiction will occupy 17,696 square feet and the Mark Morris Dance Group will occupy 3,757 square feet. Construction financing for the project has been provided by a $28 million construction loan from Citizens Bank. The development team for the project includes Dattner Architects, Bernheimer Architecture, and SCAPE Landscape Architects. The project is expected to meet or exceed LEED Silver standards. Residential building amenities include a resident lounge, a fitness center and a double-height conservatory. The property will also include a “Product Lending Library” (or “virtual closet”) that will include a collection of items that residents may need once in a while, but not every day. Examples of such items include a video projector, large …
NEW YORK CITY — Forest City Enterprises, a member of Greenland Forest City Partners (the joint venture developing the Pacific Park Brooklyn project), has closed on financing for the construction of 38 Sixth Avenue, a 303-unit, 100 percent affordable apartment building at Pacific Park Brooklyn, and work has begun on the building. For construction financing of 38 Sixth Avenue, the New York City Housing Development Corp. is providing an $83 million first mortgage loan for the building through the issuance of tax-exempt government debt obligations funded by Citi Community Capital. Greenland Forest City Partners is also receiving a $10 million subordinate loan from HDC and a $2 million subordinate loan from Citibank. Designed by SHoP Architects, 38 Sixth Avenue (formerly known as B3) is the third Pacific Park Brooklyn building on which Greenland Forest City Partners has broken ground since December 2014. The other buildings include 535 Carlton, a 100 percent affordable apartment building, and 550 Vanderbilt, a market-rate condominium building. The first building at Pacific Park, 461 Dean Street (formerly known as B2 BKLYN), broke ground at the end of 2012 and will include 50 percent market-rate apartments, 30 percent middle-income and 20 percent low-income units. 461 Dean Street …
ABERDEEN TOWNSHIP, N.J. — RPM Development Group will develop a three-building affordable housing project that will include rental units for seniors and people of all ages, as well as a new senior community center, in Aberdeen Township. The project, which will feature two residential buildings, will be located on 14 acres on Church Street formerly occupied by South River Metals Corp. Hudson Ridge Senior Residence at Aberdeen will offer 67 one-bedroom and eight two-bedroom rental units of age-restricted housing for those 55 years or older. The second residential building, Hudson Ridge Residence at Aberdeen, will provide 70 one-, two- and three-bedroom rental units that will not have age restrictions. Preference on the rentals will be given to households that were impacted by Hurricane Sandy. Combined cost for constructing the two residential buildings will be $44 million. The site plan also calls for a separate 2,500-square-foot senior community center available for use by all residents of Aberdeen. Site work is anticipated to begin in the fall, with buildout expected to take two years. The project, which will strive for LEED certification, will be constructed with government assistance, including Community Development Block Grant (CDBG) Disaster Relief funding, along with 4 percent low-income housing …
STAMFORD, CT. — Darien, Conn.-based Baywater Properties and an affiliate of True North Management Group of White Plains, N.Y., have acquired a 110,000-square-foot commercial office building at 2777 Summer Street in Stamford. At the time of acquisition, the seven-story office building was less than 50 percent occupied. The Baywater-True North venture plans to invest in a significant renovation of the building’s common areas, including the front lobby. The venture recently signed a lease for approximately 14,000 square feet with Keller Williams Realty, and is in active discussions with tenants whose needs total more than 15,000 square feet. The property offers on-site security, 24/7 key-card access, covered parking, shuttle service to the Stamford Transportation Center and a deli/café in the lobby.
HOUSTON — HREC Investment Advisors has arranged the sale of the 294-room Crowne Plaza Houston Northwest Brookhollow located in Houston. The buyer, Unique Hotel Management Group, is a regional hotel investor. The seller is a special servicer that acquired the hotel through foreclosure. Mike Armstrong and Hank Wolpert of HREC represented the seller during the transaction. The hotel is located in Brookhollow in northwest Houston on U.S. Highway 290 and is within a short drive to Houston’s Energy Corridor. The hotel is located near major shopping, sports and entertainment venues in Houston.
DALLAS — Metropolitan Capital Advisors (MCA) has arranged a senior secured credit facility for Austin-based Bandon Holdings LLC, the largest Anytime Fitness franchisee in Texas and the third largest in the United States. Bandon owns and operates 17 Anytime Fitness health and fitness clubs across Central and North Texas. The credit facility was made up of a term loan and development/acquisition line of credit secured by leasehold and business assets. The loan was used to retire existing debt. The line of credit will fund the development and acquisition of additional Anytime Fitness locations as well as planned renovations and equipment purchases/upgrades over the next three years. MCA secured the credit facility with BBVA Compass. Sunny Sajnani of MCA arranged the financing.