NEW YORK CITY — McSam Hotel Group plans to break ground this August on TownePlace Suites by Marriott at 324 W. 44th St. in New York City’s Times Square. Designed by Gene Kaufman Architect, the 44,500-square-foot hotel will feature 114 rooms in two seven-story wings connected by a landscaped courtyard. Hotel amenities will include a fitness center and meeting space. VLDG Inc. is designing the interiors of the hotel.
HACKENSACK, N.J. — NorthMarq Capital has arranged $51.8 million in refinancing for Excelsior II, a multifamily and commercial property located at 170 Prospect Ave. in Hackensack. The property features 267 multifamily residences and 11 professional spaces. Robert Ranieri and Greg Nalbandian of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule, for the undisclosed borrower through its seller-servicer relationship with Freddie Mac.
NASHUA, N.H. — Cushman & Wakefield of New Hampshire has arranged the $2 million sale of a former manufacturing facility located on 8.5 acres at 575 Amherst Street in Nashua. The property will be redeveloped as Bridges by EPOCH at Nashua, a 54-bed assisted living memory care community slated to open in fall 2016. National Development and Epoch Senior Living have partnered to acquire and redevelop the property. Thomas Farrelly, Denis Dancoes II and Sue Ann Johnson of Cushman & Wakefield represented the seller, Nashua RE Holdings LLC, in the transaction.
CHESHIRE, CONN. — O,R&L Commercial has arranged the lease of 12,760 square feet at 150 Sandbank Road in Cheshire. The Rankin Group Inc. will use the industrial/flex space to expand its services in New England and the New York/Mid-Atlantic region. Rich Guarlnick of O,R&L Commercial represented the landlord, Marshall Enterprises LLC, while Tim D’Addabo of Cushman & Wakefield represented the tenant in the transaction. Additional terms of the lease were not released.
DORAL, FLA. — The Related Group, in partnership with Prudential Real Estate Investors and Shoma Homes, has secured a $137 million construction loan for Phase III of CityPlace Doral, a mixed-use development located in Doral, west of downtown Miami. The third phase of development will include 304 residential units located above 250,000 square feet of retail space. CityPlace Doral is more than 60 percent pre-leased to tenants including The Fresh Market, CinéBistro-Cobb Theatres, Kings Bowling and 30 additional restaurants and retail shops. The first phase of CityPlace Doral is set to open in November 2016. Suffolk Construction is building the project, and Related Urban is in charge of leasing efforts.
ATLANTA — CBRE has arranged the $81.6 million sale of a four-asset portfolio comprising four freestanding, single-tenant Lowe’s Home Improvement stores in the Atlanta metropolitan area totaling approximately 532,735 square feet. Chris Bosworth, John Read, Will Pike, Philip Voorhees, Jimmy Slusher and Brian Pfohl of CBRE represented the seller, IRA Capital LLC, in the transaction. American Realty Capital Properties Inc. purchased the portfolio. Each Lowe’s location has a long-term lease, which was recently extended by 10 years with six, five-year options to extend.
WILMINGTON, N.C. — KeyBank Real Estate Capital has arranged a total of $34.9 million in Freddie Mac financing for a four-property, 694-unit multifamily in Wilmington. The apartment properties include Hawthorne at New Centre, Hawthorne Centre North, Hawthorne Commons and Hawthorne Lofts South. Charles Williams and Jeffrey Hunkele of KeyBank’s commercial mortgage group arranged the loans, which were used to pay off existing KeyBank balance sheet loans.
ASHEVILLE, N.C. — NorthMarq Capital has secured a $20 million loan for Palisades Apartments, a 224-unit multifamily property located at 1100 Palisades Circle in Asheville. Bill Matone of NorthMarq’s Charlotte office arranged the fully amortizing, 20-year loan through an unnamed life insurance firm.
LOUISVILLE, KY. — Lancaster Pollard has provided $5.4 million in HUD financing for Springhurst Pines, a continuing care retirement community (CCRC) in Louisville. Baptist Homes Inc. (BHI) owns and operates the CCRC, which includes three separate facilities on a 20-acre campus. The financing will be used to convert 35 percent of the community’s semi-private Medicaid skilled nursing units to private Medicare units, as well as build a 40-unit Medicare wing with therapy space. The nonrecourse loan made through HUD’s 232/241(a) supplemental loan program has a loan term of 25 years. Chris Blanda led the transaction for Lancaster Pollard.
SEATTLE — Heitman has purchased the 386-unit Premiere on Pine apartment complex in Seattle for $240 million. The community is located at the intersection of Pine Street and 8th Avenue. Premiere on Pine is within two blocks of Interstate 5 and Westlake Station in the Pike-Pine retail corridor. The 40-story, ultra-luxury apartment tower was completed in 2014. It is certified LEED-Silver. The community features common-area amenities like a fitness center, dog run, theatre room, club room, conference room, two event spaces, and a 3,000-square-foot balcony that wraps around the south and west side of the building. It contains a mix of studio, one-, two- and three-bedroom units. The seller, Holland Partner Group and its finance partner, was represented by HFF’s Matthew Lawton, Ira Virden and Gerry Rohm.
