NEW YORK CITY — Mission Capital Advisors’ Debt & Finance Group has arranged $10 million in first-mortgage financing for Northwind Group. The borrower used the loan to finance the $16 million acquisition of 40 Wooster Street. The six-story office building is located in Manhattan’s SoHo neighborhood. Jonathan More, Steven Buchwald and Jamie Matheny of Mission Capital secured the non-resource loan on behalf of the borrower.
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HOUSTON — HFF has brokered the sale of a 308-unit multifamily property in Houston formerly known as The Retreat at City Park. Alliance Residential Co. acquired the Class A property and has rebranded it City Park. Completed in 2003, the community is located at 1640 East T.C. Jester Blvd. and offers one- to three-bedroom apartments averaging 836 square feet in size. The asset was fully occupied at the time of the sale. Todd Marix, Todd Stewart, Chris Curry and Tre Banks of HFF represented the seller, San Antonio-based Fulton Property Group LLC, in the transaction. Colby Mueck led HFF’s debt placement team in arranging acquisition financing for the buyer.
HOUSTON — Panattoni Development Co. has broken ground on a 135,000-square-foot speculative office building at its Beltway 8 Corporate Centre complex in northwest Houston. The Class A structure will feature a two-story lobby. Beltway 8 Corporate Centre, located on Beltway 8 just north of Clay Road, currently consists of eight buildings that are more than 99 percent occupied. Arch-Con is the design-builder on the new project, while Powers Brown provides further project design services.
AUSTIN, TEXAS — Developer Long View Equity Partners Ltd. has completed a new two-building, 24,000-square-foot office complex in Austin. Located near the Cedar Park Regional Medical Center, the facilities offer space to professional and medical office tenants in floorplates as small as 1,250 square feet. Brian Novy of The Brian Novy Co. is handling leasing for the property. Locally based Cornerstone Architects designed the complex, and Sun Builders Co. of Houston served as general contractor.
DALLAS — Fults Commercial Real Estate has arranged a 21,000-square-foot office lease in Dallas for Medigain LLC, a provider of billing and analytics services for healthcare providers. The tenant will occupy space within the Willow Bend Park complex in the Far North Dallas submarket. Bob Buell, Tracy Fults and Gini Russell of Fults Commercial represented the unnamed property owner. Kurt North of Mohr Partners represented Medigain.
SAN FRANCISCO – Chinese developer Kylli Inc. has acquired the 583,000-square-foot office building at 225 Bush Street in San Francisco’s Central Business District. This is the largest office sale in San Francisco since 2012, according to Flynn Properties and GEM Realty Capital, two of the building’s owners. The Class A building was originally the headquarters for Standard Oil when it was built in 1922. The 22-story tower is currently 99 percent leased. Notable tenants include Lithium Technologies, Groupon, Zillow, Twitch.tv, Meltwater and RocketSpace. Flynn and GEM originally purchased the building in 2000. The joint venture owned the building with partner Whitehall-Goldman Sachs until 2005. In 2012, the JV partnered with SEB ImmoInvest on the building. GEM and SEB sold their entire stakes in 225 Bush Street as part of the sales transaction. Flynn will remain as an investor in the new joint venture. It will also act as the property manager and leasing agent for 225 Bush Street. JLL identified Kylli as Flynn’s new joint venture partner. The firm also provided support on this cross-border transaction.
SAN FRANCISCO — Pebblebrook Hotel Trust has acquired the 160-room Prescott Hotel in San Francisco for $49 million. The hotel is located on Post Street, just one block from Union Square. It also enjoys close proximity to the Moscone Convention Center, the Powell & Market cable car turntable and the Westfield San Francisco Centre. The Prescott Hotel contains two buildings. The 96-room, seven-story building is located at 545 Post Street. Pebblebrook will own a fee-simple interest in this property. The company will own a leasehold interest in the second building, which contains 64 rooms on floors three through seven. That building is located at 555 Post Street. There is 75 years remaining on that lease, which expires in 2089. The former building was originally built in 1913 as the Cecil Hotel, while the latter building was constructed in 1922 for the Union League Club. Both buildings were renovated, repositioned and reopened as the Prescott Hotel in 1989. Pebblebrook also plans to renovate and reposition the property sometime between 2015 and 2016. The hotel’s design will be overseen by Dawson Design Associates. Kimpton will continue to manage the property. This is Pebblebrook’s sixth investment in San Francisco. The Prescott Hotel operated …
FORT COLLINS, COLO. — Mountain View Capital has acquired the 240-unit Terra Vida apartments in Fort Collins for $39 million. The community was built in 2012 at 3707 Precision Drive. It was 96 percent occupied at the time of closing. Terra Vida enjoys close proximity to Colorado State University, as well as some of the area’s major employers that are located along East Harmony Road. They include Agilent Technologies, HP, Intel, Poudre Valley Health Systems and Wolf Robotics. ARA Colorado’s Doug Andrews, Jeff Hawks, Terrance Hunt and Shane Ozment represented the seller, Milestone Development Group LLC and its partner, Les Kaplan, in this transaction.
FLAGSTAFF, ARIZ. – Clear Sky Summit has acquired the 168-unit Timberline Village Apartments in Flagstaff for $22.2 million. The community is located at 4255 East Soliere Ave. It sits adjacent to the Continental Country Club’s golf course. The Class A luxury apartment community was built in 1997. Rents range from $875 for a one-bedroom, one-bathroom, to $1,350 for a three-bedroom, two-bathroom unit. Clear Sky Capital was represented by David Fogler and Steven Nicoluzakis of Cassidy Turley. The seller was Bassham Trust’s Timberland Village I & II LLC.
Virtú Investments has acquired the 112-unit Hillcrest Apartments in Durango for $14.5 million. The community is located at 1000 Goeglein Gulch Road. That property was 92 percent occupied at the time of closing. ARA Colorado’s Terrance Hunt, Shane Ozment and Andy Hellman represented the seller, Butte Companies, in this transaction.