PORTLAND, ORE. — The Boathouse, a 133-unit apartment project in Portland, has received a $23.4-million construction loan. The community will be located on SW Boundary, east of Macadam, in Johns Landing along the Willamette River. Paradigm Properties is scheduled to break ground on the project this summer. The loan was provided by HomeStreet Bank Commercial Real Estate.
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LOS ANGELES – Deloitte has leased 113,000 square feet at the Gas Company Tower in Downtown Los Angeles. The tower is located at 555 West Fifth Street. It is about 80 percent occupied. The professional services organization will have its logo prominently displayed at the top of the building. Tenant improvements are underway, and Deloitte is scheduled to take occupancy by the end of the year. Deloitte was represented by Lexis Livengood of DTZ. The landlord, Brookfield Office Properties, was represented in-house.
SAN FRANCISCO – NerdWallet has signed a seven-year lease for 45,739 square feet of office space at 901 Market in San Francisco. The 212,319-square-foot historic building sits adjacent to the Westfield San Francisco Shopping Centre and Union Square BART entrance. The consumer-focused financial start-up will occupy its new space in the fourth quarter of this year. The landlord is Hudson Pacific Properties.
BOCA RATON, FLA. — ARA has arranged the $80.3 million sale of San Marco at Broken Sound, a 336-unit luxury villa and townhome community in Boca Raton. The asset was 96 percent occupied at the time of the sale. Hampton Beebe and Avery Klann of ARA represented the seller, Chicago-based Capri Capital Partners LLC, in the transaction. Marc deBaptiste and Richard Donnellan of ARA assisted in the sale. The buyer was Miami-based BC Property Investments.
WEST PALM BEACH, FLA. — New England Development plans to open Marketplace at the Outlets, a 300,000-square-foot retail center currently under construction, in the fall. The center is located adjacent to the recently opened Palm Beach Outlets in West Palm Beach. The center will feature 20 stores, including Bed Bath & Beyond, DSW Designer Shoe Warehouse, Nordstrom Rack, Old Navy, PetSmart, Pier 1 Imports, Sports Authority, T.J. Maxx, Ulta Beauty and Whole Foods. New England Development, also the developer of Palm Beach Outlets, partnered with Eastern Real Estate in the development of Marketplace at the Outlets.
NASHVILLE, TENN. — Southeast Venture has purchased a 20,000-square-foot mixed-use building located at 714 8th Ave. in Nashville for approximately $4.3 million. The asset sits at the northeast corner of 8th Avenue and Division Street in Nashville’s Gulch East submarket. The property’s tenant roster includes Alfred Williams & Co., Studio Eight Design and Flyte, an upscale restaurant and wine bar. Southeast Venture was represented internally by Tarek El Gamel. The seller, AWC Partners, worked directly with the buyer without a broker.
WASHINGTON, D.C. — The Greysteel Co. has arranged the sale of a government-leased, five-floor office building on Embassy Row in Washington, D.C. The Embassy of the Republic of Georgia has leased the asset, located at 2209 Massachusetts Ave. N.W., since 2007. Ari Firoozabadi, Gil Neuman, Kyle Tangney, John Mullen, Henry Schuldinger and Caleb Brown of Greysteel represented the seller, Delshah Capital, in the transaction. The buyer, RezRoss Investment Group LLC, purchased the building for an undisclosed price.
NORCROSS, GA. — Pembrook Capital Management LLC has closed a $22 million bridge loan that will finance the renovation of two multifamily communities in Norcross, a suburb of Atlanta. The two properties, Centre at Peachtree Corners and Summit at Dawson, were constructed in 1972 and 1983, respectively, and include 434 units combined. Pembrook provided the loan to a joint venture between Audubon Communities and Five Mile Capital. The joint venture will utilize the loan for exterior and interior renovations at both apartment communities.
DETROIT — Bernard Financial Group has arranged a $40 million CMBS loan to refinance Pointe Plaza, a mixed-use development at the border of Gross Pointe Woods and Detroit. The property, located at the intersection of Mack Avenue and Moross Road, consists of approximately 273,000 square feet of gross leasable space, which includes a medical office building, a retail building and a parking structure containing 1,800 parking spaces. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan for the borrower, Pointe Plaza Development LLC.
FORT WAYNE, IND. — Steadfast Income REIT Inc. has acquired Oak Crossing, a 222-unit apartment community in Fort Wayne, Ind., for $24.2 million. The Class A apartment community, built in 2013, consists of garden-style buildings with one-, two- and three-bedroom units. The average monthly in-place rent is $952. Apartment units include private balconies/patios, washer and dryers, walk-in closets and kitchen appliances. Select floor plans come with attached garages, and detached garages are available for rent. Oak Crossing is currently 94 percent occupied. Amenities at the complex include a fitness center, swimming pool, clubhouse with a stone fireplace, business center and grilling area. Oak Crossing is Steadfast Income REIT’s third property in Indiana. The REIT also owns the 268-unit Lodge at Trails Edge in Indianapolis and the 250-unit Sycamore Terrace in Terre Haute.