CAMDEN, N.J. — Love Funding has secured a $17.5 million loan for Broadway Townhomes, a 175-unit townhouse community in Camden. The loan is the first of its kind to be approved under the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration program. The programs allows proven financing tools to be applied to preserve and upgrade at-rise public and assisted housing and provides for a long-term Section 8 rental assistance contract. The property will be renovated using tax-exempt bonds provided by the New Jersey Housing and Mortgage Finance Agency in combination with 4 percent low-income housing tax credits and the proceeds from the loan, which is being insured through HUD’s 221(d)(4) program. Leonard Lucas of Love’s Boston office arranged the transaction.
Property Type
PARSIPPANY, N.J. — CBRE Group has arranged the purchase of 20 East Halsey Road in Parsippany. GTJ REIT purchased the 75,000-square-foot industrial flex property for $3.3 million. Situated on 7.8 acres, the property has been vacant for more than 20 years. The buyer plans to refurbish the property to accommodate either a single or multiple tenants. Thomas Mallaney and Susan Branch of CBRE represented the buyer in the transaction.
NEW HAVEN, CONN. — The New Haven Register has leased 18,000 square feet at 100 Gando Dr. in New Haven. The New Haven Register will occupy two floors of the building, which is known as the Star Supply Building. The new space will house a modern workspace and offer on-site parking for the company’s 160 employees. Praxis Commercial, along with Tim Fegan and David Hansen of CBRE, brokered the transaction for the New Haven Register.
HOUSTON — A development venture comprising Patrinely Group, CDC Houston and USAA Real Estate Co. will develop CityPlace, formerly known as Springwoods Village Town Center, in Houston. The 60-acre mixed-use development will integrate working, shopping and living space, with more than 4 million square feet of Class A office space located above ground-floor retail, and luxury urban multifamily, as well as a full-service hotel. The initial office component phase of CityPlace development will include two Class A office buildings with a combined total of 440,000 square feet of office space for single- or multi-tenant users, shopping and dining. The first office building, a five-story structure, will offer a total of 147,000 square feet with flexible 28,000-square-foot floor plates. It is slated for completion in fourth quarter 2015. The second structure, a 10-story office building, will have nearly 295,000 square feet of leasable space and efficient floor plates that total 29,200 square feet. Designed by Gensler and built by Harvey Builders, the buildings are designed to achieve LEED Gold certification. Martin Fein Interests Ltd. will build a 268-unit multifamily apartment community within CityPlace. The property will include retail space on the ground floor. Woodbine Development Corp. is developing a full-service hotel …
HOUSTON — Houston Realty Advisors Inc. has arranged a lease for 37,100 square feet of industrial space, with a 20-ton crane, at 4208 Fidelity Rd., inside the Fidelity Road Industrial Park in Houston. Michael Farris of The Texas Development Co. represented the landlord in the lease transaction. Ed Ayres of Houston Realty Advisors Inc. represented the tenant, Caisson Fabrication Company.
SPRING, TEXAS — Rob Banzhaf and David Alexander with Newcor Commercial Real Estate represented Dr. Larry Richardson with Woodlands Pharmacy in an 8,000-square-foot single-tenant, build-to-suit lease on Rayford Rd. in Spring. The building is for a medical practice facility and the estimated completion is January 2015. Lewis Walker with RE/MAX represented the landlord, Dr. Sokhon, in the lease negotiations.
HOUSTON — Rosemont Realty has secured a lease expansion and extension for Inspectorate America Corp.’s headquarters. The company’s corporate headquarters office has been located at 12000 Aerospace Ave. in Houston since August 2004. The new lease is for 30,236 square feet, an increase of 8,387 square feet. Rosemont Realty’s Carrie Powledge represented property owner Rosemont Realty in the transaction. John Parsley and Don Schmidt with Colliers International represented Inspectorate America in the lease expansion.
DENVER — One Dartmouth Place Apartments has sold to a joint venture between Oak Coast Properties and Redhill Realty Investors for $30.6 million. The 418-unit community is located at 11100 E. Dartmouth Ave. The JV plans to invest $2.6 million to upgrade the Class C community. These improvements are intended to augment the $3.6-million worth of unfinished enhancements that commenced in a few units and common areas prior to the sale. The seller was Angelo, Gordon & Co.
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.
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.