NORTHRIDGE, CALIF. – An 8,660-square-foot restaurant in Northridge that is triple-net leased to Black Angus Steakhouse has sold to Jonker 2012 Trust for $3.9 million. The restaurant is located at 9145 Corbin Ave. Black Angus has been the building’s sole tenant since it was built in 1981. The restaurant is situated near Lowe’s, the Northridge Fashion center and the Walnut Grove Shopping Center. The seller, Lot Associates 30 LTD, was represented by Bob Safai and Matt Case of Madison Partners.
VAN NUYS, CALIF. – A 26-unit apartment building in the Los Angeles submarket of Van Nuys has sold to a 1031 exchange buyer for $3.6 million. The community is located at 8165 Langdon Ave. It was built in 1964. The buyer was represented by Yubin Tao of IREA. The seller, a private LLC, was represented by Rick Raymundo of Marcus & Millichap.
SAN DIEGO – A 13-unit apartment community in the San Diego submarket of Golden Hill has sold to the Barthell Family Trust for $2.6 million. The community is located at 2329 C Street. The property was built in 1928 and recently underwent renovations. The trust was represented by Kevin Kawaoka of NAI Capital Bluechip Investment Group. The seller, the Gagon Family Trust, was represented by Rita Lancaster-Hannah of Colliers International.
NEW YORK CITY — Mission Capital Advisors’ Debt & Equity Finance Group has arranged $21 million in first mortgage financing on behalf of Northwind Group for the acquisition of 66 Pearl Street in New York City. Northwind Group is purchasing the six-story, mixed-use residential property located in New York City’s Financial District for $30 million. The 43,546-square-foot building features 42 residential units, with 6,485 square feet of ground-floor retail. Jonathan More, Ari Hirt, Steve Buchwald and David Behmoaras represented the sponsor, Northwind Group, in arranging the financing with Sterling National Bank.
HYANNIS, MASS. —CBRE/New England’s Debt & Structured Finance team has secured $12 million in construction financing for the Fairfield Inn & Suites by Marriott in Hyannis. The loan from Cambridge Savings Bank allows the borrower, The Simon Konover Company, to redevelop a current two-story, 99-room Days Inn into a three-story, 125-room Fairfield Inn & Suites. Located at 867 Iyannough Road, the new hotel is expected to open in May 2015. Kyle Juszczyszyn, Carlos Febres-Mazzei, Chris Coutts and Taylor Shepard of CBRE/NE arranged the financing on behalf of the borrower.
NEW YORK CITY — Ariel Property Advisors has brokered the sales of two properties located in Upper Manhattan totaling $7.2 million. In the first transaction, a private developer purchased a development site at 1516-1532 Park Avenue in East Harlem for $3.8 million. Zoning for the property permits approximately 28,730 buildable square feet as-of-right for a mixed-use development, and approximately 35,419 buildable square feet with a community facility. Michael Tortorici, Victor Sozio, Shimon Shkury and Marko Agbaba of Ariel represented the seller, a private investor, and procured the buyer in the deal. In the second transaction, a private real estate investment group sold 422 St. Nicholas Avenue in Central Harlem for $3.35 million to a private real estate investment group. The 11,105-square-foot building consists of 10 units with nine three-bedroom units and one two-bedroom unit. Sozio, Tortorici and Shkury represented both parties in the transaction.
BOSTON — EagleBridge Capital has arranged $3.5 million in mortgage acquisition/construction financing for two condo units located in Boston. Ted Sidel and Brian Sheehan of EagleBridge Capital on behalf of Neelon Properties arranged a $1.8 million mortgage for a unit at 193 Beacon Street and a $1.7 million mortgage for a unit at 71 Marlborough Street in Boston’s Back Bay neighborhood. The Beacon Street property is a two-story, 2,062-square-foot unit with two bedrooms, two and one half-baths, hardwood floors, high ceilings, a patio and a garage. The Malborough Street unit a two-story, 1,753-square-foot duplex with three bedrooms, one and one-half bath, hardwood floors, high ceilings and two parking spaces. The lender was a leading financial institution.
NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 949 Pacific St. in Brooklyn for $1.6 million or $385 per buildable square foot. Located on the border of Prospect Heights and Crown Heights, the site was delivered with a partially constructed property and active permits with approved plans for residential development. The plans include 4,120 gross square feet with four units, including three one-bedroom apartments and one duplex two-bedroom penthouse unit. Ofer Cohen, Melissa DiBella Warren, Dan Marks, Peter Matheos, Michael Hernandex and Joey Terzi of TerraCRG represented the seller in the transaction.
FRISCO, TEXAS — The Dallas Cowboys and Omni Hotels & Resorts are partnering to develop a new hotel at the future site of the Cowboys’ headquarters in Frisco. The Omni property will be one of the only full-service hotels in the area and will serve as part of a mixed-use development anchored by the team headquarters and Frisco’s multi-use event center. The hotel will feature 300 guestrooms, meeting space, a ballroom and a rooftop pool deck. The Cowboys’ headquarters will be the home to the team’s entire football operations, including administrative offices, coaches’ offices and home of the team cheerleaders. The mixed-use development will span 66 acres of the 90-acre tract.
DALLAS — Dougherty Mortgage LLC has arranged a $9 million Fannie Mae loan for Bristol Square, a 341-unit apartment complex in Dallas. The 10-year loan includes one year of interest-only payments and a 30-year amortization schedule. Dougherty’s Dallas office arranged the loan for the borrower, McGuire Family Taraval Property LLC. Apartment units at Bristol Square include ceiling fans, walk-in closets, washer and dryer connections, sunrooms, patios and balconies.
