AUSTIN — Berkadia Commercial Mortgage LLC has arranged a $56.5 million loan through Fannie Mae for the acquisition of the Retreat at Barton Creek in Austin. Jackson Cloak worked with the principals of the borrowing entity to originate the 10-year, fixed-rate financing. Additional loan terms include three years of interest-only payments and a 30-year amortization schedule. The complex is 97 percent occupied. A partnership of investors with Paydar Cos. and Lankford & Associates purchased The Retreat at Barton Creek. The property is located at 3816 S. Lamar Blvd. and sits on 30 acres along the Barton Springs Greenbelt. The 600 apartments comprise a total rentable space of 426,000 square feet. Amenities include a pool and spa, sundeck, clubhouse and gym.
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DALLAS — Trammell Crow Co., along with partners Clarion Partners and Rosewood Property Co., have acquired a 97-acre site in the Southern Dallas industrial submarket. The project will feature two Class A speculative industrial developments comprising more than 700,000 square feet. The project is expected to be completed in the second quarter of 2015. The site is located at the northwest corner of I-20 and I-45, with direct access to the I-20 frontage road. The first building will total 201,600 square feet, while the second building will span 500,000 square feet. Scott Krikorian, Robert Brandt, Jake Marks and Raymond Kieffer of Trammell Crow will lead the development team. Kacy Jones and John Hendricks of CBRE’s Dallas office will handle leasing.
DORAL, FLA. — Miller Construction Co. breaks ground on Gateway Center Doral, an 84,000-square-foot mixed-use development in the metro Miami city of Doral. The $9 million project will feature retail and high-end boutique office space in Doral’s N.W. 87th Avenue retail and restaurant corridor. The project team includes developer DBH Properties Ltd. and architect DYNAMICA ARCHITECTURE + INTERIOR DESIGN. Miller Construction expects to deliver the property in spring 2015.
HYATTSVILLE, MD. — ECHO Realty LP and its partner The Bernstein Cos. have broken ground on The Gateway at University Town Center, an 83,400-square-foot mixed-use property in Hyattsville. The two-story asset will be located at the intersection of East-West Highway and America Boulevard. The property will be anchored by a 54,400-square-foot Safeway and feature tenants such as Unleashed by Petco, Phenix Salon and an undisclosed medical office practice. ECHO has selected Facchina Co. Inc. as the site work contractor for the development and will select a general contractor for the development in the near future.
CHARLOTTE, N.C. — Trinity Capital Advisors has purchased two office buildings in Toringdon Office Park (Toringdon 3 and 5), a six-building office park in south Charlotte. Trinity Capital now owns the entire office park, including 12 acres of land and a three-level parking garage. Trinity Capital purchased Toringdon 3 and 5 in a joint venture with Stockbridge Capital. The 527,392-square-foot park is leased to 16 tenants, including Nationwide Insurance, Ally Bank and Verizon Wireless. Trinity Capital also plans to develop a 175,000-square-foot, Class A office building at the park. Trinity Partners is responsible for the leasing and property management of Toringdon Office Park.
LARGO, FLA. — Marcus & Millichap has arranged the $18 million sale of Bay Pointe Apartments, a 417-unit multifamily community in Largo, part of the Tampa Bay area. The property is located at 2770 Roosevelt Blvd., within two miles of the St. Petersburg-Clearwater International Airport. The property features a tennis court, business center and two swimming pools. Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented both the buyer and the seller in the transaction.
UNIONDALE, N.Y. — Arbor Commercial Funding LLC has funded six loans totaling $31.1 million for apartment properties in North Carolina and Kentucky. Michael Zysman of Arbor Commercial Mortgage originated all six loans. The loans included: · a 10-year, $7.5 million Fannie Mae DUS loan for the acquisition of the 250-unit Bella Vista Apartments in Gastonia, N.C. · a 10-year, $5 million Fannie Mae DUS loan for the acquisition of the 196-unit Wingate Place Apartments in Charlotte · a 10-year, $5 million Fannie Mae DUS loan for the acquisition of the 176-unit Highlands Apartments in Charlotte · a seven-year, $4 million Fannie Mae DUS ARM loan for the acquisition of the 192-unit Hanover Landing Apartments in Charlotte · a 10-year, $2.3 million Fannie Mae DUS loan for the acquisition of the 98-unit Four Seasons Townhomes in Greensboro, N.C. · a 10-year, $2 million Fannie Mae DUS Small Loan refinance for an unnamed 66-unit asset in Winston-Salem, N.C. · a 10-year, $1 million Fannie Mae DUS Small Loan refinance for an unnamed 48-unit asset in Winston-Salem, N.C. · a two-year, $4.3 million Arbor Realty Trust Bridge Loan for the acquisition of an unnamed 252-unit property in Lexington, Ky.
NEW YORK CITY — Teaneck N.J.-based Treetop Development has completed two transactions in New York City. In the first transaction, Treetop Development, along with its partner, Latus Partners, sold a four-building rental portfolio to E&M Associates for $29 million. The portfolio consists of 82 two- and three-bedroom apartments and 11 commercial spaces located at 1917 Seventh Ave., 110 St. Nicholas Ave., 120 West 116th St. and 100 West 116th St. Aaron Jungreis of Rosewood Realty Group brokered the transaction. Treetop Development utilized the first transaction as a springboard to acquire an apartment portfolio located on Adam Clayton Powell Boulevard in Harlem. The company purchased the portfolio of 41 rental homes and six commercial spaces from Sugar Hill Capital Partners for $11.25 million. The properties are located at 2261 Adam Clayton Powell Blvd., 2267-2269 Adam Clayton Powell Blvd., 2271-2273 Adam Clayton Powell Blvd. and a vacant lot at 2265 Adam Clayton Blvd. Peter Vanderpool of Cignature Realty served as broker for the transaction, while Efram Friedman of Herrick Feinstein provided legal counsel to Treetop Development.
JERSEY CITY, N.J. — Concord Hospitality Enterprises has started construction on Hyatt House hotel located within the Exchange Place district of Jersey City. Located at One Exchange Place, the 13-story, 258-room extended-stay hotel will feature 10,000 square feet of street-level retail space, a rooftop, outdoor lounge and upper-level lobby. The hotel is part of a public/private revitalization effort that will bring 350 construction jobs and 80 permanent and 60 part-time hotel jobs to the area. The development will involve the renovation and expansion of an existing building and the demolition of other abandoned structures to allow for the 10,000-square-foot addition. The project is an adaptive re-use of a 92-year-old bank building and represents an investment of more than $90 million in Jersey City that will produce more than $1.6 million in annual revenue to the city. The hotel is expected to open as early as December 2015.
NEW YORK CITY — Madison Realty Capital (MRC) has provided $19 million in debtor-in-possession (DIP) funding for a residential conversion project in Midtown South. The DIP funding prevented a forced sale through the Chapter 11 Bankruptcy process and will enable the borrower to retain control of the property. Located at 11 East 36th St. and built in 1912, the 14-story, 68,727-square-foot property was originally an office building. The borrower is redeveloping the asset as a 66-unit residential condominium building with two ground-floor retail condominium units and 5,320 square feet of second-floor office space. MRC completed the DIP funding within a short timeframe to avoid the property being sold at bankruptcy auction. Proceeds of the first mortgage loan from MRC will be used to retire previous debt, simplifying the capital stack and permitting the borrower to proceed with the sellout of residential condominium units through the bankruptcy process.