NEW YORK CITY — Meridian Capital Group has arranged $29 million in acquisition and construction financing for the development of a residential condominium project in New York City’s Chelsea neighborhood. Aggelos Sklavenitis of Meridian Capital Group negotiated the loan on behalf of Six Sigma. Located at 435 West 19thSt., the existing five-story, 21,800-square-foot office property will be expanded into a nine-story, 27,500-square-foot residential condominium. Knighthead Funding LLC provided the 30-month, interest-only loan. This financing coupled with the sponsor’s equity creates a total capitalization of $41.3 million or approximately $1,500 per buildable square foot.
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ELMWOOD PARK, N.J. — Elmwood Park-based River Drive Construction has completed vertical construction of the second phase of Riverwalk, a luxury multifamily rental community located at 400 Riverfront Blvd. in Elmwood. Slated for completion by the end of 2014, the second phase includes the construction of 51 apartments and 17,000 square feet of ground-floor retail space. Additionally, the new building will house The Goddard School, an early childhood organization. The school recently leased 8,600 square feet of space at Riverwalk. Florian Suserman and Michael Rawlins of RIPCO represented the school in the transaction. Fred Fisher of F. Fisher & Co. LLC represented Riverfront Residential, which developed the Riverwalk project. Construction of the first phase included 107 apartments and was completed in 2012.
BEE CAVE, TEXAS — UCR has been awarded project leasing and management of retail for Hill Country Galleria, a 1.3 million-square-foot mixed-use development in Bee Cave. Peloton Commercial Real Estate handles the office leasing assignments. The property is located at the intersection of Highway 71 and Bee Cave Road just west of Austin with tenants including Dillard’s, Whole Foods Market and Dick’s Sporting Goods. Hill Country Galleria also includes a 14-screen Cinemark Theatre and an open amphitheater. The 257,000 square feet of Class A office space is home to the corporate headquarters of American Campus Communities, Summit Hotel Corp., Wilson Art International and True Car. The Avanti Hills apartment complex is also located on the property. Jack Breard and J. Michael Nagy of UCR Urban will lease the center’s retail space. Scott Weaver and Lori Weisenborn of UCR Asset Services will lead management of the retail assets.
DAYTONA BEACH, FLA. — CBRE has arranged the $17.9 million sale of Indigo Plantation, a 304-unit multifamily community located at 100 Powell Blvd. in Daytona Beach. Built in 1989, the apartment community is currently 97 percent occupied and features a resort-style swimming pool, fitness center, dog park, tennis courts and barbecue areas. Shelton Granade, Luke Wickham and Justin Basquill of CBRE led the sales team in representing the undisclosed seller in the transaction.
MIDDLE ISLAND, N.Y. — National Cooperative Bank (NCB) has provided a $4 million loan for Hidden Meadows, a 143-unit cooperative apartment community in Middle Island. The loan, which includes a $3.5 million first mortgage and a $500,000 line of credit, will be used to refinance existing debt and fund future capital improvement projects at the community. The planned work includes upgrades to the sewer treatment plant and repairs to the sidewalk, roadways and tennis courts. Built in 1971, Hidden Meadows consists of nine two-story cooperative apartment buildings and is currently 100 percent occupied. Mindy Goldstein of NCB arranged the loan for the cooperative, Hidden Meadows LLC. Mark Walsh, the financial advisor for Hidden Meadows, also helped negotiate the transaction.
CHICAGO — Marcus & Millichap has arranged the $16.5 million sale of a 16,047-square-foot Walgreens drugstore in Chicago’s Andersonville neighborhood. The sales price equates to $1,033 per square foot. The drugstore is located across the street from grocer Jewel-Osco at 5440 N. Clark St. The property underwent an extensive rebuild and retrofit to maintain its historic look. Walgreens signed an absolute-net, 75-year lease on the property in 2011. Sean Sharko and Austin Weisenbeck of Marcus & Millichap’s Chicago Oak Brook office represented the seller, an overseas partnership. Jamie Medress and Mark Ruble of the firm’s Phoenix office represented the undisclosed buyer.
SAN CLEMENTE, CALIF. — Meta Housing Corporation has completed the $32.4-million Cotton’s Point Senior Apartments in San Clemente. The community is located at 2358 N. El Camino Real. The 76-unit, affordable housing complex accommodates seniors aged 62 and older. It is currently 95 percent occupied. Community amenities include a large community courtyard with two adjacent community rooms to encourage social interaction, a fitness center, tech room, numerous seating areas, a putting green and a barbeque grilling station. Residents also have access to many complimentary classes and services that focus on learning, wellness and creativity. Western Community Housing acted as both a co-developer and a general partner for the project. The community was designed by YM Architects. Public-sector financing was provided by the City of San Clemente; the County of Orange; the Mental Health Services Act; the State of California Multi-Housing Program; and the Federal Home Loan Bank of San Francisco’s Affordable Housing Program.
RICHARDSON, TEXAS — Spear Street Capital has acquired the Galatyn Park Office Portfolio, an 800,000-square-foot, four-building office campus located in the Galatyn Park mixed-use development in Richardson. The development currently includes 600,000 square feet of available office space. Galatyn Park is an 80-acre, mixed-use development located in central Richardson. Construction on the Galatyn Park office portfolio began in 1997 and now includes a 336-room Renaissance Hotel, a performance arts center, nature preserve, 285-unit apartment complex and the 1 million-square-foot Blue Cross Blue Shield headquarters. Galatyn Park is served by a DART light rail station and is adjacent to the 186-acre CityLine mixed-use development.
DURHAM, N.C. AND FLORENCE, S.C. — Grandbridge Real Estate Capital has closed $17.1 million in first mortgage loans for The Shops at Erwin Mill in Durham and Crossroads Shopping Center in Florence. Taylor Williams of Grandbridge’s Jacksonville, Fla., office originated both loans. The 10-year loan for the refinancing of the 86,901-square-foot Shops at Erwin Mill was arranged through an unnamed life insurance company. The 10-year loan for the refinancing of the 110,675-square-foot Crossroads was arranged with a 30-year amortization schedule and two years interest-only payments through an unnamed CMBS lender.
NEW YORK CITY — TerraCRG has brokered the sale of a mixed-use building located at 328 Marcus Garvey Blvd. in the Bedford-Stuyvesant neighborhood of Brooklyn. The property sold for $2.05 million or approximately $360 per square foot or $410,000 per unit. The four-story building features three residential units and 1,800 square feet of retail space divided into two retail units. The three residential units and one of the retail units were vacant at the time of closing. Matthew Cosentino, Eric Satanovksy and Robert McDonald of TerraCRG represented the seller in the transaction. Additional terms of the transaction were not disclosed.