CRANSTON, R.I. — Washington Trust’s commercial real estate group has provided $5.3 million in financing to Residences at Garden City LLC for the purchase of Garden City Apartments in metro Providence. The garden-style apartment complex includes seven two-story buildings with 56 one-bedroom apartments and 38 two-bedroom units. Built in 1948, the property is within proximity to I-95, Route 295 and Route 2 in Cranston.
NEW YORK CITY — Meister Seelig & Fein LLP has signed a 57,000-square-foot office lease at 125 Park Ave. in Manhattan. The firm currently occupies approximately 38,000 square feet at 140 E. 45th St. and will occupy the seventh and eight floors at 125 Park Ave. in 2014. Jason Meister, vice president at Avison Young, and Howard Grufferman, vice chairman at Colliers International, represented the law firm in the transaction. SL Green Realty Corp., the building’s owner, was represented in house by David Kaufman. Scott Newmark and Robin Topol of Meister Seelig & Fein served as in-house legal counsel for the deal, while Noah Shapiro and Lisa Greenbaum of Haynes and Boone LLP represented SL Green.
HOUSTON — Greystone has arranged a $20.2 million CMBS loan for the acquisition of The Place at Greenway, a multifamily property in Houston. Located at 3333 Cummins Lane, the apartment complex includes 219 units plus amenities such as a pool, clubhouse and fitness center. The loan, which was co-sponsored by Redwood Capital Group of Chicago and BH Management Services of Des Moines, Iowa, features a 10-year term and a fixed interest rate. Robert Russell of Greystone originated the loan and managed the closing.
AUSTIN, TEXAS — HFF has arranged $17.25 million in financing for the acquisition of Ten Oaks Apartments in Austin on behalf of Price Realty Corp. The multifamily complex, completed this year, features 192 units that are 97 percent occupied as well as amenities such as a clubhouse, fitness center, resort-style pool, business center and cyber cafe. Ten Oaks is located at 12612 N. Lamar Blvd., about 10 miles north of downtown and in close proximity to Interstate 35 and U.S. 290. John Brownlee of HFF arranged the terms of the three-year, floating-rate loan on behalf of the borrower, Price Realty Corp.
PEARLAND, TEXAS — Marcus & Millichap has brokered the sale of the Southeast Regency Mixed Use Development, which consists of a 67,000-square-foot office building and a 19,384-square-foot retail facility in Pearland, approximately 15 miles south of downtown Houston. The complex, located at 1910 – 1930 Country Place Parkway, commanded a list price of $4 million. Jerry Goldstein of Marcus & Millichap represented the seller, a financial institution. Goldstein also secured the buyer, a limited liability company.
COPPELL, TEXAS — Duke Realty has arranged a lease for 263,625 square feet of industrial space for Anna’s Linens at Point West VI, a warehouse building located at 400 Dividend Drive in Coppell, about 20 miles northwest of downtown Dallas. The tenant, a retailer of sheets, curtains and other home goods, will use the location as a regional distribution center. Duke owns the facility, which totals more than 1 million square feet and is now fully leased. T. Holden Rushing and Jeff Cannon of Studley represented Anna’s Linens in the lease negotiations, while Duke was represented internally by Randy Wood.
PLACENTIA, CALIF. – The 422-unit Emerald Isle, a Class A, age-restricted apartment community in Placentia, has received a $62.5-million refinancing. The community is located at 661 North Rose Drive in the Orange County suburb. It is leased to seniors ages 55 years and older. Emerald is currently 97 percent leased. The ten-year, fixed-rate loan contains a $56.5-million CMBS first mortgage and a $6-million mezzanine loan. Both loans feature five years of interest-only payments. The owner used the new funds to prepay the existing CMBS and mezzanine loans. The transaction was executed by Seth K. Grossman of Meridian Managing and Greg Reed and Kristen Croxton of Beech Street Capital.
WEST HOLLYWOOD, CALIF. — A joint venture between Trammell Crow Residential (TCR) and Cornerstone Real Estate Advisers has purchased a 1.3-acre site in West Hollywood for an undisclosed sum. The site is located at 7141 Santa Monica Blvd. It will be used to develop Domain West Hollywood, a mixed-use project that will contain 166 apartments and about 9,300 square feet of ground-floor retail and restaurant space. A sound studio and industrial facility that currently exists on the property will soon be demolished. Construction on Domain West Hollywood is scheduled to begin this fall. Residents are scheduled to move in spring 2016. It will be built by TCR. The joint venture acted on behalf of an institutional client.
FOUNTAIN HILLS, ARIZ. — Whitestone REIT has acquired Fountain Hills Plaza, 111,289-square-foot retail center in the Phoenix suburb of Fountain Hills, for $20.5 million. The center is located at the southwest corner of Palisades Boulevard and La Montana Drive. It is anchored by a Bashas grocery store and an Ace Hardware. New tenants to the center include Little Caesar’s, GNC, H & R Block and Great Clips. The seller, J & R Holdings XX LLC, was represented by Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham of CBRE’s Phoenix office. J & R is an entity formed by Pederson Group.
COMMERCE, CALIF. – A 90,000-square-foot industrial facility in Commerce has sold to ID USA for $6.6 million. The facility is located at 6557 Flotilla Street. ID USA plans to occupy and expand its operations at the new facility. The seller, Flotilla Street Property, LLC, was represented by John McMillan, Jeff Sanita and Timothy Wallace of Cushman & Wakefield.
