RALEIGH, N.C. — HFF has secured a $16.6 million construction loan for the development of Aloft Raleigh, a 135-room hotel at 2100 Hillsborough St. near North Carolina State University in Raleigh. Upon completion in fall 2015, the hotel will feature a fitness center, swimming pool, outdoor deck and WXYZ Bar, in addition to the brand’s Re:Mix lounge, Re:Fuel dining area and In-Touch business center. Mark Remington of HFF arranged the five-year construction loan through First Tennessee Bank on behalf of the borrower, a partnership between The Bernstein Cos., TME Investments and Michael Sandman.
Property Type
CHICAGO — KBS Real Estate Investment Trust III has arranged a total of 71,043 square feet of leases at the 500 West Madison tower in Chicago, which was acquired by the REIT in December 2013. The leases included a lease extension for Lincoln International for a 47,423-square-foot space; a lease expansion for Here North America to occupy 12,214 square feet; a new lease for a 9,925-square-foot space for Inventus; and a 1,481-square-foot lease extension for Alliance Tech Group. Lisa Davidson and Tiffany Winne of Studley represented Lincoln International in its lease; Todd Lippman and James Whalen of CBRE represented Here North America; Jonathan Gordon and Jordan Mellovitz of Cushman & Wakefield represented Inventus; and Jesse Slack of MB Real Estate represented Alliance Tech Group. Michael Lirtzman and Courtney Baratz of Transwestern represented KBS REIT III in the transactions. 500 W. Madison is a 1.46 million-square-foot office tower. The 40-story building consists of office and retail space. The property sits above the Ogilvie Transportation Center, one of two main suburban train stations connecting the Chicago suburbs with downtown, and provides direct access to city trains, buses and expressways. The tower’s first two levels contain nearly 64,000 square-feet of retail space with …
ROMULUS, MICH. — New England Development will develop a 325,000-square-foot outlet center in Romulus, approximately 25 miles southwest of Detroit. Outlets of Michigan will be located near I-94 and the Detroit Metro Airport. The new open-air outlet center, which is scheduled to open in 2016, will feature 75 retailers. New England Development’s portfolio of retail projects now includes a mix of outlet centers in markets nationally. New outlet centers include the recently opened Palm Beach Outlets in West Palm Beach, Fla.; Asheville Outlets in Asheville, N.C.; Outlets at Little Rock in Little Rock, Ark., opening in 2015; and Des Moines Outlets in Altoona, Iowa, opening in 2016.
CINCINNATI — NorthMarq Capital has arranged a $14.4 million CMBS loan to refinance Deerfield Apartments and Townhomes in Cincinnati. The property consists of 223 units and is located at 860 Deerfield Blvd. The loan was structured on a 10-year term with a three-year interest-only period and a 30-year amortization schedule. Melissa Marcolini Quinn of NorthMarq Capital’s Orlando office arranged the financing for the undisclosed borrower.
MILWAUKEE —The Dickman Co. Inc./CORFAC International has brokered the sale of a 202,358-square-foot industrial building, located at 2800 W. Custer Ave. in Milwaukee. 2800 Custer LLC purchased the building from RockTenn CP LLC for an undisclosed sales price. Samuel M. Dickman Jr. and Samuel D. Dickman of The Dickman Co. represented the buyer in the transaction. Jim Larkin of Colliers International represented the seller.
SECAUCUS, N.J. — HFF has closed the $29 million sale of the leasehold interest at One Emerson Lane, a 340,000-square-foot light industrial property in Secaucus. Situated on 18.64 acres and constructed in 1978, the vacant property features 35,712 square feet of two-story office space. Michael Nachamkin and Steve Simonelli of HFF represented the seller, Trinity Place Holdings, in the transaction.
NEW YORK CITY — Madison Realty Capital has closed on a $23.5 million first mortgage loan to Heritage Equity Partners for the acquisition of a development site in Brooklyn’s Crown Heights. The borrower plans to redevelop the 31,943-square-foot property at 564 St Johns Place, which is currently operating as a rental parking facility, into an eight-story residential building. When complete, the 172-unit development will offer a mix of 26 studios, 110 one-bedroom, 32 two-bedroom and four three-bedroom units, as well as 86 on-site parking spaces.
NEW YORK CITY — American Realty Capital New York City REIT’s operating partnership has entered into an agreement to acquire a 12,327-square-foot commercial condominium unit at The Hit Factory in Manhattan’s Midtown West neighborhood. Sagamore 54th Avenue St. Investments LLC and Sagamore Arizona LLC are selling the property for $7.3 million, exclusive of closing costs. The property is currently 100 percent leased to Gibson Guitar Corp.
NEW YORK CITY — TerraCRG has brokered the sale of a mixed-use property located at the corner of 61st Street and Fifth Avenue in Brooklyn’s Sunset Park neighborhood. The 9,250-square-foot property features six apartments and two commercial units. The property sold for $2.9 million or $308 per square foot. Adam Hess, Sam Shalumov and Chris Pechlivanides of TerraCRG handled the transaction. The buyer and seller were not disclosed.
DALLAS — JLL has brokered the sale of Crestview Office Tower, a 12-story, 262,962-square-foot office tower in the Las Colinas submarket of Dallas. The property is located near the DFW International Airport and the Las Colinas Urban Center. CapRidge Partners Fund I purchased the asset from Codina Partners for an undisclosed price. Evan Stone, Jack Crews and Lauren Zimmer of JLL represented Codina Partners in the transaction. Additionally, Jason Piering and Adam Mengacci of JLL arranged a bridge loan for the acquisition.