BOSTON — HFF has arranged $204 million in construction financing for the development of Two Harbor Shore Drive, a 516,000-square-foot office building on Fan Pier in Boston’s Seaport District. HFF worked on behalf of the borrower, a venture between The Fallon Company and an institutional client advised by Cornerstone Real Estate Advisers LLC, to secure the construction loan through RBS Citizens. Due for completion in spring 2016, Two Harbor Shore Drive is a 17-story glass tower. The property will feature 18,000 square feet of ground-floor retail and approximately 380,000 square feet of space will be occupied by law firm Goodwin Procter LLP. John Fowler and Anthony Cutone led the HFF debt placement team representing The Fallon Co.
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NEW YORK CITY — Stalco Construction and Perkins Eastman have completed the $24 million expansion and renovation of Lincoln Medical Center Emergency Department in the Bronx. The emergency care facility and Level 1 trauma center is the fifth-busiest emergency department in the United States, according to the companies. The emergency department increased to 57,095 square feet, and the number of treatment bays doubled from 53 to 106. The project includes a dedicated children’s emergency unit, an adult waiting room, new psychiatric and mental health emergency unit, trauma center, asthma patient unit and a women’s health section. The project team included general contractor Stalco Construction; architect Perkins Eastman; construction manager Hunter Roberts; structural engineer GACE Consulting Engineers; mechanical, electrical, and plumbing (MEP) engineer Kallen & Lemelson, Consulting Engineers; geotechnical engineer Pillori Associates; and landscape designer RGR Landscape.
NEW YORK CITY — Besen & Associates has arranged the $9.4 million sale of 820-830 Riverside Drive, a five-story 46-unit apartment property in Manhattan. Built in 1921, the property spans 50,910 square feet. Amit Doshi and Shallini Mehra of Besen & Associates arranged the off-market transaction for the buyer, a local private investor, and the seller, a private equity real estate fund. The average rent per apartment is $1,282 a month. The sale price equates to a 13.3 gross rent multiplier, 4 percent cap rate and $184 per square foot. Bryan McCrossen of Donovan LLP represented the seller, and Eric Berliner of Berliner & Pilson Esq. represented the buyer.
BETHLEHEM, PA. — MHC Associates has sold a recently renovated three-story medical office building to Lehigh Valley Health Network for $6.2 million. The 44,489-square-foot building sits on the Lehigh Valley Hospital Muhlenberg Campus and has easy access to Route 22. NAI Summit assisted both parties to make the process seamless. Built in 1989 and renovated in 2011, the medical office building is located at 2597 Schoenersville Road in Bethlehem. NAI Summit has provided management services for the property during the past 27 years.
SAN ANTONIO — CBRE has arranged a $40 million loan for the construction of Franklin Park at Alamo Heights, a 221-unit seniors housing property in San Antonio. The five-year, floating-rate loan includes an all-in rate of 2.35 percent and 48 months of interest-only payments. The Class A project, a joint venture of Franklin Development Co. and Harrison Street Real Estate Capital LLC, will be located at the corner of West Terra Alta Road and Everest Street. Franklin Apartment Management will operate the facility. Aron Will of CBRE arranged the financing on behalf of the joint venture through a regional bank.
DALLAS — HFF has arranged a $34 million loan for the refinancing of the retail portion of West Village, a mixed-use development in the Uptown District of Dallas. Completed in 2002, West Village includes 123,938 square feet of retail space, which was 98 percent leased at the time of the loan closing by tenants including Ann Taylor Loft, Tommy Bahama, Q Custom Clothiers, Gap and Starbucks. Located in close proximity to U.S. Highway 75, the complex also includes 179 apartments. John Rose of HFF arranged the 10-year, fixed-rate loan on behalf of the borrower, a joint venture of Phoenix Property Co. and Urban Partners. Cornerstone Real Estate Advisers, acting on behalf of an institutional client, provided the refinancing.
EULESS, TEXAS — SkyWalker Property Partners has acquired a 70,111-square-foot flex property in the Dallas/Fort Worth suburb of Euless. Located on more than four acres at 1101 Pamela Drive, the single-story facility was 37 percent leased at the time of the sale to tenants including Curry Printing Inc. and Modern Tektronix Assembly Inc. SkyWalker, which purchased the asset on behalf of Hangover Opportunity Fund LLC, will invest in capital improvements including new air conditioning and power systems, as well as a 7,500-square-foot speculative suite. Theron Bryant of Coldwell Banker Commercial Alliance DFW represented the buyer in the transaction. Allen Gump of Colliers International represented the seller, Massachusetts-based Invensys Inc., which acquired the building in 2005.
GONZALES, TEXAS — Action Properties will redevelop a 60,000-square-foot facility in the Central Texas city of Gonzales into a shopping center named Gonzales Marketplace. The property, previously operated as a Walmart, is located at 1620 E. Sarah Dewitt Drive. Bealls will anchor the new center, and other tenants will include Dollar Tree, Hibbett Sports, AT&T and furniture store Aaron's. Completion of the redevelopment is scheduled for this August. Action Properties' portfolio now includes 27 properties in 10 states.
CUPERTINO, CALIF. — Trans-Continental Real Estate Investment Corp. has acquired two office buildings in Cupertino for an undisclosed sum. The 14,000-square-foot building at 20085 Stevens Creek Blvd. is fully leased to Apple. The 26,000-square-foot building at 20111 Stevens Creek Blvd. is leased to various tenants. Trans-Continental plans to occupy a portion of 20111 Stevens Creek when more space becomes available. Apple will remain at 20085 Stevens Creek. The seller, a local private investor, was represented by Mark Ziemendorf and Dave Austin of Cornish & Carey Commercial Newmark Knight Frank.
RENTON, WASH. — Oakesdale Commerce Center, a 43,000-square-foot distribution facility in Renton, has sold to Industrial Property Trust Inc. for $4 million. The facility is fully leased to two tenants.