WASHINGTON, D.C. — Akridge, a real estate services company, has signed law firm Brown Rudnick LLP to a 35,000-square-foot lease renewal at The Homer Building for seven years. The Homer Building, located atop Metro Center station a few blocks away from the White House, includes a rooftop terrace with views of the D.C. skyline, a full-service fitness facility and a 12-story atrium. The Homer Building is LEED Gold-certified, Energy Star-rated and has received a BOMA 360 Performance Building designation. The building also received BOMA's International Office Building of the Year award. Mitsui Fudosan America, a majority shareholder of Akridge, owns the Homer Building. Susan Thomas and Brittany Kalkstein of Cushman & Wakefield represented Brown Rudnick in the lease transaction. Wil Pace and Greg Tomasso of Akridge provided landlord representation. Akridge provides property management services at the building.
Property Type
FORT LAUDERDALE, FLA. — 110 Tower, a LEED Gold-certified, Class A office building in downtown Fort Lauderdale’s Central Business District, has leased more than 40,000 square feet to a variety of commercial tenants. 110 Tower recently completed a comprehensive $15 million interior and exterior renovation, which included the addition of ground-floor retail, upgrades to the lobby and interior common areas, enhancement of primary mechanical systems and installation of a unique exterior lighting system. The building now hosts more than 800 full-time employees. Law firms Lewis Brisbois Bisgaard & Smith; Fort Lauderdale Executive Office Suites; the Broward Safety Council; and Cole, Scott & Kissane, P.A. are among the established businesses at the tower. Subway is now open in 110 Tower’s ground floor and Trial Copy, a litigation consulting firm specializing in electronic data discovery, computer forensics custom trial graphics and heavy litigation copy services, sits in 110 Tower’s lobby level. Laurel Oswald of Cushman & Wakefield handles office-leasing responsibilities for 110 Tower.
CHICAGO — Johnson Capital has arranged $60 million in fixed-rate senior debt for the refinancing of a retail condo in the One North State Street office building in Chicago. The retail condo includes 150,000 square feet of space on the ground floor and three additional lower floors of the 16-story, 673,400-square-foot building. The remaining 523,000 square feet of the building is office space. One North State is located at the intersection of State and Madison streets. The retail space is 98 percent occupied with a stable mix of anchors, including TJ Maxx and Burlington Coat Factory. Other retailers include Claire’s, Chipotle, Dunkin Donuts, The Body Shop, GNC and Payless Shoe Source. A large foreign bank provided the 10-year loan. Neil Bane and Roger Brandt of Johnson Capital arranged the financing.
CHICAGO — First Hospitality Group Inc., in a joint venture with Skokie, Ill.-based North Capital Group LLC, is redeveloping the former Purple Hotel in Chicago. The new hotel will open as a SpringHill Suites in fall 2015 as part of a larger mixed-use project called The Shoppes at Lincoln Pointe, which will include retail, dining, grocery and office space. The five-story hotel will feature 160 guest rooms, 4,000 square feet of banquet space and 1,000 square feet of meeting space. The hotel is within close proximity to downtown Chicago, O'Hare airport, Loyola University and Northeastern Illinois University.
ROCHESTER HILLS, MICH. — Bernard Financial Group has arranged a $9.2 million loan for a 49,031-square-foot retail property in Rochester Hills, located about 27 miles north of Detroit. Kevin Kovachevich of Bernard arranged the loan for the borrower, CW Owner LLC. A CMBS lender provided the loan.
CHARLESTON, ILL. — Triad Real Estate Partners has arranged the $2.1 million sale of the Highland Place Apartments, a 72-unit Low Income Housing Tax Credit (LIHTC) multifamily property in Charleston, a city in southern Illinois. The buyer is Charleston-based affordable housing developer Yost Management LLC. The buyer applied for 9 percent acquisition/rehabilitation tax credits through the Illinois Housing Development Authority (IHDA) in 2012 but was denied. A follow up application in 2013 received the award and Yost plans to renovate the property. The transaction was closed with a bridge loan in anticipation of IHDA financing at a later date. An Indianapolis-based tax credit and rural housing developer constructed the property in 1998 under the LIHTC program.
PHILADELPHIA — HFF has closed the sale of Edgewater Apartments, a 290-unit, Class A multifamily complex in the Center City District of Philadelphia. An entity affiliated with JPMorgan purchased the property for approximately $113 million, according to the Philadelphia Business Journal. Edgewater Apartments is located at 2323 Race St. along the Schuylkill River in Center City Philadelphia’s northwest quadrant, known as Logan Square. Completed in 2005, the property includes a 12-story tower with 270 units plus 20 townhomes attached to a five-story, 491-space parking garage. Community amenities at the property include a club room with flat-screen television, fireplace and kitchen, 24-hour fitness center, conference room, business center, concierge service and direct access to the riverfront walkways. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Steve Simonelli of HFF marketed the property on behalf of the seller. According to HFF, this is the largest multifamily transaction to close in Philadelphia in more than 10 years.
PHILADELPHIA — Marcus & Millichap has arranged the $47.3 million sale of Charter Court at East Falls, a 502-unit high-rise apartment complex in Philadelphia’s East Falls neighborhood. Clark Talone, Andrew Townsend and Ridge MacLaren in Marcus & Millichap’s Philadelphia office, represented the seller, Resource Real Estate. Talone, MacLaren and Townsend also advised the buyer, Treetop Development. Charter Court at East Falls includes two 11-story buildings, six commercial spaces, two surface parking lots with a total of 256 parking spaces and a 55-space parking garage. The unit mix is 85 studios, 243 one-bedroom units, 155 two-bedroom apartments, 10 three-bedroom units, two-four-bedroom units and one five-bedroom apartment. Shared amenities include a resort-style pool area with cabanas, a business and fitness center, pet spa and door attendant.
NEW YORK CITY — Carlton Group has closed a $42 million construction loan and joint venture equity investment for a new condominium project in the Flatiron District of Manhattan. The financing will enable the developer, Gale International, to build a 37,000-square-foot condominium building, located at 21 West 20th St. The development includes 13 full-floor units, including four penthouse units with 100 feet of frontage and more than 4,000 square feet of private terrace space. Carlton arranged the construction loan and joint venture equity through a balance sheet lender at LIBOR plus 325 basis points and an equity joint venture participant, which includes an overseas investor. The development marks Gale International’s first condominium project in Manhattan.
KING OF PRUSSIA, PA. — Beech Street Capital has provided a $34 million, 10-year loan for the refinancing of Valley Forge Towers North, a 242-unit, 15-story apartment building in King of Prussia. Galman Group, which owns and manages more than 7,000 apartment communities and condominiums, was the borrower. The property includes one-, two- and three-bedroom units ranging in size from 1,079 square feet to more than 1,600 square feet. The property also features 11,000 square feet of office space, 19,000 square feet of retail, 8,000 square feet of commercial storage and 178 garage parking spaces. The fixed-rate loan includes a 30-year amortization schedule. Brian Sykes in Beech Street’s Boston office originated the transaction.