BALTIMORE — Cassidy Turley has arranged approximately $48.8 million in financing for One East Pratt Street, a 355,779-square-foot, Class A office building in Baltimore’s central business district. The office building was 71 percent leased at the time of the transaction to tenants such as PNC Bank, KPMG, Verizon Wireless and Merrill Lynch. The ground-floor tenants include Sullivan’s Steakhouse, Kona Grill and Nature’s Table. John Campanella and Paul Spellman of Cassidy Turley arranged the permanent financing through a bank on behalf of the borrower, Emmes Asset Management Co. LLC.
Property Type
HOOVER, ALA. — Q10 | Professional Mortgage Co. has arranged financing for a 50,560-square-foot CarMax store, located at 2969 John Hawkins Parkway in Hoover. Bryson Thomason of Q10 arranged the $8.4 million, fixed-rate loan.
EFFINGHAM, S.C. — Quantum Real Estate Advisors Inc. has arranged the sale of a freestanding Dollar General in Effingham. The 9,002-square-foot store sold for approximately $1.2 million. Jordan Kaufman and Dan Waszak of Quantum Real Estate Advisors represented the seller, a private, South Carolina-based developer and investor. The buyer, a private individual from Florida, purchased the asset in a 1031 tax-deferred exchange.
ST. PAUL, MINN. — Dougherty Mortgage LLC has originated a $14 million HUD 223(f) loan for the refinancing of Creek Point Apartments. The 234-unit market-rate apartment property is located at 1920 Burns Ave. in St. Paul. Dougherty Mortgage arranged the fully amortizing 35-year loan for Foxcroft Apartments LLP. As part of the refinancing, the borrower intends to renovate and reposition the property.
CHICAGO — Sperry Van Ness | Chicago Commercial has arranged the $1.6 million sale of a 23,000-square-foot land site in Chicago. The property is located at 1809 W. Devon Ave. Wayne Caplan of Sperry Van Ness represented the undisclosed buyer, who plans to convert the site into a self-storage facility. John Homsher of Podolsky | Circle CORFAC International represented the undisclosed seller.
MADISON HEIGHTS, MICH. — Colliers International Detroit has arranged the lease of a 1,357-square-foot retail space in Universal Mall to T-Mobile. The wireless carrier will occupy space in the mall, which is located at 28532 Dequindre Road in Madison Heights, a northern suburb of Detroit. Barry Landau of Colliers represented the landlord, Universal Mall Properties LLC, and the tenant, T-Mobile, in the lease transaction.
CHICAGO — NelsonHill, a Chicago-based full-service real estate firm, has brokered the sale of a 5,300-square-foot warehouse building in Chicago for $1.2 million. Jordan Mozer & Associates, a Chicago-based international design firm, purchased the space located at 318 N. Laflin St. The design firm plans to use the building as a high-end showroom with office space. Mark Nelson and Michael Nelson of NelsonHill represented the seller, Music Direct. Ann Anovitz Associates represented the buyer in the transaction.
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.
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.