SCHENECTADY, N.Y. — KeyBank (NYSE:KEY) has provided $26 million in Low Income Housing Tax Credit (LIHTC) equity and debt for an affordable housing development in Schenectady. The 155-unit rental community will include housing for low-income families, homeless persons, veterans and others who require supportive services. The development will transform a 96,060-square-foot, four-story historic industrial building and include 30 units for individuals struggling with homelessness or substance abuse and 57 units for the developmentally disabled and mentally ill. In total, KeyBank provided nearly $15 million in LIHTC equity and a $9 million construction loan to the development. The Galesi Group is serving as the developer for the project, which is slated to open next spring.
BOSTON — National Development has announced plans to build SEPIA at Ink Block, an 83-unit luxury condominium development in Boston. The project will be built as part of Ink Block South End, a six-building, mixed-use development in the South End neighborhood of Boston. Construction is slated to begin in early 2014, with a sale center opening at 401 Harrison Ave. later this month. Amenities at SEPIA at Ink Block include underground resident parking, a rooftop sundeck, private balconies, access to Ink Block’s rooftop pool, fitness center, clubroom and a bicycle workshop. Residents of the community will also be in proximity to the 50,000-square-foot Whole Foods Market, which is slated to open at Ink Block South End in early 2015. The SEPIA condos are slated to be complete and open for occupancy in mid-2015. Cranshaw Construction is the general contractor, and Elkus Manfredi Architects is the architect for SEPIA. The Collaborative Cos. will serve as the marketing and sales agency.
IRVING, TEXAS — Cushman & Wakefield (C&W) has brokered the sale of Regent Commons, a 619,643-square-foot office complex in the Freeport/Las Colinas submarket of Irving. The property, originally constructed in 2006, comprises three LEED-certified, Class A buildings on 52 acres fronting Interstate 635 at 3950, 4000 and 4050 Regent Blvd. The buildings are fully leased to two tenants, Citibank and State Farm. Michael Rotchford, David Wenk, Robert Elms, Scot Farber and Maureen Kelly of C&W, along with co-broker Cassidy Turley, represented the seller, a fund affiliated with Brookfield Asset Management. GI Partners was the buyer.
COPPELL, TEXAS — The Mansour Group of Marcus & Millichap has brokered the $4.5 million sale of Arbor Manor Shopping Center in Coppell, approximately 20 miles northwest of Dallas. The 10,049-square-foot retail strip center, located at the intersection of Denton Tap and Sandy Lake roads, is leased to Einstein Bros. Bagels, SmashBurger and Jersey Mike’s. Alvin Mansour of the Mansour Group represented the buyer, a private out-of-state investor, in the transaction. The seller was a local developer.
SAN ANTONIO — BMC Capital has secured a $1.2 million loan for Magnolia Apartments, a 25-unit multifamily property in an historic area of San Antonio. The loan featured a seven-year fixed rate of 4.25 percent and a 30-year amortization. Mike Callis of BMC’s Denver office arranged the terms. BMC Capital, headquartered in Dallas, acts as both a direct lender and a mortgage banker for commercial real estate properties.
IRVING, TEXAS — Property owner Rosemont Realty has signed Tricolor Auto Group to a renewal and expansion of its corporate headquarters lease in the Las Colinas submarket of Irving, approximately 13 miles northwest of Dallas. Tricolor previously occupied 16,783 square feet at The Summit at Las Colinas office tower and will now expand by approximately 33 percent to 24,913 square feet. Rosemont was internally represented by Kirby White, while Jon Altschuler of Altshuler & Co. represented the tenant. The Summit at Las Colinas, located at 545 E. John Carpenter Freeway, boasts 19 floors, 375,505 square feet of space of an 89 percent occupancy rating.
SEATTLE — GLL Real Estate Partners has purchased a 130,530-square-foot, Class A office building in Seattle’s South Lake Union neighborhood for a reported $97 million. The six-story building is located at 202 Westlake. It is fully leased, with Amazon being the main tenant. The building is only three blocks away from the company’s high-rise headquarters development, which will contain 2.2 million square feet at Sixth and Blanchard. This is GLL’s first purchase in Seattle.
LOS ANGELES – The State Bar of California will soon occupy the top four floors of a 111,000-square-foot office building in Downtown Los Angeles. The building is located at 845 South Figueroa Street. The space is undergoing a $14-million interior renovation before the State Bar takes up residency this December. Smart & Final recently opened on the building’s ground floor. The renovation will be carried out by Driver SPG, a construction affiliate of C.W. Driver. LeanArch will serve as the project’s architect. The five-story building also underwent a full-base renovation last year before the State Bar purchased the property from L&R Companies. The State Bar will be relocating from the AT&T Center once the renovations are complete.
PHOENIX – Omninet Capital has purchased the Midtown Phoenix Bank of America Tower for $14.8 million. The 189,000-square-foot building is located at 3030 N. Central Ave. The tower is currently 87 percent leased to tenants like Bank of America, Dignity Health, Xerox, AVESIS, Teach for America and Barrow Neurological Institute. Omninet plans to invest more than $2 million to renovate the building. The company also plans to invest an additional $200 million in the Phoenix market over the next two years. Omninet represented itself in this transaction. The seller, a partnership between Morrison Street Capital and Ronald Realty Group, was represented by Michael Crystal of Cushman & Wakefield of Arizona and Jim Palmer of The Palmer Group.
SANTA MONICA, CALIF. — It’Sugar has signed an eight-year lease for 2,250 square feet of space on Third Street in Downtown Santa Monica. The space is located at 1427 Third Street. The lease is valued at $6.2 million, or $312 per square foot, a record-breaking high in this shopping district. The global candy and gift retailer will occupy the space in March 2014. It’Sugar was represented by Jeremy Ezra of RKF. The landlord, Promenade Enterprises LP, was represented by Randy Starr of Avison Young.