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MidwestMixed-Use

KEYBANK FINANCES $21M PHASE II OF MIXED-USE DEVELOPMENT

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CLEVELAND, OHIO — KeyBank (NYSE:KEY) has closed a transaction to provide New Markets Tax Credit (NMTC) financing to the $21 million second phase of the University Circle Uptown development, a mixed-use and student housing project in Cleveland. The NMTC program, which was established in 2000 as part of the Community Renewal Tax Relief Act 2000, provides tax credit incentives to investors for equity investments in low-income communities. KeyBank provided $9 million in NMTC loans and nearly $9 million in NMTC equity to the entire Uptown development. The second phase of the development will include retail and 50 dorm spaces for the Cleveland Institute of Art, providing nearly 130 beds for students. The property will also provide 40 additional units of traditional student housing and more than 20,000 square feet of ground-level retail space, including a new Corner Alley bowling alley. MRN Ltd. is developing the second phase, which is currently under construction.

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MidwestRetail

DEVONSHIRE REIT BUYS SOUTH HAVEN, MICH., SHOPPING CENTER

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SOUTH HAVEN, MICH.— Devonshire REIT Inc. has acquired the 40,040-square-foot South Haven Shopping Center, located about 50 miles southwest of Grand Rapids. The purchase price was undisclosed. Dollar Tree and Dunham’s Sports co-anchor the shopping center, which is fully leased. FirstMerit Bank, a division of FirstMerit Corp., provided the financing. Chris Campbell, president and CEO of Devonshire, says the sale includes an 11 percent capitalization rate.

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HospitalityNortheast

ROCKPOINT GROUP COMPLETES $375M IN HOTEL SALES

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BOSTON­— Rockpoint Group LLC and its affiliates have completed two hotel sales during the last three weeks and generated $375 million in proceeds. The most recent transaction was the sale of the 1,053-room Boston Park Plaza Hotel & Towers to a public lodging REIT for $250 million, or $237,400 per key. Boston-based Rockpoint owned the hotel for two years and added 112 guest rooms and ground-floor retail. The firm also sold its interest in the Courtyard by Marriott Waikiki Beach to Highgate Hotels Inc., which was managing the hotel, in a $125 million transaction. Lodging Capital Partners LLC was Rockpoint’s partner when the hotel was acquired in June 2011 for $85 million. The Courtyard by Marriott Waikiki Beach is a 401-room hotel located in the Waikiki submarket of Oahu in Hawaii.

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MultifamilyNortheast

MERIDIAN ARRANGES $27.5M LOAN FOR BRONX MULTIFAMILY BUILDING

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NEW YORK CITY —Meridian Capital Group LLC has arranged $27.5 million in financing for the purchase of a multifamily property, located in the Bronx, on behalf of Azure Partners LLC. The seven-year loan carries an interest rate of 3.1 percent and two years of interest-only payments. A national balance sheet lender provided the loan. The 13-story mixed-use property includes 273 apartments and is located at 1749 Grand Concourse. Moshe Majeski, managing director at Meridian Capital Group, originated the transaction. Abe Hirsch, managing director, and Zev Karpel, senior vice president at Meridian, negotiated the financing

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NortheastRetail

WHOLE FOODS MARKET OPENS AT PLEASANT SHOPS IN WEYMOUTH, MASS

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WEYMOUTH, MASS. — Whole Foods Market (NASDAQ: WFM) has opened a 40,000-square-foot grocery store at Pleasant Shops in Weymouth, a southern suburb of Boston. The new store, located at the intersection of Route 18 and Pleasant Valley Parkway, is the grocer’s 23rd location in Massachusetts. Pleasant Shops was acquired by a joint venture between Federal Realty Investment Trust and a client advised by Clarion Partners.

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HealthcareNortheast

CAPITAL ADVISORS SECURES $4.7M LOAN FOR MEDICAL OFFICE BUILDING

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SETAUKET, N.Y. — Capital Advisors has arranged $4.7 million in refinancing for 33 Research Way, a 37,297-square-foot medical office building located in Setauket, about 15 miles east of Queens. Stony Brook University Hospital fully occupies the property. Cooper Willis of Capital Advisors’ Charlotte, N.C. office secured the 25-year, nonrecourse loan, which includes a 25-year amortization schedule, for Algil Holding Co. LLC. StanCorp Mortgage Investors LLC provided the financing.

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OfficeTexas

SHORENSTEIN INVESTS IN DEVELOPMENT OF TWO AUSTIN OFFICE BUILDINGS

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AUSTIN, TEXAS — Shorenstein Properties LLC has entered into a new venture to capitalize the development of two office buildings located within The Domain, a 304-acre mixed-use community in northwest Austin. The venture was completed with Deutsche Asset and Wealth Management and its developer, Endeavor Real Estate Group. The two buildings, Domain 2 and Domain 7, are five and six stories and total 139,675 and 221,886 square feet, respectively. Domain 2, which will break ground later this month, has preleased 100 percent of the office space to HomeAway Inc. Domain 7 will break ground later this summer.

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MultifamilyTexas

MUSKIN COMMERCIAL ARRANGES SALE OF VISTA LAGO APARTMENTS

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AUSTIN, TEXAS — Muskin Commercial LLC has arranged the sale of Vista Lago, a 102-unit multifamily complex in the Lakeshore District of Austin. A local partnership purchased the property. The complex will undergo extensive renovations and a full reopening. The property was traded at an undisclosed price, but was listed for $5.6 million. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller, The Cornerbrook Cos. Brannin Prideaux and Ben Joyce of IBC Bank provided financing. Roscoe Properties will manage the property.

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OfficeTexas

TRANSWESTERN BROKERS DISPOSITION OF NORTHVIEW BUSINESS CENTER

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AUSTIN, TEXAS — Transwestern has brokered the sale of Northview Business Center on behalf of UNUM Life Insurance of America to TriGate Capital. Northview Business Center is a 262,067-square-foot, multi-tenant office building located at 9001 Interstate 35 in northeast Austin. Hale Umstattd, Leah Gallagher and Luke Wheeler of Transwestern represented the seller, Portland, Maine-based UNUM Life Insurance. The property was 70 percent leased at the time of sale.

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