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HospitalityNortheast

SILVERSTEIN SECURES FINANCING FOR $950M NYC HOTEL, CONDO

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NEW YORK CITY — Silverstein Properties has secured construction financing for a $950 million, 82-story Financial District tower in downtown Manhattan that will house a Four Seasons hotel and condominium. The Children’s Investment Fund Management LLP provided financing for the project with a loan up to $660 million to Silverstein and the California State Teachers’ Retirement System (CalSTRS), a co-owner. At 926 feet, the building, which will be located at 30 Park Place, will be one of the tallest residential buildings in lower Manhattan. The hotel will include a 185-room Four Seasons-operated luxury hotel, as well as 157 Four Seasons branded luxury private residences. Construction will begin on the tower this fall, with the grand opening set for 2016. Robert A.M. Stern Architects is the architect for the building. Tishman Construction, which built 7 World Trade Center for Silverstein Properties in 2006 and is serving as construction manager on the project.

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IndustrialNortheast

EAGLEBRIDGE ARRANGES $10M MORTGAGE FOR ONE UNITED DRIVE

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WEST BRIDGEWATER, MASS. — Boston-based EagleBridge Capital has arranged $10 million in permanent mortgage financing for One United Drive, located in West Bridgewater, about 30 miles south of Boston. One United Drive is a 315,000-square-foot industrial building, which includes 30,000 square feet of office space and 285,000 square feet of manufacturing and distribution space on a 29.8-acre site. Campanelli Cos. originally developed the building in 1987 for United Liquors. Major tenants include Cheer Pack North America, which occupies 187,500 square feet, and Federal Express, which occupies 88,500 square feet. A Massachusetts-based financial institution provided the loan. Brian Sheehan and Ted Sidel of EagleBridge arranged the mortgage financing.

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NortheastRetail

5-13 WITHERSPOON ST. IN PRINCETON RECEIVES $8.2M

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PRINCETON, N.J. — Cantor Commercial Real Estate has provided $8.2 million in financing for 5-13 Witherspoon St. in Princeton. Gideon Gil, Alexander Hernandez and Sridhar Vankayala of Cushman & Wakefield arranged the 10-year loan for Jeffrey Siegel and an affiliate of ML7. The 17,000-square-foot mixed-use property was renovated shortly after the current ownership purchased the property in 2010. Agricola Eatery, a farm-to-table restaurant, opened at the location in March.

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NortheastOffice

KALMON DOLGIN ARRANGES $1.3M SALE OF 16-13 STEPHEN ST.

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NEW YORK CITY — Kalmon Dolgin Affiliates Inc. (KDA) has arranged the sale of an 8,800-square-foot property at 16-13 Stephen St. in the Ridgewood section of Queens for $1.3 million. Howard Darsi of KDA represented the buyer, Jack Pierson Studio, while Jean Cook, also of KDA, represented the seller, Stephen Street Realty LLC, in the transaction. Jack Pierson relocated to 16-13 Stephen Street from 70 Greenwich Ave. in Manhattan, and will use the location as a studio. Located between Cypress and Wyckoff avenues, the property provides easy access to Manhattan and Brooklyn via the L subway line.

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Seniors HousingTexas

NEW SENIORS HOUSING EXPANSION TO OPEN IN KATY

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KATY, TEXAS — Dallas-based three: living architecture, a boutique design firm, has designed The Solana at Cinco Ranch, a 20,000-square-foot expansion to the existing seniors housing community in Katy, which three also designed. The expansion will feature 20 new memory care units and six additional assisted living units. Formation Development Group and its affiliates own the development, and The Arbor Co. manages it. The expansion is set to open in July.

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MultifamilyTexas

ARA BROKERS SALE OF AMBIANCE TOWNHOMES IN HOUSTON AREA

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ALIEF, TEXAS — ARA has arranged the sale of the 100-unit Ambiance Townhomes, located in Alief, a town southwest of Houston. Matt Saunders, Russell Jones and Zach Springer of ARA's Houston office represented the seller, Rich and Rich Associates, a private real estate investment group based in Philadelphia. The buyer, Washington-based Richmond Apartments LLC, plans to renovate and upgrade the property. The apartment community is 98 percent occupied.

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MultifamilyTexas

M&M ARRANGES SALE OF GRANBURY APARTMENT BUILDING

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GRANBURY, TEXAS — Marcus & Millichap has brokered the sale of Lakeshore at Granbury, a 41-unit apartment property located at 800 Panama Court near Highway 377 in Granbury. The community offers residents easy access to Lake Granbury with its private dock and private boat ramp. Robert Denninger of Marcus & Millichap's Dallas office represented the seller and procured the buyer, both limited liability companies, in the transaction.

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OfficeTexas

TENASKA FINALIZES 32,102 SF OFFICE LEASE IN ARLINGTON

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ARLINGTON, TEXAS — Nebraska-based Tenaska Inc. has renewed its 32,102-square-foot lease at the Offices at Brookhollow in Arlington. The Offices at Brookhollow is an 80,104-square-foot office development at 1701 E. Lamar Blvd. Karen Simon and Brian Scott of Bradford Commercial Real Estate Services represented the landlord, 1031 Arlington LLC, in the five-year lease renewal. Renee Efimoff of SCM Real Estate Services Inc. represented the tenant.

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RetailWestern

KEMPER DEVELOPMENT PLANS $1.2B EXPANSION TO BELLEVUE SHOPPING CENTER

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BELLEVUE, WASH. — Northwest developer Kemper Development Co. announced Monday plans for a $1.2 billion mixed-use expansion to its shopping and dining complex, The Bellevue Collection, in downtown Bellevue. Plans for the project include 2 million square feet of additional retail, office, hotel and residential space covering more than a block of prime real estate at Northeast Fourth Street and Bellevue Way Northeast. Construction is expected to begin in early 2014 and wrap up by fall 2016. Kemper Freeman, chairman and CEO of Kemper Development Co. is pitching the project in Las Vegas at a gathering of the International Council of Shopping Centers and says he is talking with lenders and expects to secure financing soon, according to the Seattle Times. Freeman also says he believes he can pre-lease much of the space during the next few months and has no plans to build on speculation. Located 10 miles east from downtown Seattle, the regional shopping destination draws more than 22 million shoppers annually from a six-state region and Canada. The Bellevue area is home to corporations such as Microsoft, Expedia and T-Moblie and boasts an average household income of $120,000. Noting the area’s growing concentration of affluent shoppers, Kemper …

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CivicWestern

NEW CIVIC CENTER AND PARK PROJECT TO DEBUT IN NEWPORT BEACH

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NEWPORT BEACH, CALIF. – The Civic Center and Park Project has completed construction in Newport Beach. It is located at 100 Civic Center Drive. The $110-million project contains a total of 117,000 square feet. It includes an 88,000-square-foot office building, community room, a 150-seat city council chambers, a 14-acre park and a 450-space parking structure. It also included a 17,000-square-foot library expansion. The center is slated for LEED-Silver certification. The three-phase construction schedule began in May 2010. The project was built by C.W. Driver.

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