INDIANAPOLIS — Greystone has originated a $34.6 million loan for Lake Castleton Apartments, a 1,261-unit multifamily apartment complex in Indianapolis. Greystone received a commitment from HUD insuring the Section 223(a)(7) FHA loan for Lake Castleton just 44 days from submission. The self-amortizing loan has a 35-year term. The property is located at 7601 Carlton Arms Drive. Josh Sasouness of Greystone’s New York City office originated the deal.
ST. LOUIS — A $2 million expansion of the Pain Management Center at Barnes-Jewish Hospital (BJH) in St. Louis is scheduled for completion in May. The project will expand the BJH Pain Management Center into a new 11,000-square-foot space on the 14th floor of the Center for Advanced Medicine. Construction began in February. McGrath is providing construction management services, and the design team includes OWH Inc. and EDM Inc. More than 25 percent of the project contract has been awarded to minority-owned and women-owned businesses. Disadvantaged business subcontractors include Miller Building Group, Waterhout, Deluca/BE Scaife, Mechanical Solutions, Pro Insulation and Guarantee/TD4.
TOLEDO, OHIO — Luttner Real Estate Investment Services has brokered the sale of a new building occupied by Family Dollar for $1.4 million. Family Dollar has signed a 10-year lease for the space located at 1121 W. Bancroft St. in Toledo. Mark Luttner marketed the 8,000-square-foot property on behalf of the seller, a private developer.
ROCHESTER HILLS, MICH. — IA Engineering has signed a lease for 9,903 square feet of high-tech space at 2709 Bond St. in Rochester Hills. Kris Pawlowski, Clint Confer and Gary Stephens of Signature Associates represented the landlord, Wall Street Industrial Center LLC. This is the third suite in this complex that Signature has negotiated. Kris Pawlowski also represented the tenant, IA Engineering of North America Inc. IA Engineering provides solutions for manufacturing and suppliers in automotive, aerospace, defense, alternative energy and other industries across North America.
NEW YORK CITY — Chesapeake Lodging Trust has acquired the newly developed 185-room Hyatt Place New York Midtown South, located at 52 W. 36th St. in New York City, for $76.2 million. The hotel, which opened last week, features 250 square feet of flexible, high-tech meeting/function space, a café and 24/7 Gallery Menu. Real Hospitality Group, the operator of Chesapeake’s other hotel in New York City located on 31st Street, will manage the hotel. Fairfield, N.J.-based Chesapeake funded the acquisition with available cash on hand, a credit at closing equal to the outstanding balance of a construction loan provided to the seller, and a $35 million advance under Chesapeake’s $60 million term loan obtained in July 2012.
NEW YORK CITY — Procida Funding & Advisors LLC, a New Jersey-based real estate investment bank, has provided an $8 million bridge loan to Ladera II for its development site at 300 W. 122nd St. in Harlem. The mixed-use project will feature a 13-story, 164-unit residential development with ground-floor retail shops. Procida funded the project in conjunction with Romspen Mortgage Investment Fund, a Canadian-based lender. Construction is scheduled to begin within the next year.
HOLMDEL, N.J. — Holmdel Township has selected Somerset Development to redevelop the former Bell Laboratories property in Holmdel, located about 23 miles north of Staten Island, N.Y. The property includes a 2 million-square-foot building and 473 acres surrounding the facility. Somerset has spent the past several years working closely with the Holmdel community and officials to devise a plan for the adaptive reuse of the former Bell Labs building that will transform the structure into a vibrant, mixed-use town center. Somerset’s plan will transform the building’s existing atrium into a pedestrian-friendly public promenade and potentially include retail and shopping and dining options, a health and wellness center, skilled nursing facility, hotel and conference center, educational facilities, upscale spa and public facilities. Designed by Eero Saarinen, the former Bell Labs research complex was home to Bell Laboratories division of Bell Telephone, later known as AT&T, Lucent and today, Alcatel-Lucent. Somerset is currently under contract with Alcatel-Lucent to purchase the site.
NEW YORK CITY — The U.S. Green Building Council has awarded Conrad New York, a luxury waterfront hotel, located in Manhattan’s Battery Park City, LEED-Gold certification for new construction. Some environmentally friendly features at the Conrad include: a green roof and roof garden with vegetables used by Conrad New York’s signature restaurant ATRIO and Chef Floyd Cardoz of Danny Meyer’s restaurant North End Grill; bike racks for public use; and low-flow plumbing fixtures that help the hotel reduce its water consumption by more than 30 percent. Other features include light-emitting diode (LED) lights for more than 60 percent of all lighting at the hotel, low volatile organic compound (VOC) materials to promote indoor air quality, locally sourced materials, Forest Stewardship Council (FSC) certified wood and Energy Star kitchen equipment.
DALLAS — Healthcare Trust of America Inc. (HTA) has purchased Forest Park Tower, a 130,000-square-foot Class A medical office building in Dallas, for $48.7 million. Forest Park Tower was built in 2010 and is located on Forest Park Medical Center's campus. The property was fully leased to a mix of Forest Park and individual physician tenants. The acquisition was funded with proceeds raised through HTA's equity-at-the-market program.
HOUSTON — Buchanan Street Partners, in partnership with CarVal Investors, has acquired a 16-story office building, located at 2100 W. Loop South in Houston's Galleria submarket. The acquisition is Buchanan's third office acquisition in Houston, and second with CarVal Investors, in the last two years. The 165,399-square-foot property is 82 percent leased. Buchanan plans to invest new capital for leasing costs and property upgrades. The building's amenities include a seven-story parking structure, 24/7 security, after-hours card key access and an on-site deli.
