ORLANDO — NorthMarq Capital has arranged $27.9 million in first mortgage financing for the 373-unit Abaco Key Apartments, located at 10712 Mystic Circle in Orlando. Tony Gray of NorthMarq's Houston office secured the 10-year loan with a 30-year amortization schedule through Freddie Mac on behalf of the borrower, Aragon Holdings.
KANSAS CITY, KAN. — Two major healthcare tenants have signed lease agreements to anchor the second phase of the $59 million 39Rainbow, a mixed-use development in Kansas City. The development is located near The University of Kansas Hospital and the University Kansas Medical Center at the southwest corner of 39th Street and Rainbow Boulevard. The first phase of the project is slated to open later this month and will include an 83-room Holiday Inn Express and Suites, Five Guys Burgers & Fries and additional retail shops. For the second phase, The University of Kansas Hospital will operate an inpatient acute rehabilitation center in 27,800 square feet on the second floor. Kansas City Transitional Care Center, a subsidiary of Skilled Healthcare Group, has signed a lease for 55,600 square feet on the third and fourth floors. The company plans to operate a post-acute skilled nursing rehabilitation facility. Site demolition has already begun on the 100,000-square-foot second phase and the building is scheduled to open in the fall of 2013. LANE4 Property Group is the project developer.
WHEATON, ILL. — Morningside has broken ground on a six-story apartment property, known as Wheaton 121, at 121 N. Cross St. in downtown Wheaton. Designed by Fitzgerald Associates Architects, the property will feature 306 luxury units and a two-level, indoor parking garage. Amenities will include an in-ground swimming pool, an outdoor kitchen, lounge areas, a dog run and a bocce court. The building will also offer a business center, theater room and fitness center. The development is expected to be complete in 2013.
PEWAUKEE, WIS. — MTM Paul Court has purchased the Paul Court Office building in Pewaukee for $1.5 million. The 10,430-square-foot property is located at N97W24075 Paul Court. Joe Lak of Colliers International represented the buyer in the transaction. Mike Kleber of Zilber Property Group represented the seller, JML Holdings.
CHICAGO — Chicago developer Anshoo Sethi is aiming to finance a multi-hotel complex and convention center near O'Hare International Airport, in part, through the U.S. Immigrant Investor Program, also known as EB-5. The project, proposed by Sethi and the International Regional Center Trust of Chicago (IRCTC), would combine convention center facilities and several hotels on the same site. Over the course of the 24-month construction period and first 10 years of operation, the development is projected to produce a total economic impact of $2.6 billion, according to IRCTC. The development will be financed, in part, by the federal EB-5 program, created by Congress in 1990 to stimulate the U.S. economy and which offers a path to U.S. residency for foreign investors. Plans for the project, which is named A Chicago Convention Center, include eco-friendly architecture and design and high-tech amenities.
HYANNIS, MASS. — DoubleTree by Hilton has opened a newly renovated, full-service hotel in Hyannis. The hotel, previously a Radisson, has reopened as the 160-room DoubleTree by Hilton Cape Cod-Hyannis. Renovations were completed in all areas of the hotel. Guest rooms feature new carpeting, window treatments, furniture and bedding. An outdoor pool and fire pit have been added in the landscaped courtyard. The hotel is owned and operated by Ridgewood Hotel Associates under a franchise license agreement with a subsidiary of Hilton Worldwide.
NEW YORK CITY — HH Realty Equities has purchased a 30,000-square-foot office and retail property at 1308 East 13th St. in Brooklyn for $6.5 million. The building is fully occupied, with Valley National Bank as the main retail tenant. Additional tenants include medical billing and insurance companies. Robert Klein of Kalmon Dolgin Affiliates represented the buyer in the transaction. He also represented the seller, Avenue M Associates.
NEW YORK CITY — Hudson Realty Capital has funded a $5.9 million first-mortgage loan for a 50,400-square-foot apartment and retail property on Woodhaven Boulevard in Queens. The borrower, a real estate owner and investor, plans to use the proceeds for a discounted first-mortgage payoff and to establish reserves to stabilize the property. The six-building property includes 42 apartment units and 11,250 square feet of retail space. Occupancies are 83 percent and 20 percent for the residential and commercial units, respectively.
HAPPAUGE, N.Y. — Stalco Construction has completed work on the U.S. headquarters of Genometrica Research Inc., which designs and makes molecular biology and DNA sequencing equipment, in Happauge. Crews have updated the office space into a state-of-the-art research, product development and engineering laboratory. The 4,500-square-foot project included the renovation of a laboratory, 10 private offices, an administrative area and boardroom.
AUSTIN — ARA has brokered the sale of the 300-unit Bluffs at Town Lake, a multifamily community located at 2005 Willow Creek Drive in Austin. The property is 92 percent occupied and features amenities such as a cyber cafe, coffee bar, music area, fitness center, urban oasis pool, indoor basketball court and skyline views of downtown Austin. Andrew Shih of ARA's Austin office represented the seller, California-based Post Investment Group, in the transaction. Pacific Palisades, Calif.-based The Lighthouse Group was the buyer. Wells Fargo provided agency financing for the acquisition.