HOMEWOOD, ALA. — Beech Street Capital has closed a $19.9 million Freddie Mac CME conventional loan for the 274-unit Mayfair Chateau Manor, located at 3450 Manor Dr. in Homewood. Beech Street's Birmingham office arranged the 10-year loan with a 30-year amortization schedule.
ATLANTA — Cousins Properties Inc. has signed the first six tenants to the $100 million Phase I of Emory Point, a mixed-use property located at 1727 Clifton Rd. in Atlanta. The retailers include: a 14,338-square-foot CVS/pharmacy; a 4,512-square-foot Jos. A. Bank; a 2,995-square-foot Marlow's Tavern; a 1,891-square-foot Solar Dimensions; a 1,692-square-foot Which Wich; and a 1,117-square-foot Carriage Cleaners. The first phase, which will include 80,000 square feet of retail space and 443 apartments, is slated for completion in the fall of 2012.
CHICAGO — In a joint venture, AREA Property Partners and Martin Capital Group will redevelop 1313 W. Randolph St., a 130,000-square-foot industrial loft building in Chicago. The partnership recently closed on a $12.9 million construction loan to redevelop the building into a mixed-use project. Plans include 70 loft-style apartments and 27,000 square feet of retail space. Construction is slated for completion in late 2012.
GRAND RAPIDS — Signature Associates has negotiated the sale of a 56,511-square-foot industrial building located at 5633 52nd St. SE in Grand Rapids to SSBB Inc. Cathy Bottema and Steve Burman of Signature Associates represented the seller, Bank of America, in the transaction.
QUINCY, ILL. — Chicago-based Old Veteran Construction Co. Inc. will break ground on a new $12.2 million U.S. Army Reserve Training facility in Quincy. Plans for the 30,912-square-foot facility include a learning center, weapons simulator and physical fitness area. Construction will begin after the preliminary site work has been completed. The completion date is yet to be determined.
MANHATTAN — Gene Kaufman Architect is designing two new hotels, both developed by Hidrock Realty, in Midtown Manhattan. The company is reinventing the former office building at 960 Sixth Ave. into a Courtyard by Marriott and developing a groundup SpringHills Suites by Marriott at 25 W. 37th St. The 100,000-square-foot Courtyard will include 167 rooms with retail space on the ground floor. The 70,000-square-foot SpringHill Suites will include 173 rooms. The Courtyard is slated for completion in the fall of 2012, while SpringHill is expected to be completed by 2013.
NEW YORK— Colliers International has arranged a 15-year, 74,000-square-foot lease at 175 Varick St. WeWork, a provider of high-end office suites, will take space on multiple floors. Eric Meyer, Richard Plehn and Seth Hecht of Colliers International's New York office represented the landlord, Extell Development Co. Sean Black of Jones Lang LaSalle represented WeWork in the transaction.
BOSTON— Hospitality Properties Trust of Newton, Mass. has agreed to acquire Boston's Sonesta International Hotels Corp. for $150 million. Sonesta's management team will remain in place and continue to run the companies properties, including the 22,000-square-foot Royal Sonesta Hotel in Cambridge. The deal is expected to take place early next year. Deutsche Bank Securities served as financial advisor to Sonesta and Goodwin Procter served as legal counsel to Sonesta in the transaction.
BROOKLYN, N.Y. — Marcus & Millichap Real Estate Investment Services has completed the sale of 567 Vanderbilt Ave. in Brooklyn, N.Y. for $1.3 million. The mixed-use building includes 4,864 square feet. Bruce Thomsen, Derek Bestreich and Shaun Riney of Marcus & Millichap's Brooklyn office represented the seller, a private investor. The buyer, a limited liability company, was secured and represented by Riney and Bestreich.
SWEDESBORO, N.J. —Binswanger has completed the sale of a one-story, 65,804-square-foot facility, located at 400 Eagle Ct. in Swedesboro, N.J. The buyer, Cocoa Services LP, is a chocolate manufacturer and plans to use the facility for cocoa processing. Marc Policarpo and Bob Corr of Binswanger's New Jersey office represented the seller, Barry Callebaut USA LLC, in the transaction. David Ricci of Flynn Co. represented the buyer.