SAYREVILLE, N.J. — O’Neill Properties Group (OPG) has completed brownfield remediation at the 40-acre lagoon at The Pointe, a $2.2 billion mixed-use project in Sayreville. Vertical construction will commence in spring 2016 on a 200,000-square-foot Bass Pro Shops Outdoor World, which will be the largest Bass Pro in the country outside of its original flagship operation. When OPG acquired the 440-acre site in 2008, the company committed to cleaning the massive brownfield contamination, including a 40-acre lagoon that was contaminated with titanium dioxide waste byproducts from the former on-site National Lead manufacturing facility. The cost of the nine-year remediation project was $8 million. Upon build out, The Pointe will bring 725,000 square feet of retail space; 2,000 upscale waterfront townhomes and luxury apartments; 32,000 square feet of Class A office space; and 1,250 hotel rooms. Additional community amenities will include a 45,000-square-foot community and fitness center, a 9,700-square-foot facility for fire and EMS services and a 10,000-square-foot performing arts center, as well as a rooftop solar farm. Project partners include MLP Builders, Maser Consulting and Ripco Real Estate.
NORTH RICHLAND HILLS, TEXAS — CBRE Capital Markets has arranged the sale of Courtyards on Glenview, a 241-unit multifamily community in the Fort Worth suburb of North Richland Hills. The 257,087-square-foot complex is located at 4401 Glenview Court, and was 93 percent occupied at the time of sale. Chris Deuillet and Nita Stewart of CBRE’s Dallas office represented the seller, Courtyards on Glenview LP, in the sale of the property to EB Real Estate Group LLC for an undisclosed price.
AUSTIN, TEXAS — Aspen Heights has topped out on Rise – 8th and Nueces, a 198-unit apartment tower located at 805 Nueces St. in downtown Austin. This project will be Aspen Heights’ first non-student housing development. The 22-story project will feature a rooftop infinity edge pool, deck and lounge, a rooftop dog park and a top-floor fitness center overlooking the State Capitol Building. Aspen Heights worked with local firm Greenstar Development to source the land, fund the project and assist with development. Rhode:Partners is the project’s architect.
DALLAS — Metropolitan Capital Advisors (MCA) has arranged $6.9 million in both debt and equity for the construction of Block at Bennett, a 22-unit high-end condominium development in Dallas. MCA arranged the financing on behalf of a partnership sponsored by Larkspur Capital. The property will be located near the corner of Bennett Avenue and Fuqua Street in the Dallas neighborhood of Henderson. The construction loan was funded by a regional bank and was structured with limited recourse. The equity partner is a foreign investment fund.
FARMINGTON AND HOWELL, MICH. — Capital Finance LLC, a subsidiary of Baltimore-based Capital Funding Group (CFG), has arranged a $7 million working capital line of credit for the operator of Farmington Health Care Center in Farmington and Howell Care Center in Howell. Both towns are northwest suburbs of Detroit. The two skilled nursing facilities, which were recently acquired, total 273 beds. The credit line provides the borrowers with additional commitment capacity while they work to obtain their new provider numbers from the Centers for Medicare and Medicaid Services, according to CFG.
NEW YORK CITY — Ariel Property Advisors has arranged the $42.1 million sale of a three-building multifamily portfolio in Central Harlem. Castellan Real Estate Partners sold the portfolio, which totals 156,870 square feet, for $42.1 million, or approximately $290,000 per unit. Featuring 144 residential units and three employee units, the properties are located at 117-125 W. 141st St., 127-135 W. 141st St. and 137-145 W. 141st. Victor Sozio, Shimon Shkury, Michael Tortorici, Josh Berkowitz and Matthew Gillis of Ariel Property Advisors represented the seller and procured the buyer, a partnership between Guardian Realty Management and Irving Langer and Michael Langer of E&M Associates.
NEW YORK CITY — Trinity Place Holdings has received approval of modifications from the Landmarks Preservation Committee for the 77 Greenwich development, which is slated for completion in 2019. Designed by FXFOWLE Architect, the 500-foot tower will feature 85 luxury residential condominiums, 7,000 square feet of retail space on Greenwich Street and a 476-seat elementary school serving District 2. The development site includes the former Syms clothing store and the 19th-century landmarked Dickey House. Recently approved design modifications include the lowering of the ground floor of Dickey House along Greenwich Street, the elimination of the school entry court signage plyon and the reduction of the tower’s south cantilever.
BOSTON — IBA – Inquilinos Boricuas en Acción has secured $1.3 million in financing from the Department of Housing and Community Development to renovate Residencia Betances, a housing development in Boston’s South End. Located on Shawmut Avenue, the property, which serves low-income individuals with serious mental health issues, features 11 single-room occupancy units. Planned renovations include enhancements to the property’s historical brownstone exterior and revamping the interior to create a more open and welcoming floor plan, along with improvements to the individual units. Originally developed in 1993 by IBA, the property is one of the few properties that provides supportive housing to Spanish-speaking residents who are formerly homeless clients of the Development of Mental Health.
DORAL, FLA. — Cohen Financial has secured a $73.2 million construction loan for the development of two Class A luxury residential buildings in Doral, a suburb of Miami. The two eight-story buildings will total 418 apartment units and be part of Landmark at Doral, a multifamily development located at the northeast corner of the intersection of N.W. 107th Avenue and N.W. 58th Street. Upon completion, Landmark at Doral will feature 631 units and three buildings, as well as 40,000 square feet of retail space. Daniel Sheehan and Eric McGlynn of Cohen Financial’s equity practice in Miami arranged the loan on behalf of the borrowers, The Congress Group Inc. and Encore Housing Opportunity Fund.
LOUISVILLE, KY. — Marcus & Millichap has brokered the $16 million sale of Derby Estates, a 381-unit apartment community located at 5319 Rangeland Road in Louisville. The workforce housing community is situated near the GE Appliance Park manufacturing facility. During the past three years, the property has received a $4 million upgrade package that includes new roofs and siding, new appliances, new HVAC units, new flooring and a new pool, fitness room and recreation area. Aaron Johnson and Aaron Willis of Marcus & Millichap’s Louisville office represented the seller, VTT Rangeland LLC, in the transaction. Capstone Apartment Partners worked with the Sperry Van Ness team in Cincinnati to also represent the seller.