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DevelopmentLoansMixed-UseMultifamilyNew YorkNortheastRetailTop Stories

Walker & Dunlop Arranges $388.4M Financing for The Brook Mixed-Use Project in Brooklyn

by Jeff Shaw

NEW YORK CITY — Walker & Dunlop Inc.’s New York capital markets team has arranged $388.4 million in construction financing for The Brook, a mixed-use development in downtown Brooklyn consisting of 448,000 rentable square feet of multifamily and retail space. Bank of America provided the funds. Apollo Commercial Real Estate Finance Inc., which is managed by an affiliate of Apollo Global Management, and Witkoff are developing the property at the cross-section of Fulton Street, Flatbush Avenue Extension, and DeKalb Avenue, next to Brooklyn landmarks such as the Fulton Mall and the Barclays Center. The mixed-use property will be split between two development sites, with the eastern site located at 565 Fulton St. and the western site at 547-557 Fulton St. The eastern site will consist of a 51-story mixed-used tower that will feature 561 studio, one- and two-bedroom apartment units utilizing the Affordable New York and Inclusionary Housing programs, as well as approximately 30,000 square feet of common space. Amenities will include a pool with cabanas, dog park, fitness center, half basketball court and multiple resident lounges. The base of the building will feature 17,200 square feet of ground-level retail space. The western site will consist of approximately 14,000 square feet of retail space next to Albee Square and is poised to attract retail brands and wholesalers looking to establish or strengthen their foothold in Brooklyn. …

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Affordable HousingDevelopmentLoansMixed-UseMultifamilyNew YorkNortheastRetailTop Stories

Apollo Global Management Receives $388.4M Financing for The Brook Mixed-Use Project in Brooklyn

by Jeff Shaw

NEW YORK CITY — Walker & Dunlop Inc.’s New York capital markets team has arranged $388.4 million in construction financing for the Brook, a mixed-use development in downtown Brooklyn consisting of 448,000 rentable square feet of multifamily and retail space. Bank of America provided the funds. Apollo Commercial Real Estate Finance Inc., which is managed by an affiliate of Apollo Global Management, and Witkoff are developing the property at the cross-section of Fulton Street, Flatbush Avenue Extension, and DeKalb Avenue, next to Brooklyn landmarks such as the Fulton Mall and the Barclays Center. The mixed-use property will be split between two development sites, with the eastern site located at 565 Fulton St. and the western site at 547-557 Fulton St. The eastern site will consist of a 51-story mixed-used tower that will feature 561 studio, one- and two-bedroom apartment units utilizing the Affordable New York and Inclusionary Housing programs, as well as approximately 30,000 square feet of common space. Amenities will include a pool with cabanas, dog park, fitness center, half basketball court and multiple resident lounges. The base of the building will feature 17,200 square feet of ground-level retail space. The western site will consist of approximately 14,000 square feet of retail space next to Albee Square and is poised to attract retail brands and wholesalers looking to establish or strengthen their foothold in Brooklyn. …

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AcquisitionsFloridaRetailSoutheast

Plaza Advisors Arranges Sale of 103,427 SF Shopping Center in Orlando

by John Nelson

ORLANDO, FLA. — Plaza Advisors has arranged the sale of Oakhill Village, a 103,427-square-foot shopping center located at the intersection of Hiawassee and Old Winter Garden roads in Orlando. An offshore investor doing business as Escape 22 Oakhill LLC purchased the center from an entity doing business as Oakhill Village Associates Ltd. for an undisclosed price. Built in 1989, Oakhill Village is situated on 11.4 acres about 10 miles northwest of Orlando International Airport. The property was 99 percent leased at the time of sale to tenants such as anchor DG Market + pOpshelf.

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AcquisitionsKansasMidwestRetail

PEBB Enterprises, Contrarian Capital Management Sell Shopping Center in Overland Park for $16.8M

by Kristin Harlow

OVERLAND PARK, KAN. — PEBB Enterprises and Contrarian Capital Management have sold the Pinnacle Village shopping center in the Kansas City suburb of Overland Park for $16.8 million. Lawrence, Kan.-based Cherry Hill Properties was the buyer. PEBB and Contrarian purchased Pinnacle Village in May 2018 and enhanced the 108,729-square-foot center through leasing activity and property improvements. DSW and Michaels are anchor tenants at the property, which is 90 percent leased. Additional tenants include Firehouse Subs, Goldfish Swim School and First Watch. Evan Halkias and Jeffrey Benz of Cushman & Wakefield represented the sellers.

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DevelopmentOfficeRetailTexas

Long View Equity, Endeavor to Develop 27,000 SF Office, Retail Project in Metro Austin

by Taylor Williams

DRIPPING SPRINGS, TEXAS — A partnership between two Austin-based firms, Long View Equity and Endeavor Real Estate Group, has acquired 5.6 acres in the western Austin suburb of Dripping Springs for the development of a 27,000-square-foot office and retail project. Branded Sawyer Ranch, the development will comprise 13,000 square feet of office space and 14,000 square feet of retail space. Construction is scheduled to begin in the first quarter of 2023 and to be complete in the fourth quarter of 2023. Sawyer Ranch is 55 percent preleased to date.  

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AcquisitionsKansasMidwestRetail

PEBB Enterprises, Contrarian Capital Management Sell Shopping Center in Overland Park for $16.8M

by Jaime Lackey

OVERLAND PARK, KAN. — PEBB Enterprises and Contrarian Capital Management have sold the Pinnacle Village shopping center in the Kansas City suburb of Overland Park for $16.8 million. Lawrence, Kan.-based Cherry Hill Properties was the buyer. PEBB and Contrarian purchased Pinnacle Village in May 2018 and enhanced the 108,729-square-foot center through leasing activity and property improvements. DSW and Michaels are anchor tenants at the property, which is 90 percent leased. Additional tenants include Firehouse Subs, Goldfish Swim School and First Watch. Evan Halkias and Jeffrey Benz of Cushman & Wakefield represented the sellers.

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DevelopmentOfficeRetailTexas

Long View Equity, Endeavor to Develop 27,000 SF Office, Retail Project in Metro Austin

by Taylor Williams

DRIPPING SPRINGS, TEXAS — A partnership between two Austin-based firms, Long View Equity and Endeavor Real Estate Group, has acquired 5.6 acres in the western Austin suburb of Dripping Springs for the development of a 27,000-square-foot office and retail project. Branded Sawyer Ranch, the development will comprise 13,000 square feet of office space and 14,000 square feet of retail space. Construction is scheduled to begin in the first quarter of 2023 and to be complete in the fourth quarter of 2023. Sawyer Ranch is 55 percent preleased to date.

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AcquisitionsFloridaRetailSoutheast

Plaza Advisors Arranges Sale of 103,427 SF Shopping Center in Orlando

by John Nelson

ORLANDO, FLA. — Plaza Advisors has arranged the sale of Oakhill Village, a 103,427-square-foot shopping center located at the intersection of Hiawassee and Old Winter Garden roads in Orlando. An offshore investor doing business as Escape 22 Oakhill LLC purchased the center from an entity doing business as Oakhill Village Associates Ltd. for an undisclosed price. Built in 1989, Oakhill Village is situated on 11.4 acres about 10 miles northwest of Orlando International Airport. The property was 99 percent leased at the time of sale to tenants such as anchor DG Market + pOpshelf.

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LoansNew YorkNortheastRetail

Axiom Capital Arranges $12.3M Acquisition Loan for Upstate New York Shopping Center

by Taylor Williams

SARATOGA SPRINGS, N.Y. — Financial advisory firm Axiom Capital Corp. has arranged a $12.3 million permanent loan for the acquisition of a 62,980-square-foot neighborhood shopping center in the upstate New York community of Saratoga Springs. The center sits on a 5.4-acre site, includes 298 parking spaces and is home to tenants such as Hello Nails and The UPS Store. The names of the locally based borrower, a family-owned development and management group, and direct lender, a local bank, were not disclosed.  

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DevelopmentMixed-UseMultifamilyRestaurantRetailSoutheastTennessee

Doster Construction Completes Novel Edgehill Apartments in Nashville

by John Nelson

NASHVILLE, TENN. — Doster Construction Co. has completed Novel Edgehill, a five-story mixed-use apartment community situated just south of Nashville’s Gulch district. Charlotte-based Crescent Communities and locally based Pearl Street Partners co-developed the 270-unit community, which features a five-level parking garage and rooftop pool. KTGY Architecture designed Novel Edgehill with studio, one- and two-bedroom floor plans. The asset also features ground-floor retail space leased to Land of a Thousand Hills Coffee, The Mercantile, Bodyrok gym and Roc and Roe Style Bar. Doster Construction broke ground on the project in 2020. According to the property website, rental rates range from $1,905 to $3,500 per month.

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