NEW YORK CITY — Meridian Capital Group has arranged $32 million in first-mortgage financing for a 13-story luxury apartment building located at 222 W. 83rd St. in the Upper West Side of Manhattan, New York City. The building comprises 111 apartments and four commercial units. Avi Weinstock of Meridian negotiated the financing on behalf of the undisclosed borrower with a local lender. Terms of the financing include a 5.85 percent fixed interest rate with 5 years of interest-only payments.
By Paul Kiernan, Holland & Knight Being happy may be a little harder than it was 20 years ago when Bobby McFerrin sang that tune. Worrying? It’s back in style. Our current credit/financial/economic/kitchen-sink crisis is so worrisome because no one wants to bet his own dollars on how long the crisis is going to last or who it’s going to whack next. Just like a good horror movie where you hear “The Nameless Beast” and you sense it’s out there in the dark, but you never quite see its exact shape. That’s much scarier than seeing “The Beast” face-to-face. The autumn-into-winter freeze on productive activity is showing up in court. Deals that were a lock are falling apart. Sterling lenders are tarnishing. And household names are being posted on the docket down at the bankruptcy court. Things that pundits said just a year ago “would never happen” seem to happen on a weekly basis. For the commercial and retail landlord, the issue is timing. As you see your tenant’s problems multiplying — or you are worried that the problems may be snowballing — at what point do you think about litigation? The first late check? The first request to offset …
CORPUS CHRISTI, TEXAS — The Dallas office of Omniplan has been selected to design the new $25 million O’Connor Business Building for the Corpus Christi campus of Texas A&M University. The 76,000-square-foot building will be located next to Lee Plaza and will house the university’s College of Business. It will include classrooms, computer labs, executive education facilities, business incubators, and faculty and administrative offices. The building features a two-story lobby with a sculptural staircase, a bridge connecting second-floor spaces, an electronic stock ticker, video monitors tuned to business networks, and a second-level balcony that can accommodate student study space or reception space for the building’s multi-purpose room. The project is applying for LEED-Silver certification. Construction will begin in summer 2009, with completion scheduled for fall 2010.
CALIFORNIA — Newmark has arranged financing totaling $14 million for four properties located in California. The first two loans totaling $10 million were secured for two single-tenant big box retail buildings in Southern California. The third loan totaling $1.32 million was arranged for a 20,000-square-foot office/warehouse facility located in San Francisco. The final loan totaling $2.75 million was secured for a 56,850-square-foot industrial building located in Stockton, Calif. Eric Von Berg of Newmark arranged the financing.
CHICAGO — Summit Design + Build has completed the Halsted Pershing Business Center located on a 6.6-acre site at the corner of Halsted Street and Pershing Road in Chicago’s Stockyard Industrial Park. Dayton Street Partners is the owner and developer of the 104,000-square-foot speculative industrial/manufacturing center. The single-story, steel and pre-cast building, which can house up to six tenants, includes 30-foot clear ceiling heights, four drive-in doors, eight exterior docks and parking for 75 cars. Cornerstone Architects provided design services; Michael Senner of Colliers Bennett & Kahnweiler is the marketing agent for the property. The estimated cost of completion was not disclosed.
CHICAGO — Meridian Design Build has been selected as design/build general contractor for a 37,942-square-foot industrial facility, which will be located within the Stockyards Industrial Park in Chicago. The building, which is scheduled for completion during the second quarter, is being constructed on behalf of Gypsum Supply Co. In addition to warehouse and distribution space, the facility will include 3,000 square feet of offices/employee support areas, as well as a production showroom. Cornerstone Architects is serving as the designer for the project. Adam Goldberg and John Helgesen are handling the project for Meridian Design Build. Jeff Galante of Lee & Associates represented Gypsum Supply Co. in the acquisition of the site. The estimated cost of completing the project was not disclosed.
KANSAS CITY, MO. — A 135,000-square-foot Lowe’s Home Improvement Warehouse has opened at Blue Ridge Crossing, which is located at Interstate 70 and Highway 40 in Kansas City. The center is a redevelopment of the former Blue Ridge Mall that was demolished in 2005. Additional tenants at Blue Ridge Crossing include Applebee’s, Foxy Nails, McDonald’s, Royal Buffet, Sports Clips, Starbuck’s Coffee, T-Mobile, Vintage Stock, GNC, Mattress Firm, Verizon and a Wal-Mart Supercenter. In addition to the Lowe’s opening, developer LANE 4 Property Group has plans to open two new phases at the center. The former Blue Ridge Cinema will be demolished to make room for pad sites. A bank, a convenience store, restaurants, shops and a hotel are proposed for the site. Additionally, a vacant parcel west of Lowe’s will be opened for development. Plans for the site call for restaurants and other retailers.
STOCKTON, CALIF. — Opus West Corp. has completed the first phase of Opus Logistics Center – Stockton (OLC). Located on 474 acres in central Stockton, the completed phase offers two speculative buildings comprising approximately 388,000 and 736,000 square feet. The facilities feature cross-dock loading areas, 32-foot clear heights, ESFR fire sprinklers, and ample truck and trailer parking. The site is also a State Enterprise Zone and a Foreign Trade Zone. When complete, the industrial campus will consist of approximately 13 build-to-suit and spec buildings totaling more than 8.2 million square feet. Opus West Architects & Engineers and Ware Malcomb are serving as architects for OLC; Opus West Construction Corp. is serving as general contractor.
PHOENIX — Cole Credit Property Trust III Inc. (CCPT III) has commenced sale of approximately $2.5 billion in common stock. CCPT III is offering up to 230 million shares of its common stock for sale at $10 per share and up to an additional 20 million shares of its common stock for issuance under its distribution reinvestment program at $9.50 per share. The trust plans to use the net proceeds to acquire freestanding, single-tenant and multi-tenant retail properties net leased to investment grade and other creditworthy tenants. CCPT III is a non-traded, real estate investment trust (REIT), which focuses on the acquisition and management of a diversified portfolio of retail real estate. Cole Capital Corp. will manage the 250 million share best efforts offering.
CLEARWATER, FLA. — Affiliates of Green Courte Partners of Chicago will acquire the Clearwater-based REIT American Land Lease for $438 million, purchasing American Land’s outstanding stock for $14.20 per share. Shares not purchased will be converted into cash. The agreement is expected to close during the first quarter of 2009. Wachovia Capital Markets provided American Land Lease with financial advice and Skadden, Arps, Slate, Meagher & Flom served as legal counsel. DLA Piper provided Green Courte Partners with legal assistance.