EL PASO, TEXAS — Guy Arnold has been named president of Hunt Real Estate. In this role, Arnold will be responsible for managing all aspects of Hunt’s real estate equity investment portfolio, including acquisitions and dispositions of real assets. Arnold has more than 25 years of real estate experience. In 2013, he founded GMA Holdings, a commercial real estate investment firm in Denver. Prior to that, Arnold served as president of Denver-based Dividend Capital Diversified Property Fund, where he led all functions of the $2.9 billion REIT, including property acquisitions, dispositions, asset management, finance, reporting, human resources and investor relations. Arnold also held the position of managing director at Cherokee Investment Partners and vice president at Colorado & Santa Fe Land Co. Arnold is a member of the Board of Directors of the Meridian Fund Inc., a family of mutual funds; a member of the Board of Directors for The Children’s Hospital of Colorado Finance Committee; chairman of the Trusts and Endowments Committee for the Episcopal Diocese of Colorado; and a former member of the Board of Directors of Steele Street Bank & Trust, a $550 million Denver community bank that recently sold to MidFirst Bank. Arnold earned a Bachelor …
NEW YORK CITY — Forest City Enterprises Inc., a member of Greenland Forest City Partners, has closed on construction financing for 38 Sixth Avenue (formerly known as B3), a 100-percent affordable apartment building located at Pacific Park Brooklyn in Brooklyn. Designed by SHoP Architects, the property will feature 303 apartment units. The New York City Housing Development Corp. (HDC) provided a $83 million first mortgage loan for the construction of 38 Sixth Avenue through the issuance of tax-exempt government debt obligations funded by Citi Community Capital. Additionally, Greenland Forest City Partners is receiving a $10 million subordinate loan from HDC and a $2 million subordinate loan from Citibank. The groundbreaking at 38 Sixth Avenue brings the total number of affordable apartments currently under construction at Pacific Park Brooklyn to 780 units, with the development expected to eventually include 2,250 affordable units.
CHICAGO — I.M. Construction Group (IMCG) has completed an office renovation at 1101 W. Monroe in Chicago for Belgravia Group Ltd. The project included the demolition and build-out of two floors with the addition of private offices, open workspaces, a design center and conference rooms with full-height glass doors. Additionally, IMCG constructed two breakrooms featuring quartz countertops and stainless steel appliances. Belgravia Group is relocating to the new office space from space in Chicago’s River North district. Bob Nomellini of IMCG led the construction team and Len Corso, also of IMCG, was the project superintendent. Hirsch Associates provided architectural services for the project.
MANSFIELD, TEXAS — ARCO/Murray has completed a 186,700-square-foot expansion for Klein Tools. The facility is located in Mansfield and serves as the company’s manufacturing headquarters. The expansion included an 18,000-square-foot, two-story office and multiple crane bays. The space is fully air-conditioned and also features insulated tilt wall panels and a steel bar joist structure. Jason McLaughlin and Mark Klump of ARCO/Murray represented the construction team.
CHICAGO — Chicago-based Amata Office Solutions has completed the renovation of its shared office/co-working center at 150 N. Michigan Ave. in Chicago’s East Loop. The renovation included the upgrades of 55 private offices and the reconfiguration of common areas to offer a greater variety of workspaces catering to the increasingly mobile workforce. The renovated center features modern lounges with breakout rooms, micro offices for short-term use and a separate workroom with unassigned seating for persons participating in Amata’s co-working program, which offers 24/7 access to all common areas and amenity spaces.
NEW YORK CITY — Eastern Consolidated has secured $65 million in debt and equity for a planned mixed-use rental project at 1 Flatbush Ave. in downtown Brooklyn. Developed by Slate Property Group, the 19-story, 172,000-square-foot property will feature 156 one- and two-bedroom rental units, of which 124 will be free market and the remainder will be affordable, and 30,000 square feet of basement, ground- and second-level retail space, as well as a fitness center for residents. Adam Hakim and Sam Zabala of Eastern Consolidated’s Capital Advisory Division arranged the financing for the acquisition and pre-development phases of the project.
EL PASO, TEXAS — Johnny Rockets has arranged a development agreement with Cruzar Group LLC to open Johnny Rockets restaurants in El Paso, including the brand’s new Route 66 expression. Johnny Rockets’ Route 66 drive-thru prototype will offer its all-American menu to travelers and consumers. In addition to the upcoming El Paso location, current Johnny Rockets franchise partners are under construction to open additional restaurants in San Antonio and Laredo. Franchisees are seeking new real estate to meet consumer demand, especially within the Hispanic market.
FRISCO, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA), a financial intermediary specializing in the representation of investors, developers and property owners, has secured a $3.8 million construction loan for Teel Crossing, a planned retail shopping center situated on 5.8 acres on the northeast quadrant of Teel Parkway and Main Street in Frisco. Teel Crossing will consist of 20,020 square feet of in-line retail and a one-acre pad site fronting Main Street. Scott Lynn and Brandon Wilhite of MCA placed the loan with the Dallas office of BB&T.
SAN BRUNO, CALIF. — Sears has announced the opening of a 4,000-square-foot flagship Connected Solutions location at The Shops at Tanforan in San Bruno. Designed as rooms of a home, the store will feature a living room, kitchen, nursery, workout room, garage and outdoor area where customers can experience Sears smart technology offerings first hand. Sears Connected Solutions currently has three 2,000-square-foot locations in the Chicago area, and is looking to expand to hundreds of locations nationwide.
SAN ANTONIO — Dallas health-services developer and owner McFarlin Group plans to develop its ninth senior living community. The Heritage at Westover Hills Assisted Living and Memory Care, to be located near the southwest corner of Wiseman Boulevard and Rogers Road in San Antonio, will commence construction tomorrow. The Heritage will include 100 beds for assisted living and memory care residents. The property will be located near Christus Santa Rosa Hospital. The Heritage also plans to offer companion living suites and will feature three interior landscaped courtyards, private dining amenities, special events venue and a spa/salon. Additional services include transportation, medication management, nursing services and wellness programs, linen, laundry and housekeeping services and assistance with activities of daily living.