Franklin Street brokered the sale of The Windsor Hotel Apartments at 401 Pine Street in Abilene, Texas. Franklin Street represented the seller, North Management LLC, in selling the property to Studio 168 Productions.
The 10-story multifamily, mixed-use building was originally a Conrad Hilton Hotel built in 1926 before becoming a senior assisted living facility. North Management extensively renovated it in 2023, ensuring the original 1920s architectural details were preserved. Renovations totaled $4.7 million and included amenities such as a fitness center, co-working space, resident lounge and ground-floor retail, including a cocktail bar, café, and boutique retail tenants.
At 110,000 square feet, The Windsor was more than 95% occupied when the transaction closed. The new owner plans to leverage the completed renovation to optimize operations and enhance tenant experience at the unique downtown asset. The focus will be on maximizing mixed-use potential with retail and dining components while maintaining the luxury residential experience.
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The development team behind One Beverly Hills (1BH) said construction on the $10-billion luxury mixed-use project is proceeding ahead of schedule. The Beverly Hilton expansion structure topped out approximately 10 weeks ahead of schedule and one of the residential towers is progressing six weeks ahead. “This was accomplished while significant operations were maintained at The...
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Northwind Group has originated a $231-million first mortgage construction loan for 675 Third Ave., a 32-story, 337,000-square-foot office building in Manhattan’s Midtown East neighborhood that is slated for conversion into residential apartments. The conversion is being led by a joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments. Loan proceeds...
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Rental housing affordability declined in 82% of U.S. metropolitan areas between 2014 and 2023, with renters experiencing the equivalent of an average $256 annual reduction in income after accounting for changes in housing quality. That’s according to a new report released Tuesday by the Mortgage Bankers Association’s Research Institute for Housing America. The report, Housing...
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