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Public-Private Partnership Opens 330-Room Hotel at Avalon, Alpharetta Conference Center

ALPHARETTA, GA. — Developers of the Hotel at Avalon and Alpharetta Conference Center celebrated the grand opening on Tuesday, Jan. 16, marking the final phase of Avalon, the 2.4 million-square-foot mixed-use development in the northern Atlanta suburb of Alpharetta. The $112 million hotel and conference center were developed in a public-private partnership between Stormont Hospitality Group, Long Wharf Capital, North American Properties (NAP) and the City of Alpharetta. The 330-room hotel..

January 17, 2018

Digital Currency Company to Invest $64.8M, Establish 84,000 SF Headquarters in Virginia Beach

VIRGINIA BEACH, VA. — Bcause LLC, a privately held company that is building the world’s first full-stack cryptocurrency ecosystem, will expand its operations and move its corporate headquarters to 5465 Greenwich Road in Virginia Beach. The company will invest $64.8 million and will occupy 84,000 square feet of the former Hoffman Beverage building. Cryptocurrency is a digital asset that uses cryptography to secure transactions, control the creation of additional units and verify the..

January 17, 2018

KeyBank Secures $40.5M Freddie Mac Loan for Multifamily Community in Louisville

LOUISVILLE, KY. — KeyBank Real Estate Capital has closed a $40.5 million Freddie Mac loan for the acquisition of LC Idlewild Phase II, a 286-unit apartment community in Louisville. Tim Migchelbrink of KeyBank arranged the seven-year loan with two years of interest-only payments and a 30-year amortization schedule on behalf of the undisclosed borrower. LC Idlewild was constructed in 2017 and includes 15, three-story apartment buildings. Community amenities include a fitness center,..

January 17, 2018

Passco Acquires 240-Unit Apartment Community Near Montgomery

PRATTVILLE, ALA. — Passco Cos. has acquired ARIUM HomePlace, a 240-unit apartment community located at 790 Old Quarters Road in Prattville, roughly 15 miles northwest of Montgomery. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing for the asset on behalf of Passco. Jimmy Adams of Cushman & Wakefield arranged the sale on behalf of the seller, a private investor. Other terms of the deal were not disclosed. The property, constructed in 2014, will be..

January 17, 2018

Investment Properties Arranges $14M Sale of Retail Building in Naples

NAPLES, FLA. — Investment Properties Corp. has arranged the $14 million sale of a retail building located at 990 1st Ave. N. in Naples. Hoffman Commercial Real Estate acquired the 11,560-square-foot building from NRE Design Park LLC. David Stevens of Investment Properties Corp. arranged the transaction.

January 17, 2018

Terra Sells Publix-Anchored Shopping Center in South Florida to Jamestown for $72M

DORAL, FLA. — Terra has sold Doral Commons, a 140,000-square-foot shopping center in South Florida, for $72 million. Jamestown LP acquired the asset, located at the intersection of N.W. 74th Street and 107th Avenue in Doral. Publix anchors the center, which was 95 percent leased at the time of sale to tenants including T.J. Maxx, Citibank, GNC, AT&T and McDonald’s. Doral Commons was initially part of a 100-acre tract acquired by Terra in 2012. The company subdivided the land into..

January 16, 2018

NorthMarq Arranges $23M Refinancing of Apartment Community Near Raleigh

KNIGHTDALE, N.C. — NorthMarq Capital has arranged the $23 million refinancing of Palisades at Legacy Oakes, a 240-unit apartment community in Knightdale, roughly 15 miles east of Raleigh. Bill Matone of NorthMarq arranged the 20-year loan with one year of interest-only payments and a 19-year amortization schedule through a correspondent life company on behalf of the borrower. Other terms of the deal were not disclosed. The newly constructed community features a fitness center, pool,..

January 16, 2018

Hall Structured Finance Provides $19.2M Loan for Hotel Redevelopment in Fort Lauderdale

FORT LAUDERDALE, FLA. —  Hall Structured Finance (HSF) has provided a $19.2 million construction loan for the redevelopment of the Gale Hotel, a 96-room boutique hotel in Fort Lauderdale. Howard Taft and Charles Penan of Aztec Group arranged the loan on behalf of the borrower and developer, a joint venture between Newgard Development Group and Merrimac Ventures. The Gale Hotel site was first constructed in 1948 as the Escape Hotel, and operated as a hotel until the 1980s. The property was..

January 16, 2018

Stan Johnson Arranges $15.1M Sale-Leaseback of Del Frisco’s Restaurant Location in Orlando

ORLANDO, FLA. — Stan Johnson Co. has arranged the $15.1 million sale-leaseback of a 16,152-square-foot property in Orlando operating as Del Frisco’s Double Eagle Steakhouse. David Annett, Daniel Herrold, Campbell Black, Jennifer Cameron and Austin Duff of Stan Johnson Co. arranged the transaction on behalf of the seller, Del Frisco’s Restaurant Group. Boca Raton-based Amzak Capital Management acquired the property, and Del Frisco’s is retaining long-term operational control of the..

January 16, 2018

Two Fitness Tenants to Join Mixed-Use Project North of Atlanta

SANDY SPRINGS, GA. — TURN Indoor Cycling + Strength and SculptHouse have unveiled plans to join City Springs, a 14-acre mixed-use development under construction in Sandy Springs, roughly 15 miles north of downtown Atlanta. The project is a public-private partnership between the City of Sandy Springs, Carter and Selig Enterprises. TURN, a boutique cycling and fitness studio, will open a 3,200-square-foot location at the development. SculptHouse will also open a 3,200-square-foot studio,..

January 16, 2018