MEMPHIS, TENN. — A joint venture between Inspirit Senior Living and Care Investment Trust has acquired Foxbridge, a 120-bed independent living, assisted living and memory care community in Memphis. The seniors housing property is located on eight acres. The seller was the property’s former operator, United Methodist Homes. The sales price was undisclosed. The new owners plan to implement improvements to the back-office systems, buildings, furnishings, fixtures and grounds. Inspirit will..
CHARLOTTE, N.C. — Proffitt Dixon Partners plans to develop Montage, a six-story, 302-unit multifamily development in Uptown Charlotte. An affiliate of Creek Lane Capital LLC, a Chicago-based real estate investment firm, is providing joint venture equity for the development, and Pacific Life Insurance Co. is providing a $46.5 million construction loan. Travis Anderson and Cory Fowler led HFF’s debt and equity placement team in both transactions on behalf of Proffitt Dixon. Situated at the..
TUCKER, GA. — CiTYR Group has purchased LaVista Crossing, a 240-unit apartment community in the Atlanta suburb of Tucker. The Israeli-based property investor financed its acquisition with a $19.5 million bridge loan provided by KeyBank Real Estate Capital. Michael Muller of Eastern Union Funding arranged the loan on behalf of CiTYR, which plans to upgrade the property’s amenities. CiTYR has selected Atlanta-based CFLane LLC, a subsidiary of Cocke Finkelstein Inc., to oversee management of..
JOHNS CREEK, GA. — NAI Brannen Goddard has brokered the $9.4 million sale of a 75,273-square-foot office building situated within the 1,900-acre Technology Park Johns Creek development. The multi-tenant, Class A office building is located at 11360 Lakefield Drive in Johns Creek, a suburb of Atlanta in Fulton County. David Beak of NAI Brannen Goddard represented the seller, Block Income Fund, in the transaction. The buyer was City of Johns Creek, which intends to use the property as its City..
BRANDON, FLA. — NorthMarq Capital has arranged the $4 million refinancing of Lithia Square, a 69,007-square-foot, grocery-anchored retail property located at 901-927 Lithia Pinecrest Road in Brandon, about 12 miles east of Tampa. Walmart Neighborhood Market is on a ground lease at the property, and Walmart owns the building. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the 10-year loan with a 30-year amortization schedule through a national CMBS lender.
ATLANTA — Restaurant Brands International Inc. (RBI) (NYSE: QSR) has agreed to acquire Atlanta-based Popeyes Louisiana Kitchen Inc. (NASDAQ: PLKI) for $1.8 billion. Ontario, Canada-based RBI is the parent company of fast food giants Burger King and Tim Hortons. The company owns a portfolio of over 20,000 restaurants throughout the world. Popeyes will continue to be managed independently in the U.S. following the close of the transaction, which is slated for April of this year. RBI plans..
DURHAM, N.C. — The Davis Cos. and Gemini Real Estate LLC have begun construction on The Lodge at Croasdaile, a 320-unit apartment community on Hillandale Road in Durham. The property is situated on 50 acres within The Croasdaile Farm master development, which is about five miles outside of downtown Durham. The community will feature an 8,000-square-foot clubhouse with a fitness center, community room, kitchen, computer lounge and a wrap-around patio overlooking a resort-style pool. Other..
BIRMINGHAM, ALA. — Hilton Worldwide has opened the new 105-room Homewood Suites by Hilton Birmingham Downtown near University of Alabama at Birmingham and Five Points South District. Wyatt Construction recently completed the hotel on behalf of the owner, AUM Enterprise Inc. Located at 1016 20th St. in downtown Birmingham, the hotel features studio and one-bedroom suites with kitchens and separate living and sleeping areas. Amenities include an indoor swimming pool, fitness center, game room,..
CHARLOTTE, N.C. — KeyBank Real Estate Capital has arranged a $28.1 million Freddie Mac loan for Barrington Place, a 348-unit apartment community in Charlotte. Situated nine miles outside of downtown Charlotte, the property was built in 1998 and will undergo upgrades over the next three years. Trevor Ritter of KeyBank arranged the seven-year, interest-only loan, which the borrower used to refinance existing debt.
DELRAY BEACH, FLA. — Meridian Capital Group has arranged $23.9 million in financing for the development of a three-story, 118-unit seniors housing community in Delray Beach. The five-year loan, provided by a regional balance sheet lender, features a floating interest rate of 3.25 percent over LIBOR and three years of interest-only payments. Ari Adlerstein, Ari Dobkin and Josh Simpson, all based in the Meridian’s New York City headquarters, arranged the financing.