July 27, 2010
GROUND BREAKS FOR FIRST PHASE OF NEW CAMPUS IN CARNES CROSSROADS
GOOSE CREEK, S.C. — Northwood Assembly, which includes Northwood Church and Northwood Academy, is breaking ground for the development of the first phase of its new campus within Carnes Crossroads in Goose Creek. The new campus will be developed in several phases on 60 acres of land, which was donated by Charleston, S.C.-based The Daniel Island Company. The first phases will include the construction of a main auditorium, a childcare center, Kid’s Town chapel, youth ministry environments and administrative offices. Completion of the first phase is scheduled for late 2011. Additional phases will include buildings for Northwood Academy’s lower and upper schools, including gymnasiums, a cafeteria and athletic fields. The Daniel Island Company is developing Carnes Crossroads, a planned master community in Goose Creek.
$13.44 MILLION LOAN CLOSED FOR TARPON SPRINGS SUN VALLEY ESTATES
TARPON SPRINGS, FLA. — Walker & Dunlop has provided a $13.44 million refinance loan for Sun Valley Estates Manufactured Housing Park in Tarpon Springs. Built in 1972, the 55-plus, age-restricted mobile home community consists of 261 pads with 231 doublewide and 30 singlewide homes. Community amenities include an outdoor pool, eight shuffleboard courts, a leasing office, a laundry facility, a community room, a storage area and a library. At the time of closing, the property was 94 percent leased. The 10-year loan has a 30-year amortization schedule. Additionally, the loan was underwritten to a 70 percent loan-to-value with a 1.30x debt-service coverage ratio. Cary Monroe and Mike Giordano of Monroe & Giordano originated the loan. Andrew Tapley of Walker & Dunlop led the firm’s team for the transaction.
14,490-SQUARE-FOOT WALGREENS SELLS IN KISSIMMEE
KISSIMMEE, FLA. — Michael Jaworski of Marcus & Millichap’s Tampa represented the seller, a Florida-based developer, in the disposition of a Walgreens location in Kissimmee. Located at 5180 U.S. Highway 192, the 14,490-square-foot retail property sold for $5.6 million. The investment is a fee simple, new construction triple-net property, which opened last year. Paul Nudelman of Marcus & Millichap’s Miami office represented the buyer, a Florida-based limited liability company, in the transaction.