OREGON AND MONTANA — LTC Properties Inc. (NYSE: LTC) has originated a $25 million mezzanine loan for the recapitalization of a five-property seniors housing portfolio. The loan has a term of five years and two months, with two one-year extension options. It bears interest at 8 percent, with an internal rate of return of 11 percent. Located in Oregon and Montana, The Springs Living operates the five communities, which include independent living, assisted living and memory care and total 621 units. The Springs is a new operator partner for LTC.
ATLANTA — Boca Raton, Fla.-based CP Group has purchased Bank of America Plaza, a 55-story office tower in Midtown Atlanta that is also the city’s tallest building. The tower was acquired in a joint venture with funds managed by HPS Investment Partners LLC. Shorenstein Properties sold the tower to CP Group for an undisclosed price. Will Yowell, Jay O’Meara, Justin Parsonnet and Ryan Reethof with CBRE’s Capital Markets Institutional Properties represented the seller. Built in 1992, Bank of America Plaza is an office tower featuring over 1.4 million square feet of space. The property features a mix of both traditional and tech-focused tenants including Bank of America and law firms Troutman Pepper and Lewis Brisbois (LBBS). Building amenities at Bank of America Plaza include 10,000 square feet of a newly renovated conference center space with breakout rooms, fitness center, newly constructed food hall, onsite bank branch and a salon. CP Group plans to launch a $50 million capital improvements program that will include complete renovations of the lobby, development of an onsite restaurant and 100,000 square feet of customizable prebuilt office suites, as part of CP Group’s in-house flexible workspace program, worCPlaces. In addition to Bank of America Plaza, CP …
MOUNT PLEASANT, S.C. — Baltimore-based Continental Realty Corp. (CRC) has acquired Sweetgrass Landing Apartments, a multifamily community in Mount Pleasant, about 9.1 miles from Charleston. Tai Cohen of Cushman & Wakefield represented the seller, Chaucer Creek Capital, in the $55.5 million sale. CRC purchased Sweetgrass Landing on behalf of Continental Realty Fund V LP, a $210.8 million private equity fund focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions. The firm acquired 175 of the 200 apartment units, with the remaining 25 consisting of privately owned condominiums. Sweetgrass Landing is a two-story, 14-building apartment community developed in 2001. The property offers one-, two- and three-bedroom floorplans ranging from 787 to 1,596 square feet in size with open kitchen areas with a dining room, extra-large kitchen sinks, tile backsplashes, walk-in closets, stainless steel appliances, master bedrooms that can accommodate a king-sized bed, in-unit washers and dryers, garden tubs, screened patios and private balconies The property was 96 percent occupied at the time of sale. Community amenities include an outdoor swimming pool with fountain and sundeck, clubhouse with fireplace, fitness center, automotive care center and a pet park. Located at 1100 Legends Club Drive, the property is …
DURANT, OKLA. — SG Blocks Inc. (NASDAQ: SGBX), a New York City-based developer of modular construction, has acquired 114 acres in Durant, located near the Texas-Oklahoma border, for the development of a $200 million industrial and multifamily project. Current plans call for 300 residential units in one-, two- and three-bedroom formats that range in size from 1,000 to 1,500 square feet, as well as 680,000 square feet of industrial space across eight 60,000-square-foot facilities. The Durant Industrial Authority sold the land. The groundbreaking is slated for the fourth quarter.
CHARLOTTE, N.C. — Atlanta-based Portman Holdings has broken ground on Savona Mill, an adaptive reuse of a 105-year-old textile mill in Charlotte’s West End that is being converted into a mixed-use community. The project’s first phase is expected to open next spring and will feature office and retail elements, as well as an outdoor amphitheater, green spaces, rooftop deck and a community-centric plaza. The outdoor amphitheater will host live music and public events for the community. At full buildout, Savona Mill will offer office tenants a rooftop deck with views of downtown Charlotte, fitness amenities and an outdoor promenade. The property will also include up to 650 residential units in an adjacent multifamily community, which is going to be developed by the affiliate of Portman Holdings Atlanta-based Portman Residential. Sitework is already underway on the residential component of the project, and vertical construction is expected to begin later this year. Institutional investors advised by J.P. Morgan Global Alternatives have signed on as equity partners in the reconstruction of Savona Mill, joining investment partner Argos and construction lender Synovus Bank. The project team for the office and retail components of Savona Mill also includes Durham-based Alliance Architecture as lead designer, Charlotte-based …
WILKESBORO, N.C. — JLL Capital Markets has arranged the $7.4 million sale of an 80,000-square-foot, single-tenant industrial facility in Wilkesboro that is triple net leased to InterFlex Group, a provider of flexible and sustainable packaging solutions. Pete Pittroff, Patrick Nally, Dave Andrews, Zach Lloyd, Michael Scarnato and Josh McArdle of JLL represented the seller, Effingham, Ill.-based Agracel Inc., in the transaction. McLean, Va.-based Gladstone Commercial Corp. acquired the property, which was a build-to-suit in 2014 for InterFlex. With 12.7 years of remaining on the lease term, the tenant uses the facility for its manufacturing and distribution of packaging products. Situated on 9.2 acres at 251 Industrial Drive, the facility is adjacent to US-421, which connects to North Carolina’s Triad region. The location is also proximate to Interstates 77 and 40, providing connectivity to Charlotte and Raleigh, as well as Interstate 85. The property is also located less than two miles from InterFlex’s North American headquarters.
AUSTIN, TEXAS — Atlanta-based hospitality brokerage firm Hodges Ward Elliott (HWE) has arranged the sale of the 319-room Hotel Van Zandt in downtown Austin. The luxury hotel, which opened in 2015 and is part of the Kimpton International family of brands, offers rooms ranging in size from 330 to 1,100 square feet and includes 52 suites. Amenities include two food and beverage outlets, 25,000 square feet of meeting and event space and a pool with views of Lady Bird Lake. Daniel Peek, John Bourret, Austin Brooks and David Auer of HWE advised the undisclosed seller in the negotiations.
HOUSTON — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Winsome Court, a 105-unit apartment complex in Houston. Winsome Court was built in 1973 on a four-acre site, and its units have an average size of approximately 1,000 square feet. Greg Miller of TMG represented the seller in the deal while Bryce Smith of TMG procured the buyer. Both parties requested anonymity.
SAVANNAH, GA. — Charleston-based Blaze Capital Partners has purchased Spoke Savannah, an extended-stay hotel in Savannah, for an undisclosed price. In partnership with Argosy Real Estate Partners, Blaze Capital plans to convert the hotel into a 106-unit multifamily community and to invest $3.2 million in capital improvements to reposition and rebrand the property. Spoke Savannah was originally constructed in 1990 as an extended-stay hotel. The property has undergone recent material renovations with the additions of a remodeled clubhouse, gym, sport court and pool area with grilling capabilities. Unit interiors have been upgraded to feature solid-surface countertops and stainless steel appliances. The two firms plan to make additional interior unit upgrades, including new plank flooring, renovated light fixtures and paint touch-ups, as well as property and common area improvements, including a clubhouse and leasing office renovation, outdoor amenity space upgrades, an expansion of the onsite laundry facility, rebranded signage and exterior paint. Located at 5820 White Bluff Road, Spoke Savannah sits in Midtown, just four miles south of the city’s historic downtown district. The property is less than three miles away from the Memorial University Medical Center and St. Joseph’s Hospital. The property is also located near Savannah Technical College and …
PASADENA, TEXAS — New York City-based Ready Capital has closed a $4.9 million loan for the acquisition, renovation and stabilization of an unnamed, 60-unit apartment complex in Pasadena, an eastern suburb of Houston. The nonrecourse, interest-only loan features a 24-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The sponsor was not disclosed.