SAN ANTONIO — CBRE has secured $28.9 million in HUD construction financing for Abacus Alamo Ranch, a multifamily project in San Antonio that will deliver 320 market-rate units. Amenities will include two resort-style pools, a clubhouse with a fitness center, volleyball court, coffee bar, business center and a dog park. Casey Knust and Chad Ricks of CBRE secured the nonrecourse loan, which features interest-only payments for the 18-month construction period, through HUD’s 221(d)(4) program on behalf of the borrower, Heiser Development Corp.
WACO, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Saddle Brook West Apartment Homes, a 216-unit community in Waco. Built in 2001 on 11 acres, the property features a pool, playground, game room, fitness center, basketball court and a spa. TMG represented the owner and developer, Dallas-based Zidell Cos. and procured the buyer, Houston-based Juniper Investment Group. The property, which traded at a cap rate of just over 5 percent, has been rebranded Flats on Chapel.
DALLAS — Greysteel has arranged the sale of Luau and Koko Apartments, a 138-unit multifamily portfolio in Dallas. Both properties have recently undergone capital improvements, including upgrades to the unit interiors and parking lots. Doug Banerjee, Boyan Radic, Andrew Mueller and Scott Simon of Greysteel represented the seller and procured the buyer for the deal. Both parties requested anonymity. Daniel Hartnett of Greysteel arranged an undisclosed amount of acquisition financing for the transaction.
IRVING, TEXAS — Hunt Real Estate Capital has provided a $6.1 million acquisition loan for The Village on West Irving, a 91-unit multifamily asset in Irving. The garden-style property is situated on 4.6 acres, consists of six two-story buildings and offers a pool, playground and onsite laundry services. Hunt provided the funds through Freddie Mac’s Small Balance Loan (SBL) program on behalf of the borrower, a partnership between four limited liability companies. The seller was Elmstone Group TV LLC. The loan carries a 10-year term, fixed interest rate, 30-year amortization schedule and 36 months of interest-only payments.
BIRMINGHAM, ALA. — Shipt, a same-day delivery marketplace based in Birmingham that was purchased by Target Corp. in December 2017, will become the anchor tenant of Shipt Tower, currently known as Wells Fargo Tower. The 30-story, 514,893-square-foot building is located at 420 20th St. North in Birmingham’s central business district. According to local media outlets, Shipt signed a 60,000-square-foot lease with building owner Hertz Investment Group, and Philip Currie of J.H. Berry Commercial Real Estate represented Shipt in the lease negotiations. The tallest skyscraper in Birmingham will undergo renovations in Shipt’s space, the lobby and common areas, and will bear the Shipt logo in 2020. Bill Smith launched Shipt in 2014 in his hometown of Birmingham and has expanded its service to cover 250 markets across the country. Last summer, Shipt announced its intentions to keep its headquarters in Birmingham and create an additional 881 jobs. The company will maintain its headquarters in the nearby John Hand Building.
ATLANTA — Loudermilk Cos. has partnered with Knox | Redan to restore 309 Paces Ferry, a 12-story office building in Atlanta’s Buckhead district. Loudermilk also closed on the refinancing of the 103,000-square-foot building with assistance from Patterson Real Estate Advisory Group. Built in the 1960s, 309 Paces Ferry was 90 percent leased at the time of the closing to tenants including Chicago-based coworking firm Industrious. Aegon USA Realty Advisors provided the refinancing loan.
SANFORD, FLA. — Love Funding has secured a $47.6 million loan for the construction and permanent financing of Allure on the Parkway, a 290-unit multifamily community in Sanford. Situated about 25 miles north of downtown Orlando, Allure on the Parkway will feature one- and two-bedroom floor plans. Amenities will include walking trails, a dog park, clubhouse, fitness center and a pool. Peter Wessel of Love Funding secured the loan through U.S. Department of Housing and Urban Development’s (HUD) 221(d)(4) loan program. The borrower was not disclosed. The loan will cover the construction period and subsequent 40-year term.
DELRAY BEACH, FLA. — Avison Young has arranged the sale of the former Home Depot headquarters in Delray Beach. The 42.7-acre site in Palm Beach County was sold on behalf of Investors Warranty of America in three transactions totaling $33 million. Three parcels were sold to three separate South Florida developers, and they have created a joint venture to turn the land into a mixed-use project. Centerpointe Delray Holdings, consisting of Miami-based firms 13th Floor Investments and Key International, along with Boca Raton-based CDS International Holdings, will build more than 600 multifamily units. CDS plans to also develop office and retail space on the site. The project will include a 1.8-acre park with trails connecting to the 25-acre Delray Natural Oaks Preserve. The Delray Beach City Commission has already unanimously approved the master plan.
NORFOLK, VA. — The Falstaff Group has acquired Town Point Center, a 12-story, 132,000-square-foot office building located at 150 Boush St. in downtown Norfolk. CIG Town Point Center LLC and The Runnymede Corp. sold the Class A building to Falstaff for $19.9 million. Situated along Elizabeth River, the building was 94 percent leased at the time of the sale to tenants including Verizon Wireless, BDO USA, The UP Center, RCMA Americas and The Virginia Symphony. Gil Neuman of Neuman Commercial Group represented the Florida-based buyer in the transaction, which included the simultaneous sale of the building, the separately owned ground leasehold interest and a seller-leaseback.
WILMETTE, ILL. — Newport Capital Partners has purchased Edens Plaza in Wilmette for $72 million. Built in 1956 and redeveloped in 1994, the 183,000-square-foot shopping center is located on Lake Avenue. The property is 92 percent leased to tenants such as Fresh Market, Starbucks, Walgreens, Bed Bath & Beyond, The Great Escape and Big Blue Swim School. A pediatric care center, which will be jointly run by NorthShore University HealthSystem and Advocate Health Care, is expected to open this year and backfill 35,000 square feet at the former Carson’s Furniture Gallery space at the property. Ben Greazel and Joel Simmons of Newmark Knight Frank arranged debt financing for the transaction through LoanCore Capital.