NASHVILLE, TENN. — Goldman Sachs and Lionheart Strategic Management have provided senior and mezzanine financing totaling $133 million for the ground-up construction of a W-branded hotel in Nashville’s Gulch neighborhood. Magellan Development, Corner Partnership and Hospitality Gaming Advisors are developing the 346-room hotel. The senior and mezzanine financing will have co-terminus initial terms of three years. The financing closed in mid-September.
SAVANNAH, Ga. — Duke Realty Corp. has signed a long-term lease with SOFAMANIA, a manufacturer and distributor of fine home furniture. The manufacturer will occupy 322,500 square feet of space at 175 Portside Court in Savannah. The 600,000-square-foot logistics building is located at the intersection of Interstate 95 and GA 21, which is near both the Port of Savannah and Interstate 16. Steve Grable of JLL represented SOFAMANIA, while Brian Sutton provided in-house representation for Duke Realty in the lease transaction. This lease brings Duke Realty’s year-to-date leasing volume in the Savannah market to 2.4 million square feet and occupancy in its 7 million-square-foot portfolio to 100 percent.
HATTIESBURG, MISS. — MLK Real Estate Capital has arranged $6.3 million in permanent financing on behalf of Keystone Equities LLC for the value-add acquisition of Villa Trace Apartments, the first acquisition for the New York-based investor. Located at 3 Courtland Drive in Hattiesburg, the 114-unit, garden-style property was built in 2003. Ryan Goldstein of MLK originated the deal, while MLK’s Ryan Carlson executed the financing transaction.
LAS VEGAS — California-based Westland Real Estate Group has purchased a two-property multifamily portfolio in Las Vegas for $60.3 million. Totaling 1,129 units, the portfolio includes Liberty Village Apartments at 4870 Nellis Oasis Lane and Village Square at 5025 Nellis Oasis Lane. Both communities offer one-, two- and three-bedroom floor plans with updated kitchens, air conditioning, Roman bathtubs and private balconies and patios. Community amenities include dog parks, mature landscaping, covered parking, tennis courts and swimming pools. Robin Willett and Devin Lee of Northcap Commercial represented the buyer, while Spence Ballif of CBRE represented the sellers, Shamrock Properties VI LLC and Shamrock Properties VII LLC in the transaction.
SEATTLE — KeyBank Real Estate Capital has secured a $60 million first-mortgage loan for SoDo Portfolio, an group of industrial properties in Seattle. The name of the borrower was not released. Encompassing 12.7 acres, the portfolio totals 11 buildings offering mixed-use industrial space. Josh Berde of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing, which features a five-year term. A life company provided the funds.
ORANGE, CALIF. — EverWest Real Estate Investors, in partnership with Chile-based fund manager Frontal Test, has acquired 999 Town & Country, an office property located at 999 W. Town and Country Road in Orange. San Diego-based Westcore Properties sold the building for an undisclosed price. The newly renovated 98,907-square-foot building is 74 percent leased to a long-time, single-credit tenant, while the top floor is 100 percent vacant. The recent renovation upgraded the lobby, restrooms, elevators, exterior and landscaping, as well as refreshed Title 24 work spaces. The four-story property also includes an adjacent five-story parking garage. Erik Good of EverWest represented the buyers in-house, while Derreck Barker and Michael Leggett of HFF represented the seller in the deal.
SAN DIEGO — A joint venture between Sunroad Enterprises and Majestic Realty Co. has broken ground on Majestic Sunroad Center, an industrial park located in San Diego’s Otay Mesa neighborhood. Majestic Sunroad Center will comprise three buildings offering a total of 227,000 square feet of Class A industrial space with first-rate amenities and design features. The buildings will feature 30-foot clear heights, cross-dock loading, LED lighting, ESFR fire protection and secured truck courts. Situated on a 16-acre parcel at the southwest corner of Otay Mesa and Otay Mesa Center roads, the project is slated for completion in 2019.
SEATTLE — Norris, Beggs & Simpson Financial Services (NBS Financial) has secured $21 million in financing for the development of Ivy Apartments in Seattle. Mike Wood and Colin Ceithaml of NBS Financial represented the borrower, Interbay Apts LLC, in the financing. State Farm Life Insurance provided the fixed-rate construction/perm loan, which is structured with a 12-year term and a 30-year amortization. Upon completion, Ivy Apartments will bring 93 residential units to Seattle’s Interbay submarket. The seven-story 82,965-square-foot building will feature 47 parking stalls and 23 storage units. Construction is slated to begin in November.
WEST CHICAGO, ILL. — The DuPage Airport Authority (DAA) has secured three new tenants for its 800-acre DuPage Business Center in West Chicago. Suncast Corp., a custom wood structures and resin products manufacturer, signed a long-term agreement with developer Pritzker Realty Group to lease a 782,000-square-foot facility. The $4.9 million development will enable Suncast to consolidate its Batavia and Montgomery locations into a new warehouse spanning 40 acres. Norix Group Inc., a manufacturer of contract furniture designed for continuous-use environments, signed a $2.7 million agreement to build a new 200,000-square-foot headquarters on 22 acres. Soltys Design Build LLC is serving as the general contractor. Lastly, Greco and Sons Inc., an Italian foods distribution company, signed a $6.2 million agreement to build a new food processing and warehouse center. The DuPage Business Center is one of three entities owned and operated by the DAA. NAI Hiffman is marketing the property for lease. The property is on track for 70 percent occupancy in 2019.
DES PLAINES, ILL. — Capital One has provided a $28.4 million HUD-insured loan to refinance a 383-unit seniors housing community in the Chicago suburb of Des Plaines. The community features 162 assisted living units, 150 supportive living units and 71 skilled nursing beds. Supportive living is an Illinois program that allows assisted living services to be paid by Medicaid. The name of the community was not disclosed. The facility was originally constructed in 1967 as an independent living facility. In 2015, the borrower began upgrading the independent living portion of the building, qualifying it for an assisted living license. The borrower then constructed a skilled nursing wing, which was completed in 2018. Joshua Rosen originated the 35-year, fixed-rate loan. The refinancing was conducted under HUD’s revised 232/223(f) healthcare rules, which now allow a borrower to refinance and recapture equity without having to complete a two-year debt seasoning period. In this case, the maximum loan-to-value ratio was 70 percent.
