INDIANA AND MICHIGAN — KeyBank Real Estate Capital has provided a $69.9 million CMBS loan for the refinancing of an eight-property hotel portfolio in Indiana and Michigan. The 694-room portfolio consists of four extended-stay Homewood Suites by Hilton hotels and four limited-service Hilton Hampton Inn hotels located in various cities across Indiana and Michigan. Jake Proctor of KeyBank originated the 10-year loan, which features a 30-year amortization schedule. HRC Hotels was the borrower.
ROMEO, MICH. — Newmark Knight Frank (NKF) has brokered the sale of a 90,000-square-foot industrial build-to-suit land site in Romeo, about 45 miles north of Detroit. The parties closed on the land and signed a construction agreement. The property is located at 100 Peyerk Court. Lanzen, Inc., a defense contractor, will relocate to the property from its current location at 30980 Groesbeck Highway in Roseville in 2018. Lanzen has occupied 34,000 square feet in Roseville since 1966. The company also has manufacturing facilities in Mancelona and Petoskey, which it will continue to occupy. Mike Davidson of NKF represented both the buyer, Lanzen, and the seller, Kemp and Peyerk LLC. Kemp Building & Development began construction on the property in October with completion scheduled for mid-summer 2018.
OMAHA, NEB. — NorthMarq Capital has arranged a $32 million Freddie Mac loan for the refinancing of Broadmoor at Aksarben Village in Omaha. The 258-unit apartment property is located at 2225 South 64th Plaza. Amenities include a fitness center, movie theater, business center, clubhouse and resort-style pools. Jason Kinnison of NorthMarq arranged the loan.
HOBART, IND. — Franciscan Alliance Inc. has acquired a 35,000-square-foot former hospital in Hobart, about 40 miles southeast of Chicago. The purchase price was not disclosed. Most recently known as Hind General Hospital, the single-story building has been vacant since 2014. The property is situated on 17 acres at the corner of 61st and Lake Park avenues. Michael Siwietz and Jeff Bennett of McColly Bennett and Steve Malley of Lee & Associates brokered the sale on behalf of ownership, Hanmi Bank. Ken Catellier of Tonn and Blank Construction Inc. represented Franciscan Alliance, which is a 14-hospital health system that includes clinics, home health services and doctors serving Indiana and Illinois.
WASHINGTON, D.C. — ING Capital LLC has led the $110 million refinancing of Atlantic Plumbing, a 310-unit multifamily and retail property located at the intersection of 8th and V streets in Washington, D.C. BMO Harris Bank joined ING as a co-lender in the financing on behalf of the borrower, JBG Smith, a publicly traded REIT based in Chevy Chase, Md. Architect Morris Adjmi designed the 10-story, Class A building. The retail portion of the property is leased to tenants including Landmark Theaters, Tasty Burger, Declaration Pizza, Bazaar Spices and Hazel.
ORLANDO, FLA. — HFF has arranged $103.3 million in financing for the development of a mixed-use, student housing development in downtown Orlando. The project is part of the University of Central Florida (UCF)/Valencia Downtown Campus at Creative Village. The Creative Village project is a redevelopment of the former Amway Arena site into a 68-acres mixed-use, transit-oriented community. Michael Weinberg, Brian Kelly and Mike Higgins of HFF arranged the financing on behalf of the project’s co-developers, DEVEN – Development Ventures Group Inc. and Ustler Development Inc. The financing included a $68.1 million construction loan from PCCP LLC, $29.9 million in joint venture equity from Halstatt Real Estate Partners and $5.3 million in sponsor equity contributed by the co-developers. The 15-story building will include 600 student housing beds, 11,000 square feet of ground floor retail space, 600 parking spaces and 102,500 square feet of space that is long-term leased to UCF and Valencia College for education and education support services. The project is slated for completion in August 2019 and will coincide with the opening of the UCF/Valencia Downtown Campus at Creative Village.
ALEXANDRIA, VA. — Los Angeles-based Lowe (formerly Lowe Enterprises) and San Antonio-based USAA Real Estate have completed construction on a 19-story, 700,000-square-foot office building located at 2415 Eisenhower Ave. in Alexandria, eight miles south of Washington, D.C. The new building will serve as the headquarters for the National Science Foundation (NSF), a U.S. government agency that supports research and education in all the non-medical fields of science and engineering. Balfour Beatty Construction and WDG Architecture led the design team for the project, which is LEED Silver-certified. The building includes two interconnected towers with 19,000 square feet of ground floor retail space and three levels of below-grade parking. The NSF headquarters building features 36 conference rooms, a fitness center, health center, bike storage and electric vehicle charging stations. In addition, the property is located adjacent to the Eisenhower Avenue Metro Station.
BALTIMORE — Amazon.com Inc. has unveiled plans to open its fourth Maryland fulfillment center at 1700 Sparrows Point Blvd. in Baltimore’s Sparrows Point community. Amazon currently employs more than 5,000 associations in the state at its various centers. The new 855,000-square-foot facility will create more than 1,500 full-time jobs upon completion. Associates at the facility will pick, pack and ship customer items such as electronics, books, housewares and toys. The new facility will open in 2019, according to The Baltimore Sun.
MIAMI — Thor Equities has broken ground on Wynwood Walk, a 63,000-square-foot restaurant and retail development located at 2800 N.W. 2nd Ave. in Miami’s Wynwood Art District. Upon completion, the project, designed by Oppenheim Architecture, will feature new retail and restaurants, a green rooftop, paseo and a landscaped terrace with outdoor seating. Construction is scheduled for completion in November 2018.
PHILADELPHIA — Brandywine Realty Trust (NYSE: BDN), in partnership with Drexel University, has broken ground on Phase I of the mixed-use, master-planned Schuylkill Yards Innovation Community in West Philadelphia’s University City district. The first phase of the $3.5 billion development will include a 1.3-acre community park at the corner of 30th and Market streets known as Drexel Square, which will be situated directly across from Amtrak’s 30th Street Station. Other components of Phase I include 4.6 acres of entrepreneurial space, educational facilities, research laboratories, corporate offices, residential and retail spaces, hotels and open public spaces. SHoP Architects and West 8 Landscape Architects designed Drexel Square, which represents the first swath of the 6.5 acres of green space planned for Schuylkill Yards. Brandywine and Drexel plan to deliver Drexel Square by the fourth quarter of 2018. “We are proud that our first project in Schuylkill Yards will deliver a green public gathering space where the community can connect, interact and share experiences,” says Jerry Sweeney, president and CEO of Philadelphia-based Brandywine Realty Trust. Later phases of Schuylkill Yards will include the redevelopment of the former Bulletin Building, and the development of two towers at 3003 and 3025 JFK Blvd. In conjunction …
