SPOTSYLVANIA, VA. — Humanities Foundation, in conjunction with James Doran Co., has broken ground on Keswick Senior Apartments, a 100-unit seniors housing community in Spotsylvania. The $16 million development is located within Keswick, a residential community under development by Jarrell Properties Inc. Located at the intersection of Lake Anna Parkway and Old Robert E. Lee Drive, the community will include 700 townhomes, single-family homes and apartments. Keswick Senior Apartments will features a security system, a community space with a meeting area, business center, exercise room, laundry facility, gazebo and a garden area. The project is being built utilizing Low Income Housing Tax Credits administered by the Virginia Housing and Development Authority. Citi Community Capital provided construction financing for the project with Boston Capital as the syndicator. The project team includes architect Martin Riley Associates, civil engineer Webb & Associates and land broker Coldwell Banker Elite/Coldwell Banker Commercial.
TAMPA, FLA. — BTI Partners has sold a 12-acre parcel of land in Tampa’s Westshore Marina District for $13.2 million. The buyer, Wellington, Fla.-based Bainbridge Cos., plans to build a 351-unit apartment community on the property. Westshore Marina District is a master-planned community under development by BTI Partners. The company is selling portions of the 52-acre property to developers that will build residential communities in phases. Upon completion, Westshore Marina District will include approximately 1,750 residential units, a 200-room hotel, retail, restaurants and office space, 185 to 240 marina slips and a 1.5-mile waterfront park. Bainbridge’s community will feature a public park, game rooms, swimming pool, dog parks, parking garages, fitness center and a clubhouse.
FORT WORTH, TEXAS — NorthMarq Capital has arranged a $13.4 million acquisition loan for Valencia Apartment Homes, a 263-unit multifamily asset located at 7301 Ederville Road in Fort Worth. The community offers a pool, laundry facility and resident clubhouse. Suzanne Jones of NorthMarq arranged the 12-year Fannie Mae loan, which features four years of interest-only payments and a 30-year amortization schedule, on behalf of the borrower, Nicholas Residential.
DALLAS — Affiliates of Virginia-based investment firm Harbor Group International LLC (HGI) have sold five multifamily properties totaling 1,192 units in Dallas. HGI acquired the assets in 2014 as part of a 12-property, 3,100-unit portfolio. Ten of the properties are located in the Dallas area and two in Houston. With this transaction, HGI has now sold all 10 Dallas properties to three different buyers for approximately $295 million.
SUGAR LAND, TEXAS — EDGE Realty Capital Markets has brokered the sale of Greenway Shopping Center, a 7,750-square-foot retail property located at 13400-13414 Greenway Drive in Sugar Land. The property was 100 percent leased at the time of sale. Josh Jacobs, Burdette Huffman and Kevin Holland of EDGE brokered the sale on behalf of the undisclosed seller. Other terms of sale were not released.
HILLSBORO, TEXAS — Gate Precast Co., a Florida-based producer of architectural concrete, will add a 45,000-square-foot manufacturing plant to its existing facility in Hillsboro, approximately midway between Fort Worth and Waco. The addition of the new property, which will be situated on 25 acres near Spur 579 and Industrial Loop, is expected to create 40 new jobs. Construction is slated to begin in January.
EL PASO, TEXAS — Condor Hospitality Trust Inc., a Maryland-based lodging REIT, has acquired the Fairfield Inn & Suites El Paso Airport, a Marriott-branded hotel located at 6611 Edgemere Blvd. in El Paso. Condor Hospitality purchased the asset from the undisclosed seller for $19 million. Amenities include a pool, fitness center and a business center. Condor Hospitality has retained Aimbridge Hospitality to manage the hotel.
CHICAGO — In partnership with Chicago Neighborhood Initiatives (CNI), Ryan Cos. Inc. has unveiled plans to develop Pullman Crossings, a 50-acre industrial park in Chicago’s Pullman neighborhood. The development will support as many as 1,000 jobs and generate more than $100 million of investment, according to Ryan. The new business park, located at the intersection of I-94 and 103rd Street, will accommodate multiple industrial facilities totaling up to 1.2 million square feet. Ryan is constructing a 140,000-square-foot Whole Foods Market distribution center, slated for completion in January 2018, at the south end of the park. Pullman Crossings is part of Pullman Park, a 180-acre, mixed-use development being master developed by CNI. Walmart, Ross Dress for Less, Planet Fitness and Advocate Health Care anchor the property. Todd Heine and Brendan Kelly of Avison Young are marketing Pullman Crossings for lease. U.S. Bank owns the land site.
LINCOLN, NEB. — Nebraska Innovation Campus Development Corp. (NICDC) and Tetrad Property Group have broken ground on an 80,000-square-foot office building at Nebraska Innovation Campus in Lincoln. The three-story building will feature a business incubator and common spaces designed for collaboration. Completion is slated for the third quarter of 2018. Richard Meginnis and Sally DeLair of NAI FMA Realty are marketing the building for lease. Nebraska Innovation Campus is a research campus designed to facilitate partnerships between the University of Nebraska and private sector businesses.
Bernard Financial Arranges $42M Refinancing Loan for Industrial Facility in Delta Township, Michigan
DELTA TOWNSHIP, MICH. — Bernard Financial Group has arranged a $42 million loan for the refinancing of a 1.7 million-square-foot industrial facility in Delta Township, located just west of Lansing. Multiple tenants occupy the building. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the loan. Barings Real Estate Advisors provided the loan for the borrower, Ashley Delta LLC.