ORLAND PARK, ILL. — Maverick Commercial Mortgage Inc. has arranged a $4 million loan for the refinancing of an automotive dealership in Orland Park, about 25 miles southwest of Chicago. CJ Wilson Mazda of Orland Park occupies the 22,000-square-foot dealership. Benjamin Kadish of Maverick arranged the five-year loan, which features a 20-year amortization schedule. Proceeds from the loan refinanced the existing first mortgage and paid for closing costs. A local lender provided the loan.
JOHNS CREEK, GA. — Eye care manufacturing company Alcon will invest $97 million to expand its production capacity in Johns Creek, roughly 27 miles north of Atlanta. The expansion will create about 100 new jobs at Alcon’s nearly 1 million-square-foot manufacturing campus, according to the Atlanta Business Chronicle. In 2015, Georgia Gov. Nathan Deal announced the company had created 550 jobs and invested $500 million in the Johns Creek community since 2013. Since the beginning of the growth project four years ago, Alcon has expanded the size of its manufacturing facility by 70,000 square feet. The multi-year project will expand the company’s production capacity for DAILIES TOTAL1 contact lenses.
MELBOURNE, FLA. — Phillips Realty Capital has arranged a $19.2 million loan for the acquisition and renovation of Landmark at Waverly Place, a 208-unit apartment community in Melbourne, roughly 70 miles southeast of Orlando. Adam Bieber of Phillips Realty Capital arranged the loan through Ares Management on behalf of the borrower, BG Capital Management. Landmark at Waverly Place features a resort-style pool, clubhouse, fitness center, poolside kitchens and a dog park. Constructed in 1987, the property offers one- to three-bedroom floor plans. BG Capital Management will upgrade 88 of the units over the next two years.
ST. LOUIS — Fairlane Industry Inc. has signed a 91,000-square-foot industrial lease renewal in St. Louis. The property is located at 5033 Southwest Ave. The gasket manufacturer plans to consolidate its other two St. Louis locations into the Southwest Avenue property. H. Meade Summers III of Hilliker Corp. represented the landlord, Van Velzer LLC, in the lease transaction. Ray Ragland, owner of Fairlane Industry, leased the property.
DECATUR, GA. — New York City-based The Praedium Group has acquired Reserve Decatur, a 298-unit multifamily community in Decatur, roughly eight miles east of downtown Atlanta. Atlantic Realty Partners developed the property. The sales price was not disclosed. Constructed in 2016, Reserve Decatur includes one-, two- and three-bedroom units ranging in size from 620 to 1,555 square feet. Unit interiors feature quartz countertops, nine-foot ceilings, built-in Bluetooth sound systems and green features including low flow plumbing fixtures and energy efficient windows. Community amenities include a clubhouse, cyber café, swimming pool with outdoor kitchen and cabana, rooftop entertainment lounge, dog park and a dog spa.
AIKEN, S.C. — Ziff Properties Inc. has sold Kalmia Plaza Shopping Center, a 215,262-square-foot retail center in Aiken, for $7.1 million. The Palomar Group represented Ziff Properties in the transaction. A Florida-based private buyer acquired the asset. Food Lion anchors the center, which was 76.6 percent leased at the time of sale to tenants including Ollie’s Bargain Outlet, Hibbett Sports, Rose’s Discount Store, Workout Anytime, Citi Trends, Metro PCS, Check N Go, Little Caesars and Waffle House.
HOUSTON — Hunt Mortgage Group has provided three Fannie Mae loans totaling $61.5 million for the refinancing of three apartment communities in the metro Houston area. All three non-recourse bridge and permanent loans were for the same borrower, Charlie Yalamanchili and Ilan Investments LLC, a Houston-based commercial real estate and multifamily investor. The financing included a two-year, floating-rate loan for Ravello at Tuscan Lakes, a 244-unit community located at 1750 E. League City Parkway in League City; a 10-year loan with four years of interest-only payments and a 30-year amortization schedule for Breton Mill, a 392-unit property located at 13555 Breton Ridge St. in Houston’s Champions/Willowbrook submarket; and a 10-year loan with five years of interest-only payments and a 30-year amortization schedule for Champion Oaks, a 252-unit community also situated in the Champions/Willowbrook submarket. The Ravello loan included a $150,000 reserve for capital improvements, and the Breton Mill and Champion Oaks refinances were closed utilizing Fannie Mae’s Green Rewards program, which funded the borrower’s planned energy- and water utility-saving improvements. Colin Cross led Hunt Mortgage’s origination team in Dallas for the refinancings.
DALLAS — Dallas-based Oaxaca Interests plans to develop three new retail buildings at Sylvan | Thirty, a mixed-use development at Sylvan and Fort Worth avenues in West Dallas. Each building will span 3,500 square feet. Oaxaca will also demolish an existing drive-thru bank, reconfigure the parking lot and update the exterior of the existing office building at Sylvan | Thirty. The design team includes architect Lake Flato and landscape architect Hocker Design Group. Sylvan | Thirty’s existing retail space is more than 75 percent leased to tenants such as TacoDeli, Cibodivino, Whisk Crepes, Houndstooth Coffee, Pink Pedi, Cox Farms Market, Sync Yoga & Wellbeing, Betty Ringer, Craft & Co. Salon, Vernacular, Arnold Brothers Dry Cleaner and Ten. Cooper’s Meat Market is anticipated to open next month. Oaxaca Interests plans to break ground on the three retail buildings in early 2018.
AUSTIN, TEXAS — Atlanta-based Pollack Shores has purchased Eastside Station, a newly built, 330-unit apartment community in east Austin, in an off-market transaction. Pat Jones of ARA Newmark represented the seller and developer, Columbus, Ga.-based Flournoy Development. The mid-rise property is situated within walking distance of downtown Austin, the University of Texas campus, the 10-acre Plaza Saltillo project, Medical District, Main Street Hub, the future site of the Oracle Cloud Campus and Google’s and Facebook’s new offices. Community amenities include a rooftop lounge, resort-style pool, two-story lifestyle fitness center and a clubroom with a demonstration kitchen, cyber café and business center. Units include nine-foot ceilings, open-concept kitchens, spa-like bathrooms and walk-in closets.
DENTON, TEXAS — Mohr Capital has sold ESAB North American Center, a 422,819-square-foot industrial building located on 30.1 acres at 2800 Airport Road in Denton. Built in two phases in 1970 and 2016, the property is fully leased to ESAB, an equipment and filler metal manufacturer. The asset is situated near the intersection of Interstates 35 East and 35 West in the Northwest Dallas industrial submarket. It features 18- and 36-foot clear heights, 19 dock-high doors, one drive-in door and 200-foot truck courts. New Mountain Net Lease Corp. purchased ESAB North American Center from Mohr Capital for an undisclosed price. Adam Herrin, Stephen Bailey, Mark West and Coler Yoakam of HFF represented Mohr Capital in the transaction. Brandon Chavoya and Michael George of HFF arranged a five-year, fixed-rate acquisition loan through KeyBank Real Estate Capital on behalf of New Mountain Net Lease.
