ALTAMONTE SPRINGS, FLA. AND DURHAM, N.C. — Walker & Dunlop has closed two loans totaling $111 million to finance Cortland Partners’ acquisitions of two apartment communities in the Southeast. The properties include Camden Renaissance in Altamonte Springs and Arboretum at Southpoint in Durham. The financing comprised two Freddie Mac moderate rehab loans, which Cortland Partners will use to fund the acquisition and renovations. The loans include an initial three-year interest-only period with a floating interest rate, followed by a seven-year, floating-rate loan term with two years of interest-only payments. Stephen Farnsworth of Walker & Dunlop’s New Orleans office arranged the financing.
WOODSTOCK, GA. — The Praedium Group LLC has purchased Crest at Laurelwood, a 272-unit apartment community located in the northwest Atlanta suburb of Woodstock. Praedium Group bought the asset for nearly $43.2 million. Built in 2015, Crest at Laurelwood’s units feature nine- or 10-foot ceilings, cherry wood cabinetry, tiled backsplashes and private balconies. Community amenities include a cyber café, billiards room, two-story fitness center and yoga studio, resort-style swimming pool, outdoor fireplace with a TV, dog park and electric car charging stations.
DAYTONA BEACH, FLA. — Cobb Theatres is set to open the Cobb Daytona Luxury 12 Theatres in December at One Daytona, a mixed-use and entertainment development underway in Daytona Beach. International Speedway Corp. is developing One Daytona across from Daytona International Speedway, home of the Daytona 500 race. The 56,345-square-foot theater will feature 12 wall-to-wall screens, oversized electric reclining seats and a full-service restaurant and bar known as Cobbster’s Kitchen. International Speedway Corp. plans to open the rest of One Daytona, which includes a Bass Pro Shops, Fairfield Inn & Suites by Marriott and retail and restaurants, in 2017.
ATLANTA — The Atlanta Hawks Basketball Club and the city of Atlanta have reached an agreement on key terms for a $192.5 million renovation of Philips Arena, the home stadium of the Atlanta Hawks in downtown Atlanta. Atlanta Mayor Kasim Reed committed to provide $142.5 million in public funds, with the Hawks to fund the remaining $50 million, to improve the city-owned facility. The Hawks also committed to an 18-year lease extension to remain in downtown Atlanta through 2046. “When our group became owners almost a year-and-a-half ago, we pledged to work diligently with the city of Atlanta to ensure that the club remained downtown,” said Tony Ressler, Atlanta Hawks principal owner and chairman. “We knew that a key part of producing a winning team, providing a superior fan experience and being a civic asset to the city of Atlanta required a renovation of our arena and a meaningful improvement to the downtown area of this city. Today’s announcement with the mayor is a significant step toward this goal.” The Hawks will begin renovations of Philips Arena during summer 2017, and the process will be completed by the start of the 2018-2019 NBA season. The Hawks will continue to play …
NEW YORK CITY — Industrie Capital Partners has launched leasing at Roulston House – Gowanus, an office and retail redevelopment in Brooklyn’s Gowanus district. The 200,000-square-foot building features 27,000-square-foot to 41,000-square-foot floorplates for technology, advertising, media and information tenants, as well as food and beverage retailers, and up to 70,000 square feet of ground-floor retail space. Designed by Morris Adjmi, the building also features four expansive roof-deck options with outdoor seating and views of the Brooklyn and Manhattan skylines, bike storage, shower facilities, common areas, interior lounges and parking. Redevelopment of the property is underway, with tenant fit-outs slated to start in late 2017.
SWAMPSCOTT, MASS. — TA Realty, on behalf of a separate account relationship with a state pension fund, has acquired Hanover at Vinnin Square, a multifamily property located at 330 Paradise Road in Swampscott. An undisclosed seller sold the property for $67 million. The newly constructed property features 184 apartments with living spaces with high ceilings, expansive windows, custom color accent walls and open-concept gourmet kitchens.
MILFORD, CONN. — USAA Real Estate Co. has acquired Silver Sands Plaza, a grocery-anchored retail property located on Bridgeport Avenue in Milford. David A. Mack Properties and Keystone Development Group sold the property for an undisclosed price. The 85,398-square-foot retail center is occupied by Stop & Shop, AutoZone and AAA. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the sellers and procured the buyer. Jason Gaccione of CBRE’s Debt and Structured Finance Group Finance Group represented the buyer on its financing of the acquisition.
NEW YORK CITY — Alpha Realty has brokered the sale of an apartment building located at 530 W. 136th St. in Manhattan’s Hamilton Heights section. Steeplechase Design acquired the six-story building from the Bejaktari family for $14.5 million, or $349 per square foot. The 41,520-square-foot building features 37 apartments in a mix of two-, three- and four-bedroom layouts and a ground-floor retail space occupied by a deli. Glenn Raff and Lev Mavashev of Alpha Realty represented the sellers, while Scott Schwartz, also of Alpha, represented the buyer.
NEW YORK CITY — TOWN Residential has arranged the sale of a six-story residential building located at 445 W. 36th St. in Manhattan’s Hudson Yards district. 445 Dev Corp. sold the property to an undisclosed buyer for $7.9 million. The 8,214-square-foot property features 24 studio apartments; 22 of which of free market, with rents ranging from $1,700 to $2,250 per month. Tom Brady and Tricia Mader of TOWN Residential represented the seller in the deal.
CHICAGO — CA Ventures, in conjunction with K Giles LLC, has started construction on a 320-unit mixed-use development at 1136 S. Wabash Ave. in Chicago’s South Loop. The transit-oriented project is located steps from the CTA Roosevelt station. Scheduled for completion in May 2018, the 26-story tower will include 320 luxury apartments, 5,000 square feet of street-level retail and parking for 141 vehicles. Floor plans will range in size from 389 to 1,027 square feet. Lendlease will oversee construction of the Solomon Cordwell Buenz-designed tower.