Property Type

the-trails-apartments-dallas

DALLAS — Greysteel has arranged bridge financing for the refinancing of The Trails Apartments, a multifamily property located in Dallas, on behalf of 4335 Cedar Springs LLC. A local lender provided the 12-month, interest-only line of credit, which features a floating interest rate of 325 basis points over the 30-day LIBOR rate. Greysteel’s Anton Mattli and John Marshall Doss negotiated the transaction. The Trails Apartments, located at 4335 Cedar Springs Road, was built in 1966 and totals 20 units. The property features a pool, gated parking and townhome-style units with private patios.

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HANOVER, MD. — The Cordish Cos. of Baltimore has begun construction on a $200 million, 17-story hotel and event center at the Maryland Live! Casino in Hanover, roughly 11 miles south of Baltimore. Set to open in the fourth quarter of 2017, the 350,000-square-foot property will feature 310 guest rooms, a 1,500-seat event center, meeting spaces, restaurants, a store, 1,000 parking spaces and a day spa/salon. The project is expected to create approximately 400 jobs and 550 construction jobs. The design team includes Klai Juba Wald Architects, McLaren Engineering Group, Laurence Lee Associates, Cleo Design Corp., Selbert Perkins, Corsi & Associates, Lynne Curry Spa Consulting, Giovanetti Schulman Association and EDSA. Tutor Perini Building Corp. will serve as the hotel’s general contractor.

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ATLANTA — Mill Creek Residential plans to develop Modera by Mill Creek – Buckhead, a 21-story multifamily high-rise located at 3005 Peachtree Road N.E. in Atlanta’s Buckhead district. Situated at the corner of Peachtree and Pharr roads adjacent to Buckhead Atlanta, the community will feature 400 luxury apartment homes and more than 21,000 square feet of high-end retail space. Mill Creek is developing the property in a joint venture with Elite International Investment Fund, a real estate investment platform backed by Asian capital. Community amenities will include two outdoor terraces with swimming pools, a rooftop terrace, rooftop dog park, destination sky bar, demonstration kitchen, indoor spa, steam room, yoga studio, juice bar, fitness center and an open-air social lounge. Mill Creek expects pre-leasing and initial move-ins at the high-rise for summer 2018.

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SMYRNA, TENN. — Carolina Holdings Inc. has closed on a 10-acre site along Sam Ridley Parkway in Smyrna between Academy Sports + Outdoors and Lowe’s Home Improvement. Three retailers — Hobby Lobby, TJ Maxx and Five Below — will occupy the site. The development team for the retail development includes Nashville-based civil engineer Ragan Smith, Nashville-based general contractor Crain Construction and Greenville, S.C.-based architect COR3 Design. United Community Bank provided construction financing for the project. Hobby Lobby is expected to open in the spring, and TJ Maxx and Five Below to open shortly thereafter.

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JACKSONVILLE, FLA. — Berkadia has arranged the $17.6 million sale of Viera at Mandarin, a 188-unit apartment community located at 4263 Losco Road in Jacksonville. Built in 1984, the property features one- and two-bedroom units averaging 833 square feet. Unit interiors feature granite countertops, in-unit washer and dryers and private patios or balconies, as well as wood-burning fireplaces and vaulted ceilings in select units. Community amenities include an indoor athletic center, swimming pool and a 21-acre lake with fountains, a deck and boat storage. Greg Rainey, Cole Whitaker, Tal Frydman and Jason Stanton of Berkadia brokered the sale between the buyer, North Kansas City, Mo.-based Maxus Realty Trust Inc., and the seller, Nashville, Tenn.-based Woodbridge Multifamily Partners LLC.

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CHARLOTTE, N.C. — Portman Holdings has signed Regions Bank to a 63,806-square-foot office lease at 615 South College, a speculative 370,000-square-foot office building under construction in Uptown Charlotte. Regions Bank is the first tenant to sign on at the 19-story office building, which is expected to open in early 2017. The building is positioned at Uptown Charlotte’s first light rail stop at Stonewall Station. Travis Garland of Portman Holdings, along with John Ball and Peter Conway of Trinity Partners, represented the ownership in the lease transaction. Sim Wilson, Mike Fahey and Mark Decherd of CBRE represented Regions Bank in the lease deal.

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SALT LAKE CITY — Hines Global REIT II has purchased Cottonwood Corporate Center, a 490,030-square-foot office complex in Salt Lake City, for an undisclosed sum. The four-building center is situated on East Cottonwood Parkway near the mouth of Big Cottonwood Canyon. This was the REIT’s first acquisition in Utah. CBRE’s Eli Mills and Timothy Richey, along with NGKF’s Ken White, represented the seller, CommonWealth Partners LLC, in this transaction.

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BELLEVUE, WASH. — Kennedy Wilson Real Estate Fund V has purchased a 451-unit apartment community in Bellevue named LIV Bel-Red for $172 million. The Class A community is located at 2170 Bel-Red Road. The property was built in 2015. Notable employers in the area include Microsoft’s world headquarters, Boeing, Expedia, Salesforce and Symetra Financial. The fund invested $58 million of equity and secured a 10-year loan of $115 million through Fannie Mae for the acquisition. Kennedy Wilson is a 12 percent investor in Fund V.

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SANTEE, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $24.9 million loan for The Grant Companies to refinance The Pointe at Lantern Crest, a seniors housing community in the San Diego suburb of Santee. CBRE’s Bill Chiles, Scott Peterson and Brian Cruz secured a 10-year loan through Freddie Mac. The loan will refinance the existing construction loan. The Pointe at Latern Crest opened in 2012 offering assisted living and memory care units. The second phase, which was completed in 2015, added independent and assisted living. The Grant Companies was formed in 1989 as a joint venture between three California corporations. The company has developed or constructed more than $500 million in medical office buildings, apartment complexes, industrial buildings, shopping centers, motels, restaurants and mixed-use developments.

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LOS ANGELES — Overton Moore Properties (OMP) has broken ground on the Point @ Simi Valley Business Center, a 141,000-square-foot industrial development in Los Angeles. The four-building project will be situated two blocks south of Interstate 118 and about 10 minutes from the San Fernando Valley. The site is one of the last remaining parcels within the 87-acre master-planned project. OMP acquired the site from Coca Cola in October 2015. The Class A development is scheduled for completion in April 2017. The project is available for sale immediately. It will accommodate users between 30,000 square feet and 42,000 square feet. Millie & Severson is building the project, which HPA designed.

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