MCKINNEY, TEXAS — EDGE Realty Capital Markets has arranged the sale of a mixed-use property located at 7508 Eldorado Parkway in McKinney. Iselworth Management Inc. sold the 8,815-square-foot property to Guidepost A LLC, a Delaware-based limited liability company, for an undisclosed price. Wilson Stafford and Brandon Crow of EDGE Realty Capital Markets represented the seller, while Stephen Coffey of Greyhawk Associates represented the buyer in the deal.
DURHAM, N.C. — The Davis Cos. and Gemini Real Estate LLC have begun construction on The Lodge at Croasdaile, a 320-unit apartment community on Hillandale Road in Durham. The property is situated on 50 acres within The Croasdaile Farm master development, which is about five miles outside of downtown Durham. The community will feature an 8,000-square-foot clubhouse with a fitness center, community room, kitchen, computer lounge and a wrap-around patio overlooking a resort-style pool. Other amenities will include a wet bar, outdoor TVs and kitchen, porch and a pedestrian bridge connecting the property to an activities lawn and dog park. The Lodge at Croasdaile is Davis and Gemini’s second project together. In 2015 the companies developed a 280-unit property known as Sawmill Point in Wilmington, N.C.
BIRMINGHAM, ALA. — Hilton Worldwide has opened the new 105-room Homewood Suites by Hilton Birmingham Downtown near University of Alabama at Birmingham and Five Points South District. Wyatt Construction recently completed the hotel on behalf of the owner, AUM Enterprise Inc. Located at 1016 20th St. in downtown Birmingham, the hotel features studio and one-bedroom suites with kitchens and separate living and sleeping areas. Amenities include an indoor swimming pool, fitness center, game room, complimentary breakfast and a free shuttle within a seven-mile radius of the hotel.
CHARLOTTE, N.C. — KeyBank Real Estate Capital has arranged a $28.1 million Freddie Mac loan for Barrington Place, a 348-unit apartment community in Charlotte. Situated nine miles outside of downtown Charlotte, the property was built in 1998 and will undergo upgrades over the next three years. Trevor Ritter of KeyBank arranged the seven-year, interest-only loan, which the borrower used to refinance existing debt.
DELRAY BEACH, FLA. — Meridian Capital Group has arranged $23.9 million in financing for the development of a three-story, 118-unit seniors housing community in Delray Beach. The five-year loan, provided by a regional balance sheet lender, features a floating interest rate of 3.25 percent over LIBOR and three years of interest-only payments. Ari Adlerstein, Ari Dobkin and Josh Simpson, all based in the Meridian’s New York City headquarters, arranged the financing.
ATLANTA — CBRE Capital Markets has closed $19 million in financing through the Freddie Mac Small Balance Loan program for a 12-property multifamily portfolio in Atlanta. The workforce housing properties are located in three metro Atlanta submarkets and total 458 units. Kelly Martone of Bellwether Enterprise arranged the refinancing on behalf of the borrower, Nelkin Real Estate. Jeffrey Pirhalla of CBRE Capital Markets’ Wholesale Lending team originated the financing, which comprises 20-year hybrid ARM loans whereby the interest rate is fixed for the first 10 years of the term and adjustable for the following 10 years. The financing also features three years of interest-only payments.
OAK LAWN AND WORTH, ILL. — Essex Realty Group Inc. has brokered the sale of a 110-unit multifamily portfolio in suburban Chicago for $7.4 million. The portfolio consists of three buildings in the southwest suburbs of Oak Lawn and Worth. The properties include 10409-35 S. Menard Ave. and 10300-20 S. Parkside Ave. in Oak Lawn, and 6615-19 W. Lloyd Drive in Worth. The buildings were converted to condos in the mid-2000s. The unit mix for the buildings includes 49 one-bedroom, 59 two-bedroom and two three-bedroom units. The purchaser plans to acquire the remaining 16 units. Brian Kochendorfer and Matt Welke of Essex represented the seller in the transaction. Doug Imber and Kate Varde represented the buyer.
MINNEAPOLIS — CBRE has arranged the sale of The Parkway in Minneapolis for $6.5 million. The 70-unit apartment community is located at 1501 LaSalle Ave. near Loring Park. The building, originally built in 1917, has undergone significant improvements to the lobby and common areas. Half of the apartments were upgraded prior to the sale. Ted Abramson, Robert Lockman, Keith Collins and Laura Hanneman of CBRE represented the seller, Parkway Property Investors LLC. The buyer was local owner TE Miller Development LLC, based in Eden Prairie.
CHICAGO — Nitel has relocated to a 32,115-square-foot office space in Chicago’s River North neighborhood. The building is located at 350 N. Orleans St. The space at River North Point is fully built-out and Nitel will make modest tenant improvements to its new space to accommodate density. The provider of telecommunications network services previously occupied 20,000 square feet at 1101 W. Lake St. in Fulton Market. Kyle Kamin, Jon Milonas and Dan Persa of CBRE represented Nitel in the transaction.
MILWAUKEE — Unique Delivery Service Inc. has signed a 27,000-square-foot industrial lease in Milwaukee. The courier service company will occupy the building located at 4122 S. 13th St. Jonas Family Limited Partnership was the landlord. TJ Huenerbein and Cale Berg of the Dickman Co. Inc. brokered the lease transaction.
