TEXAS CITY, TEXAS — Hunt Mortgage Group has provided an $11 million Fannie Mae loan to refinance Lakeview Apartments, a multifamily community in Texas City. The property is located in northwest Galveston County, 33 miles southeast of Houston’s Central Business District. Charles Nickson acquired the property in 1993. Lakeview Apartments is a 304-unit, garden-style multifamily facility comprising 22 two-story residential buildings and a one-story leasing office/clubhouse. The 10-year loan includes five years of interest-only payments, a 30-year amortization schedule and a 9.5-year yield maintenance period. Lakeview Apartments also offers parking via 82 metal carports and features an outdoor swimming pool, exercise/fitness room and three laundry facilities. All apartments have individual washer and dryer connections.
THE WOODLANDS, TEXAS — Warren Hitchcock of NorthMarq Capital’s Houston office has arranged the refinancing of a construction loan for a retail property containing two tenants in The Woodlands. The property, located on Kuykendahl Road, contains 11,000 square feet. The loan was structured with a 15-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with an unnamed life insurance company.
LAS VEGAS — The University of Nevada Las Vegas (UNLV) and The Midby Cos. have begun construction on a three-phased redevelopment of the University Park Apartments, a garden style apartment community located at the north end of campus. UNLV purchased the property, which will be converted into on-campus student housing, in 2015 and The Midby Cos. have entered into a 40-year ground lease to redevelop and operate the property. The Midby Cos. will invest $76 million into creating the community, called U District. Phase I of development, which is currently underway, includes the demolition of existing structures and the construction of The Degree, a 758-bed housing community expected for completion in fall 2017. The Degree will offer fully furnished two-bedroom double occupancy, two-bedroom single occupancy and four-bedroom single occupancy units with private bathrooms. Each unit features a washer and dryer, kitchen, balconies and air conditioning. Community amenities include fitness centers, study and team rooms, media and social lounges and a 2,000-square-foot resort-style pool with lounge areas, cabanas and grill stations. Within the next 10 years, the remainder of U District will be redeveloped in two more phases. The remaining units for Phase II and III are currently being renovated and …
CHARLOTTE, N.C. — Cornerstone Real Estate Advisers, acting on behalf of an institutional client, and Spectrum Properties plan to build a 17-story, 217-room lifestyle hotel at the corner of Third and Church streets in Uptown Charlotte. Kimpton Hotels, which was purchased by Intercontinental Hotels Group in 2015, will manage the hotel. Cornerstone and Spectrum expect to deliver the hotel by October 2017. The asset will feature a fitness center and 9,200 square feet of flexible meeting space, including a 4,000-square-foot ballroom and five conference rooms. The hotel will also include a signature 180-seat restaurant and a partially open-air, 7,500-square-foot, 160-seat rooftop lounge that overlooks Romare Bearden Park. The hotel will complement the previously announced 300 South Tryon, a 25-story, 600,000-square-foot office building at Third and Tryon streets.
LEESBURG, FLA. — Elderfire Lodges, a developer based in Florida, has unveiled plans for Red Maple Lodge, a 150-bed assisted living and memory care community in Leesburg, approximately 45 miles northwest of Orlando. Red Maple Lodge will be the company’s fourth seniors housing property. Groundbreaking is scheduled for early summer 2016.
CHARLOTTE, N.C. — Unison Realty Partners has purchased Johnston Road Plaza, a 79,508-square-foot grocery-anchored shopping center in Charlotte, for $15.3 million. The Boston-based firm purchased the asset from Westwood Financial. Berkeley Capital Advisors brokered the transaction. The 16-store shopping center was 98 percent leased at the time of sale to tenants such as Food Lion and Goodwill.
PHOENIX — AFS Technologies has renewed its lease for office space at Park One in Phoenix. The Class A space is located at 2141 E. Highland Ave., within the Camelback Corridor. It was built in 1982 and renovated in 2014. The retail and supply chain solutions company uses this space as its corporate headquarters. It has occupied the building since 2007. Craig Coppola and Bill Blake of Lee & Associates represented AFS. Matthew Kaufold of the same firm represented the landlord, McCarthy Cook & Co., in this transaction.
KERMAN AND CLOVIS, CALIF. — Retail California, a division of Pearson Realty, has arranged two retail leases totaling 5,300 square feet. In Kerman, Sally Beauty Supply inked a lease for 1,300 square feet of retail space at 14051 W. Whitesbridge Ave. from CFTNV Developments LLC. Lewis Smith of Retail California represented the landlord, while Doug Cords of Commercial Retail Associates represented the tenant in the transaction. In Clovis, AAA Insurance leased 4,000 square feet of retail space with Trading Post Shopping Center from DN Clovis LLC. Lewis Smith and Peter Orlando of Retail California represented the landlord, while Nick Rendino of Colliers International represented the tenant in the deal.
GREENSBORO, N.C. — Joubran Commercial Properties (JCP) has brokered the $2.6 million sale of a 2.4-acre parking lot and 5,500-square-foot restaurant building in downtown Greensboro. JJ Joubran of JCP represented the Atlanta-based buyer, Buckhead Investments LLC, in the transaction. Rich Mossman of CBRE | Triad represented the seller.
VALRICO, FLA. — Marcus & Millichap has arranged the $5 million sale of River Hills Plaza, a 34,500-square-foot shopping center located at 4325 Lynx Paw Trail in Valrico, a suburb of Tampa. Built in 2004, the property was 93 percent leased at the time of sale. James Medefind and Armando Rodriguez of Marcus & Millichap’s Tampa office represented the seller, a private investor, in the transaction. The buyer was a private investor from Canada.