DESOTO, TEXAS — Dougherty Mortgage LLC has secured a $3 million HUD loan for the refinancing of Cedar Green Living Center, a 105-unit seniors housing property located in DeSoto. Dougherty’s Dallas office arranged the 33-year loan on behalf of the borrower, Senior Christian Living Foundation.
DALLAS — Greysteel has arranged the sale of El Sol Del Lago, a 318-unit apartment community in Dallas. Boyan Radic, Doug Banerjee, Andrew Mueller and Ryan Hill of Greysteel represented Oradell Lane Holdings LP in the sale of El Sol Del Lago to Diamond Villa Apartments LLC. Located in the Bachman Lake neighborhood of Dallas, El Sol Del Lago is a garden-style community near Northwest Highway and Webb Chapel Road.
SAGINAW, TEXAS — Robert Dorazil of United Commercial Development (UCD) has purchased a 21-acre property on the southwest corner of Bailey Boswell Road and FM-156 in Saginaw. Edward Bogel and David Davidson Jr. of Davidson & Bogel Real Estate brokered the transaction. UCD will be developing retail shop space on the property and is working with DB2RE on the retail pad sites, as well as selling multifamily land on the south side of the property.
WASHINGTON, D.C. — The Office of the Deputy Mayor for Planning and Economic Development (DMPED) has selected PN Hoffman for the redevelopment of Waterfront Station II in southwest Washington, D.C. DMPED has approved PN Hoffman’s plans, which include a LEED Gold-certified mixed-use asset spanning 400,000 square feet. The project will comprise 310 market-rate apartment residences, 133 affordable multifamily units, 20,000 square feet of retail space and a 10,000-square-foot theater space. The development will be located on a 59,000-square-foot lot at 1000 Fourth St. S.W. The project team includes Paramount Development, ER Bacon Development, CityPartners and AHC Inc. PN Hoffman is also underway on The Wharf, 525 Water and Riverside Baptist Church in southwest D.C.
KENNESAW, GA. — CBRE has brokered the $64 million sale of Mountain Park Estates, a 450-unit apartment community in Kennesaw, a northern suburb of Atlanta in Cobb County. White Oak Partners purchased the asset from Arenda Capital Management. White Oak plans to renovate the property with new flooring, lighting, hardware, granite countertops and stainless steel appliances. The apartment community is located directly across the street from a Whole Foods Market set to open later this year. Shea Campbell and Kevin Geiger of CBRE’s Southeast Multifamily Group represented Arenda Capital Management in the sale. Multifamily research firm Axiometrics reports that Kennesaw’s multifamily market has a 1 percent vacancy rate in its Class A subsector and as a whole the market will generate 22.9 percent in total rent growth over the next five years.
HIALEAH, FLA. — Miller Construction Co. plans to build two twin industrial assets within Centergate at Gratigny business park totaling 602,657 square feet. The business park is located in Hialeah, a city within Miami-Dade County. Gibson Development Partners is the developer of the $27 million project, which will be located at 6301 E. 10 Ave. Gibson and Miller plan to deliver the asset by the end of the year. Boca Raton-based RLC Architects designed the two buildings, which will feature 32-foot clear heights, 54-foot column spacing, a 185-foot truck court and a 60-foot speed bay. Fairchild Partners is handling leasing on behalf of the owner, an unnamed institutional client.
ATLANTA — Principal Global Investors has provided a $43.3 million loan for 100 Peachtree, a 625,424-square-foot, Class A office tower in Atlanta’s central business district (CBD). Known locally as the Equitable Building, the 32-story office tower features a conference center with a boardroom, three conference rooms, a mock courtroom, fitness center, dry cleaner, florist, FedEx-Kinko’s, Dunkin’ Donuts, Starbucks and parking for 928 vehicles. The asset was 61 percent leased at the time of sale to tenants such as Koch Properties, Accenture, Fulton County Public Defender, Atlanta BeltLine Inc. and McGuire Woods LLP. Mark Sixour and Gregg Shapiro of HFF arranged the four-year, floating-rate loan on behalf of the borrower, an affiliate of Five Mile Capital Partners LLC, which plans to refinance an existing loan and provide funds for capital improvements, tenant improvements and leasing commissions.
FORT LAUDERDALE, FLA. — Aztec Group has secured a $26 million construction loan for Phase II of Riverbend Marketplace, a 37-acre, Walmart-anchored development in Fort Lauderdale. The 189,000-square-foot Walmart Supercenter opened in January 2016 and sold earlier this month for $26.1 million. Phase II of Riverbend Marketplace will consist of 83,000 square feet of retail and restaurants and five outparcels. The borrower, an affiliate of Gatlin Development Co., broke ground on Phase II earlier this month. The new tenants joining Riverbend Marketplace include Planet Fitness, Chipotle, Lucky Me and T-Mobile. The new outparcel tenants will include Wawa, Krispy Kreme and McDonald’s.
ROCHESTER, MINN. — Investors Real Estate Trust has acquired a 393-unit luxury townhome portfolio in Rochester for $72.5 million. The rental portfolio is comprised of four multifamily communities that consist of two- and three-bedroom units that were built between 1990 and 2010. The properties include Avalon Cove at 3202 Avalon Cove Lane NW, a 187-unit property; Cascade Shores at 144 Beach Lake Road SW, a 90-unit property; Crystal Bay at 2450 Crystal Bay Court SW, a 76-unit property; and French Creek at 2000 Chardonnay Lane NW, a 40-unit property. With the addition of these townhomes, Investors Real Estate Trust now owns 1,773 units within the Rochester market. Investors Real Estate Trust is a publicly traded REIT that invests in income-producing properties located primarily in the upper Midwest. Keith Collins, Ted Abramson, Abe Appert and Laura Hanneman of CBRE represented the seller, Bouquet Cos., in the transaction.
NORTH AURORA, ILL. — The Opus Group and AEW Capital Management have broken ground on a 452,000-square-foot speculative industrial warehouse in North Aurora, approximately 40 miles west of Chicago. The facility will be situated on 25 acres at 1100 Orchard Gateway Blvd. The property features 36-foot clear heights, 48 docks, four drive-in doors, 79 trailer parking spaces and 263 car parking spaces. The facility can accommodate up to two tenants with distribution and light manufacturing needs that are looking to occupy 200,000 square feet of space or more. Completion of the project is slated for July 2016. Opus Development Co. is the developer, Opus Design Build is the design-builder and Opus AE Group is the architect and structural engineer of record. Brendan Kelly and Todd Heine of Avison Young will market the property for lease.