LUBBOCK, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $5 million loan for the purchase of a 213-unit apartment property in Lubbock. The loan features a 10-year fixed term at 5.9 percent interest and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s corresponding conduit relationships.
DENTON, TEXAS — NOVUS Realty Advisors principals John St. Clair and Grant Brodeur have completed the trade of a 444-acre tract of land at Lakeview Ranch in Denton. FSA & S Collin County purchased the investment property from owner, Canyon Energy Partners, who was represented by St. Clair, while Brodeur handled the transaction for the buyer.
FORT WORTH, TEXAS — Transwestern’s retail group has arranged the sale of a 95,132-square-foot property at the southwest corner of Royalty and Northwest Centre drives in Fort Worth for the construction of a Marriott-branded hotel. Transwestern’s Steve Williamson and Mason Bishop represented the seller, LQ Development, in the transaction. Ryan Patterson and Phil Patterson of Texas Hotel Brokers LLC represented the buyer.
GLEN ALLEN, VA. — New York Life Real Estate Investors has provided a $52 million loan on behalf of institutional investors for Marshall Springs at Gayton West, a 420-unit apartment community in Glen Allen, a suburb of Richmond. The 10-year loan features three years of interest-only payments. Geoff McVeigh of Berkadia arranged the loan. New York Life worked with developer The Breeden Co. on financing the apartment community.
RALEIGH, N.C. — Federal Capital Partners (FCP) and Kane Realty Corp. have formed a joint venture to purchase the 2.5-acre Dillon Supply site in downtown Raleigh’s Warehouse District. The site is bounded by South West, West Martin, South Harrington and West Hargett streets. The joint venture will break ground in January on a mixed-use development at the site, which will comprise a 17-story office tower, 40,000 square feet of retail space, two six-story apartment buildings totaling 261 residences and a 950-space parking deck. Duda|Paine Architects LLP designed the office portion and J. Davis Architects designed the residential component of the development. Justin Good and Allan Lynch of HFF represented FCP and Kane Realty in the transaction.
LORTON, VA. — First Potomac Realty Trust has sold Newington Business Park Center, a seven-building, 256,000-square-foot industrial development in Lorton, roughly 20 miles south of Washington, D.C. An affiliate of Velsor Properties LLC purchased the industrial park for $32.5 million. The sale is part of First Potomac’s disposition strategy to sell at least $200 million of assets to improve the REIT’s balance sheet. HFF represented First Potomac in the transaction. As of Sept. 30, the industrial park was 83.3 percent leased.
NEW ORLEANS — Hodges Ward Elliott has arranged the sale of the Q&C Hotel and Bar in downtown New Orleans. KBS SOR II Q&C Property LLC, a joint venture between KBS Strategic Opportunity REIT II and Dallas-based Encore Hospitality LLC, purchased the 196-room hotel for an undisclosed price. Fully renovated in 2014, the boutique hotel features 2,600 square feet of flexible meeting space, a restaurant and bar, valet and self-parking and a 24-hour fitness center. Currently an independent hotel, the property will be franchised under the Marriott Autograph brand. Following the sale, Encore Hospitality will manage the hotel.
HYATTSVILLE AND MT. RAINIER, MD. — Marcus & Millichap has brokered the $11.9 million sale of a multifamily portfolio in Hyattsville and Mt. Rainier. The three-building portfolio totals 171 units and includes Garfield Court and Castle Manor in Hyattsville and Arundel Apartments in Mt. Rainier. A private investor purchased Garfield Court for $4.4 million, Castle Manor for $4.8 million and Arundel Apartments for $2.7 million. The buyer, which owns other multifamily properties in the north Prince George’s County submarket, plans to improve the portfolio with capital improvements in the next few years. David Weber of Marcus & Millichap’s Washington, D.C., office brokered the transaction.
WICHITA, KAN. — Newmark Grubb Knight Frank (NGKF) has brokered the $11.5 million sale of The Epic Center Office Tower tower in Wichita. The building is 325 feet tall and has been the tallest building in the state since it was constructed in 1987. Ruffin Epic LLC purchased the 298,154-square-foot building from BACM 2005-3 Woodlawn LLC. The facility sits on 3.3 acres and is located at 301 N. Main St. Tenants at the office tower include the FBI, Secret Service, U.S. Attorney, Hinkle Law Firm, AGH and Viega NA Inc. Chris Wilkinson, Michael VanBuskirk and Chris Robertson of NGKF represented the seller in the transaction.
PALOS HEIGHTS, ILL. — Adelphia Properties has brokered the $1.6 million sale of a retail property located in Palos Heights, approximately 25 miles southwest of Chicago. The property is fully leased to tenants including Lou Malnati’s, Great Clips, Jersey Mike’s Subs and Forever Yogurt. The 5,545-square-foot retail center, located at 12801 S. Harlem Ave., was redeveloped in 2014. Simeon Spirrison of Adelphia Properties represented the buyer, a private non-1031 investor. The seller is also undisclosed.