ISLAMORADA, FLA. — HFF has secured $25.9 million in financing for The Islamorada Resort, an oceanfront property located at 80001 Overseas Highway in the Village of Islamorada in the Florida Keys. The resort is roughly 80 miles from Miami to the north and Key West to the south. The five-story property features 79 guest rooms, an Oceans 80 restaurant/tiki bar, resort-style pool, private beach and marina. Max Comess, Chris Drew, Maxx Carney and Alexandra Lalos of HFF’s Miami office arranged the loan through Bank of the Ozarks on behalf of the borrower, The Carlyle Group. The Carlyle Group is working with the resort’s operator Trust Hospitality and architect Malcolm Berg to renovate and reposition the property.
Property Type
FORT LAUDERDALE, FLA. — Dockerty Romer & Co. has arranged a $19.7 million loan for two Class A office buildings in Fort Lauderdale’s Cypress Creek submarket. The properties, Cypress Plaza and Park Center, span a combined 158,737 square feet. Craig Romer of Dockerty Romer arranged the financing through NXT Capital on behalf of the borrower, Mainstreet Capital Partners.
RALEIGH, N.C. — NorthMarq Capital has arranged a $14.6 million refinancing of The Summit, a 121,250-square-foot office building in Raleigh. Todd Crouse of NorthMarq Capital arranged the seven-year loan with a 30-year amortization schedule through an unnamed life insurance company.
MEMPHIS, TENN. — The Shopping Center Group has brokered the sale of Countryside Center, a 35,500-square-foot shopping center in Memphis. The property is 75 percent leased to tenants such as Dollar General, Subway, Auto Radio, Math Made Simple and Continental Tire. Gary Shanks of The Shopping Center Group represented the seller, a Midwest-based life insurance company, in the transaction. John Reed of The Shopping Center Group represented the buyer, a private investor based in California.
CHARLOTTE, N.C. — The Ehmer Group has arranged the sale of the Country Inn & Suites by Carlson, Charlotte I-85 Airport, a 119-room hotel located at 2541 Little Rock Road in Charlotte. Richard Ehmer of The Ehmer Group represented the seller, Ra’s Hotels Inc., in the transaction. The buyer, Ye’s Hotels Inc., has retained Strand Development Co.’s Hospitality Services division to manage the hotel and oversee a $1.5 million property improvement plan that the hotel’s franchisor, Carlson Rezidor Hotel Group, implemented.
MARLBOROUGH AND SOUTHBOROUGH, MASS. — HFF has secured two loans totaling $10.4 million for CURO Enterprises for the financing of two office buildings in Massachusetts. The properties are 130 Lizotte Drive, a 100,000-square-foot office building in Marlborough, and 118 Turnpike Road, an 80,000-square-foot office building in Southborough. Completed in 1999, 130 Lizotte is currently 92 percent leased to Ascosta Inc and Career Arc Group. The three-story 118 Turnpike Road was originally built in 1989 for its prior tenant, Autonomy Corp., a wholly owned entity of Hewlett-Packard.
WINOOSKI, VT. — A partnership between Nedde Real Estate, Redstone Commercial Group and Youkel Architecture + Development has broken ground for the development of Riverrun, an apartment building located along the Winooski River in downtown Winooski. The 56-unit building will feature a mix of floorplans: one-bedroom; one-bedroom with den; two-bedroom; corner two-bedroom and; corner two-bedroom with den. Each apartment will feature an open floorplan with nine-foot ceilings; expansion windows with river, city or nature preserve views; walk-in closets; designer kitchens; washer/dryers; and air conditioning. On-site amenities include covered parking, a combination of enclosed and climate-controlled storage units, a fitness center, balconies on all apartments and a walking path to the river boardwalk. The energy-efficient building is slate for occupancy in June 2015. Wright & Morrissey Construction is constructing the building.
NEW YORK CITY — Progress Capital has arranged a $35 million fixed-rate loan for the 20-story office building located at 220 Fifth Avenue in New York City. The non-recourse loan has a term of 15 years based on a 30-year amortization schedule. The funds were used to refinance an existing CMBS mortgage with Berkadia Commercial Mortgage. Originally built in 1912, the building was formerly known as the Croisic Building and is a historic icon in the city. The same family has owned the office building since 1991. The owners plan to renovate the building’s lobby and common spaces in preparation for the opening of the Belgium Beer Café, which will anchor the building’s first-floor retail space.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of 1227 Broadway in Brooklyn’s Bushwick neighborhood. The 7,065-square-foot building sold to a private investor for $2.7 million or $382 per foot. Renovated in 2006, the mixed-used building offers six free-market residential units and one retail unit. Daniel Tropp, Jonathan Berman and Mark Spinelli of Ariel Property Advisors represented the seller, a private investor, and procured the buyer in the transaction.
CHICAGO — A new hotel, Hyatt The Loop Chicago, is set to open in February. Developer John Murphy is currently converting the historic office building, located at 100 W. Monroe St., into a hotel. Architect Frank Chase designed the building in 1927. Upon completion, the 22-story building will feature 257 guest rooms, 2,540 square feet of meeting space, a 24-hour fitness center, a new French restaurant, Cochon Volant Market, Bakery, Brasserie and Bar, and a rooftop bar. Integrated Clark Monroe LLC owns Hyatt The Loop Chicago. Interstate Hotels and Resorts, a U.S.-based global hotel management company, will operate the hotel. Hyatt The Loop Chicago will join five Hyatt-branded hotels in downtown Chicago, including Park Hyatt Chicago, Hyatt Regency Chicago, Hyatt Regency McCormick Place, Hyatt Chicago Magnificent Mile, and Hyatt Place Chicago/River North.