MOBILE, ALA. — Homewood Suites by Hilton has opened a 99-suite hotel at 1388 W. I-65 Service Road S. in Mobile. The four-story hotel, known as Homewood Suites Mobile I-65/Airport Blvd., is expected to create 30 permanent jobs, according to Hilton Worldwide. Kana Hotel Group owns and manages the hotel. The property features complimentary breakfast and Wi-Fi, a restaurant, a 24-hour grocery shopping service, fitness center and a 24-hour business center.
Property Type
MINT HILL, N.C. — HFF has arranged $11.5 million in financing for a 57,580-square-foot medical office building at 10545 Blair Road in Mint Hill, about 14 miles east of downtown Charlotte. The property is fully leased to Carolinas HealthCare System. HFF arranged the four-year, floating-rate loan through a national bank on behalf of the borrower, Chicago-based Harrison Street Real Estate Capital LLC.
COLUMBIA, S.C. — NAI Avant has arranged the foreclosure sale of the former Colonial Warehouse, a 265,000-square-foot warehouse at 1115 Shop Road in Columbia. An unnamed family based in Charleston, S.C., purchased the warehouse from the Richland County SC Master in Equity. Dail Longaker Jr. of NAI Avant brokered the transaction and will oversee the leasing/disposition of the asset.
ST. PAUL, MINNEAPOLIS AND MANKATO, MINN. — Oak Grove Capital has originated $17.9 million in FHA financing for the National Foundation for Affordable Housing Solutions. The loans will be used for the acquisition and rehabilitation of three affordable housing complexes in Minnesota: Seward Square Apartments in Minneapolis, Lewis Park Apartments in St. Paul and Eastport Apartments in Mankato. Each loan included the use of tax-exempt bonds and Low Income Housing Tax Credits. The fixed-rate HUD 221(d)(4) loans carry a 12-month construction period, plus a 40-year term. The 81-unit Seward Square development received $6.5 million in financing. The 103-unit Lewis Park complex received $7.8 million. The remaining $3.6 million went to the 78-unit Eastport Apartments community. The financing will be used to renovate and preserve the three long-term affordable housing projects originally constructed in the late 1970s.
FOREST PARK, OHIO — Atlanta-headquartered ARA has arranged the $10.3 million sale of Mills Run, a 212-unit multifamily community located in northwest suburban Cincinnati. Debbie Corson of ARA represented the seller, Deerfield, Ill.-based Oak Residential Partners LLC, in the transaction. Pepper Pike, Ohio-based Apollo Management purchased the property. Constructed in 1988, Mills Run is a multifamily community located in Forest Park. Previous ownership invested more than $550,000 in capital improvements including extensive landscaping upgrades, replacement of all entry doors and renovation of common areas.
LIVONIA, MICH. — First Industrial Realty Trust has sold 32432 Capitol Street, a 203,100-square-foot industrial warehouse and distribution facility in Livonia, located about 20 miles west of Detroit. The Promanas Group, a commercial real estate investment and management company, purchased the property. James Carpenter and Michael Tenteris of Cushman & Wakefield represented the seller in the transaction. Classic Container Corp., a subsidiary of Pratt Industries, fully occupies the property.
PALATINE, ILL. — Marcus & Millichap has arranged the $1.1 million sale of Countryside Office Park, a 93,648-square-foot office property located in Palatine, a northwest suburb of Chicago. John Abuja, Rich Merryman and Bill Schofield in Marcus & Millichap’s Chicago offices, marketed the property on behalf of the seller. Countryside Office Park is located at 1210-1278 W. Northwest Highway and is 74 percent occupied. The property includes 465 parking spaces.
SCHAUMBURG, ILL. — Morgan / Harbour Construction has completed an 11,000-square-foot office renovation for Crestron Electronics at 935 National Parkway in Schaumburg, a northwest suburb of Chicago. Crestron Electronics relocated its Midwest regional offices to Schaumburg from Arlington Heights. The build-out includes a new custom-built reception desk, two training rooms, multiple private offices, along with a storefront glass entrance in the reception area. Founded in 1968, Crestron Electronics has offices in 45 countries and offers integrated solutions to control audio, video, computer and environmental systems. Morgan / Harbour’s construction team included Dan Kohlsaat and Jerry Hawkinson. Featherstone Consulting Inc. provided the architectural services.
STAMFORD, CONN. — Skanska has signed an additional $149 million contract to build a new medical building for Stamford Hospital. The new approximately 196,850-square-foot medical specialty building will be constructed on the existing Stamford Hospital campus. Construction on the new building began in spring 2013 and is expected to be completed in spring 2016. In 2012, Skanska began construction on a different renovation and expansion project for Stamford Hospital to expand the hospital’s services and capacity.
NEW YORK CITY — Mortgage Equicap has arranged $56 million in financing for the construction of a 112,000-square-foot apartment property located at 267 Rogers Ave. in Brooklyn. Equicap arranged both the equity and construction financing for the project. The equity was provided by a New York-basedoffice. The non-recourse construction loan will be 75 percent of the total development costs. The apartment property will include 165 one- to three-bedroom units and will feature a fitness center, library, meeting and conference rooms, central laundry facility and billiard room. Equicap advised the developer in negotiating the 99-year ground lease with one of the largest not-for-profit organizations in the country.