BALTIMORE — HFF has secured $120 million in construction financing for the redevelopment of The Rotunda, a 661,872-square-foot mixed-use development in Baltimore. The Rotunda, which is expected to be delivered in 2016, will feature 379 luxury residential units, 170,675 square feet of retail space including a movie theater, 138,000 square feet of office space and more than 1,000 parking spots in a parking structure and surface lots. Thomas Didio, Cary Abod and Andrew Roland of HFF secured the 48-month financing through Wells Fargo Bank NA on behalf of the borrower, Grande Rotunda LLC, an entity owned by Hekemian & Co. Inc.
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GREENVILLE, S.C. — Trade Street Residential has acquired The Aventine Greenville, a new 346-unit, Class A apartment community in Greenville for $42 million, or $121,000 per unit. The community is located at 97 Market Point Drive, adjacent to the Millennium Campus, a 500-acre master-planned corporate and research park. The Aventine Greenville’s amenity package includes a WiFi café, fitness center, pet park, business center, resort-style pool, pool pavilion with TVs and built-in grills. The community was 76 percent occupied at the time of sale. Trade Street obtained a $21 million mortgage to help fund the acquisition.
ATLANTA — Westin Buckhead Atlanta will begin Phase III of its hotel-wide renovation project — a $9 million upgrade to the 365 guestrooms. The hotel is located at 3391 Peachtree Road N.E. in Atlanta’s Buckhead submarket. The bathrooms in each room will be upgraded with new stone and walnut vanities and illuminated mirrors. Also, each unit will feature a 42-inch TV, LED lights in the headboards for reading and USB ports at each desk. The project will begin in April and wrap up in August. This is the final phase of the hotel’s renovation, which includes upgrades to the lobby and 30,000 square feet of meeting space.
MORRISVILLE, N.C. — Cushman & Wakefield | Thalhimer has brokered the sale of a 580,326-square-foot distribution facility located at 900 Aviation Industrial Center in Morrisville, near the Raleigh-Durham International Airport. Ares Management purchased the facility from Pearlmark Real Estate Partners for an undisclosed price. Chris Norvell and Scot Humphrey of Cushman & Wakefield | Thalhimer represented Pearlmark in the transaction. The property was 93 percent leased at the time of sale.
MAITLAND, FLA. — Crocker Partners has acquired a 174,048-square-foot office building located at 851 Trafalgar Court in Maitland, a northern suburb of Orlando. The property is currently 80 percent leased to tenants including Sprint/Nextel, Rasmussen College and Digital Risk. Crocker Partners will manage the property and CBRE will handle the building’s leasing responsibilities. The property will undergo a capital improvement program that will enhance the building’s elevator systems, signage and common area finishes. Including this acquisition, Crocker Partners owns more than 3.2 million square feet of office space in Florida.
CHICAGO — Weis Builders has completed the $44 million second phase of Lake Park Crescent, a multifamily redevelopment in Chicago. Phase II, called Sullivan Station, encompasses more than two city blocks in the North Kenwood-Oakland neighborhood.The project will replace the 1960s-era public housing and provide mixed-income housing within both low and midrise buildings. The Davis Group contracted Weis Builders to add a total of 132 units to the community. Weis will also build a midrise building and three-story parking ramp, as well as site preparation for future buildings.
INDIANAPOLIS — CBRE has arranged a $14.5 million loan for the acquisition of Waterside at Castleton Apartments, a Class B multifamily property located on the northeast side of Indianapolis. CBRE worked on behalf of Yakima, Wash.-based Wilkinson Corp. to secure the CMBS financing.The 400-unit apartment community features a mix of one- and two-bedroom layout. Jason Brown, vice president of CBRE’s debt and structured finance office in Indianapolis, originated the loan.
CHICAGO— Pembrook Capital Management LLC has closed $7.3 million in preferred equity financing for a recently renovated mixed-use building in Chicago. Proceeds from the funding will be used to recapitalize the property, which includes 192 apartment units and 20,833 square feet of retail space. The 11-story building recently received a $28 million renovation, which included façade work, improvements to the retail spaces and storefront upgrades. The 148,877-square-foot property is located at 5307 S. Hyde Park Blvd. Constructed in 1918, the building was previously occupied by the Del Prado Hotel until the early 1970s, when it was converted into apartments. The current owner acquired the property in January 2008. The building was 90 percent occupied at the time of the transaction.
CHICAGO — J.C. Anderson Inc. has completed the first phase of the 22,000-square-foot renovation for TransUnion at 555 W. Adams in downtown Chicago. TransUnion, a provider of credit information and information management services, selected J.C. Anderson Inc. to renovate its offices on the fifth floor. Phase I of the construction focused on the capital improvements to the property, which included the addition of a fitness center and a café, as well as extensive lobby renovations. Phase II of the renovation is now underway, which includes the demolition of offices to accommodate a renovated and open floor plan. The new office space will feature angled walls, millwork and glass throughout the space, as well as an upgraded kitchen. Michael Yazbec, president of the J.C. Anderson Inc. is the project executive, Joe Maguire is the project manager and Bob Hickey is the project superintendent for J.C. Anderson. SAS Architects is providing the architectural services for the renovation project, and Adriana Calderon of Jones Lang LaSalle is the project manager.
MILWAUKEE — The Dickman Co. Inc./CORFAC International has arranged the sale of a 37,663-square-foot industrial building located at 6500 W. Calumet Road in Milwaukee. Enterprise Realty Group LLC purchased the building from Anchor Bank fsb. Samuel M. Dickman, Jr. and Samuel D. Dickman of the Dickman Co. Inc. represented the buyer in the transaction. Andy Hess of Colliers International represented the seller.