MIAMI — ZOM, a luxury multifamily real estate developer, has purchased a parking lot site at 80 S.W. 8th St. in Miami’s Brickell neighborhood for approximately $16.8 million. ZOM plans to develop a 46-story, 420-unit luxury high-rise apartment tower at the site. The property will be located on the block between the $1.05 billion Brickell CityCentre project and Mary Brickell Village. Construction on the project will begin late in the fourth quarter of 2014.
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MIAMI — CBRE has arranged a $47 million bridge loan to refinance Brickell City Tower, a Class A, 33-story office tower in Miami’s Brickell neighborhood. Charles Foschini, Christopher Apone and Christian Lee of CBRE arranged the loan through Ares of Chicago on behalf of the borrower, 80 SW 8th Street LLC, a joint venture between Banyan Street Capital, Independencia, Silverpeak Real Estate Partners and Crocker Partners. The purpose of the loan was to release value back to ownership following its recent sale of a portion of the site to ZOM, which plans to built a 46-story luxury high-rise apartment tower.
CHATTANOOGA, TENN. — Steadfast Income REIT Inc. has purchased Reserve at Creekside Village, a 192-unit apartment community in Chattanooga. The apartment property, built in 2004, was 91 percent occupied at the time of the sale. The one-, two- and three-bedroom units average 1,100 square feet and rent for an average $965 per month. The community’s amenity package includes a fitness center, swimming pool, hot tub, dog park, clubhouse and barbecue grilling areas. The asset is Steadfast’s first acquisition in Chattanooga and its fourth in Tennessee. The transaction, along with the REIT’s purchase of an apartment community in Dallas, totaled $42 million.
LOUISVILLE, KY. — Marcus & Millichap has arranged the $2.3 million sale of Crawford Crossing, a 30-unit apartment community at 6800 Crawford Crossing in Louisville. Aaron Johnson of Marcus & Millichap’s Louisville office represented the seller, a local developer, in the transaction.
SOUTHFIELD MICH. — Bernard Financial Group has arranged a $5.2 million CMBS loan for Claymoor Luxury Apartments in Southfield. The multifamily property, located at 29260 Franklin Road, consists of 133 units. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan on behalf of the borrower, Claymoor Properties LP. Bernard Financial, a mortgage banking firm representing several life insurance companies and conduits in Michigan, will provide full servicing for this loan.
WEST LAFAYETTE, IND. — Orlando-based Cuhaci & Peterson Architects Engineers Planners has completed the design of a Fresh City Market in West Lafayette, Ind. The 22,000-square-foot store will feature fresh food, groceries and produce and will be the anchor tenant in 720 Northwestern Avenue, a residential and retail development under construction on Northwestern Avenue across from Mackey Arena near the Purdue University campus. The West Lafayette store will include a Caribou Coffee Shop and in-store seating for ready-to-eat hot foods from the deli bar. Construction of the new market is set for completion in August.
ANN ARBOR, MICH. — Colliers International will lease restaurant and retail space at 116 and 120 W. Huron St. in downtown Ann Arbor. The site will be redeveloped by Ann Arbor-based First Martin Corp. as an upscale 110-room hotel and will feature retail and restaurant opportunities. The hotel brand will be announced at a later date. Colliers will lease space ranging from 5,870 square feet on the main level up to 8,805 square feet, including a mezzanine. Jim Chaconas and Brendan Cavender of Colliers will list the available retail and restaurant spaces.
LIBERTYVILLE, ILL. —NorthMarq Capital has secured $10.2 million in acquisition financing for a 217,620-square-foot industrial property in Libertyville. NorthMarq structured the 12-year loan and 25-year amortization through its relationship with Genworth Financial, a correspondent life company. The Class-A, single tenant warehouse/distribution center is located at 1500 Harris Road. Greg Nalbandian of NorthMarq represented the New Jersey-based borrower in the transaction.
BOSTON — DivcoWest has completed the purchase of One Winthrop Square, a 114,000-square-foot office building in Boston’s Downtown Crossing area. One Winthrop is a five-story building that was constructed in 1873 and most recently renovated in 2008. The building was fully leased at the time of sale. DivcoWest plans to improve the building’s common areas. The building fronts the half-acre Winthrop Square Park and is located within the city’s central business district.
GROTON, CONN. — Marcus & Millichap has arranged the $5.2 million sale of a 34,944-square-foot retail property anchored by a Walgreens in Groton. Seth Richard and Laurie Ann Drinkwater of the firm marketed the property on behalf of the seller, a limited liability company, and represented the buyer, a private investor. Located at 441 Long Hill Road, the 24-hour store features a double drive-thru and separate exit.