SHERMAN, TEXAS — BMC Capital has arranged a $4.3 million loan for Post Oak Crossings, a 176-unit multifamily property in Sherman, approximately 10 miles from the state border with Oklahoma. Located at 3301 Heritage Parkway, the apartment community offers one- and two-bedroom floor plans as well as amenities such as a swimming pool, clubroom and spa. The terms of the loan include a five-year term at a fixed rate of 3.9 percent and a 25-year amortization schedule. Brian Gramlich of BMC’s Dallas office arranged the loan through one of the firm’s correspondent banking relationships.
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SAN DIEGO — Liberty Station Marketplace, a 152,495-square-foot, dual grocery-anchored retail center in the San Diego submarket of Point Loma, has received $47 million in permanent financing. The center is located at 2640 Historic Decatur Road. It is 93 percent leased. Vons and Trader Joe’s anchor the center, which is also occupied by Starbucks, Sammy’s Woodfired Pizza, Five Guys, Verizon Wireless, Panera Bread, Cold Stone Creamery, Tender Greens and Luna Grill. The loan was secured by HFF’s Tim Wright, Nick Psyllos and Zack Holderman on behalf of The Corky McMillin Companies. The loan was placed with a major fund advisor.
LOS ANGELES – The 669-unit Crenshaw Village Apartments in Los Angeles has received $42.5 million in acquisition financing. The community is located at 4220 Santa Rosalia Drive in the Los Angeles submarket of Baldwin Hills. Upside Investments purchased the Class B/C asset for $60 million. It was built in 1948, and has only undergone minor renovations. Though renovation plans have not yet been finalized, Upside intends to install new appliances and laundry facilities. It will also update the landscaping and add more parking options. The loan was secured by Steve Bram and David Pascale of George Smith Partners (GSP). Financing was provided by a GSP correspondent FNMA lender. Ron Harris, Paul Darrow and Michael DiSimone of Investments at Institutional Property Advisors represented both the buyer and the seller, a private investor, in the sales transaction.
BUENA PARK, CALIF. – The 184-unit Brookstone Apartments in Buena Park has sold to Patrick Cadigan for $38 million. The community is located at 7400 Artesia Blvd. Cadigan was represented by Carl Greenwood and Jim McKenzie of Greenwood & McKenzie. The seller, L&B Realty Advisors, was represented by Shane Shafer, Dean Zander and Vince Norris of Hendricks|Berkadia.
SCOTTSDALE, ARIZ. — Sentinel Real Estate Corporation has purchased The Paragon at Kierland, a 276-unit luxury apartment complex in Scottsdale, for $57 million. The Class A community is located at 15608 N. 71st Street on the Westin Kierland Golf Course. It is currently 98 percent occupied. This transaction represents the highest per-unit sale in Greater Phoenix so far this year. It also represents the highest per-unit sale in the past five years for properties without an active condo map in this region, according to Colliers International in Greater Phoenix. The firm’s Southwest Multifamily Advisors’ team represented the seller, Sunstone Realty Advisors, in this transaction. The team includes Jerry Tenge and Tristan Charlesworth.
SCOTTSDALE, ARIZ. – Galleria Corporate Centre, a 537,110-square-foot, mixed-use property in Scottsdale, has changed hands. It was acquired by a joint venture between Stockdale Capital Partners and funds managed by Oaktree Capital Management, L.P., for an undisclosed sum. The Class A office and retail center is located at 4301 and 4343 N. Scottsdale Road. It was nearly 90 percent leased at the time of sale. Notable tenants include McKesson Corporation, Yelp, SAP, Sagicor, Scottsdale Culinary Institute and CA Technologies. The seller, JEMB Realty Corporation, was represented by Jim Fijan and Will Mast of CBRE’s Phoenix office.
TEMPE, ARIZ. — Mill Avenue Retail LLC has purchased Centerpoint on Mill, a 127,027-square-foot, mixed-use property in Tempe, for $38 million. The project is located at the northwest corner of Mill Avenue and University Drive. The property was 87 percent leased overall at the time of sale. The office portion was fully leased. Notable tenants include Churchill's Fine Cigars, Devil's Diner, Fat Tuesday, Five Guys, Great Clips, The Handlebar Tempe, Jimmy John’s, Mellow Mushroom, P.F. Chang’s China Bistro, Pita Pit, Poppa Maize, Rita's Italian Ice, Robbie Fox's Public House and Sitewire. They will soon be joined by AMC Theatres, Zipps Sports Grill, El Hefe, Hot N Juicy Crawfish, Lincoln Strategy Group and One Energy. Mill Avenue represented itself in this transaction, while the seller, DMB, was represented by Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham of CBRE’s Phoenix office.
ATLANTA — Brasfield & Gorrie has completed 77 12th, a 23-story upscale apartment community located in Atlanta's Midtown submarket. Brasfield & Gorrie's construction budget was $57 million, with total development costs for the property reaching $88.7 million. The project comprises 615,000 square feet, with 330 residential units and 23,000 square feet of retail space. The new residential units feature granite countertops, stainless steel appliances, floor-to-ceiling windows and private balconies. The community also features a 20,000-square-foot outdoor plaza that has a saltwater pool, bocce ball courts, a private terrace and several outdoor fireplaces. The rental rates are among the highest in Midtown, according to Brasfield & Gorrie. More than 80 percent of the units have been reserved and nearly all of the retail space has been leased. Brasfield & Gorrie worked with Daniel Corp. and Selig Enterprises on the project. Northwestern Mutual provided construction financing for the new apartment community.
ATLANTA — Colliers International has arranged $80.9 million in financing for a portfolio of 31 industrial properties in metro Atlanta. The 3.1 million-square-foot portfolio is 91 percent leased. Hank Hall and Kevin Troy of Colliers International's Atlanta office arranged the non-recourse, floating rate loan on behalf of Clarion Partners. Prudential Insurance Co. of America provided the loan.
DURHAM, N.C. — Starwood Hotels & Resorts Worldwide will break ground later this year on the 134-room Aloft Durham Downtown, located at the intersection of Blackwell and Vivian streets in the city's American Tobacco Historic District. The hotel will be a key component of the district, which launched a redevelopment and restoration project in 2004 to transform the American Tobacco Co.'s campus into a mixed-use property. Aloft Durham Downtown will feature a pool, bar, 24-hour gym, private parking and 2,230 square feet of meeting space. Davidson & Jones will own the hotel, which is scheduled to open in May 2015. Starwood Hotels & Resorts Worldwide operates more than 75 Aloft hotels in 14 countries. The Aloft brand offers a tech-forward, vibrant experience and a modern style.