BETHESDA, MD. — HFF has secured $121.6 million in financing for the development of 8300 Wisconsin in Bethesda, which will include 359 luxury apartments and a 50,000-square-foot Harris Teeter grocery store. Sue Carras, Walter Coker and Brian Crivella of HFF arranged the construction financing through Wells Fargo Bank on behalf of the owner, StonebridgeCarras, a privately-held real estate investment and development firm based in Bethesda. Slated for completion in 2015, the nine-story building will occupy an entire city block. The community's amenities will include a landscaped courtyard, rooftop swimming pool with separate lap pool, rooftop demonstration kitchen, clubroom, fitness center, business center and 24-hour concierge services.
WICHITA, KAN. — Value Place, an economy extended-stay lodging owner, operator, manager and franchisor, has acquired 22 operating hotel owned by its largest franchisee, a partnership comprised of Angelo, Gordon & Co., Belvedere Capital Real Estate Partners and other prominent real estate investors. The $115 million purchase price includes the assumption of existing debt. Ten of the acquired properties are located in Florida, with the rest located in Washington, D.C., Alabama, Texas, Ohio, Arizona, Utah, Colorado and Indiana. Value Place now owns 74 of the 185 franchise locations and develops, franchises, and manages Value Place properties throughout the U.S. Value Place’s growth strategy was recently endorsed by a $100 million capital investment from Lindsay Goldberg LLC, a New York-based private equity firm.
MIAMI — Marcus & Millichap has arranged the sale of Dadeland Executive Center, a 68,142-square foot-office property located at 9700 S. Dixie Highway in Miami. The 11-story property sold for $7.8 million. AT&T anchors the Class B office building, which was 71 percent occupied at the time of sale. Alex Zylberglait of Marcus & Millichap’s Miami office represented the seller, a private investor based in Miami. Zylberglait also secured and represented the buyer, an operator based in Coral Gables, a Miami submarket.
SUMMERVILLE, S.C. — Chambers Street Properties, a net lease industrial and office real estate investment trust, has signed an unnamed tenant to a 450,000-square-foot lease at Jedburg Commerce Park, a Chambers Street warehouse/distribution property in Summerville. Jedburg Commerce Park was built in 2007 and acquired by Chambers Street in the same year. Chambers Street owns and operates more than 3.6 million square feet of warehouse/distribution properties in South Carolina.
WHEELING AND LISLE, ILL. — The Chicago office of Berkadia Commercial Mortgage LLC (Berkadia) has closed a total of $46.4 million in financing through the U.S. Department of Housing and Urban Development’s (HUD) 223(f) program for two apartment communities located outside of Chicago. Len Deering, senior vice president, Paul Matusiak, vice president, and Tom Sigrist, senior vice president of Berkadia, originated both 35-year, fixed-rate loans, which are fully amortizing and feature 80 percent loan-to-value ratios. Foxboro Apartments LLC received a $26 million loan to refinance an existing mortgage on Foxboro Apartments in Wheeling, a northwest suburb of Chicago. The one- and two-bedroom building is currently 97.5 percent occupied. Berkadia also arranged $20.4 million for borrower Abbey Capital Partners. The loan, which also was used to refinance an existing mortgage, was for Abbey Apartments at Four Lakes in Lisle, a western suburb of Chicago. The property is currently 99 percent occupied and offers studio and one-, two- and three-bedroom layouts.
WAUKESHA, WIS. — NorthMarq Capital’s Milwaukee regional office has arranged $11.2 million in refinancing for Pioneer Hall, a 264-bed student housing facility in Waukesha, a western suburb of Milwaukee. The property is located on the campus of Carroll University at 324 W. College Ave. Financing was based on a 10-year term and a 25-year amortization schedule. Geoff Nauth, vice president of NorthMarq’s Milwaukee office arranged the loan for the borrower through its relationship with a regional bank.
CHICAGO — The Boulder Group has arranged the $6.9 million sale of a net-leased Bank of America property at 2163 N. Clybourn Ave. in the Lincoln Park neighborhood of Chicago. Bank of America is the sole occupant of the 9,471-square-foot retail building, which was developed in 2004. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer and seller in the transaction. The seller was a high net-worth individual based in the Midwest. The buyer was a Miami-based private individual. Bank of America had 12 years remaining on its lease at the time of sale. The property features a 24-car parking lot.
LISLE, ILL. — United Health Group has signed a lease renewal for 41,289 square feet of office space at Corporetum VI in Lisle, located about 25 miles west of Chicago. The 172,695-square-foot Corporetum VI office building features granite lobbies, on-site food service, a conference center, fitness center and private corner balconies. The building is located at 550-650 Warrenville Road, directly off of I-88. Minnetonka, Minn.-based United Health Group is a diversified managed healthcare company that serves approximately 70 million individuals nationwide. Patrick Kiefer, Jim Adler and Dan O’Neill with NAI Hiffman’s office services group represented the building’s owner, Winthrop Realty Trust, in the transaction. Robert Sevim and Joe Learner of Studley represented United Health Group.
NEW YORK CITY — Meridian Capital Group LLC has arranged $45 million in construction financing for the development of a 133,000-square-foot retail property in Brooklyn. The three-year construction loan features interest-only payments and a LIBOR-based floating rate. Located at 240-242 Bedford Ave. in the Williamsburg neighborhood, the property spans the entire block of North 4th Street from Bedford Avenue to Berry Street and will be home to a Whole Foods Market. Aaron Birnbaum, executive vice president, and Tal Savariego, vice president at Meridian Capital Group’s New York City headquarters, arranged the financing. Construction of the retail property is slated for a mid-2014 completion.
NEW YORK CITY — A local investor has sold a partial interest in a 72-year leasehold interest in the retail and medical suites at 2012-2018 Broadway on Manhattan’s Upper West Side in a transaction valued at more than $17 million. Long-time investor Isaac Shalom of Madison Realty purchased the interest. The lessee is under a 72-year leasehold rent with the co-op, which owns the building and the land. Three restaurants — Dan Japanese Restaurant, Luce Restaurant and Nanoosh Mediterranean — as well as a nail salon, occupy the four retail spaces along Broadway, while the space on the 69th Street side of the building is occupied by medical suites. Adelaide Polsinelli, senior director at Eastern Consolidated, represented the seller and procured the buyer in the sale of the corporation’s shares.