MELBOURNE, FLA. — Pollack Shores Real Estate Group has acquired the 252-unit Polo Glen Apartments in Melbourne for $28.2 million. Matrix Residential will manage the Class A gated community. The property is 94 percent occupied and amenities include a heated pool, fitness center, and playground. Kevin Judd of ARA arranged the sale and Stephen Farnsworth of Walker & Dunlop secured a 10-year, Freddie Mac loan for the property. The community is located at 3603 Middleburg Lane.
ATLANTA — The state of Georgia has selected Manhattan Construction Co. to build the $9.5 million headquarters for Georgia Poultry Laboratory Network. The 38,000-square-foot facility will be located off Highway 365 in unincorporated Hall County, Ga. Construction of the single-story building, which will include laboratories and office space, is slated to begin in April. Completion is scheduled for 2015. The network provides diagnostic and monitoring services to Georgia's commercial poultry industry to ensure the safety of poultry products.
MIRAMAR, FLA. — Riviera Point Holdings has started vertical construction of the $17 million Professional Center at Riviera Point, the Miramar market's first Class A office development since 2009. Located on a four-acre site at University Drive and the Florida Turnpike, the 70,000-square-foot property is also the first Broward office development being funded through the job-creating international EB-5 investment. Itsaca Construction Associates will serve as the general contractor. Corrales Architectural Group designed the project.
COLUMBUS, OHIO — The 98-unit Jeffery Apartments in Columbus has received a $7.8 million loan. The non-recourse loan has a 10-year, fixed-rate and a 30-year amortization schedule. The borrower was JDS Development & Management, which used the loan for existing debt and equity for the acquisition of several apartment units that were previously sold when the project was originally developed as a condominium. The building, located at the northeast corner of East 1st Street and North 4th Street, was constructed in the 1990s. Terrace Capital Inc. arranged the loan.
FARMINGTON HILLS, MICH. — Bernard Financial Group has arranged a $2.8 million loan for Westfield Office Center, a two-story office building in Farmington Hills. The 40,847-square-foot building, which is located at 3020 Orchard Lake Road, was built in 1990. The borrower is Orchard Executive Offices LLC. Kevin Kovachevich of Southfield-based Bernard Financial arranged the loan.
CHICAGO — Chicago Coffees and Teas has purchased a 42,000-square-foot industrial building, located at 2144 S. Carpenter St. in Chicago. The company chose the location due to its proximity to I-290 and I-90. The purchase price was not disclosed. Mark Nelson and Michael Nelson of NelsonHill represented the owner, Sitex Group. Dan Steinberg of Domain worked on behalf of the buyer in the deal. Chicago Coffees is a purveyor of sustainably grown gourmet coffees, teas and equipment for Chicago’s restaurants and hotels.
STAMFORD, CONN. — The NHP Foundation (NHPF) has closed on $17.7 million construction financing for the renovation and preservation of Bayview Towers Apartments in Stamford. The Connecticut Housing Finance Authority provided the loan. NHPF will undertake $12.3 million in renovations and upgrades to 200 units of the low- and moderate-income housing. PNC Bank served as the tax credit investor for Bayview Towers Apartments, providing $7 million in federal low-income housing tax credit equity. The Connecticut Light and Power Co. is also supporting the project by making a $500,000 contribution through the State of Connecticut's Housing Tax Credit Contribution program to assist with the rehabilitation of the project. Bayview Towers Apartments was built in 1973 and is located at 300 Tresser Blvd.
WINDSOR, CONN. — O,R&L Commercial has sold 360 Bloomfield Avenue, a 64,137-square-foot Class A office building, for $5.6 million. The building, which is located at Exit 37 along I-91 in Windsor, was sold to Burlington, Mass.-based Capstone Properties. The building was 94 percent leased at the time of sale. The owner was Mattapoisett Properties LLC.
HARRISBURG, PA. — HFF has secured a $3.1 million loan for Uptown Shopping Plaza, a 150,000-square-foot retail center in Harrisburg. HFF worked on behalf of the borrower, LCL Management LLC, to secure the 10-year loan through Harrisburg-based financial services provider Metro Bank. Uptown Shopping Plaza is located at the intersection of North Seventh and Division streets. Save-A-Lot anchors the retail center and other tenants include Dollar Tree, Family Dollar, Subway, H&R Block, McDonald’s and Rainbow Apparel.
NEW YORK CITY — Marcus & Millichap has arranged the sale of two vacant commercial condos for $4.3 million. The condos are located at 490-506 Greenwich St. in New York City. Marcus & Millichap represented the seller, a private investor, and the buyer in the deal.