PANAMA CITY, FLA. — UC Funding has arranged a $6.7 million bridge loan to recapitalize and complete the restoration of a 147-room hotel in Panama City. The borrower had acquired a shuttered, antiquated hotel with three acres of beach frontage, and will use part of the loan to complete $1.8 million in upgrades to the rooms, common areas and amenities. The aim is to transform the dilapidated hotel into a Class A resort.
LOUISBURG, N.C. AND PRINCETON, W. VA. — Marcus & Millichap has arranged the sale of two Sheetz ground leases in Louisburg and Princeton for a total of $3.6 million. The Louisburg location sold for $1.7 million, while the Princeton site sold for $1.9 million. Sheetz, a quick serve restaurant/convenient store with gasoline pumps, has 435 locations, with plans to reach 500 stores by 2015. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the buyer in the transaction. Brian Munn, also of Marcus & Millichap, represented the sellers.
CHICAGO — A 41-unit multifamily property located at 6747-67 N. Sheridan Road in Chicago has sold for $4 million to an investment group. The apartment complex is three blocks away from Loyola University and is within close proximity to public transportation and Lake Michigan. The property also includes three leased commercial spaces and 28 garage parking spaces. The Kiser Group represented the buyer and the seller, a land trust, in this deal.
CHICAGO — Sperry Van Ness has arranged the sale of 112. S. Sangamon St., a five-unit multifamily property located in Chicago’s Wrigleyville neighborhood, for $2.4 million. The property, which was renovated in 2009, was fully occupied at the time of sale. Jeff Baasch of Sperry Van Ness executed the sale.
DOWNERS GROVE, ILL. — Marcus & Millichap has arranged the sale of 5140 Fairview Ave., a 12-unit apartment property, for $1.03 million. The property includes 12 two-bedroom units and features onsite laundry and 20 parking spaces. The multifamily complex is located in Downers Grove, about 22 miles west of Chicago. Ryan Engle and Andrean Angelov of Marcus & Millichap represented the seller, a private investor, and the buyer, a limited liability company.
MALVERN, PA. — The Vanguard Group has hired Liberty Property Trust to develop a 200,000-square-foot office building for $55 million. The six-story office property will be located at Great Valley Corporate Center in Malvern, which is about 26 miles west of Philadelphia. Construction for the project is slated to begin in March and finish in 2014. The building was designed by D2CA Architects and is expected to achieve certification. Studio Bryan Hanes is the landscape architect, and Bala Consulting Engineers is the project engineer.
WOODCLIFF LAKE, N.J. — AAG Management Inc. has sold 500 Chestnut Ridge Road, a 70,000-square-foot, grocery-anchored retail center, for $29 million. The shopping center, which is located in Woodcliff Lake, was renovated in 2011 and is fully leased. A & P Supermarket anchors the property and other tenants include Luxury Nail & Spa, A+ Cleaners, Wine & Liquors and Marco Polo’s. Jose Cruz and Andrew Scandalios of HFF represented the seller. The buyer was a private entity.
PROVIDENCE, R.I. — CBRE/New England has arranged a $14.9 million, 10-year, interest-only loan for 15 LaSalle Square, the new home to Pawtucket, R.I.-based Hasbro Inc. The Class A office building spans 135,908 square feet and is located in downtown Providence. The loan was arranged on behalf of the buyer, Inland Real Estate Acquisitions, through Niagara Bank. CBRE/NE arranged the sale of the property in December on behalf of the seller, Berkeley Investments, to Inland for $29.8 million. *
QUEENSBURY, N.Y. — Beech Street Capital LLC has closed a $7.8 million Fannie Mae DUS loan to refinance the Whispering Pines Apartments, a 190-unit complex in Queensbury. The fixed-rate loan has a 10-year term with 9.5 years yield maintenance and a 30-year amortizing schedule. Whispering Pines was built in 1970 and was recently renovated by the owner. The borrower refinanced this asset to cover the cost of improvements to the apartment property. Kristen Croxton and Greg Reed of Beech Street arranged the deal.
LEAGUE CITY, TEXAS — McCarthy Building Cos. has been awarded The University of Texas Medical Branch Victory Lakes Specialty Care Center expansion project in League City. The $52.3 million, design-build project includes the addition of 142,000 square feet to the existing outpatient center. The expansion includes additional operating rooms, an emergency department, observation units and associated support space. The project is scheduled for a spring 2015 completion.