BALTIMORE — MAC Realty Advisors, on behalf of Jefferson Apartment Group, has raised $23 million in equity in the pre-development stage from a U.S.-based insurance company for the acquisition and development of Jefferson Square at Washington Hill, a residential development site next to the Johns Hopkins Medical and Research Campus in Baltimore. Additionally, MAC Realty Advisors secured a $44 million senior construction loan for the transaction. Jefferson Apartment Group will develop a five-story building wrapping a parking garage that will include 304 apartment units and 21,000 square feet of ground-floor retail space including a CVS/pharmacy.
ALEXANDRIA, VA. — Federal Capital Partners has closed a $10 million mezzanine loan for the development of a $52 million, 240-unit apartment community in Alexandria. Insight Property Group is developing the multifamily property that is less than one mile from the Huntington Metro Station. Amenities at the four-story apartment building will include fitness and yoga rooms, indoor fireplaces, a billiards room, an outdoor pool and outdoor grills and green spaces. Units will begin delivering in mid-2014.
GARNER, N.C. — Capital Advisors has arranged a $7.25 million loan for the recapitalization of 100 and 300 Health Park Dr. in Garner. The property consists of two medical office buildings and a combined 42,591 square feet. It is 35 percent leased to an affiliate of Rex Healthcare. Clark Jenkins of Capital Advisors’ Raleigh, N.C., office secured the seven-year, fixed-rate loan with a 30-year amortization schedule on behalf of CPG PIA Health Park LLC. The loan was secured through a correspondent lender and will be serviced by Capital Advisors.
FLORIDA AND GEORGIA — IBM Southeast Employees’ Federal Credit Union (IBM) has selected CBRE as the exclusive agency provider for IBM’s 16-property real estate portfolio of owned and leased office and branch facilities in Florida and Georgia. Rick Miller and Tyler Harrison of CBRE comprise the team providing tenant advisory services to IBM. Miller and Harrison specialize in office brokerage services in the South Florida region. Matt Kiziah of CBRE will lead the project management side of the agreement.
CHICAGO — Prudential Mortgage Capital Co. has provided a 10-year, fixed-rate loan for 200 West Madison, a 928,000-square-foot office tower in Chicago. The borrower is Multi-Employer Property Trust, which purchased the building in September 2011 for $217.5 million. Originally constructed in 1983 and significantly renovated during the last several years, the 45-story tower stands on the eastern border of Chicago’s West Loop, with access to major commuter transportation lines and area highways. Sarah Teunis of Prudential Mortgage Capital says the building’s quality and central location “made this transaction extremely attractive.” Teunis and Bryan McDonnell of Prudential led the transaction.
NORTHVILLE TOWNSHIP, MICH. — Bernard Financial Group has arranged a $49.5 million credit-tenant lease loan for the development of a University of Michigan healthcare facility. The borrower is REIS-MOB I LLC and the lender is Mesirow Financial. The 100,000-square-foot medical office building will sit on 9.9 acres and is located in Northville Township, about 30 miles west of Detroit. According to the University of Michigan, the health care center is slated to open in 2014. Dennis Bernard and Kevin Kovachevich of Bernard originated the loan.
LAWRENCE, KAN. – NorthMarq’s San Francisco office has arranged acquisition financing of $20 million for the Ironwood Multifamily Portfolio. The portfolio, which consists of four off-campus student housing properties near the University of Kansas, contains a combined total of 445 units. The student housing properties are Park West Gardens, Ironwood Court Apartments, Remington Square Apartments and Castle Rock Townhomes. Financing was based on a 7-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a national bank.
SUNSET HILLS, MO. — Western Oil Inc. has purchased the former Bob Evans restaurant building located at 1430 S. Kirkwood Road for $1.7 million. After Bob Evans closed in 2005, Novus Development Co. purchased the property with plans for a retail and lifestyle center. However, after Novus was unable to move forward, First Bank purchased the building. The bank originally bought the building for another First Bank location, but then decided the building was not fit for a bank branch and put it back on the market. Savoy Properties represented the seller, First Bank, and the buyer in the deal.
CAMDEN, N.J. — Tryko Partners LLC has acquired The Crestbury, a 392-unit apartment property in Camden, for $16.1 million. Built in 1950, the property features one- and two-bedroom units overlooking a neighborhood park. Ridge MacLaren, Andrew Townsend and Clarke Talone of Marcus & Millichap represented the seller, a New Jersey-based limited liability company. They also procured the buyer.
WOODBURY, N.J. — Bell Lake Apartments at 431 Myrtle Ave. in Woodbury has sold for $3.2 million. Located next to Bell Lake Park, the building comprises a mix of one- and two-bedroom layouts. Outdoor amenities include professionally landscaped grounds and a courtyard, as well as an on-site playground. Joel Schwartz and Eli Rosen of Gebroe-Hammer Associates represented the seller in the transaction. They also procured the buyer.