DALLAS — Beech Street Capital has closed $19.3 million in Fannie Mae loans to refinance a Class B, three-apartment property portfolio totaling 720 units in Dallas/Fort Worth. Larry Sneathern of Beech Street's Dallas office arranged the 10-year loans with seven years of field maintenance.
Property Type
EVERETT, WASH. — The 120-unit Woodbrook Apartments in Everett has received nearly $6.2 million in first-mortgage refinancing. The property is located at 525 112th Street SE. The 10-year loan boasts a 30-year amortization schedule. It was arranged for Woodbrook Investment Partners, LP by John Kinser and James DuMars of NorthMarq’s Phoenix regional office through the firm’s seller-servicer relationship with Freddie Mac.
SANTA ANA, CALIF. — Corinthian Colleges has renewed its lease for 163,734 square feet of office space at Griffin Towers in Santa Ana. The towers are located at 5 & 6 Hutton Centre Drive. The space serves as Corinthian’s corporate headquarters. Corinthian Colleges was represented by Ronda Clark, Ryan Hawkins and Joe Bevan of Jones Lang LaSalle Orange County.
ENCINITAS, CALIF. — The Plaza at Encinitas Ranch has received $43 million in refinancing. The 145,303-square-foot power retail center is located at 1550-1590 Leucadia Blvd. in Encinitas. It was built in 2002 and is fully occupied by tenants like REI, Starbucks, Pei Wei, Subway and AT&T. Walmart anchors the center. The 13-year, fixed-rate loan was arranged for a joint venture between Zelman Development Company and Carltas Company by HFF’s Paul Brindley. It was secured through a life insurance company.
ORLANDO, FLA. — Charles Perry Partners has completed a $21.7 million, 82,280-square-foot classroom at Valencia College at Lake Nona in Orlando. The property is the first building for the new satellite campus. SchenkelShultz Architecture designed the three-story building, which includes academic spaces, teaching laboratories, student services, a book store, library, cafe, Dean's suite and administrative offices.
ELGIN, S.C. — KT Spears Creek has sold the 240-unit Greenhill Parish Crossing, located at 10682 Two Notch Road in Elgin, to Legacy Sandhill Apartments LLC, for $19.5 million. The Class A community, which is 96 percent occupied, was built in 2009 by the seller. A 13-acre undeveloped Phase II parcel was also included in the sale and has been approved for an additional 240 units. Woody Moore, Ron Cameron and Will Mathews of Colliers International represented the seller in the transaction.
JACKSONVILLE, S.C. — Marcus & Millichap has arranged the $19 million sale of the 185-unit Brighton Bay, an independent living community located at 10061 Sweetwater Parkway in Jacksonville. Michael Pardoll of Marcus & Millichap represented Wells Fargo & Co., the seller, in the transaction. The Carlyle Group was the buyer.
GLEN BURNIE, MD. — Acadia-MCB Holding Co., a joint venture between affiliates of MCB Real Estate and Acadia Realty Trust, has purchased the 265,000-square-foot Arundel Plaza, located on Ritchie Highway in Glen Burnie, for $17.6 million. Lowe's Home Improvement and Giant anchor the center. Mike Gorsage of H&R Retail represented the seller in the transaction.
ARLINGTON, VA. — The 184,216-square-foot Webb Building, an office building located at 4040 N. Fairfax Drive in Arlington, has received financing totaling $54.7 million for the repositioning and re-tenanting of the property as part of the Base Realignment and Closure initiative. FCP Fund II provided $21.2 million of equity, and Wells Fargo has provided a $33.5 million loan facility for the project, which is slated to begin in December. The building will be vacated and fully renovated with a new lobby, landscaping, facade improvements, fitness center, updated common areas, updated HVAC, fire and life safety systems and a roof deck with extensive views. Federal Capital Partners and RESI Management own the Webb Building.
PHILLIPS, NEB. — Darland Construction is building a 141,000-square-foot warehouse as part of Syngenta's $63 million expansion at its seed corn production facility near Phillips. The warehouse is slated for completion in early 2013 with the full expansion to be complete in time for the 2013 harvest. The warehouse is a 400-by-326 foot metal building with two finished offices and a covered connecting ramp to an existing building. Darland project manager John Maderak is supervising the project. The planned expansion will support contracting as many as 5,500 additional acres of seed corn.