SUWANEE, GA. — The LaSalle Group has started construction on the $10 million, 26,000-square-foot Autumn Leaves of Sugarloaf, an Alzheimer's and dementia care facility located at 1455 Satellite Blvd. in Suwanee. Constant Care Family Management designed the property and will manage and operate the community. Lake Superior Contracting is the construction company for the project. The LaSalle Group, The Frost National Bank and Silverado Interests provided funding for the project, which is slated for completion in the first quarter of 2013.
JACKSONVILLE, FLA. — A joint venture between ABC and Michaelson Real Estate Partners has acquired the 225-unit Ansley at Harts Road Apartments, located at 11011 Harts Road in Jacksonville, for $6.75 million. Amenities include a club pavilion, pool with sundeck, volleyball court, playground and laundry facility. BB&T was the seller.
RALEIGH, N.C. — First Fidelity Mortgage Corp. has arranged $41 million in senior secured financing for the 371,000-square-foot Bank of America Plaza, an office building located in downtown Raleigh. Kell Martin and Richard Booth of First Fidelity arranged the seven-year loan through a major life insurance company on behalf of the borrower, an affiliate of The Simpson Organization of Atlanta. The proceeds were used to repay existing maturing debt and fund ongoing capital spending programs.
ST. PAUL, MINN. — Dougherty Mortgage has arranged a $40.9 million HUD/FHA 221(d)(4) construction loan and 40-year permanent loan for the construction of The Penfield, a 254-unit apartment building in St. Paul. The borrower is the City of St. Paul. The property will also include a 30,000-square-foot Lunds grocery store on the ground level. Ned Foster of Dougherty arranged the 40-year, fixed-rate loan through the St. Paul HRA. The loan carries a rate of 3.12 percent, plus the FHA mortgage insurance premium of 45 basis points, for an all-in rate of 3.57 percent.
CAROL STREAM, ILL. — Meridian Design Build has completed the renovation of a 237,855-square-foot industrial building in Carol Stream to accommodate a new regional distribution center for Kerry Ingredients & Flavours. The project included the renovation of existing office and employee facilities and lighting upgrades. Kerry Ingredients is occupying the facility under a long-term lease with STRS Ohio. Ken Franzese, John Cassidy and Walter Murphy of Lee & Associates Commercial Real Estate Services represented the landlord in the transaction. Trevor Ragsdale of Jones Lang LaSalle represented the tenant. Bob Kolcz and Greg Suthers coordinated the project for Meridian. Harris Architects provided architectural services. The building is located at 284 Lies Road.
FOREST PARK, ILL. — GENCON Building Corp. has completed a 4,500-square-foot office expansion for Duraco, located at 7400 Industrial Drive in Forest Park. Duraco, which manufactures and distributes adhesive products, now occupies a total of 12,500 square feet of office space. Philip Prince & Associates of Wheaton, Ill., provided architectural services for the project.
NEW YORK CITY — Lennox Hill Hospital has purchased a mixed-use property at 111 East 77th St. between Lexington and Park avenues on Manhattan's Upper East Side for $6.1 million. The 13,000-square-foot property is currently configured as a residential duplex above a medical office space. The office space occupies the ground floor and the majority of the finished basement. Lennox Hill owns two adjacent buildings to the east of the property, as well as a hospital across the street. Thomas Gammino of Massey Knakal represented the seller in the transaction.
NEW YORK CITY — NorthMarq Capital has arranged a $15 million loan for the refinancing of Cinema 123 at 1001-1007 Third Ave. in New York City. The 15,800-square-foot property is a three-screen theater. Robert Hervey and Ernest DesRochers of NorthMarq Capital arranged the one-year loan through a regional bank.
NEW YORK CITY — A $12 million renovation of the Parkhill Affordable Housing Complex at 260 Park Hill Ave. is complete. Parkhill, located between Park Hill and Osgood avenues, comprises eight buildings and is the largest affordable housing complex in Staten Island. It is home to 3,000 low-income residents. From 1998 to 2002, the owners completed $10 million in upgrades to the property utilizing funding from HUD and Freddie Mac's affordable housing program. Unithree, the new owner, then invested $12 million in a second round of renovations undertaken in two phases. The renovations include the installation of new kitchens, the construction of the Barack Obama Computer Center, upgrades to the apartment interiors and common areas and window replacements.
NEW YORK CITY — Madison Realty Capital has taken ownership of 224 Richmond Terrace, a 60,000-square-foot apartment and retail property in Staten Island. Madison previously purchased the non performing first mortgage for $8.4 million from Bank of New York Mellon and has now taken title by completing foreclosure proceedings. The 40-unit property, known as “The View,” stands 11 stories tall and features views of the Manhattan skyline and Statue of Liberty. The original owner planned to develop the property as a condominium, but defaulted on its construction financing in 2009. The original lender subsequently filed a foreclosure action. Today, construction is nearly complete with only some interior installations and cosmetic detailing remain. Casandra Properties is the leasing agent for the residential and retail portions of the property.