HERMANTOWN, MINN. — Dougherty Mortgage LLC has arranged a $3.8 million FHA-insured loan for the refinancing of Green Acres, a 65-unit rental townhome property. Green Acres is located at 5060 Jennifer Circle in Hermantown, a suburb of Duluth. Ned Foster of Dougherty's Minneapolis office secured the 35-year, fixed-rate loan for GMP Living Inc.
BURLINGTON, MASS. — Sonesta International Hotels Corp. plans to convert a 141-room Staybridge Suite in Burlington to its new Sonesta ES Suites upscale extended-stay brand this June. Located 15 miles from Boston, the Sonesta ES Suites will include “oversized” suites, ranging from 400 to 750 square feet, and fully equipped kitchens and work areas. The hotel will also include a heated outdoor pool and 24-hour exercise room. The conversion marks the debut of the new brand.
NEW YORK CITY — Gene Kaufman Architects has been selected to design 500 Metropolitan Ave., a 200,000-square-foot, mixed-use development in Brooklyn. The 15-story building is slated to include 189 hotel rooms, 58 condominiums and street-level shops. The property will also contain athletic facilities, catering and event space and a spa. The Chetrit Group is the project developer.
METHUEN, MASS. — Beech Street has arranged an $11.2 million Fannie Mae loan for the acquisition of Colonial Village, a 148-unit apartment complex in Methuen. The six-building property was built in 1970, with a club house added in 1978. Michael Edelman of Beech Street's New York office originated the 10-year, fixed-rate loan. The loan has 2.5 years of interest-only payments.
PRINCETON, N.J. — The Landis Group has completed renovation work on the 120-room The Residence Inn by Marriott at Carnegie Center in Princeton. The plan included upgrading the guest rooms, expanding the breakfast area and installing a new buffet and enhancing the lobby. The hotel, which is located at 3563 U.S. Route 1, was developed by Landis. Paramount Hotel Group manages the property.
DENTON — A joint venture between McCarthy Building Cos. and GCC Enterprises has commence construction on a $12 million Army Reserve Center in Denton. The U.S. Army Corps of Engineers, Fort Worth district is overseeing construction of the project, which will serve as the headquarters, training and maintenance facilities for the Army Reserve. The facility includes a 37,000-square-foot administrative/training center, a maintenance shop, storage buildings and support facilities.
SAN ANTONIO — San Antonio-based 4M Realty Co. has arranged the sale of a 163,000-square-foot industrial building, located on a 9-acre lot at 6351 Rittiman Road in San Antonio. Michael Weiss and Nick Prater of 4M Realty Co. represented the seller, City Bank Texas, in the transaction. Todd Hess of Keller Williams Commercial Realty's San Antonio office represented the buyer, Daily Bread Ministries.
HOUSTON — Coldwell Banker Commercial United, Realtors has brokered the sale of a 7,312-square-foot industrial property, located at 2301 McAllister Road in northwest Houston. Randy Connell of Coldwell Banker's Houston office represented the buyer, SIngle Source Events, in the transaction. Michael Holmes of Weichert Realty's Houston office represented the undisclosed seller.
KYLE — HFF has secured $4.7 million in refinancing for The Village at Kyle, a 26,000-square-foot shopping center located at 5695 Kyle Pkwy. in Kyle, a suburb of Austin. The retail center is leased to tenants including AT&T, Select Physical Therapy, SportsClips and Dickey's Barbecue Pit. Tyler Ford and Tucker Knight of HFF's Houston office arranged the 5-year, fixed-rate loan through Texas Exchange Bank on behalf of the borrower, SCC Development.
RICHMOND, VA. — Richmond-based Lingerfelt Development has started construction on the $100 million, 300,000-square-foot BioTech 8 building, a three-building headquarters for Health Diagnostic Laboratory Inc. (HDL), located within the 34-acre Virginia BioTechnology Research Park in downtown Richmond. After demolishing the BioTech 3 building, the company will construct Phase I of the property, which will include a 112,000-square-foot, six-story wet lab biotechnology building. Completion is slated for December 2012. A second phase, including an additional 112,000-square-foot, six-story tower, will begin in 2013. When fully completed, both phases plus HDL's existing building will total 300,000 square feet.