MURFREESBORO, TENN. — Panther Properties Investment and Integra Land Co. have broken ground on the $27.5 million, 264-unit Integra Creek Apartments, a Class A apartment community located on the Manson Pike in Murfreesboro. The nine-building property will include amenities such as a swimming pool, fitness center, billiards room and business center. The first units are scheduled to be completed in the first quarter of 2013, with full completion slated for the third quarter of 2013.
FLOWERY BRANCH, GA. — NorthMarq Capital has arranged $30 million in first mortgage refinancing for the 456-unit Tree Park Apartments, an apartment complex located at 130 Tree Park Cir. in Flowery Branch. Bruce Foster of NorthMarq's Atlanta office arranged the 7-year loan with a 30-year amortization schedule through Freddie Mac on behalf of Tree Park LLC, the borrower.
VIRGINIA BEACH, VA. — Walker & Dunlop has arranged $21.6 million in refinancing for the 200-unit Magnolia Run Apartments, a garden-style apartment community located at 5697 Magnolia Run Cir. in Virginia Beach. Will Baker of Walker & Dunlop's Bethesda, Md., office arranged the 35-year, fully amortized loan through HUD's 223(f) program on behalf of the borrower, Magnolia Run Apartments LLC.
INDEPENDENCE, MO. — CPH has sold a 50,092-square-foot retail center in Independence for $2.3 million. Tenants include Blockbuster, Goodwill and Papa Murphy's Pizza. The undisclosed buyer plans to redevelop the property and include a new CVS store. Keoni Fursse of Kokua Realty Co. represented the seller in the deal.
CHICAGO — Cohen Financial has arranged an $8.5 million loan for the refinancing of Addison Mall, located at 2921 W. Addison St. in Chicago. The 69,240-square-foot retail center is fully leased to tenants such as Casual Male, Dollar Tree and Foot Locker. Don Trossman of Cohen Financial's Chicago office arranged the 10-year, fixed-rate loan through AIG.
ALTON, ILL. — Marcus & Millichap has arranged the $1.8 million sale of a 3,011-square-foot Burger King, located at 1902 Homer Adams Parkway in Alton, located 15 miles north of St. Louis, Mo.. Edward Benton and John Pryzbyla of Marcus & Millichap's Houston office represented the seller, a developer.
SHREWBURY, MO. — The AFL-CIO Housing Investment Trust (HIT) has arranged $6.6 million in union pension capital to renovate the Holy Infant Apartments and the St. Joseph Apartments, two affordable housing complexes in Shrewbury, located in St. Louis County. The $13 million project by HIT will convert most of the existing apartments into one-bedroom units as well as renovate kitchens as bathrooms. Residents of the complexes are at least 62 years old and have household incomes at or below 50 percent of the area median income. HIT purchased $6.6 million in tax-exempt bonds issued by the Industrial Development Authority for St. Louis County and insured by Ginnie Mae securities to help finance the project.
STOW, OHIO — Stow Professional Building LP has purchased a 38,000-square-foot office building, located at 4500 Courthouse Blvd. in Stow, a suburb of Akron, for $5.7 million. Bill Drinkall of NAI Harding Dahm represented the buyer in the deal. The sellers were Clunk Omni LLC, David B. Gillette Bypass Trust and D. Jeanne Gillette Survivor's Trust.
NEW BRUNSWICK, N.J. — Beech Street Capital has arranged a $32 million Freddie Mac loan to refinance Raritan Crossing Apartments, a 376-unit apartment complex in New Brunswick. The property is currently 99 percent occupied. Avi Weinstock and Josh Rhine of Meridian Capital Group originated the fixed-rate loan on behalf of the borrower, a real estate owner and operator. The 7-year loan has a 30-year amortization schedule.
NEW YORK CITY — Johnson Capital and Andrew Glass Brokerage have jointly arranged $13 million in financing for the 99-room Best Western Plus Prospect Park Hotel in Brooklyn. The 11-story, limited-service hotel is located at 764 4th Ave. It was developed by a Brooklyn-based developer on a site that once housed a gas station. A CMBS lender provided the 10-year loan, which will be used to refinance a construction loan.