REBusinessOnline

Klein Enterprises Receives $64.5M Construction Loan to Build Apartment Community in Baltimore

BALTIMORE — Klein Enterprises has received a $64.5 million construction loan for the development of The Woodberry, a 284-unit apartment community located at 2001 W. Cold Spring Lane in Baltimore. The loan was underwritten and serviced by AGM Financial, in partnership with the U.S. Department of Housing and Urban Development (HUD)’s Baltimore Multifamily Housing Office. The Woodberry will include a mix of one-, two- and three-bedroom, market-rate apartment units. Community amenities will …

Urban Investment Partners Acquires Apartment Building in D.C. for $42.5M

WASHINGTON, D.C. — A joint venture led by Urban Investment Partners (UIP) has acquired 3333 Wisconsin, a 100-unit apartment building located at 3333 Wisconsin Ave. N.W. in Washington, D.C.’s Cathedral Heights neighborhood. The sales price was not disclosed, but the Washington Business Journal reports the asset sold for $42.5 million. UIP did not name its joint venture partner. The community is situated across Wisconsin Avenue from Cathedral Commons, a mixed-use development that houses a …

Avison Young Brokers Land Sale Near Charlotte, Buyer Planning 600,000 SF Industrial Building

CONCORD, N.C. — Avison Young has brokered the sale of a 48-acre parcel located at 431 Goodman Road in Concord, roughly 25 miles northeast of Charlotte. Chris Skibinski, Henry Lobb and Tom Tropeana of Avison Young arranged the sale on behalf of the buyer, The Silverman Group, which plans to build a 600,000-square-foot speculative industrial building on the site. Dubbed Concord Industrial Center, the facility will feature 36-foot clear heights designed to suit a single tenant or multiple …

HFF Arranges $41M Acquisition Loan for Office Building in Fort Lauderdale

FORT LAUDERDALE, FLA. — HFF has arranged a $41 million acquisition loan for Coastal Tower, a 261,676-square-foot office building located at 2400 E. Commercial Blvd. in Fort Lauderdale. Chris Drew, Brian Gaswirth and Matthew McCormack of HFF arranged the four-year, floating-rate bridge loan through New York Life Insurance Co. on behalf of the borrower, Cardinal Point Management. The 12-story tower was most recently renovated in 2008 and is home to tenants such as USI Insurance, Morgan Stanley …

Jaguar Land Rover Classic to Build First U.S. Facility in Savannah

SAVANNAH, GA. — Jaguar Land Rover Classic will open a new operations hub in Savannah, creating 75 new jobs, Georgia Gov. Nathan Deal announced Wednesday. The industrial facility —the British automobile company’s first outside of Europe — will be located near Savannah/Hilton Head International Airport and the Port of Savannah. The new facility will house a range of authentic Jaguar and Land Rover Classic cars, as well as offer services, parts and guest experiences. In addition, the …

Walker & Dunlop Arranges $138.1M Construction Loan for 57-Story Condominium Tower in Miami

MIAMI — Walker & Dunlop has arranged a $138.1 million construction loan for Elysse, a 57-story condominium tower in Miami. The 100-unit community, located at 788 N.E. 23rd St., overlooks the Intracoastal Waterway in Miami’s Edgewater neighborhood. Kevin O’Grady and Eric McGlynn of Walker & Dunlop arranged the financing through JPMorgan Chase Bank on behalf of Two Roads Development, which is developing the project in partnership with entities managed by investment firm DW …

McDonald’s to Invest $186M to Modernize 240 Restaurants Across Florida

CHICAGO — McDonald’s and its franchisees plan to invest approximately $186 million to modernize 240 restaurants located across Florida. The initiative is part of the fast food giant’s aim to invest $6 billion to modernize most of their U.S. restaurants by 2020. The transformed Florida restaurants will feature modernized dining rooms with globally and locally inspired décor; new furniture; refreshed exterior designs; digital self-order kiosks; remodeled counters; digital menu boards …

HFF Brokers $70.3M Sale of Multifamily Property in Metro D.C.

SILVER SPRING, MD. — HFF has brokered the $70.3 million sale of Spring Parc, a 399-unit apartment community in Silver Spring, located roughly six miles north of Washington, D.C. Walker Coker, Brian Crivella, Roland Merchant and Stephen Conley of HFF arranged the transaction on behalf of the seller, Ares Management LP. The HFF team also procured the buyer, Bridge Investment Group LLC. Spring Parc includes a mix of one-, two- and three-bedroom units and features a swimming pool, grilling area, …

Cushman & Wakefield Secures $18.5M Sale of Class A Office Building in Northwest Tampa

TAMPA, FLA. — Cushman & Wakefield has secured the $18.5 million sale of Citrus Park Crossings, a 75,845-square-foot, Class A office building located at 12750 Citrus Park Lane in northwest Tampa. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, Ryan Cos., which also developed the property. Empire Square Group LLC acquired the three-story asset. Constructed in 2013, Citrus Park Crossings was fully leased at the time of …

Kirkland Arranges $18.5M Sale of Apartment Community in Louisville

LOUISVILLE, KY. — The Kirkland Co. has arranged the sale of River Hill, a 273-unit apartment community in Louisville. Brandon Wilson and Brian Devlin of Kirkland brokered the transaction on behalf of the buyer, Covenant Capital, as well as the seller, Lafayette Cos. The sales price was not disclosed, but Louisville Business First reports the asset sold for $18.5 million. Constructed in 1972, River Hill includes a mix of one- to four-bedroom apartment units. Community amenities include a pool …