LEXINGTON, KY. — The Thrash Group has opened Origin Lexington, a 120-room, 76,000-square-foot hotel situated within The Summit at Fritz Farm in Lexington. Origin Lexington includes 2,100 square feet of meeting space as well as 33 Staves, a restaurant named after the number of wooden stave pieces needed to form a full-sized oak barrel used to age bourbon. Amenities at the hotel include a fitness center, in-room yoga kits and in-room tents and sleeping bags. Birmingham, Ala.-based Bayer Properties is the owner and developer of Summit at Fritz Farm, an outdoor shopping center that has more than 60 retailers and restaurants across 54 acres.
LOUISVILLE, KY. — A joint venture between Hendon Properties and Harbert United States Real Estate Fund VI LP (HUSREF VI) has sold Westport Village, a 169,515-square-foot shopping center in Louisville, for $30.3 million. Westport Village is situated at 1315 Herr Lane, 10 miles east of downtown Louisville. Since acquiring the site in May 2016, Hendon Properties has signed 13 new leases totaling 56,000 square feet and renewed 32 leases totaling 102,000 square feet. Birmingham, Ala.-based Wicker Park Capital Management LLC acquired the center.
LOUISVILLE, KY. — Marcus & Millichap has arranged the $17.7 million sale of Kentucky Towers, a 276-unit multifamily complex in downtown Louisville. The property is located at 430 W. Muhammad Ali Blvd. The buyer was not disclosed, however, multiple media outlets report TEG The Flats on Fifth LLC acquired the property and will rebrand the 94-year-old building as The Flats on Fifth. Kentucky Towers offers studio through three-bedroom floor plans and communal amenities such as a fitness center, swimming pool, on-site retail and maid services. Colby Haugness, Jordan Dickman, J.D. Schmerge and Nicholas Andrews of Marcus & Millichap represented the buyer in the transaction. The seller was not disclosed.
NEW YORK CITY — New York City-based Greystone has provided a $125.2 million refinancing loan for a four-property multifamily portfolio in Kentucky and Pennsylvania. The Fannie Mae financing features a 12-year term, 30-year amortization and six years of interest-only payments. The loan also includes a new ownership structure, with Nick Kozul of Bayshore Properties taking a 50 percent stake in the portfolio from current owner, Angie Djurin of North Street Properties. The four properties are the 470-unit Ventana Hills Apartments in Corapolis, Pa.; the 252-unit Berkeley Manor Apartments in Cranberry Township, Pa.; the 409-unit WoodSpring Apartments in Florence, Ky.; and the 252-unit Colts Run Apartments in Lexington, Ky.
LOUISVILLE, KY. — Dermody Properties has acquired 17.1 acres within Renaissance South Business Park from the Louisville Renaissance Zone Corp. (LRZC) and has broken ground on a 352,800-square-foot warehouse and distribution building called LogistiCenter Louisville Airport. The building will be situated at 2825 Transglobal Drive, two miles from Louisville Muhammad Ali International Airport. The building will feature 32-foot clear heights, 60-foot-by-56-foot speed bay, 7-inch concrete floor slabs, 46 dock-high doors, four grade-level doors, 73 truck trailer spots and 256 auto parking stalls. Kevin Grove and Doug Butcher of CBRE will handle leasing for the new building. The architect for the project is ATA-Beilharz Architects, and the general contractor is Gordian Design & Construction, both based in Cincinnati. The civil engineer is Louisville-based Sabak Wilson & Lingo. Construction is underway and delivery is expected for early 2020.
LOUISVILLE, KY. — Inland Private Capital Corp. (IPC) has sold Hurstbourne Estates Apartments, a 270-unit complex in Louisville, for $45.5 million. IPC sold the property on behalf of its institutional investors through its subsidiary on behalf of Louisville Multifamily DST, the company’s 1031 tax exchange investment program. At the time of sale, Hurstbourne Estates was 95.2 percent occupied. Communal amenities include a fitness center, clubhouse, yoga room, game room, business center, swimming pool and a dog park. The buyer was not disclosed. The apartment community comprises 17 buildings and was built in 2013. IPC acquired the asset in 2014.
SOUTHAVEN AND HORN LAKE, MISS. AND BOWLING GREEN, KY. — Cushman & Wakefield has arranged the sale of a three-property, 697-unit multifamily portfolio in Kentucky and Mississippi. The properties are the 240-unit Fairways at Hartland in Bowling Green, the 204-unit Savannah Creek in Southaven and the 253-unit The DeSoto in Horn Lake. Jimmy Adams, Robbie O’Bryan and Craig Collins of Cushman & Wakefield represented the seller, McDowell Properties, in the transaction. Covenant Capital Group acquired Fairways at Hartland while Timberland Partners acquired the two Mississippi properties. The properties were built between 1989 and 1995. Sales prices were not disclosed.
BOWLING GREEN, KY. — KeyBank Real Estate Capital has provided a $38.9 million refinancing loan for a five-property skilled nursing portfolio in Kentucky. KeyBank provided the loan through the FHA 232/223(f) mortgage insurance program on behalf of GMF Capital. The new FHA loans will be used to refinance an existing KeyBank loan that funded GMF Capital’s acquisition of the properties. The non-recourse, first mortgage financing was arranged with fully amortizing loan terms ranging from 30 to 35 years. The five properties are Magnolia Village in Bowling Green, Heartland Villa Center in Lewisport, Edmonson Center in Brownsville, Colonial Center in Bowling Green and Bradford Square in Frankfort. The portfolio totals 339 beds.
BOWLING GREEN, KY. — Georgia-Pacific’s Consumer Products Group has unveiled plans to invest $100 million to expand its manufacturing facility in Bowling Green, a town in southern Kentucky. The investment will expand operations for the production of Dixie-branded plates and bowls. Construction has commenced and the project is slated for completion in the first half of 2020. “This expansion will help us continue meeting the needs of our customers, as demand continues to grow for high-quality, durable paper plates and bowls,” says Erik Sjogren, vice president and general manager of livingware at Georgia-Pacific. “We believe this expansion will also position our Bowling Green Dixie facility to remain competitive in the market and in the local community for the long-term.” The expansion will include a new building and the addition of a new printer and several new plate forming presses. The project will create more than 50 full-time jobs, increasing total employment at the plant to about 200 people. Originally built in 1991, the plant has been expanded several times. Production at the facility represents about 25 percent of all paper plates and bowls produced by Georgia-Pacific. The Atlanta-based company also operates a plant in Lexington, Ky. Within Kentucky, Georgia-Pacific currently …
LOUISVILLE, KY. — NorthMarq Capital has arranged a $10 million refinancing loan for Crossings Center Nine, a 500,000-square-foot distribution facility in Louisville. Crossings Center Nine is situated within Commerce Crossings Business Park, 14 miles south of downtown Louisville and 10 miles south of Louisville International Airport. A life insurance company provided the 15-year, fixed-rate loan with a 20-year amortization schedule. The borrower was not disclosed.