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.
LEXINGTON, KY. — Cushman & Wakefield has arranged the $31 million sale of The Fountains at Andover, a 318-unit apartment community in Lexington. The Wilkinson Group acquired the property, rebranded it as Reserve at Hamburg and plans to upgrade individual units. Amenities include a car care center, fitness center, sports court, swimming pool, tennis court and two lakes with fountains. Mike Kemether and Craig Collins of Cushman & Wakefield represented the undisclosed seller in the transaction.
HEBRON, KY. — Aeroterm, a developer and owner of airport cargo facilities, has broken ground on a 50,400-square-foot industrial facility at Cincinnati/Northern Kentucky International Airport (CVG) in Hebron. FedEx will be the anchor tenant for the asset, and there is 12,000 square feet of available space for one or two additional tenants. The LEED-certified building offers insulated, pre-cast concrete panels and will be used for airside cargo operations. The facility can accommodate cargo, government users and other terminal support users such as flight kitchens or commissaries. Aeroterm expects to deliver the facility in November.
DANVILLE AND RUSSELL, KY. — PGIM Real Estate Finance has provided two refinancing loans for seniors housing communities in Kentucky totaling $15.3 million. The first property, Morning Pointe Danville, is a 60-unit assisted living and memory care facility that was built in 2017. PGIM provided a $7.5 million, 10-year, fixed-rate loan for the 90 percent-occupied asset, which is located in Danville near a regional medical center and 35 miles south of downtown Lexington. Amenities include a fitness center, library, beauty salon, lounges and numerous common areas. The second property is The Lantern at Morning Pointe Russell, a 44-unit memory care facility constructed in 2017 in Russell. PGIM provided a $7.8 million, 10-year, fixed-rate loan for The Lantern, which was built in 2017 and is 97.7 percent occupied. Amenities include a fitness center and security. The borrower was Tennessee-based Independent Healthcare Properties LLC, which develops, owns and operates senior care facilities under the Morning Pointe and Lantern brands.
LOUISVILLE, KY. — Marcus & Millichap has negotiated the $5.5 million sale of Precision Metal Works, a 157,520-square-foot industrial facility in Louisville. The asset is situated at 6901 Preston Highway, about 10 miles southeast of downtown Louisville. Darpan Patel, Sal Ramundo and Aaron Johnson of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also not disclosed.
WINCHESTER, KY. — NexCore Group has broken ground on the 24,693-square-foot Catholic Health Initiatives Saint Joseph Health Winchester Medical Office Building in Winchester. The Denver-based developer expects the building to be delivered in February 2020. The facility will offer a full complement of healthcare services including primary care, cardiology, orthopedics, imaging, lab, specialist timeshare space, family practice, radiology, CT, ultrasound, blood draw, a physical therapy gym and nuclear medicine, a branch of medical imaging that uses small amounts of radioactive material to diagnose and determine the severity of or treat a variety of diseases. The facility is located about 25 miles east of Lexington.
LEXINGTON, KY. — Passco Cos. has acquired The Henry at Fritz Farm, a 306-unit multifamily community in Lexington, for $62.4 million. The apartment complex is situated about five miles south of downtown Lexington within The Summit at Fritz Farm, a mixed-use development offering a 120-room hotel, 44,000 square feet of office space and 285,610 square feet of retail space. Retail tenants at the Bayer Properties-developed development include Whole Foods Market, Shake Shack, Pottery Barn, Arhaus, Babalu and Lululemon. Amenities at The Henry include a saltwater swimming pool, sundeck, 24-hour fitness center, business center, fire pits, clubroom and a pet spa. Mike Kemether and Craig Collins of Cushman & Wakefield represented the seller, the Dobbins Group, in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of the buyer.
DALLAS — Affiliates of Dallas-based Colony Capital have purchased a national portfolio of 54 light and bulk industrial buildings for $1.2 billion. The value-add portfolio is located across 10 U.S. markets, totaling 11.9 million square feet, and is 71 percent leased. A portion (48) of the buildings are last-mile light industrial assets and were acquired through Colony’s existing light industrial platform. The remaining six buildings are bulk industrial and were purchased through a newly formed joint venture, in which Colony Capital has 51 percent interest and a third-party institutional investor has 49 percent interest. Located in Northern and Southern California, Washington, Oregon, Nevada, Illinois and Pennsylvania, the light industrial portfolio totaling 7.7 million square feet and was 73 percent leased at the time of sale. The bulk portfolio totals 4.2 million square feet, with an average of 700,000 square feet per building, and was 67 percent leased to blue chip, international companies. CBRE National Partners represented the undisclosed seller in the deal.