MOORESVILLE, N.C. — KeyBank Real Estate Capital has arranged a $27.8 million Freddie Mac loan for Carriage Club Apartments, a 268-unit apartment community located in Mooresville, about 28 miles north of Charlotte. The property was built in 2000 and renovated in 2005. Timothy DeWispelaere of KeyBank arranged the three-year, interest-only loan, which the borrower will use to acquire and renovate Carriage Club.
RALEIGH, N.C. — Covenant Capital Group has sold Regency Place Apartments, a 180-unit, garden-style apartment community located at 6210 St. Regis Circle in west Raleigh. Towne Properties purchased the property, its first acquisition in the Southeast, for $20.8 million free and clear of existing debt. Regency Place comprises nine three-story buildings with a mix of one- and two-bedroom units averaging 848 square feet. Covenant Capital Group upgraded the property’s amenities, exteriors and unit interiors over the past two years. Justin Good, Allan Lynch, Jeff Glenn and Jason Nettles of HFF represented the seller in the transaction.
COLUMBIA, S.C. AND GREENSBORO, N.C. — ARA Newmark has arranged two sales of student housing assets near the University of South Carolina and the University of North Carolina at Greensboro. The sales totaled more than $50 million. In the first transaction, Pittsburgh-based Campus First Student Living purchased The Club at Carolina Stadium in Columbia from Aspen Square Management for $30.5 million. Situated directly across from Carolina Stadium, the 240-unit, 486-bed asset was fully occupied at the time of sale. In the second deal, Shanghai-based private equity fund OC Ventures and operating partner SkyeCroft Realty purchased Sterling Cottages at West End in Greensboro from Houston-based The Dinerstein Cos. for an undisclosed price. Built in 2011, the 176-unit, 600-bed asset was 93 percent occupied at the time of sale. Ryan Lang of ARA Newmark’s Student Housing group in Austin, Texas, represented the sellers in both transactions.
BELMONT, N.C. — Ramey Miller Properties plans to deliver Belmont Town Center, a 105,000-square-foot, grocery-anchored shopping center in the Charlotte suburb of Belmont this fall. Harris Teeter will anchor the center, which will also include a Harris Teeter Fuel Station. Coldwell Banker Commercial MECA is handling the leasing assignment of Belmont Town Center on behalf of Ramey Miller and has arranged leases with Collins Cleaners, Great Clips, Vitamins 4 Less, Jersey Mikes, Marcos Pizza and I Color Nail Bar. Ramey Miller is also building single-family and multifamily residences adjacent to Belmont Town Center.
HENDERSONVILLE, N.C. — National Health Investors Inc. (NHI) has purchased an 86-unit, two-property portfolio of assisted living and memory care communities in the Asheville suburb of Hendersonville for $16.1 million. The two communities are located adjacent to each other and are collectively known as Spring Arbor. The first property opened in 1999 and features 26 assisted living units and 13 memory care units. The second facility opened in 2002 and comprises 47 assisted living units. NHI will lease the communities to affiliates of Ravn Senior Solutions. The initial lease term is 15 years at an annual lease rate of 7.35 percent plus fixed annual escalators. NHI funded the acquisitions using its revolving credit facility. As part of the transaction, NHI was also offered a purchase option on a third building in the Raleigh-Durham area.
CINCINNATI — Cincinnati-based Phillips Edison & Co. has sold five shopping centers totaling 583,000 square feet to Albanese Cormier Holdings for an undisclosed price. The portfolio includes Quincy Plaza, a 141,816-square-foot, Hobby Lobby-anchored shopping center located in Ottumwa, Iowa; Kokomo Plaza, an 89,414-square-foot shopping center anchored by Ollie’s Bargain Outlet and Vendor City Antiques in Kokomo, Ind.; Catawba Village, a 59,463-square-foot, Goodwill-anchored shopping center located in Newton, N.C.; Lakeside Shopping Center, a 184,579-square-foot property anchored by Big Lots, Save-A-Lot, Citi Trends and Family Dollar in Anderson, S.C.; and Louisa Plaza, a 108,065-square-foot shopping center anchored by Goody’s and Family Dollar in Louisa, Ky. Eric Wohl of Hanley Investment Group served as an advisor for the transaction.
CHARLOTTE, N.C. — Grandbridge Real Estate Capital has arranged the $27 million refinancing for Hyatt Place, a 172-room hotel in downtown Charlotte. Chris Caison of Grandbridge’s Charlotte office arranged the fixed-rate loan through an unnamed CMBS investor on behalf of a repeat client. Located at 222 S. Caldwell St., the hotel features free Wi-Fi, a 24-hour fitness center, outdoor rooftop pool and a bar.
CHARLOTTE, N.C. — Proffitt Dixon Partners plans to develop Montage, a six-story, 302-unit multifamily development in Uptown Charlotte. An affiliate of Creek Lane Capital LLC, a Chicago-based real estate investment firm, is providing joint venture equity for the development, and Pacific Life Insurance Co. is providing a $46.5 million construction loan. Travis Anderson and Cory Fowler led HFF’s debt and equity placement team in both transactions on behalf of Proffitt Dixon. Situated at the corner of East Stonewall and South Davidson streets, Montage will feature one-, two- and three-bedroom units averaging 830 square feet with 10-foot ceilings, master closets, computer niche/workstations, stainless steel appliances, wood plank flooring and balconies and patios with views of downtown Charlotte. Amenities will include 11,000 square feet of ground-floor retail space, an elevated saltwater swimming pool, resident lounge, clubroom, fenced dog park, courtyards, grilling stations, bicycle repair and a fitness center.
DURHAM, N.C. — The Davis Cos. and Gemini Real Estate LLC have begun construction on The Lodge at Croasdaile, a 320-unit apartment community on Hillandale Road in Durham. The property is situated on 50 acres within The Croasdaile Farm master development, which is about five miles outside of downtown Durham. The community will feature an 8,000-square-foot clubhouse with a fitness center, community room, kitchen, computer lounge and a wrap-around patio overlooking a resort-style pool. Other amenities will include a wet bar, outdoor TVs and kitchen, porch and a pedestrian bridge connecting the property to an activities lawn and dog park. The Lodge at Croasdaile is Davis and Gemini’s second project together. In 2015 the companies developed a 280-unit property known as Sawmill Point in Wilmington, N.C.
CHARLOTTE, N.C. — KeyBank Real Estate Capital has arranged a $28.1 million Freddie Mac loan for Barrington Place, a 348-unit apartment community in Charlotte. Situated nine miles outside of downtown Charlotte, the property was built in 1998 and will undergo upgrades over the next three years. Trevor Ritter of KeyBank arranged the seven-year, interest-only loan, which the borrower used to refinance existing debt.
