CHARLOTTE, N.C. — CBRE Capital Markets has arranged $58 million in financing for an eight-property, 1.6 million-square-foot industrial portfolio located in Charlotte. The portfolio is 100 percent leased and comprises warehouse and distribution facilities. Hal Kempson and Compton Newman of CBRE’s Charlotte office arranged the loan on behalf of Beacon Partners, which is using the loan to refinance the portfolio. TIAA-CREF provided the 15-year loan at a fixed interest rate.
CHARLOTTE, N.C. — Capstone Apartment Partners has brokered the $12.8 million sale of Hunter’s Pointe, a 394-unit apartment community located in Charlotte. The property is located roughly five miles from Uptown Charlotte. ACRE purchased the asset from Hunter’s Apartments LLC for roughly $32,616 per unit. The apartment community has received approximately $3 million in upgrades over the past 10 years and was 85 percent occupied at the time of sale. Brian Ford, Beau McIntosh and Alex McDermott of Capstone Apartment Partners represented the seller in the transaction.
RALEIGH, N.C. — CBRE has secured $29.3 million in construction and mezzanine financing for the development of The Dartmouth, a 171-unit, mid-rise apartment community located at 104 Dartmouth Road in Raleigh. Located in Raleigh’s Park District at North Hills, the community will feature five levels of apartment residences atop a two-level parking garage. The first units are slated for a third quarter 2016 delivery. Mark Fisher and Alex Furnary of CBRE’s Midtown Manhattan office arranged the loans on behalf of Kane Realty Corp., the project’s developer. CBRE arranged the $24.5 million construction loan through SunTrust Bank and the $4.8 million mezzanine loan through Federal Capital Partners.
GREENSBORO AND ASHEBORO, N.C. — Capstone Apartment Partners has brokered the sale of three apartment communities in North Carolina’s Triad area for a combined $21.8 million. Totaling 403 units, the three properties include Rehobeth Pointe and Juliet Place in Greensboro and Hanover Court in Asheboro. Elkal Inc. purchased Rehobeth Pointe and Juliet Place from The Keystone Group for $16 million. Beau McIntosh and Austin Green of Capstone represented the seller in the transaction. The Keystone Group purchased Hanover Court from Kings Cross and Hanover Associates for $5.8 million. John Ackiss and Andrew Klenk of Capstone represented the seller in the transaction.
FAYETTEVILLE, N.C. — GBT Realty Corp. has acquired a 15-acre site on US Highway 401/Skibo Road and Richwood Court in Fayetteville that will house The Shoppes of Fayetteville. The $25 million, 126,500-square-foot center will be anchored by Fayetteville’s first Burlington Coat Factory and an unnamed sporting goods retailer. The shopping center will be located adjacent to The Home Depot and Target. The Brentwood, Tenn.-based developer plans to deliver the shopping center in summer 2016, with the 50,000-square-foot Burlington opening in spring 2016.
DURHAM, N.C. — Rubenstein Partners LP and Grubb Properties have sold Newcastle South, an 86,895-square-foot office asset located at 1015 Swabia Court Road in the Imperial Center business park in Durham’s Research Triangle submarket. Drawbridge Realty, a San Francisco-based real estate investment firm, purchased the asset for $14.8 million. In December 2014, the sellers net-leased the entire property to Nimble Storage, a tech company based in Northern California. Prior to the lease, Rubenstein and Grubb renovated and rebranded the property with a new landscaped courtyard, roof and HVAC equipment. Ben Kilgore and Jeff Glenn of CBRE|Raleigh represented the sellers in the transaction.
MEBANE, N.C. — CBRE Capital Markets has arranged $16.1 million in financing for White Furniture Mill Apartments in Mebane. The 157-unit apartment community is a substantial rehab of a historic furniture mill that implemented federal and state historic tax credits. Monica Newman of CBRE’s Capital Markets’ Denver office originated the loan through HUD’s 221(d)(4) rehabilitation mortgage insurance program. The loan provides an interest-only construction period of 16 months that transitions into a 40-year, fully amortizing permanent loan. CBRE arranged the loan on behalf of the borrowers, WFP LLC and D3 Development Inc. The project team includes Raleigh-based JDavis Architects and Winston-Salem-based Rehab Builders Inc.
CHARLOTTE, N.C. — HFF has brokered the $107.8 million sale of 101 Independence Center, a 565,694-square-foot, Class A office tower in downtown Charlotte. The 20-story tower is located at the intersection of Trade and Tryon streets, roughly two blocks from the CTC Lynx light rail station, and is connected to the adjacent Charlotte Center City Marriott hotel. Built in 2001, the building features a concierge, food court, restaurants, three-story atrium and three-story underground parking garage. The property was 82.2 percent leased at the time of sale to office and retail tenants such as Bank of America; Northeastern University; Clifton Larson Allen LLP; G4S Solutions; Grier Furr and Crisp PA; Robinson, Bradshaw and Hinson; Smith Moore Leatherwood LLP; Newk’s Eatery; Starbucks Coffee; Uptown Sundries; Subway; Tin Tin Box & Noodles and Showman’s. Ryan Clutter, Zachary Drozda, Kelly Kuykendall and Ryan Eklund of HFF represented the seller, KBS Real Estate Investment Trust, and its asset manager, Gramercy Property Trust Inc. A joint venture between LRC Properties and an undisclosed capital source purchased 101 Independence Center free and clear of existing debt.
HIGH POINT, N.C. — Ziegler, a specialty investment bank, has arranged a $66.1 million bond issue for Maryfield Inc., a North Carolina not-for-profit that owns and operates Pennybyrn at Maryfield, a continuing care retirement community (CCRC) in High Point. Proceeds of the bonds will be used to pay off bonds from 2005 and 2010, fund a debt service reserve fund for the bonds and pay fees and expenses incurred by the sale of the new bonds. Located on 68 acres, Pennybyrn consists of 180 independent living units (131 apartments and 49 cottages); 48 assisted living units (24 standard care and 24 memory care); and 125 skilled nursing beds.
ORLANDO, FLA. AND CARY, N.C. — Avanath Capital Management LLC, a private real estate investment manager, has purchased a two-property multifamily portfolio in Orlando and Cary for $45.9 million in an off-market transaction. The two properties total 553 affordable housing/workforce units and were more than 95 percent occupied at the time of sale. The properties include the 304-unit Oakwood at 4708 Olive Branch Road in Orlando and the 248-unit Geneva Park at 200 Wrenn Drive in Cary. Avanath Capital will invest roughly $7,000 per unit to upgrade the properties’ exterior paint, wood finishings, kitchen appliances, HVAC and landscaping. In addition to the upgrades, Avanath Capital will rebrand Oakwood as Bella Cortina and Geneva Park as Arbors at Cary. Avanath Capital purchased the portfolio using its Avanath Affordable Housing II LLC fund.
