NEW ORLEANS — Kennedy Funding Financial has closed a $1.5 million acquisition loan for a 40,000-square-foot lot in the Bywater neighborhood of New Orleans. Fronting Charles Street and bounded by Mazant and Royal streets, the site houses a former seafood processing plant. The borrower, Pelican Royal LLC, plans to develop a 43-room, 32,000-square-foot hotel and hostel known as Stateside on the site. Slated to open in early 2018, Stateside will feature a laundromat, courtyard, pool, restaurant and bar and a coffee and juice shop.
RALEIGH, N.C. — CBRE has brokered the sale of Charter Square, a 243,106-square-foot, Class A office tower located at 555 Fayetteville St. in downtown Raleigh. Highwoods Properties Inc. purchased the building from the seller, a joint venture between Dominion Realty Partners and a global real estate investment manager. The sales price was undisclosed, but the Triangle Business Journal reports that Highwoods plans to invest $83.5 million in the acquisition, including $5.1 million in capital improvements. The office building opened in June 2015 and was certified LEED Platinum earlier this year. The office building was 70 percent leased at the time of sale to 14 tenants, including three ground-floor restaurants: b.good, Living Kitchen and The Haymaker.
WOODBRIDGE, VA. — The Greenwich Group International has arranged $73.8 million in construction financing for the development of Rivergate Phase I, a 402-unit, Class A residential apartment building to be developed along the Occoquan River in Woodbridge, a Virginia suburb of Washington, D.C. Peter Witham and Duke Fairchild led the Greenwich team representing the developer, The IDI Group Cos., in securing a $60.3 million senior construction loan and $13.5 million in subordinate mezzanine construction financing. John Moriarty & Associates, the general contractor, commenced construction on Aug. 1 and the property is scheduled to deliver and begin leasing in February 2018.
MIAMI BEACH, FLA. — The Finvarb Group plans to develop the Kimpton Hotel Palomar South Beach, a 96-room boutique hotel that will be located in Miami Beach’s South Beach district. Slated to open in 2018, Kimpton Hotel Palomar South Beach will feature a rooftop pool, fitness center and a restaurant overlooking the adjacent Collins Canal. Miami-based Kobi Karp designed the five-story hotel, which will be the eighth Kimpton hotel in Florida.
ADAIRSVILLE, GA. — Choate Construction has been selected to build a new inn and conference center at Barnsley Resort, a 3,300-acre resort at the foothills of the Blue Ridge Mountains in Adairsville. Slated to open in the fall of 2017, the new additions will total 73,446 square feet. The three-story inn, known as The Inn at Barnsley Resort, will span 54 guestrooms and feature one boutique retailer. The conference center, known as the Georgian Hall Conference Center, will feature 10,500 square feet of indoor space, including the Savannah Ballroom, Augusta Room, Oglethorpe Room, Dalton Room and an estate lawn. The design team for the new additions includes architect Cooper Carry and interior designer Kent Interior Design.
GAINESVILLE, VA. — Calkain Cos. has brokered the $16.5 million sale of a triple-net leased gym in Gainesville, about 35 miles west of Washington, D.C. The asset is leased to Sport&Health, a fitness chain that operates 22 locations in the metro Washington, D.C. area. Jeff Bogart of Calkain represented the seller in the transaction. Hasan Ibrahim of HMI Properties LLC represented the private buyer.
BRADENTON, FLA. — KeyBank Real Estate Capital has provided a $48.8 million Fannie Mae loan for ParkCrest Landings, a 400-unit property located at 5725 1st Ave. in Bradenton. Built in 2015, ParkCrest’s amenities include a theater, catering kitchen, cyber café, fitness center, game room, heated whirlpool spa, two lakefront swimming pools, two playgrounds, tennis courts, fenced dog parks, volleyball court, lakeside gazebo and four lakes with multiple fountains. Chris Black and Caleb Marten of KeyBanks’s commercial mortgage group arranged the financing, which facilitated the acquisition of the property.
VIRGINIA BEACH, VA. — The Franklin Johnston Group has opened Southern Pine, a 240-unit apartment community located at 2520 Allie Nicole Circle in Virginia Beach. The property is situated along the Virginia Beach National Golf Club and behind the Courthouse Market Place Shopping Center. The one-, two- and three-bedroom apartments feature stainless steel appliances and balconies. The gated community’s amenities include an outdoor infinity-style swimming pool, two-story clubhouse, fitness center and a two-lane bowling alley.
HIGH POINT, N.C. — BC Wood Properties, owner of Southwood Square Shopping Center in High Point, plans to remerchandise the center’s former Kmart store with retailers including Planet Fitness, Roses and dd’s Discounts. The new tenants will open their stores by spring 2017. BC Wood purchased Southwood Square in 2013 with the intent to renovate the center when Kmart vacated its 104,000-square-foot space. Southwood Square is located on the corner of South Main Street and West Fairfield Road and is leased to tenants including Dollar Tree, Save-A-Lot, Jackson Hewitt, Nationwide Insurance and Shoe Show.
BILOXI, MISS. — Berkadia has brokered the $13.9 million sale of Oceanaire Apartments, a 196-unit multifamily complex located at 16016 Lemoyne Blvd. in Biloxi. Built in 2009, the property includes one-, two- and three-bedroom floor plans with walk-in closets, island kitchens with breakfast bars and private balconies. Community amenities include a resort-style swimming pool with fountains, picnic and grilling area, clubhouse and secured on-site parking. David Oakley and Gregg Cordaro of Berkadia brokered the sale. Dallas-based Pillar Income Asset Management Inc. purchased Oceanaire Apartments from Dallas-based Encore MF Oceanaire Apartments LLC. The property was 97 percent occupied at the time of sale.