FREDERICK, MD. — Berkadia recently arranged a $12 million loan for Highland Technology Center, an office and industrial property located in Frederick, Md. Ben Van Horn of Berkadia’s Scottsdale, Ariz. office secured the fixed-rate financing through Bank of America Merrill Lynch. The borrower, Envision Highland LLC, will use the financing to acquire the property for $16 million. Loan terms include a 4.9 percent interest rate, a 75 percent loan-to-value ratio and a 30-year amortization schedule. David Monassebian, Martinn Winters and Luke Reetz represented Envision Highland in the transaction. Highland Technology Center consists of 150,700 square feet of office and industrial warehouse space. Tenants include Fairchild Controls and Engage. The property is over 98 percent occupied. Located at 550 Highland St., the property offers access to I-70 and I-270. It is also located near the Frederick Municipal Airport and Frederick Fairgrounds.
FAYETTEVILLE, N.C. — Capstone Capital has secured a $25 million financing loan for Phase I of Addison Ridge Apartments. The 211-unit community is located in Fayetteville, N.C. and was financed with a non-recourse, CMBS loan. The $25 million loan was secured for 10 years at a 75 percent loan-to-value ratio, with five years of interest-only payments. Jackson Howard represented the borrower through the completion of the financing.
WOODBRIDGE, VA. — Pearlmark has closed a $14.8 million mezzanine loan that provided financing for Penzance in the acquisition of Elan Potomac Heights, a recently constructed 288-unit, Class A apartment complex located in Woodbridge, Va. At the time of acquisition, the property was 93 percent leased. The investment was made on behalf of Pearlmark Mezzanine Realty Partners IV (Mezz Fund IV), a fully discretionary investment fund. A major life insurance company provided fixed-rate senior financing. Mark Witt of Pearlmark arranged the transaction. Mezz Fund IV announced its initial closing in June. Mezz Fund IV serves as the firm’s exclusive mezzanine investment vehicle.
TAMPA, FLA. — KeyBank Real Estate Capital has secured a $33.6 million non-recourse, CMBS first mortgage loan for CIO Intellicenter. The class A, multitenant office building spans four stories and totals 203,509 square feet of rentable space. The property is located in Tampa and is 100 percent occupied. Randy Martin of Key’s commercial mortgage group secured the financing.
TAMPA & CLEARWATER, FLA. — Berkadia’s Orlando and Tampa offices have arranged the sale of two Florida properties totaling nearly $53 million. Berkadia negotiated the sale and financing of Mainsail South Residences, a multifamily property located at 4711 S. Himes Ave. in Tampa. Jason Stanton of the Tampa office, along with Cole Whitaker and Hal Warren of the Orlando office, completed the sale on Sept. 10. Justin Ownby of the Tampa office negotiated the $25 million acquisition loan through Berkadia’s Fannie Mae Program. The sellers were Mainsail Villas II LLC and Mainsail Villas Holdings LLC of Tampa. Avesta Acquisition LLC, of Tampa, was the buyer and plans to renovate the property’s interior, exterior and common areas. The 10-year loan features a 2.6 percent floating interest rate and a 30-year amortization schedule. Mainsail South Residences is a 319-unit property built in 1984. Unit amenities include fully equipped kitchens, ceiling fans, cable and Internet access, washer and dryer units, vaulted ceilings and patios or balconies. Select units have fireplaces. Community amenities include a swimming pool, Jacuzzi, sun deck, laundry facility, business center, clubhouse, recreation room, extra storage space and secured access gating. The property is 95 percent occupied and is located on a …
HOOVER, ALA. — Meridian Capital Group has negotiated $35 million in acquisition financing for the purchase of the Meadowbrook North Office Park located in Hoover on behalf of The Matrix Group. The two-year loan, provided by Rialto Mortgage Finance, features a LIBOR-based floating-rate, interest-only payments for the full term and a one-year extension option. Tal Bar-Or, Judah Neuman and Kyle Kite of Meridian’s New York City headquarters negotiated the transaction. Meadowbrook North Office Park, located at 100, 300, 500 and 1200 Corporate Drive on U.S. Highway 280, includes four Class A office buildings totaling 509,000 square feet. Developer Daniel Corp. built the property. Amenities include a 13-acre lake, 1.3-mile walking trail, three daycare facilities and a post office. The Hoover submarket contains Birmingham’s highest concentration of Class A office stock, totaling 4.7 million square feet.
NEW YORK CITY & ATLANTA — Colliers International Group has acquired Colliers International Atlanta. The current shareholders of Colliers Atlanta will continue to retain equity in the business under Colliers’ unique partnership model. Terms of the transaction were not disclosed. Founded in 1967, Colliers International Atlanta offers a full range of services for commercial real estate owners and occupiers. Comprising more than 250 professionals, Colliers International Atlanta provides investment sales, lease brokerage, capital markets, property management and project management to local, regional, national and international clients.
COLUMBIA, S.C. — NAI Avant’s Tom and Tombo Milliken have brokered the sale of 1,185 acres on Beckham Swamp Road and Longwood Road in Richland County, S.C. The property, known as Liberty West, was owned by Congaree Carton LP and sold for $3 million. NAI Avant represented the purchaser in the timber and recreational holding.
BALTIMORE — Construction is on track for the delivery of Perryman Logistics Center, a 571,000-square-foot speculative warehouse/distribution center, in December. Chesapeake Real Estate Group and financial partner USAA Real Estate Co. are developing the project. The companies acquired a 48.4-acre site at 610 Chelsea Road in the Aberdeen section of Harford County last fall and began construction on the project. The Class A industrial building is being constructed with 36-foot clear ceiling heights, 120 loading docks in a cross dock configuration, two drive-in doors, a 130-foot truck court and an adjacent surface parking area that can accommodate up to 244 trailers or 518 cars.
JACKSONVILLE, FLA. — Aileron Investment Management has arranged a $13.8 million loan for the construction of a 122-room Residence Inn by Marriott hotel located in Jacksonville. The transaction was structured as an SBA 504 loan, with Aileron providing an $8.7 million first mortgage loan, and a $5.1 million interim second mortgage loan. Upon completion of the construction, the loan will convert to long-term permanent financing. Florida Business Development Corp. was the CDC on the transaction.