ATLANTA — Cushman & Wakefield’s equity, debt and structured finance group in Atlanta has arranged a $90 million joint venture recapitalization of a five-property multifamily portfolio. The borrower, Peak Capital Partners, owns and operates the portfolio, which spans 1,249 units in Atlanta, Charlotte, Denver and Dallas. Mike Ryan, Telly Fathaly, John Alascio, Jeff Walker and Brian Linnihan of Cushman & Wakefield arranged the financing, which includes joint venture equity provided by an institutional investor and debt from GSE and conduit lenders.
ATLANTA — Winter Construction has finished vertical construction on the AC Marriott Hotel at Phipps Plaza. The new six-story, 166-room hotel is located on the Phipps Plaza campus in Atlanta’s Buckhead district. Noble Investment is developing the property, which is the first AC Marriott in Georgia. The hotel will feature the AC Lounge, 2,500 square feet of meeting space, the AC Library, a fitness center, an indoor pool and a two-level parking deck that will connect to Phipps Plaza via a pedestrian walkway.
SOUTH PASADENA, FLA. — Berkadia has arranged a $27.1 million loan for Waters Pointe Apartments, a multifamily community located at 1885 Shore Drive S. in South Pasadena, roughly 30 miles southwest of Tampa. The property was more than 97 percent occupied at the time of financing. Waters Pointe’s amenities include an Internet café, Olympic-sized swimming pool, fitness center, fishing pier, lounge area and a covered veranda. Mitch Sinberg and Michael Wallace of Berkadia’s South Florida office closed the 10-year, floating-rate loan through Freddie Mac on behalf of the borrower, Robbins Property Associates. Robbins will use the loan to refinance existing debt on the property and return equity to the sponsorship.
FAIRFAX CITY, VA. — NAI KLNB has brokered the $15.3 million sale of Mosby Tower, a six-story, 114,000-square-foot office building located in Fairfax City in northern Virginia. The seller, Premier Suites LLC, recently invested $250,000 to transform the former apartment community into a small office suite complex. The buyer, Korth Investment Properties Group, was self-represented. Christopher Kubler, Brad Berzins and Josh Simon of NAI KLNB represented the seller in the transaction.
CHARLESTON, S.C. — VW Multifamily has purchased Haddon Hall Apartments, a 71-unit multifamily community located in Charleston’s West Ashley submarket, for $8 million. The property is located at 1801 Haddon Hall Drive within the Grand Oaks Plantation development. The value-add multifamily investor plans to upgrade Haddon Hall’s units with plank hardwood flooring, stainless steel appliances, washer and dryer units and upgraded fixtures.
HERNDON, VA. — Federal Capital Partners (FCP) has purchased One Dulles Tower, a 400,000-square-foot, Class A office building located at 13200 Woodland Park Drive in Herndon, for $84 million. The property is located two miles east of Dulles Airport and a half-mile from both the future Herndon and Innovation Center Silver Line Metro stations. The office tower is fully leased by Booz Allen Hamilton, a business management consultant that will vacate the property before the end of the year. Bill Collins, Paul Collins, James Cassidy, Jud Ryan and Drew Flood of Cushman & Wakefield represented the seller, Corporate Office Properties Trust, in the transaction.
ELGIN, S.C. — Mississippi-based seniors housing developer Cardinal Ventures has hired Frampton Construction Co., a South Carolina-based construction firm, to build The Blake at Woodcreek Farms, an assisted living and memory care community in the Columbia suburb of Elgin. The Class A community will be a two-level, 100-unit facility when completed. This will be the first South Carolina location of The Blake, which has other locations in Alabama, Florida, Louisiana and Mississippi. Frampton Construction broke ground on the community in September, and expects to open The Blake in the fall of 2016.
HUNTERSVILLE, N.C. — CBRE has brokered the $27 million sale of Kenton Circle, a 135,757-square-foot, three-building office park in Huntersville, part of the North Charlotte office submarket. Kenton Circle’s anchor tenants include Bank of America Merrill Lynch, Wells Fargo, Berkshire Hathaway HomeServices Carolinas Realty and IMG. A joint venture between Acre Valley Real Estate Capital LLC and ABS Partners Real Estate LLC purchased the property from Childress Klein and WHI Real Estate Partners LLC. Childress Klein will continue to serve as property manager and leasing agent for the new owner. Patrick Gildea of CBRE’s Charlotte office represented the sellers in the transaction.
ORLANDO, FLA. — McCraney Property Co. has secured a new, long-term build-to-suit lease with Freeman Expositions Inc. for 451,823 square feet at Bent Oak Phase II in Orlando. The 1 million-square-foot development project is planned to complement the existing 703,920-square-foot Phase I of Bent Oak at 1701 and 1802 Boice Pond Road. The lease represents the largest build-to-suit industrial lease signed in the market in more than seven years, bringing the industrial park to 48 percent leased prior to the construction of Bent Oak II. McCraney Property has teamed up with joint venture partner Clarion Partners to develop Bent Oak II. Bent Oak II will be located at the intersection of Taft Vineland Road and the Florida Turnpike and will deliver by year-end 2016 and will consist of six buildings in total. Freeman will relocate from its current locations to occupy 100 percent of Building 600. McCraney Property has hired Edwards Construction, C4 Architecture and Smiley & Associates Engineering to design and build the project. Matt Sullivan of Cite Partners represented McCraney Property and Clarion Partners in the transaction. Tom McCarthy, Joe Hills and Josh Lipoff of JLL represented the tenant.
ROCKVILLE, MD. — Grandbridge Real Estate Capital’s seniors housing and healthcare finance team in Atlanta has arranged the $19 million refinancing of Brightview Fallsgrove, a seniors housing property located at 9200 Darnestown Road in Rockville. The property features 70 assisted living units and the 24-unit Wellspring Village, which houses residents needing dementia care. Richard Thomas and Meredith Davis of Grandbridge arranged the loan through an agency lender of behalf of the owner.