NASHVILLE, TENN. — Hyatt Hotels has entered into a franchise agreement with Southwest Value Partners to develop a new Hyatt Regency hotel in Nashville. The hotel will help anchor the 15-acre site in downtown Nashville that formerly housed the Lifeway Christian Resources campus. The site, located at the northwest corner of Broadway and 10th Avenue, sold to Southwest Value Partners in November 2015 for $125 million. Hyatt Regency Nashville will feature 60,000 square feet of meeting space and event facilities, a Hyatt StayFit gym and an outdoor pool. The 540-room hotel is set to open in 2019.
CHARLOTTE, N.C. — Singh Development has opened Waltonwood Cotswold, a 120,000-square-foot assisted living and memory care community in the Cotswold submarket of Charlotte. The community is Singh’s second Waltonwood-branded community in Charlotte. Development costs were estimated at $40 million. Waltonwood Cotswold is built on more than eight acres and features 91 assisted living apartments and 26 memory care apartments. Leah Nash is executive director of the new community. Singh currently owns and operates nine other Waltonwood communities in Michigan and North Carolina and has several other communities in development and under construction in North Carolina, northern Virginia and the greater Washington, D.C., area.
VIRGINIA BEACH, VA. — Greystone has provided a $33.3 million construction loan for The Choices at Holland Windsor, a 252-unit apartment community in Virginia Beach. The property will comprise seven buildings located at the intersection of Holland Road and Windsor Oaks. Donny Rosenberg of Greystone arranged the HUD 221(d)(4) loan, the company’s first new construction transaction to utilize HUD’s 2016 MAP Guide standards for a lower mortgage insurance premium (MIP) threshold based on green and energy efficiency multifamily housing requirements. The design also satisfies EarthCraft Multifamily Certification, a green standard recognized by HUD. The Choices will feature Energy Star appliances, interior and exterior LED lighting and construction materials made from recycled products.
MADISON, ALA. — Metropolitan Capital Advisors has arranged $18.8 million in construction financing for Shepherd Living at the Range, a 124-bed assisted living and memory care community in the Huntsville suburb of Madison. Cobalt Seniors and Shepherd Health are co-developing the 91,000-square-foot community, which is situated on 13.7 acres. Kevan McCormack of Metropolitan Capital arranged the loan through an unnamed regional credit union.
GAINESVILLE, FLA. — Colliers International has arranged the sale of two student housing properties near the University of Florida in Gainesville. Dispositions include The Polos, a 1,104-bed community offering one-, two- and three-bedroom apartments; and Lexington Crossing, a 1,020-bed community offering two-, three- and four-bedroom apartments. Community amenities at The Polos include three swimming pools, a hot tub, 24-hour fitness center, dog park and an indoor racquetball court. Community amenities at Lexington Crossing include two resort-style swimming pools, a media lounge, 24-hour fitness center, sand volleyball courts, tennis courts and basketball courts.
BETHESDA, MD. — Pacific Life Insurance Co. has provided a $60 million construction loan to the Donohoe Cos. Inc. for Phase II of Gallery Bethesda, a luxury high-rise apartment tower located at 4850 Rugby Ave. in downtown Bethesda. The 240,000-square-foot, 17-story tower will feature 219 residential units and 12,425 square feet of retail space, including a café and restaurant opportunities. Amenities will include a rooftop pool and outdoor lounge, outdoor kitchen, indoor sky lounge and a fitness center. Delivery is scheduled for fall 2018. The project is a partnership between The Donohoe Cos. and MPM Investment Co. Donohoe Development Co. is the developer, and Donohoe Construction Co. will serve as the general contractor for the project. Miller and Long Concrete Construction is the concrete contractor. Donohoe Real Estate is the retail broker, and Vantage Management will manage the property upon completion. Gallery Bethesda Phase II is the second of three buildings that Donohoe is developing in Bethesda, collectively known as Woodmont Central. At completion, the entire project will measure more than 580,000 square feet.
LONGWOOD AND SANFORD, FLA. — Orlando-based Roger B. Kennedy Construction has broken ground on two upscale apartment communities in metro Orlando totaling $41.9 million. The projects include The Alexander at Sabal Point in Longwood and The Residences at Seminole Commons in Sanford. Roger B. Kennedy signed a $28.4 million contract with Winter Park, Fla.-based Alexander Investments International for the Longwood project and a $13.5 million contract with Atlanta-based Inland Atlantic Development Corp. for the Sanford community. The Alexander, designed by Orlando-based Charlan Brock & Associates, will be a three-story, 286-unit community set for an early 2018 completion. The Residences, designed by Raleigh-based ORA Architects, will be a four-story, 175-unit set for an August 2017 completion.
ROCKVILLE, MD. — Washington Property Co. (WPC) has completed the conversion of an 82,000-square-foot office building at 4 Research Place in Rockville to a CubeSmart self storage facility, which is now open for business. The Bethesda-based company has also acquired an adjacent office building, known as One Research Court, in a joint venture with Baltimore-based Alex. Brown Realty Inc. for $17 million. The four-story CubeSmart features 715 climate-controlled storage units, and the top two floors have elevator access, while the lower two levels are at grade. One Research Court is a 113,620-square-foot office building constructed in 2001. The property was 89 percent leased at the time of sale to 14 tenants. The joint venture plans capital improvements at the property, including upgrades to the lobby, bathrooms, elevators and fitness center, as well as the addition of a conference center in the building. WPC is now leasing and managing the project.
ALPHARETTA, GA. — InvenTrust Properties, a retail REIT based in Oak Brook, Ill., has purchased Windward Commons, a 117,234-square-foot, Kroger-anchored shopping center in Alpharetta, for $27.7 million. The property is located at 12850 Highway 9 near the intersection of Windward Parkway and North Main Street. The shopping center was 99 percent leased at the time of sale to tenants such as Hallmark, Roasters and Ippolito’s Italian Restaurant.
WILSON, N.C. — Bank of North Carolina has provided a $23.3 million acquisition loan for Heritage Crossing, a 311,030-square-foot, grocery-anchored shopping center in Wilson, roughly 40 miles west of Greenville. Travis Anderson and Cory Fowler of HFF worked on behalf of the borrower — a partnership between Collett Capital, Return Holdings and SilverCap Partners — to place the five-year, floating-rate loan with Bank of North Carolina. Harris Teeter, Ross Dress for Less, Marshalls, Best Buy, Belk, Bed Bath & Beyond and PetSmart anchor the fully occupied center. Other tenants include Starbucks Coffee, Rue 21, Five Below, Payless, Kay Jewelers, Moe’s Southwest Grill, Subway, AT&T Wireless, Cato and GNC.