GREENVILLE, S.C. — Continental Realty Corp. has purchased Avana at Carolina Point, a 346-unit apartment property located at 201 Carolina Point Parkway in Greenville, for $51.8 million. Constructed in 2010, the property was previously owned by Greystar Real Estate Partners and its joint venture partner Lubert-Adler. The apartment community, which includes an outdoor pool, fire pit, courtyard area, fitness center, business center and dog park, is located less than one mile from an interchange of I-85. Avana at Carolina Point is the first acquisition for Continent Realty Fund IV LP, a $164 million value-add retail and multifamily fund. The transaction is also Continental Realty’s first acquisition in South Carolina.
CHARLOTTE, N.C. — New York Life Real Estate Investors has provided a $34 million acquisition loan for Hawfield Farms, a 210-unit, Class A apartment community in Charlotte. Grandbridge Real Estate Capital arranged the seven-year loan with five years of interest-only payments on behalf of the borrower, Bell Partners.
FREDERICK, MD. — Avison Young has brokered the $24.3 million sale of a medical office portfolio in Frederick. Located at 194 and 45 Thomas Johnson Drive in Frederick’s Doctor Row area, the two Class A buildings total 82,348 square feet. The two fully leased buildings are roughly two-thirds occupied by affiliates of Frederick Memorial and John Hopkins Hospitals. Jim Kornick and Chip Ryan of Avison Young’s Washington, D.C., office represented the seller, Ausherman Development Corp., in the transaction. The buyer was CNL Healthcare Corp.
VIRGINIA BEACH, VA. — Wheeler Real Estate Investment Trust Inc. (Wheeler REIT) has purchased three Food Lion-anchored shopping centers in North Carolina for $15.3 million. Wheeler REIT purchased the centers at roughly $89.38 per square foot using a combination of cash and debt. The properties include the 50,000-square-foot Cardinal Plaza in Henderson, the 65,336-square-foot Franklinton Square in Franklinton and the 56,100-square-foot Nashville Commons in Nashville. The sellers in all three transactions were entities controlled by members of the Barnett family.
NAPLES, FLA. — Investment Properties Corp. (IPC) has arranged the $14 million sale of the Iberia Bank Building, a 59,476-square-foot office building located at 2150 Goodlette Road N. in Naples. SHA Realty Holdings LLC purchased the asset from IberiaBank. The sale also included adjacent land. David Stevens and Clint Sherwood of IPC brokered the transaction.
ORLANDO, FLA. — The Shopping Center Group (TSCG) has arranged the $15.5 million sale of Mariner’s Village, a 133,400-square-foot shopping center located in Orlando. The center is currently 92 percent occupied and is anchored by Winn-Dixie, LA Fitness and Walgreens. Anthony Blanco of TSCG represented the seller, an affiliate of Madison Marquette, in the transaction. South American Investment Group acquired the property.
GREAT MILLS, MD. — Aztec Group Inc. has secured a $20.2 million loan for Hickory Hills East Apartments, a 231-unit apartment community located at 22501 Iverson Drive in Great Mills. Charles Penan and Howard Taft of Aztec Group arranged the 10-year loan through Rialto Mortgage Finance, a New York-based conduit lender, on behalf of the borrower, a joint venture between affiliates of BAF Associates and the Raleigh Cos. The loan was structured with five years of interest-only payments, a 30-year amortization schedule, 75 percent loan-to-value ratio and a fixed interest rate below 4.6 percent.
HIGH SPRINGS AND ORLANDO, FLA. — Bank Leumi USA, a full-service commercial and private bank, has provided $16.7 million in total refinancing to Plantation Oaks Senior Living Management, a Florida-based owner/operator. The first loan is secured by a first mortgage on an existing seniors housing community located in High Springs, comprising 37 assisted living units and 29 memory care units. The credit facility was structured with a $5 million initial funding and a $1.2 million earn-out. The second credit facility is secured by an existing senior housing community located in Orlando, comprising 17 independent living units, 86 assisted living units and 22 memory care units. The $10.5 million financing was structured with an initial funding of $5.4 million, a $3.5 million holdback to fund the expansion of a 48-unit memory care building and a $1.6 million earn-out. Both of these loans refinanced existing debt, lowered the interest rate and provided a dividend to the owners of the communities. The fixed-rate loans have a five-year term and are intended to serve as a bridge to agency financing or to the future sale of the communities. Hely Santeliz of Bank Leumi led the team that structured the loan.
NORTH FORT MYERS, FLA. — Venture Commercial Real Estate has brokered the $4.5 million sale of a 23,104-square-foot retail building in North Fort Myers fully leased to Northern Tool + Equipment. The building is located at 14571 N. Cleveland Ave. Clay Mote of Venture Commercial represented the seller, DRW Partnership LLLP, in the transaction. The buyer, Realty Income Properties 6, was self-represented.
ATLANTA — Three new restaurants have signed on at Peachtree Center, a mixed-use campus comprising six high-rise buildings in downtown Atlanta. Tin Lizzy’s Cantina and Gus’s World Famous Fried Chicken recently opened locations at Peachtree Center, and Panbury’s Double Crust Pies will open a new eatery there this fall. JLL brokered the lease transactions on behalf of Peachtree Center’s owner, Banyan Street Capital.