MURFREESBORO, TENN. — National Health Investors Inc. (NHI) has signed a purchase agreement to acquire eight communities known as the Seniors Living Communities Portfolio for $476 million. Following the acquisition closing, Senior Living Communities will lease the properties under a 15-year term. NHI will also provide a $15 million working capital line of credit to Senior Living Communities to finance construction/renovation projects at the eight properties. The eight facilities total 1,671 units and have an average occupancy of 85.4 percent. The properties include: • Brightwater in Myrtle Beach, S.C. • Lakes at Litchfield in Pawley’s Island, S.C. • Cascades Verdae in Greenville, S.C. • Summit Hills in Spartanburg, S.C. • Homestead Hills in Winston-Salem, N.C. • Ridgecrest in Mt. Airy, N.C. • Marsh’s Edge in Saint Simons Island, Ga. • Osprey Village in Amelia Island, Fla.
AUSTELL, GA. — HFF has arranged $72.3 million in acquisition financing for Cobb West Business Park, a 16-property industrial campus totaling 1.7 million square feet in Austell, a western suburb of Atlanta. The financing was structured as a $61.3 million senior mortgage through SunTrust Bank and an $11 million mezzanine loan through Principal Global Investors. HFF arranged the financing on behalf of the borrowers, High Street Realty Co. LLC and an institutional joint venture partner. Brian Carlton and Gregg Shapiro led the HFF debt placement team in the deal.
ORLANDO, FLA. — Highwoods Properties Inc. has acquired Lincoln Plaza, a 16-story, 246,000-square-foot office building in Orlando’s central business district (CBD). Highwoods Properties’ total investment is expected to be $68.3 million, which is financed through equity, its ATM program and borrowings under its revolving credit facility. Highwoods did not assume any debt in the transaction. The property is currently 82 percent leased and features a fitness center and a café. Including Lincoln Plaza, Highwoods owns 1.5 million square feet of office space in Orlando’s CBD.
ORLANDO, FLA. — The Courtelis Co., Kislak Organization and HMG/Courtland Properties are partnering to develop, manage and build a 240-unit apartment community in Orlando. The property will be located on a 9.5-acre site at the corner of John Young Parkway and Taft-Vineland Road. The joint venture project between the three Florida-based companies is expected to break ground in the first quarter of 2015, with delivery projected for the first quarter of 2016.
MONROE, N.C. — JLL has brokered the sale of Monroe Corporate Center, a 102,000-square-foot property located at 4275 Corporate Center Drive in Monroe, about 24 miles southeast of Charlotte. Glenmark Pharmaceuticals Ltd. purchased the facility for an undisclosed amount. The company plans to invest more than $15 million in the next five years to develop three separate pharmaceutical manufacturing units at the site. Glenmark expects to begin manufacturing oral solids at the location by mid-2015. John Buckley, Shawn Straka, John Cashion and Matt Treble of JLL represented Glenmark in the transaction. The seller, the city of Monroe, was represented in-house.
KENNESAW, GA. — Steadfast Apartment REIT has purchased 1800 Barrett Lakes, a 500-unit apartment community in the northern Atlanta suburb of Kennesaw, for $49 million. The apartment community is located on a 68-acre site and offers one-, two- and three-bedroom units averaging 1,086 square feet. The units’ average rental rate is $827 per month. The property’s amenity offerings include two swimming pools, a sauna, lighted tennis courts, fitness center, clubhouse, playground and internet café. 1800 Barrett Lakes is Steadfast’s second acquisition in Georgia, following its purchase of the Residences at McGinnis Ferry in Suwanee in October.
SOUTH PASADENA, FLA. AND BALTIMORE — The Boca Raton, Fla., office of Berkadia Commercial Mortgage has arranged two loans totaling $26.1 million for two multifamily properties in Baltimore and South Pasadena. Michael Wallace and Mitchell Sinberg of Berkadia arranged $18.7 million to refinance the 263-unit Melvin Park in Baltimore and $7.4 million for the borrower to acquire the 210-unit Serenity Towers in South Pasadena. For the Baltimore transaction, Wallace and Sinberg arranged the 10-year, fixed-rate refinance loan through Freddie Mac on behalf of Franklin Melvin LLC. The property was 98 percent occupied at closing. For the South Pasadena transaction, Wallace and Sinberg arranged the seven-year, floating rate acquisition loan with a 30-year amortization schedule through Freddie Mac on behalf of the borrower, Bay Pointe Tower Apartments LLC. Serenity Towers was 97 percent occupied at closing.
FORESTVILLE, MD. — Federal Capital Partners has acquired Regency Square, a 366-unit apartment community in Forestville, for $21.8 million in an off-market transaction. Federal Capital will invest roughly $8 million of upgrades to Regency Square’s common areas and building systems after closing. The property is Federal Capital’s ninth apartment community acquisition in 2014. Federal Capital has retained Gates Hudson to manage the property. Robin Williams, Dean Sigmon and Justin Shay of Transwestern represented the undisclosed seller in the transaction. Capital One Bank provided acquisition and renovation financing on behalf of Federal Capital.
CUMMING, GA. — Avison Young has brokered the $15 million sale of Brannon Crossing, a 60,780-square-foot shopping center located at 405-435 Peachtree Parkway in Cumming, roughly 35 miles northeast of Atlanta. Brannon Crossing’s tenant roster includes Starbucks Coffee and T-Mobile. AJ Belt III, Brian Mark and David Duckworth of Avison Young represented the seller, Brannon Crossing LLC, in the transaction.
ATLANTA — SG Property Services has acquired an eight-building medical office portfolio known as the Oak Hill Medical Portfolio for $14.5 million. The properties are located in the Atlanta suburbs of Peachtree City, Blairsville and Newnan. Spanning 70,000 square feet, the eight properties are located at 10 Eastbrook Bend in Peachtree City; 1294 Highway 515 E. in Blairsville; 39 Oak Hill Court Buildings A-D in Newnan; and 60 and 110 Oak Hill Blvd. in Newnan. Lee Asher of CBRE represented the undisclosed sellers in the transaction.