FORT LAUDERDALE, FLA. — NXT Capital has provided a $37.9 million first mortgage loan to refinance Crown Center Offices, a five-building, 350,000-square-foot office campus in Fort Lauderdale. The property is located within a mile of I-95 and three miles from the Florida Turnpike. Paul Ahmed of Walker & Dunlop arranged the loan through NXT Capital on behalf of the undisclosed borrower.
MIAMI — NBA Hall of Fame member Alonzo Mourning, now head of AM Affordable Housing, has teamed up with Housing Trust Group to develop the 84-unit Phase I of Courtside Family Apartments, an affordable housing development in Miami’s Overtown neighborhood. The partnership recently closed on the property’s financing. Courtside’s Phase II will include 120 seniors housing units and Phase III will comprise 80 rental units. The property will include a multi-purpose community room with gaming tables, a theater/media room, computer lab and fitness center, as well as an outdoor basketball court, covered picnic areas and gardens. Located at 1700 N.W. 4th Ave., the property is expected to create roughly 150 jobs during the 14-month construction process. Development costs are estimated at $22.8 million, and the partnership is financing the project through RBC Tax Credit equity estimated at $9 million raised from the purchase of Florida Housing Finance Corporation low-income housing tax credits (LIHTC); construction and permanent debt financed by Citi Community Capital totaling $3.3 million; $7.5 million from the Southeast Overtown/Park West Community Redevelopment Agency; Miami-Dade County Surtax loan for approximately $1.8 million; and developer equity.
TOWSON, MD. — Morgan Properties and DRA Advisors LLC have acquired The Colony at Kenilworth, a 383-unit apartment community located in Towson. Morgan and DRA plan to execute a value-enhancement strategy that will address capital needs, reposition the property and enhance the value of the asset. The partnership intends to upgrade unit interiors and also has plans to improve common area amenities by renovating the fitness center and clubhouse. The Colony marks the third acquisition that Morgan Properties and DRA have purchased together in the Maryland-Washington, D.C. Corridor. The seller and the sales price were undisclosed.
COLUMBUS, GA. — Charleston, S.C.-based Ziff Properties has purchased St. Francis Marketplace, a 62,535-square-foot shopping center located in Columbus, for $6.6 million. The property was 98 percent leased at the time of sale to tenants such as Starbucks Coffee, Planet Fitness, Rent a Center, Peluso’s and The Yogurt Shoppe. The asset, which was constructed in 1971 and renovated in 1994, is located directly across from St. Francis Hospital. Ziff Properties acquired the property from Woodruff Real Estate. Craig Taylor of CBRE’s Atlanta office represented Ziff in the transaction.
WASHINGTON, D.C. — The Greysteel Co. has brokered the sale of Hampton Park, a 24-unit multifamily that also includes an adjacent land parcel located at 1215-1225 49th St. in northeast Washington, D.C. The property is located in Washington’s Deanwood neighborhood and is situated three blocks from the Deadwood Metrorail station. The seller, Mary Jenkins, sold the asset to Saha Capital Investments LLC for an undisclosed amount. Ari Firoozabadi, Kyle Tangney, John Mullen, Lance Ahmadian, Mike Bediones, Jake Ying and Alicia Orkisz of Greysteel represented the seller in the transaction.
FORT MILL, S.C. — DTZ has brokered the $39.5 million sale of three Class A office buildings in Fort Mill, a suburb of Charlotte. The three office assets are located in Kingsley Park, a corporate office campus. Rob Cochran and Jared Londry of DTZ represented the seller, a joint venture partnership between Childress Klein and The Springs Co. Omaha-based Waitt Co. purchased the buildings for $222 per square foot. Kingsley Park is Waitt Co.’s first real estate investment in the Carolinas.
PORT ROYAL, S.C. — Big Rock Partners and joint venture partner Millennium Real Estate Group plan to develop a $25 million seniors housing rental community in Port Royal, near Hilton Head Island in South Carolina’s Lowcountry region. The partnership plans to begin construction on the project in early 2016 and wrap up construction in early 2017. The property will span 126 rental residences — 60 independent living, 45 assisted living and 21 memory care. The new community will be located on a 50-acre property that Millennium Real Estate Group owns. The other components of the tract include The Preserve luxury apartments, Port Royal Center and the Keyserling Cancer Center, which is an affiliate of Duke Medicine. Winston-Salem-based CJMW Architecture is designing the community.
LINTHICUM, MD. — MAC Realty Advisors LLC has placed approximately $22 million in joint venture equity for the development of Alexan Concorde Circle, a 310-unit apartment community in Linthicum, roughly 10 miles south of Baltimore. The 11.4-acre site is located off of Nursery Road and is one mile from the Baltimore Washington International Thurgood Marshall Airport, Amtrak and MARC stations. MAC placed the equity through an unnamed private equity real estate fund on behalf of the developer, Trammell Crow Residential. Trammell Crow will break ground on the project in the second quarter and will deliver the first units in the third quarter of 2016.
CLEARWATER AND TAMPA, FLA. — Marcus & Millichap has brokered the $21 million sale of two apartment communities in the Tampa Bay area. The buyer, Montreal-based Groupe Mach Inc., purchased the 200-unit Royal Breeze Apartments in Clearwater for $13.9 million and the 168-unit Lenox Place Apartments in Tampa for $7.1 million. Casey Babb, Luis Baez and Moe Derbala of Marcus & Millichap’s Tampa office represented the seller, Tampa-based Hachem Investments, in the transaction. Groupe Mach was represented internally.
JACKSONVILLE, FLA. — Crocker Partners has launched an $8 million renovation of the 752,000-square-foot Prominence office park at Baymeadows Road and I-95 in Jacksonville. The capital improvement program will include a new main park entry with monument signage and landscaping, as well as exterior and common area renovations. Crocker Partners has also signed NGA Human Resources to a 70,000-square-foot lease in Building 400 of Prominence. The two-and-a-half floor office space for NGA will house roughly 450 employees. Jesse Shimp of JLL represented Crocker Partners in the lease transaction. Kaycee Gardner of JLL represented NGA Human Resources, a provider of payroll and HR services and software. The Jacksonville office park will serve as NGA’s North American headquarters.