COLONIAL HEIGHTS, VA. — Oak Grove Capital has arranged the refinancing of two affordable housing properties in Colonial Heights totaling $19.5 million. The two assets, Colonial Ridge and Bermuda Run Apartments, total 292 units. Tim Leonhard of Oak Grove Capital arranged the fixed-rate, preservation loan through Freddie Mac on behalf of the unnamed borrower.
ROYAL PALM BEACH, FLA. — CBRE has brokered the $8.3 million sale of Royal Office Park, a 28,656-square-foot mixed-use office and retail complex in Royal Palm Beach. The property is located at 420 S. State Road 7 adjacent to a 350,000-square-foot retail power center and Wellington, an international equestrian center. The Mediterranean-styled mixed-use complex features a landscaped perimeter and central courtyard with cobblestone walkways and hurricane-resistant glass storefronts and doors. Scott O’Donnell, Dominic Montazemi, Miguel Alcivar and Jason Hochman of CBRE represented the seller, Royal Office Park Ltd., in the transaction. Judge Moss of Banyan Realty Partners and Scott Weprin of Michael Falk & Co. represented the undisclosed buyer.
SPARTANBURG, S.C. — MCR Development LLC has completed an extensive renovation of the 88-room Residence Inn Spartanburg. The hotel is located at 9011 Fairforest Road in Spartanburg. The renovation includes upgrades to the lobby and guestrooms, as well as enhancements to the hotel’s exterior. The hotel’s guestroom suites were outfitted with brand new bedding, couches, dining chairs and carpeting, as well as a new wall pattern accompanied with new curtains and window treatments. Vinyl flooring was also installed in the kitchen of each suite. MCR Development is one of the 15 largest hotel owner-operators in the United States and manages a portfolio of 70 hotel properties with approximately 8,300 rooms in 17 states.
WINDERMERE, FLA. — NorthMarq Capital has arranged acquisition financing for Citra at Windermere, a 360-unit apartment community located at 11353 Citra Circle in Windermere. Greg Duvall of NorthMarq Capital has arranged the 10.5-year loan with five years of interest-only payments and a 30-year amortization schedule. Duvall arranged the Freddie Mac loan on behalf of the undisclosed borrower.
2014 was an exceptional year for sales and leasing activity for the Raleigh-Durham industrial market. Velocity in investment sales boomed in 2014 — the strongest year since 2006, and second strongest in history. Developers are actively seeking land to build new parks as demand for Class A industrial space outweighs supply and rental rates begin to rise. Although, the Raleigh-Durham MSA is a smaller industrial market in the region, it’s been ranked No. 1 by Forbes as the Best Place for Business and No. 2 for the Fastest Growing Large U.S. City from 2010-2030 by the United Nations Population Division. Companies continue to announce corporate relocations and expansions and unemployment is lower than the national average at 4.5 percent in October. EDM America relocated its $150 million headquarters operation to Raleigh from Pennsylvania. Argos Therapeutics announced an expansion project in Durham — a $57 million bio-manufacturing plant. The area has also seen an influx of third-party logistics companies, moving companies and suppliers for the home building industry opening new locations and consolidating to larger blocks of space. As user demand continues, there is a strong desire by investors to become a part of our market or expand their current footprint. …
ATLANTA — Wingate Cos. and Columbia Residential have broken ground on City Lights, an 80-unit affordable seniors housing development located at 430 Boulevard in Atlanta’s Old Fourth Ward district. The project is the first phase of the redevelopment of the Village of Bedford Pine. The property’s one-bedroom apartments will be made available to qualifying seniors aged 62 or older. The project’s financial partners include Community Affordable Housing Equity Corp., Sugar Creek Capital, HUD, the Georgia Department of Community Affairs and Atlanta’s Office of Housing. Prudential Huntoon Paige is providing construction financing for the project, which is slated for a summer 2016 completion. Amenities at City Lights will include a fitness center, TV and movie room, community kitchen, sundeck, covered garage, Wi-Fi access and a business center.
MARIETTA, GA. — Sealy & Co. has purchased Northwest Business Center, a 12-building industrial portfolio in Marietta spanning 472,000 square feet. The warehouse and light-industrial park is located near I-75 and I-285 in Cobb County, home to the new Atlanta Braves stadium known as SunTrust Park, which will open in April 2017. Sealy & Co. purchased Northwest Business Center for an undisclosed amount for its investment offering: Sealy Strategic Equity Partners.
ORLANDO, FLA. — HFF has arranged financing for a three-property, 414-room hotel portfolio in Orlando. The properties include the 124-room Residence Inn Orlando Convention Center at 8800 Universal Blvd.; the 167-room SpringHill Suites Orlando Convention Center at 8840 Universal Blvd.; and the 123-room Hampton Inn Orlando International Airport at 5767 T.G. Lee Blvd. Each of the hotel properties were either renovated in 2013 or 2014. Michael Weinberg and Anthony Frogameni of HFF arranged the financing on behalf of the borrower, JHM Hotels.
FORT LAUDERDALE, FLA. — Morgan Property Group (MPG) has purchased two adjacent land parcels totaling 19,560 square feet at the northeast corner of South Federal Highway and Southeast 7th Street in Fort Lauderdale. Through its affiliate Rio Vista Financial LLC, MPG purchased a 14,760-square-foot parcel of land from Caryl L. Henry Exempt Trust and the adjacent 4,800-square-foot parcel from Rio-Vista Saloon LLC. Bill Rotella of The Rotella Group Inc. represented Caryl L. Henry Exempt Trust, and Kimberly Barbar of Stiles Realty represented Rio-Vista Saloon. MPG plans to develop a freestanding, 3,500-square-foot branch of Florida Community Bank, which will feature a single-lane drive thru and a 24-hour ATM. Construction is expected to commence in April, and the bank is slated to open in October.
ATLANTA — Inland American Communities Group (IAC) will top off University House Midtown, a 20-story student housing development in Midtown Atlanta, tomorrow. The 268-unit community is located at 930 Spring St., adjacent to Georgia Tech. The 706-bed property will feature more than 9,000 square feet of retail space, a resort-style pool on an elevated terrace, secured parking garage, business center, study rooms, fitness center and a lounge on the top floor with skyline views. IAC is working with local project partners, including architect Niles Bolton Associates, civil engineer Eberly & Associates and general contractor DPR Hardin. University House Midtown, which is slated to open in August, is more than 50 percent pre-leased.