ATLANTA — Colliers International has arranged an $11.6 million refinancing for a portfolio of three apartment communities totaling 143 units in Atlanta’s Castleberry Hill neighborhood. The properties — Stonewall Lofts, Legacy Lofts and Intown Lofts — currently have a 91 percent occupancy rate. H.J. Russell & Co. developed the four buildings between 1998 and 2003. Rod Mullice and Kevin Troy of Colliers International arranged the loan through Prudential Mortgage Capital Co. on behalf of the borrower, an affiliate of H.J. Russell & Co.
TUSCALOOSA, ALA. — Capital One Multifamily Finance has provided a $7.7 million Fannie Mae loan to refinance two student apartments in Tuscaloosa near the University of Alabama. The financing will be used to retire construction debt on the 33-unit Central Park Apartments and the six-unit Gramercy Park Apartments. Chad Thomas Hagwood of Capital One Multifamily’s Birmingham office originated the 10-year loan with two years of interest-only payments and a 30-year amortization schedule. College Station Properties will manage the two apartment communities, which are fully occupied and consist of two- to four-bedroom units.
HOOVER, ALA. — Berkadia has brokered the $63.4 million sale of a three-property, 825-unit multifamily portfolio in Hoover known as the “Hoover 3 Portfolio”. The properties — Park at Galleria, Place at Galleria and Renaissance at Galleria — sold for $76,784 per unit. David Oakley, David Etchison and Royce Emerson of Berkadia represented the seller, CLK Properties, in the transaction. The buyer was Chicago-based Intercapital Partners Ltd.
MIAMI — Grass River Property has commenced construction on Grove Station Tower, a transit-oriented apartment community located a half-block from the Coconut Grove Metrorail station in Miami. The 184-unit project will be located at 2700 SW 27th Ave. upon completion in early 2016. Grove Station Tower will comprise one-, two- and three-bedroom apartments averaging 1,000 square feet. The property will also feature 6,000 square feet of ground-floor retail space. The design team includes architect Behar Font & Partners and general contractor Ortega Juneau Construction Co.
FORT MYERS, FLA. — Marcus & Millichap has brokered the sale of Bella Rosa Apartments and Park Place Apartments in Fort Myers. Located directly across the street from each other, the two assets sold for approximately $19.3 million. The 160-unit Bella Rosa Apartments features two on-site laundry facilities, a fitness center, playground, dog walking area, picnic areas, business center, clubhouse and a swimming pool. The 177-unit Park Place Apartments includes an on-site laundry facility, fitness center, playground, picnic areas and two swimming pools. Michael Regan and Frank Carriera of Marcus & Millichap’s Tampa office represented both the buyer and seller in the transaction.
RALEIGH, N.C. — NorthMarq Capital has arranged $14 million in acquisition financing for Crossroads North Hills Apartments, a 228-unit multifamily property in Raleigh. Brett Mason of NorthMarq Capital’s Raleigh office arranged the 12-year loan with three years of interest-only payments and a 30-year amortization schedule through the Fannie Mae DUS platform.
NORTH MIAMI AND MARGATE, FLA. — RED Capital Partners LLC has completed a $10 million balance sheet loan on behalf of the borrower, Livewell Senior Living. The acquisition financing will allow Livewell to purchase two assisted living/memory care facilities in the Miami-Fort Lauderdale-Pompano Beach MSA. The two properties include Livewell at Courtyard Plaza, a 68-unit facility in North Miami, and Livewell at Coral Plaza, a 100-unit property in Margate. RED Capital Partners LLC is the proprietary debt and equity banking arm of RED Capital Group LLC.
ALEXANDRIA, VA. — Cassidy Turley has arranged $122 million in acquisition financing for Canal Center, a 538,895-square-foot, Class A office campus in Old Town Alexandria. The four-building complex sits alongside the Potomac River. John Campanella and Paul Spellman of Cassidy Turley arranged the loan through an unnamed bank on behalf of the borrower, American Real Estate Partners.
COLUMBUS, GA. — Batson-Cook Construction has broken ground on a high-tech, flagship service center for Blue Cross Blue Shield of Georgia (BCBSGA) in Columbus. The $36 million, 245,000-square-foot property will house up to 2,000 associates upon its completion in the third quarter of 2015. The three-story building will be located in Muscogee Technology Park. The Molasky Group is the developer and owner of the asset. The design team includes architect Hecht Burdeshaw Architects and interior designer The Dollries Group. Batson-Cook will also do the build-out for the asset, which includes a three-story atrium, dining room and fitness center. Savills Studley represented BCBSGA in the lease transaction with The Molasky Group.
SOUTHERN SHORES, N.C. — Ziff Properties Inc. has sold The Marketplace at Southern Shores, a 128,376-square-foot, Food Lion-anchored shopping center in Southern Shores. Aston Properties purchased the asset from Ziff Properties for $14.5 million. Berkeley Capital Advisors represented Ziff Properties in the transaction.