WASHINGTON, D.C. — RED Mortgage Capital LLC, the lending entity of REDCAPITAL GROUP LLC, has provided a $61 million FHA refinancing package for Capitol Park Twins and Plaza, a 648-unit high-rise apartment building in Washington, D.C. RED Mortgage Capital arranged the long-term, fully amortizing loan under FHA’s 223(f) program on behalf of the borrower, Capitol Park Apartments LP (CPALP). CPALP was able to recapitalize $1.4 million for minor renovations as a result of the financing package. The transaction was also used to create a $2 million reserve for future capital needs.
Southeast
ORLANDO, FLA. — CRBE has brokered the $50.7 million sale of Auvers Village, a 480-unit apartment community in Orlando’s affluent Baldwin Park neighborhood. The 1989-era asset is located at 5800 Auvers Blvd. The buyer, Bridge Investment Group Partners, plans to upgrade the interiors and the amenities at Auvers Village. This is the first multifamily purchase in Central Florida for the Salt Lake City-based buyer. Shelton Granade of CBRE led the sales team that included Luke Wickham, Robert Given and Justin Basquill to represent the undisclosed seller in the transaction.
MIAMI — JLL has arranged the $42 million sale of a 238,420-square-foot office building in western Miami. The buyer, Ryder System Inc., a global commercial transportation and supply chain management solutions company, purchased its existing corporate headquarters property for roughly $176 per square foot. The asset is located at 11690 N.W. 105th St. on a 16.8-acre parcel in the Flagler Station Business Park. Steven Medwin, Rod Loschiavo and Nick Wigoda of JLL represented Ryder in the transaction. Stuart Gordon represented the seller, an entity controlled by Flagler Development, internally.
RICHMOND, VA. — Walker & Dunlop has arranged $33.5 million in permanent debt for the refinance of Miller & Rhoads, an adaptive reuse project of the historic Miller & Rhoads department store in Richmond. The project is located next to the Richmond Convention Center and features 133 residential units, a 250-room Hilton Garden Inn and more than 20,000 square feet of retail space. Andrew Coleman and Stephen Farnsworth of Walker & Dunlop led the team that structured the seven-year fixed-rate loan with two years interest-only payments on behalf of the borrower, HRI Properties LLC. HRI plans to invest $8 million to convert the existing hotel to a full-service Hilton property by the end of 2015. The property was originally built between 1888 and 1909 as a one-room store and is considered a significant historic structure in the Grace Street Commercial Historic District.
JACKSONVILLE, FLA. — The Shopping Center Group has arranged Old Time Pottery’s 84,180-square-foot lease at 380 Blanding Blvd. in Jacksonville. The discount home décor and accessories retailer will occupy the space formerly housing Kmart and will be Jacksonville’s first Old Time Pottery location. Nancy Sumner and Stephanie McCullough of The Shopping Center Group represented the landlord, Kmart Corp., in the transaction, and Todd Snyder of Trademark Properties Inc. represented Old Time Pottery, which is slated to open its store next summer.
ATLANTA —Atlanta Property Group (APG) has acquired Palisades Office Park in the central perimeter submarket from Shorenstein Properties. The Atlanta Business Chronicle reports that the 637,000-square-foot complex was acquired for approximately $95 million. The office park consists of four office buildings, two parking decks and four surface lots. It is within walking distance of two MARTA stations.?? With this acquisition, APG has now acquired nine properties since mid-2010, including The Park at Perimeter Center East and 1200 Ashwood Parkway. Combined, the three properties give APG more than 1.1 million square feet of space in Atlanta’s Central Perimeter submarket.?? Eastdil Secured represented the seller in the purchase. Shorenstein bought Palisades, which was constructed in two phases (the first in 1981 and the second in 1999), in 2007. The property is approximately 90 percent leased at this time.
ATLANTA — Atlanta-based Oakmont Industrial Group, along with The Carlyle Group, has closed on a 39-acre land purchase in Atlanta’s I-20 West submarket for a speculative industrial property. Oakmont has begun developing Skyline/20 West, a 604,932-square-foot property that will feature 36-foot clear heights, cross-dock loading, concrete truck courts, 171 trailer parks and 287 auto parks. Bilijack Bell of Wilson, Hull & Neal Real Estate assisted Oakmont in the land acquisition. Oakmont and The Carlyle Group have selected Bell and Joseph Rogers, also with Atlanta-based Wilson, Hull & Neal Real Estate, to lease Skyline/20 West. The design team includes architect Randall-Paulson Architects and general contractor The Conlan Co. Regions Bank is providing construction financing for the project, which is slated for a summer 2015 delivery.
FLOWOOD, MISS. — UCR Properties has arranged the $2.6 million sale of Flowood Plaza, a 28,000-square-foot shopping center located in Flowood, a suburb of Jackson. The property’s tenant roster includes HobbyTown USA, Papa John’s Pizza and Anytime Fitness, and it is shadow-anchored by Walmart. The asset was 77 percent leased at the time of the sale. Micah McCullough and Brett Bailey of UCR Properties represented the seller, Wells Fargo Bank, and procured the buyer, a Louisiana-based private investor.
TYBEE ISLAND, GA. — HFF has arranged a $13.5 million acquisition loan for Ocean Plaza Beach Resort, a 204-room hotel fronting the Atlantic Ocean in Tybee Island, approximately 20 miles east of downtown Savannah. The six-building, 223,986-square-foot hotel, which was originally built in 1909, features a restaurant, lounge, meeting and banquet space, business center, two outdoor pools and a video game arcade. Mark Sixour and Greg LaBine of HFF led the team that arranged the loan through M&T Bank on behalf of the borrower, Linchris Hotel Corp., which plans to spend approximately $1.5 million in the first year for property upgrades.
ROCK HILL, S.C. — Westwood Financial Corp. has signed Publix to anchor Cherry Road Crossing, a 78,890-square-foot shopping center on Cherry Road in Rock Hill, a suburb of Charlotte. Publix will occupy the 63,241-square-foot store formerly occupied by Bi-Lo. This marks the seventh former Bi-Lo location that Publix has replaced in the past year. Cherry Road Crossing is 90 percent leased to Publix, Jackson Hewitt Tax Services, The Wireless Co., Sally Beauty Supply and Americash.