OCEAN CITY, MD. — Vista Capital Co. has arranged $47 million in financing for a 210-room, 13-story Holiday Inn Hotel & Suites in Ocean City. The hotel features an oceanfront pool, an oceanfront children’s pool with a lazy river and water slides, a four-story atrium, three restaurants and approximately 1,000 square feet of meeting space. Vista Capital arranged the non-recourse, fixed-rate loan through a European investment bank. The borrower is using the loan to refinance an existing loan from 2007.
Southeast
ATLANTA — NXT Capital has provided a $17 million acquisition loan for Cityscape at Midtown, a 192-unit apartment community in Atlanta’s Midtown neighborhood. Faron Thompson and John Bray of JLL arranged the loan, which is NXT Capital’s fourth transaction in Midtown Atlanta.
MARIETTA, GA. — CBRE has brokered the sale of Stratford Ridge, a 446-unit apartment community in Marietta, approximately two miles from the site of the new Atlanta Braves stadium opening in 2017. The property recently underwent capital improvements to its pool, clubhouse and fitness center. Brad Simmel of CBRE represented the seller, MESA Capital, in the transaction. Simmel worked closely with the new owner, Bridge Investment Group Partners, as well.
BLUFFTON, S.C. — Banyan Investment Group and Investra Investments have formed their second joint venture this year to purchase the 112-room Holiday Inn Express & Suites in Bluffton. The hotel features 1,250 square feet of meeting space, a business center and seasonal outdoor swimming pool. The hotel is located six miles from Hilton Head, 25 miles from Savannah and 90 miles from Charleston. The joint venture purchased the asset from Veritas Hospitality Group, a division of the Stafford Cos. Loxi Hospitality provided advisory services in the transaction.
WASHINGTON, D.C. — Marriott International last month opened its 4,000th hotel — the $520 million Marriott Marquis in Washington, D.C. The hotel, located adjacent to the Walter E. Washington Convention Center, is one of five Marriott Marquis hotels in the United States. International architecture firms Cooper Carry and tvsdesign collaborated on the hotel, which was designed to achieve LEED Silver certification. The 15-story, 1,175-room hotel is linked to the historic Samuel Gompers AFL-CIO headquarters, which features an upscale bar, fitness center and boutique guestrooms. The project team includes developers Quadrangle Development Corp. and Capstone Development.
LITHIA SPRINGS, GA. — Keurig Green Mountain Inc. has purchased a 584,678-square-foot production facility located at 7705 Staples Drive in Lithia Springs, roughly 17 miles west of Atlanta. Known for its single-serving coffee and tea brewing, Keurig will produce pods for its new Keurig Cold beverage platform at the property. Sean Boswell and Scott Plomgren of Colliers International represented the seller, CenterPoint Properties, in the transaction. The facility features 9,200 square feet of office space, 32-foot clear heights, 80 exterior docks, three drive-in doors, 196-space parking lot and 199 trailer positions.
JACKSONVILLE, FLA. — Fairlead Commercial Real Estate has purchased three Class A office properties totaling 241,277 square feet in Jacksonville. The office buildings are located at 7406 and 7411 Fullerton St. and 10199 Southside Blvd. in the 23-acre Gran Park at the Avenues business park. Fairlead, along with its equity partner Bridge Investment Group Partners, purchased the assets for an undisclosed price. John Bell of Transwestern represented the seller, Flagler Development Group, in the transaction. Fairlead has hired Ross Carrier of Flagler Development to lease the properties.
JONESBORO, ARK. — Binswanger has arranged the sale of a single-story 188,771-square-foot manufacturing and warehouse facility located at 3100 Nordex Drive in Jonesboro. The industrial facility is situated on a 195-acre parcel in the Craighead Technology Park, which is located three miles from the future Interstate 555. TrinityRail Maintenance Services Inc., an operating unit of TrinityRail Group LLC, purchased the asset from Nordex USA. Nordex invested $100 million to build the wind turbine production plant in 2008. Holmes Davis of Binswanger’s Dallas office represented Nordex in the transaction.
HOLLY SPRINGS, N.C. — Capital Advisors has arranged $17.2 million in refinancing for Main Street Square, a mixed-use development in Holly Springs, a suburb of Raleigh. The portion of the Class A property acting as collateral for the loan includes 172 apartment units and 32,285 square feet of commercial space. Main Street Square also includes 70,000 square feet of office and retail space, a 6,000-square-foot medical office building, 101 townhomes and 16 cottage homes. Cooper Willis of Capital Advisors’ Charlotte office arranged the 10-year loan with a fixed interest rate and 30-year amortization schedule through Morgan Stanley on behalf of the borrower, MSS Apartments LLC.
SILVER SPRING, MD. — Washington Property Co. (WPC) and Montgomery County have signed an agreement to develop Progress Place, a homeless services center that will be located at 8110 Georgia Ave. in Silver Spring. The new facility is scheduled to break ground in a year, according to WPC. The first three floors of the facility will service the county’s homeless community and the fourth floor will feature 21 personal living quarters for individuals transitioning into permanent housing. Under the terms of the recently signed agreement, WPC will build Progress Place at no cost to the county and the county will operate the facility. WPC will obtain the deed to three contiguous land parcels totaling about 1.5 acres in exchange. The site of the current Progress Place sits in that parcel, which is located adjacent to WPC’s new Solaire-Silver Spring property at 1150 Ripley St.