DAVENPORT, FLA. — NorthMarq Capital has arranged a $36.3 million loan to refinance Victoria Park Apartments, a 348-unit multifamily community located at 1000 Victoria Park Blvd. in Davenport, about 35 miles southwest of Orlando. Melissa Marcolini Quinn and David Schofield of NorthMarq’s Orlando office arranged the 10-year loan with a 30-year amortization schedule through a CMBS lender.
Southeast
BOCA RATON, FLA. — Meridian Capital Group LLC has arranged $31 million to refinance seven unanchored shopping centers in Orlando, Tampa, Kissimmee, Sanford and Sarasota. The properties total 200,000 square feet and house 80 tenants. The retail centers include Westchase Town Center in Tampa; The Gateway and Osceola Gateway in Kissimmee; The Shoppes of East Colonial and Hunter Creek Shoppes in Orlando; Sanford Town Center in Sanford; and Sarasota Palms Plaza in Sarasota. Michael Brown and Adam LeBlanc of Meridian’s Boca Raton office arranged the 10-year, non-recourse loan through a CMBS lender. The loan has a fixed interest rate of 4.88 percent and features five years of interest-only payments.
CORAL GABLES, FLA. — Grandbridge Real Estate Capital has closed a $24.5 million first mortgage loan for The Mile at Coral Gables, a 13-story luxury apartment project under construction at 3622 S.W. 22nd St. in Coral Gables. Once complete, the property will feature 3,000 square feet of ground-level retail space and 119 apartment units, with amenities including a swimming pool, fitness center and 175-space parking garage. Phil Carroll of Grandbridge originated the three-year interest-only loan through an unnamed bank.
LEXINGTON, S.C. — Newmark Grubb Wilson Kibler has brokered the $5.5 million sale of a two-story, 51,512-square-foot office building located at 113 Reed Ave. in Lexington. TD Bank currently occupies the property. Jeremy Wilson of Newmark Grubb Wilson Kibler represented the buyer, ET Lexington LLC, in the transaction. Ben Kelly of NAI Avant represented the seller.
Though Atlanta has had a reputation as a boom-or-bust town for many years, it has struggled to maintain a thriving multifamily development business. However, an in-depth look at the current local trends shows a strengthening multifamily market, and with it, an evolution of many lower-cost neighborhoods into desirable development and residential sites. Now, the city is poised for a more sustainable future as demand for apartment housing inside the Perimeter continues to increase. Classic institutional developers are seeking to use this increasing demand as a platform to boost Atlanta to a new strata in line with New York, Boston and other metropolises such as Houston and Dallas. With no significant barriers to entry, active merchant buyers are taking advantage of Atlanta’s large developable land supply to support new high-density multifamily developments. Developers are working to stabilize the supply in response to the overwhelming demand; three- to five-year waves of building and development will help grow the market steadily. Amid the current five to 10 percent growth rate, some in-town projects are predicted to trade at higher levels than ever before. For example, 77 12th Street is widely expected to trade for more than $300,000 per unit — a robust figure …
JACKSONVILLE, FLA. — CBRE has arranged a $49.8 million acquisition loan for Villages of Baymeadows, a 904-unit apartment community at 7915 Baymeadows Circle E. in Jacksonville. The community, built in 1972, offers one-, two-, three- and four-bedroom layouts that average 1,199 square feet. The property’s amenity package includes a clubhouse, nine resort-style swimming pools, four lakes, a fitness center, volleyball court, playground and private garages. Charles Foschini, Christian Lee and Christopher Apone of CBRE arranged the five-year loan through Wells Fargo of New York on behalf of the borrower, Norfolk, Va.-based Harbor Group International.
LOUISVILLE, KY. — Dermody Properties has commenced construction on LogistiCenter Louisville, a 315,147-square-foot distribution facility in the Renaissance South Business Park near Louisville International Airport. The property will feature 32-foot clear heights, 60 dock doors, four drive-in doors, parking for 336 cars and 73 trailer stalls. Dermody Properties will develop the project in partnership with PCCP LLC. Construction is expected to wrap up in September.
SPRING HILL, TENN. — Steadfast Apartment REIT has acquired its first community, the 176-unit Villages at Spring Hill in Spring Hill, for $14.2 million. The apartment community, built in 1994, offers one- and two-bedroom units and three-bedroom townhomes. The units average 916 square feet and the average rental rate is $808. Located 40 minutes south of Nashville, the community offers amenities such as a pool, tennis courts, laundry facilities, a picnic and grill area and a sand volleyball court.
FOREST PARK AND CARTERSVILLE, GA. — Lee & Associates has brokered the sale of two industrial properties in Georgia for a combined purchase price of approximately $7.3 million. The two projects included 13-16 Overmeyer Way in Forest Park, a 242,000-square-foot, four-building industrial complex; and a 55,000-square-foot flex property at 774 GA Highway 320 in Cartersville. Rick Tumlin of Lee & Associates, along with Tom Ellis of Atlanta South Commercial Properties, represented the seller, Charlotte, N.C.-based Columbus Nova, in the Forest Park transaction. Mike Sutter of Lee & Associates represented the buyer, Sealy & Co., which has retained Sutter and Tumlin to market the property. Tumlin and Sutter also represented the buyer of the Cartersville facility, Road Tested Parts. Tom Sims of Ackerman & Co. represented the seller.
CULLODEN, W.VA. — Greystone has arranged a $11.4 million loan to refinance Hidden Brook Apartments in Culloden. The 168-unit apartment community was built in four phases from 2008 to 2013. Andrew Ellis of Greystone’s Rockville, Md., office arranged the 10-year, Fannie Mae DUS loan with a 30-year amortization schedule.