MIAMI — ZOM, a luxury multifamily real estate developer, has purchased a parking lot site at 80 S.W. 8th St. in Miami’s Brickell neighborhood for approximately $16.8 million. ZOM plans to develop a 46-story, 420-unit luxury high-rise apartment tower at the site. The property will be located on the block between the $1.05 billion Brickell CityCentre project and Mary Brickell Village. Construction on the project will begin late in the fourth quarter of 2014.
Southeast
MIAMI — CBRE has arranged a $47 million bridge loan to refinance Brickell City Tower, a Class A, 33-story office tower in Miami’s Brickell neighborhood. Charles Foschini, Christopher Apone and Christian Lee of CBRE arranged the loan through Ares of Chicago on behalf of the borrower, 80 SW 8th Street LLC, a joint venture between Banyan Street Capital, Independencia, Silverpeak Real Estate Partners and Crocker Partners. The purpose of the loan was to release value back to ownership following its recent sale of a portion of the site to ZOM, which plans to built a 46-story luxury high-rise apartment tower.
MORGANTOWN, W.VA. — NorthMarq Capital has arranged $26.3 million in acquisition financing for West Run Apartments, a student housing community in Morgantown. Lee Weaver of NorthMarq’s Tampa office arranged the 10-year loan with a 30-year amortization schedule through a CMBS lender.
CHATTANOOGA, TENN. — Steadfast Income REIT Inc. has purchased Reserve at Creekside Village, a 192-unit apartment community in Chattanooga. The apartment property, built in 2004, was 91 percent occupied at the time of the sale. The one-, two- and three-bedroom units average 1,100 square feet and rent for an average $965 per month. The community’s amenity package includes a fitness center, swimming pool, hot tub, dog park, clubhouse and barbecue grilling areas. The asset is Steadfast’s first acquisition in Chattanooga and its fourth in Tennessee. The transaction, along with the REIT’s purchase of an apartment community in Dallas, totaled $42 million.
LOUISVILLE, KY. — Marcus & Millichap has arranged the $2.3 million sale of Crawford Crossing, a 30-unit apartment community at 6800 Crawford Crossing in Louisville. Aaron Johnson of Marcus & Millichap’s Louisville office represented the seller, a local developer, in the transaction.
ATLANTA — Buchanan Street Partners has provided a $72 million loan secured by Campanile, a 20-story, Class A office tower in Atlanta’s Midtown neighborhood. The 445,280-square-foot tower is the former headquarters for Bell South and was 50 percent leased at the time of the closing. The office tower is located at the intersection of 14th and Peachtree streets. Buchanan Street Partners provided the loan to building owner Dewberry Capital, which has owned the property since 2010. The transaction is Buchanan’s second loan to Dewberry in the past six months.
ATLANTA — Terwilliger Pappas Multifamily Partners has broken ground on Solis Downwood, a $50 million, 280-unit apartment building in Atlanta’s Buckhead neighborhood. The property is located on Downwood Circle between Northside Parkway and Howell Mill Road. The development will feature a rooftop terrace, central courtyard, saltwater pool, parking deck, cyber café, game room and pet park. Solis Downwood is Terwilliger Pappas’ first community in the Atlanta area. The project team includes architect Cooper Cary and general contractor Brasfield & Gorrie.
BALTIMORE — Cassidy Turley has arranged approximately $48.8 million in financing for One East Pratt Street, a 355,779-square-foot, Class A office building in Baltimore’s central business district. The office building was 71 percent leased at the time of the transaction to tenants such as PNC Bank, KPMG, Verizon Wireless and Merrill Lynch. The ground-floor tenants include Sullivan’s Steakhouse, Kona Grill and Nature’s Table. John Campanella and Paul Spellman of Cassidy Turley arranged the permanent financing through a bank on behalf of the borrower, Emmes Asset Management Co. LLC.
HOOVER, ALA. — Q10 | Professional Mortgage Co. has arranged financing for a 50,560-square-foot CarMax store, located at 2969 John Hawkins Parkway in Hoover. Bryson Thomason of Q10 arranged the $8.4 million, fixed-rate loan.
EFFINGHAM, S.C. — Quantum Real Estate Advisors Inc. has arranged the sale of a freestanding Dollar General in Effingham. The 9,002-square-foot store sold for approximately $1.2 million. Jordan Kaufman and Dan Waszak of Quantum Real Estate Advisors represented the seller, a private, South Carolina-based developer and investor. The buyer, a private individual from Florida, purchased the asset in a 1031 tax-deferred exchange.