BIRMINGHAM, ALA. — Grandbridge Real Estate Capital has provided a $21.2 million acquisition loan for Lake Heather Reserve at Inverness, a 252-unit, Class A apartment community in Birmingham. Mike Ortlip, Josh Davis and C.J. Webb of Grandbridge originated the Fannie Mae DUS Structured ARM loan.
Southeast
HALETHORPE, MD. — Enterprise has opened The Greens at English Consul, a $14.6 million seniors housing community located at 4120 Oak Road in Halethorpe in Baltimore County. The property features 72 one-bedroom and 18 two-bedroom apartments affordable for seniors earning up to 60 percent of the area’s median income. In addition to developer Enterprise, the design team includes architect Grimm + Parker and general contractor The Whiting-Turner Contracting Co. The development includes a library with computer terminals, a community room, TV lounge and sports bar, activity room, laundry room, mail room and fitness center. Bank of America provided construction financing for the project. Financing also came via government funds, a grant, bond, construction loan and developer equity.
TAMPA, FLA. — Gramercy Property Trust Inc., a New York-based real estate investment trust (REIT), has acquired a 176,000-square-foot production and warehouse bottling facility in Tampa. The REIT purchased the asset for $9.5 million in an all-cash transaction. The property is fully leased through January 2020 to an unnamed beverage producer.
ORLANDO, FLA. — Continental Real Estate Cos. (CREC) has arranged the $8.5 million sale of Parkway Plaza, a 65,000-square-foot shopping center located one-half mile from The Mall at Millennia in Orlando. The Publix-anchored property is located at the crossroads of American Boulevard and John Young Parkway. Warren Weiser and Harry Blyden of CREC represented the seller, a tenant-in-common (TIC) ownership group managed by Los Angeles-based National Asset Services. The buyer was J-9 Land Partners LLP, a private investment firm based in Ormond Beach, Fla. Parkway Plaza is 95 percent leased to Publix, Chase Bank, Radio Shack, Subway and Little Caesar’s Pizza.
HERMITAGE, TENN. — Multi Housing Advisors (MHA) has arranged the $13.8 million sale of Green Leaf at Hermitage, a 261-unit apartment community in Hermitage, about 14 miles northeast of Nashville. The property, built in 1973, includes one- to three-bedroom layouts. The asset’s amenity package includes a fitness center, playground, swimming pool, business center, laundry facilities and a picnic area. Brett Kingman of MHA’s Atlanta office represented the sellers, affiliates of Danville, Calif.-based Green Leaf Partners, in the transaction. The buyer, an affiliate of Old Tappan, N.J.-based Spyglass Capital Partners, did not use a broker.
LAKE WORTH, FLA. — CBRE has arranged the sale and financing of Palm Club Apartments, a 160-unit townhome community located at 2425 Second Ave. N. in Lake Worth. Palm Club Investments LLC purchased the property from Palm Club Townhouses LLC for $12.9 million. Built in 1993, the property features a swimming pool with a sundeck, clubhouse, fitness center and sand volleyball court. Richard Tarquinio and Calum Weaver of CBRE represented the seller in the transaction. Charles Foschini, Chris Apone and Christian Lee of CBRE arranged a 10-year, $9.8 million Freddie Mac loan on behalf of the borrower to acquire the property.
ORLANDO, FLA. — NXT Capital has provided a $26.3 million first mortgage loan to refinance a Class B, 386-unit multifamily community in Orlando. The property features one- to three-bedroom layouts and includes two swimming pools, a fitness center, playground, sauna and spa. The borrower will use the loan proceeds to repay existing debt, repurchase units within the complex previously sold as condominium units, return the property to a rental structure and implement capital improvements.
LYNCHBURG, VA. — Inland Real Estate Income Trust Inc. has acquired the 66,906-square-foot Lakeside Crossing Shopping Center in Lynchburg for approximately $19.8 million. The newly constructed property is located between Old Forest Road, Whitehall Road and Lakeside Drive. The asset is 98.5 percent leased to 14 tenants, including a 20,900-square-foot Fresh Market grocery store, Panera Bread, U.S. Cellular, Massage Envy and Zoe’s Kitchen. Lou Quilici of IREIT Business Manager & Advisor Inc. assisted Mark Cosenza of Inland Real Estate Acquisitions Inc. in the transaction.
VIERA, FLA. — Greystone Healthcare Management Corp. has purchased Wuesthoff Progressive Care Center, a 114-bed, 51,000-square-foot skilled nursing and rehabilitation facility in Viera. As part of the acquisition, the asset has been renamed to Viera Health and Rehabilitation Center. The facility was built in 1995 and provides sub-acute care, rehabilitation care and skilled nursing in both short- and long-term settings.
KING OF PRUSSIA, PA. — A joint venture between Morgan Properties and The Olayan Group has acquired a 2,671-unit multifamily portfolio from Berkshire Property Advisors for $309 million. The portfolio consists of nine apartment communities in the Maryland-Washington, D.C., corridor and Newport News, Va. The largest community in the transaction is the 606-unit Harbor Place in Fort Washington, Md. CBRE represented the seller in the transaction. The buyers plan to implement a portfolio-wide renovation program and amenity upgrades. Morgan Properties also plans to hire a number of Berkshire employees in the near future. This is the second transaction this year between Morgan Properties and Berkshire.