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.
Southeast
CHARLOTTE, N.C. — Beacon Partners, a Charlotte-based developer, has broken ground on InnerLoop North, two warehouse buildings totaling 415,541 square feet. The speculative industrial buildings will be located on David Cox Road near the intersection of Harris Boulevard and Old Statesville Road in north Charlotte. The site for InnerLoop North is situated 1.5 miles from I-77, two miles from I-485 and less than five miles from I-85. The property features 30- and 32-foot clear heights, on-site trailer parking and an ESFR sprinkler system. The project team includes architect Merriman Schmitt, general contractor InterCon Building Corp. and lender Regions Bank. Beacon Partners expects to deliver InnerLoop North in the fourth quarter.
RALEIGH, N.C. — Phase II of North Carolina State’s (NC State) Talley Student Union in Raleigh is underway. The development includes a 117,000-square-foot renovation and a new 171,000-square-foot addition. Phase II, set for an early 2015 completion, will include a four-story atrium carved from the existing structure, bookstore, additional offices, renovations to the 800-seat Stewart Theater, a video wall facing exterior gathering space Stafford Commons, meeting rooms and lounge areas. The project team, including Cooper Carry and Duda|Paine Architects, is designing the student union to achieve LEED Silver certification. NC State students also took part in the design process.
CHARLOTTE, N.C. — Homewood Suites by Hilton has opened a four-story, 117-suite hotel at 12030 Copper Way in Charlotte’s Ballantyne neighborhood. The hotel, known as Homewood Suites by Hilton Charlotte Ballantyne Area, will be situated near the Ballantyne Corporate Park, Toringdon Circle and Ballantyne Village. Tara of Ballantyne LLC owns the hotel and has tapped Tara Hospitality Group to manage the property.
HARRODSBURG, KY. — Wheeler Real Estate Investment Trust Inc. (Wheeler REIT) has assumed a contract to acquire Harrodsburg Marketplace, a 60,048-square-foot shopping center in Harrodsburg, for $5 million. Kroger anchors the shopping center, which is located about 30 miles southwest of Lexington. The REIT will use a combination of cash and debt to pay for the property and will assume the contract from an affiliate, Wheeler Interests LLC.
TAMPA, FLA. — RMC Ross Realty has brokered the $4.7 million sale of a 104,510-square-foot industrial property located at 333-337 N. Falkenburg Road in Tampa. Brandon Commerce Center LLC purchased the asset. Elliott Ross of RMC Ross Realty represented the seller in the transaction.
CORAL GABLES, FLA. — CBRE has secured an $86.8 million bridge loan for the acquisition of Douglas Entrance, a five-building office complex at 800, 804 and 806 S. Douglas Road in Coral Gables. Blackstone of New York originated the three-year, interest-only loan on behalf of the borrower, a partnership between Banyan Street Capital and Oaktree Capital Management LP. The 467,325-square-foot complex is 81 percent leased to a mix of 43 tenants, including Univision, MetLife, MasTec & AECOM, Travelers, Lexmark and Movado. Charles Foschini, Christian Lee and Christopher Apone of CBRE arranged the loan.
CHAPEL HILL, N.C. — Eller Capital Partners, along with its affiliate PEG Capital Management, plans to invest more than $65 million to buy and rehabilitate three apartment communities in Chapel Hill. As part of the acquisition, the three assets have been rebranded as The Apartments at Midtown 501, 86 North Apartments and Timber Hollow Apartments. Eller Capital will rehabilitate the three communities with updated amenity offerings, modern interior finishes and energy-efficient systems. Eller Capital has proposed to expand Timber Hollow, which, if successful, will be the first time a developer has offered on-site affordable housing units in a rental project in the history of Chapel Hill. Eller Residential Living, an affiliate of Eller Capital Partners, will serve as the on-site manager of the properties.
CHARLOTTE, N.C. — Charlotte-based Ferncroft Capital has acquired Morrison, a 131,000-square-foot, Class A retail property in Charlotte’s SouthPark neighborhood, for $44.9 million. Morrison, located at the intersection of Sharon and Colony roads, is fully leased to tenants such as Earth Fare, Barnes & Noble, Capitol, TrySports and Firebirds. The asset is part of the larger Morrison mixed-use community that features 314 luxury apartments and 119 condominiums. Berkeley Capital Advisors represented the seller in the transaction, and Bryan Brooks of Medalist Capital arranged acquisition financing. Ferncroft will retain Madison Marquette as the property manager.
CHARLOTTE, N.C. — The Connor Group has purchased The Arboretum, a 277-unit, Class A apartment community in south Charlotte. The Connor Group purchased the asset from Simpson Financial LP for $32.3 million. The apartment community features a resort-style swimming pool, indoor lap pool, business center, fitness center, billiards and media room and lighted tennis courts. The Arboretum is The Connor Group’s third acquisition in the Charlotte market in the past seven months.