COCONUT CREEK, FLA. — Grandbridge Real Estate Capital has closed a $39.5 million fixed-rate acquisition loan for Hillsboro Bay Club Apartments in Coconut Creek, part of the Fort Lauderdale MSA. The 366-unit apartment community features a pool, fitness center and 20-acre recreational lake. Mike Ortlip of Grandbridge originated the loan through a life insurance company. Josh Davis of Grandbridge assisted in the transaction.
Southeast
NORFOLK, VA. — NorthStar Real Estate Income II has originated a $39.2 million senior loan for a 225-unit, Class A apartment community in Norfolk. The property is located in Norfolk’s Ghent Historic District. The community features 14,800 square feet of ground-floor retail space. NorthStar originated the loan on behalf of the borrower, a multifamily owner and operator, with available cash and a $19.6 million advance on its secured term credit facility. An affiliate of the borrower manages the community.
CHARLOTTE, N.C. — Canyon Capital Realty Advisors LLC has provided a $12 million construction loan for Presidio, a 298-unit, Class A apartment community in Charlotte. The borrower, NRP Group LLC, will develop the community in Charlotte’s South End district at the intersection of South Church and West Morehead streets. The project will break ground in the first quarter of 2014 and deliver individual units in the fourth quarter of 2015.
WEST PALM BEACH, FLA. — A10 Capital has provided a $5 million acquisition loan for a mid-rise suburban office building in West Palm Beach. The 69,715-square-foot, Class B office building was 69 percent leased at the time of sale. Chuck Taylor of A10 Capital’s Atlanta office structured and closed the loan on behalf of the borrower, a local investor and office operator. Jason Hochman of CBRE arranged the debt placement. CBRE represented the seller in the transaction.
TAMPA, FLA. — The U.S. Green Building Council has awarded the Bank of America Plaza in Tampa LEED Gold certification. MetLife owns Bank of America Plaza, and CBRE’s Anne-Marie Ayers, Phil Weber and Erica Waltermire leases the building. CBRE’s on-site management team, which includes Julie Palmer-Nicholson, Lynn Vilmar and Doug Lawson, worked with the technical services team to garner energy savings and follow MetLife and CBRE’s commitment to sustainability.
NEWNAN, GA. — Batson-Cook Construction has begun construction on a new $48 million addition to the Cancer Treatment Centers of America (CTCA) at Southeastern Regional Medical Center in Newnan. The addition will include 121,000 square feet of new space and 30,000 square feet of remodeled space. Batson-Cook, which delivered Southeastern Regional Medical Center in 2012, will build CTCA’s addition in four phases: two vertical additions, the addition of 25 patient rooms and a penthouse and a four-story addition. A one-story surgery expansion is also underway at CTCA.
HOMEWOOD, ALA. — Hendricks-Berkadia has arranged the sales of the 150-unit Knoll Crest and the adjacent 127-unit Olympia Village, two apartment communities in Homewood. The total sales price was approximately $11.7 million. David Oakley of Hendricks-Berkadia represented the seller, Birmingham, Ala.-based Knoll Crest Partners LLC/Olympia Partners LLC, in the transaction. As part of the transaction, the buyer, New Jersey-based Knoll Crest Holding Co. LLC/Olympia Partners LLC, assumed two existing Fannie Mae loans totaling approximately $9.9 million. The buyer also plans to renovate both properties.
CHARLOTTE, N.C. — Trinity Partners has arranged the $11.1 million sale of the 200,000-square-foot Arrowridge Business Park in southwest Charlotte. The property features four flex buildings located at 8107, 8227, 8301 and 8041 Arrowridge Blvd. The property is currently 83 percent leased to tenants such as Hobart Corp., Bonsal American, Sears Home Improvement, CentiMark Corp. and Miller Electric Co. Dunn Mileham of Trinity Partners represented the seller, a Florida-based investor group, in the transaction. The buyer is Virginia-based Medalist Properties.
JACKSONVILLE, FLA. — Bi-Lo Holdings LLC, the parent company of the BI-LO and Winn-Dixie supermarket chains, plans to convert seven existing Harveys stores in Georgia to Winn-Dixie stores and three existing Winn-Dixie stores in Georgia to Harveys stores. Last month, Bi-Lo Holdings received approval from the Federal Trade Commission to proceed with the transaction to acquire the Sweetbay, Harveys and Reid’s supermarket chains from Delhaize Group pending the divestiture of 12 stores by Bi-Lo Holdings, and Delhaize Group retaining two stores and converting them to the Food Lion banner. The following Harveys stores will convert to Winn-Dixie: · 341 Venture Drive in Brunswick · 5711 Altama Ave. in Brunswick · 284 Hyde Park Commons in Brunswick · 2714 Osborne Road in Saint Marys · 2111 Bemiss Road in Valdosta · 4036 Bemiss Road in Valdosta · 1715 Norman Drive in Valdosta The following Winn-Dixie stores will convert to Harveys: · 1208 Crawford St. in Americus · 2800 Old Dawson Road in Albany · 1553 US 19 South in Leesburg
MONTGOMERY, ALA. — Beech Street Capital has provided a Freddie Mac CME loan for the acquisition of Bell Station and Watchman Court Apartments in Montgomery. The contiguous properties total 252 units. Chad Thomas Hagwood of Beech Street’s Birmingham, Ala., office originated the loan on behalf of the borrower, EBSCO Watchman Drive. EBSCO plans to combine the operations of both properties, which had separate ownership prior to the transaction. Jimmy Adams of Multi Housing Advisors (MHA) brokered the sale. The sale is the first transaction to close since Beech Street Capital and MHA formed their alliance in mid-January.