ATLANTA — Cornerstone Development Partners and Stein Investment Group have formed a joint venture to develop a $65 million mixed-use medical complex at the intersection of Collier and Peachtree roads across from Piedmont Hospital in Atlanta. The Cornerstone Medical Center will span 161,000 square feet and will largely be made up of medical office space. The development will also include 16,000 square feet of street-level retail and restaurants. The seven-story complex will feature four levels of below-grade parking and a secure doctors-only area with direct, private elevator access to the medical suites. The Cornerstone-Stein joint venture plans to break ground this summer and complete the development in 2015. A nearby Chick-fil-A restaurant will relocate to the ground floor of the development. The property will be developed in compliance with the Beltline Overlay conditions.
Southeast
DORAL, FLA. — Starwood Hotels & Resorts Worldwide Inc. has broken ground on Element Miami Doral as part of a dual-hotel development in metro Miami alongside Aloft Miami Doral, which opened in March 2013. Starwood will open the new hotel in July 2015. Eurocon LLC owns the 139-suite property. The hotel will feature a 24-hour fitness center, outdoor saline pool and a 1,500-square-foot meeting room. Element is the first major hotel brand to mandate that all properties pursue LEED certification, according to Starwood.
TAMPA, FLA. — Westmount Realty Capital LLC has purchased a 332,143-square-foot industrial portfolio in Tampa. The portfolio consists of six showroom and flex buildings on West Waters Avenue; two rear-load, dock-high buildings on Sunstate Street; and six front-load, dock-high distribution warehouses on Pioneer Park Boulevard. The portfolio is currently averaging 77 percent occupancy. Steve Kanoff of Westmount Realty Capital led the team on the acquisition. Cushman & Wakefield’s Tampa office represented the seller in the transaction. NorthMarq Capital’s Tampa office procured the debt on behalf of Westmount Realty Capital.
OXFORD, MISS. — Capital Advisors has arranged $11.5 million in refinancing for University Trails, a 156-unit, 492-bed student housing community in Oxford. The Class A community serves students from the University of Mississippi. The property features a resort-style swimming pool, beach volleyball court, basketball courts, a game room, fitness center and media center. Cooper Willis of Capital Advisors arranged the seven-year loan with a 30-year amortization schedule on behalf of the borrower, TEXLA Oxford LLC. The loan, fixed at an interest rate of 4.62 percent, was arranged through Freddie Mac via Walker & Dunlop.
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.
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.