CONWAY, S.C. — Calkain Cos. has closed on the sale of two industrial properties located in Conway, part of the Myrtle Beach MSA. The properties’ tenants include homebuilder suppliers Pro-Build and Builders FirstSource. Calkain Cos. represented the sellers of both properties.
Southeast
MIAMI — HFF has arranged $31.5 million in financing for two Palm Beach County Hampton Inn hotels in two separate transactions. Elliott Throne, Mike Kavanau and Alexandra Lalos of HFF arranged both fixed-rate loans with 10-year terms through Morgan Stanley Mortgage Capital Holdings Inc.
GULFPORT, MISS. — Chesterfield Faring Ltd. has arranged $10.5 million in financing for Cambridge Apartments, a Class A, 200-unit apartment community located in Gulfport. Jordan Roeschlaub and Jordan Shrier of Chesterfield Faring arranged the loan on behalf of the borrower, RealSource, a national multifamily real estate investment firm based in Salt Lake City.
MIAMI — The Astor Cos. has announced its plans to develop InTown, a $95 million condominium project in Miami’s historic Little Havana neighborhood. The 14-story, two-tower community will be located at 1900 S.W. 8th St. The units will include one-, two- and three-bedroom floorplans, as well as townhome suites. The project will include 18,000 square feet of ground-floor retail space, a 14,000-square-foot pool deck, a 65-foot swimming pool, fitness center, business center, club room with billiard tables and a theater room. The project team includes architect Behar Font & Partners, interior design architect Steven G. Inc. and general contractor Milton Construction.
CHARLOTTE, N.C. — Toronto-based Agellan Commercial REIT has purchased the Linville Building, a Class A,118,497-square-foot office property located in Charlotte, for $19 million. The property was 96 percent occupied at the time of sale. Dunn Mileham of Trinity Partners represented the seller in the transaction. Agellan has retained Trinity Partners to handle leasing the property.
MORROW, GA. — Stage Equity Partners LLC, a Chicago-based healthcare real estate firm, has purchased a 38,000-square-foot medical office building in Morrow, a southern suburb of Atlanta, for $5.8 million. The property is located at 1000 Corporate Center Drive. Stage Equity acquired the property in a sale-leaseback transaction with Clayton Eye Centers, the primary tenant of the building. The building is fully leased, with Tenet Health Systems being an additional tenant. MB Financial Bank provided acquisition financing for the transaction.
KNOXVILLE, TENN. AND SAVANNAH, GA. — NorthMarq Capital has arranged $15.3 million in refinancing for two apartment communities in Knoxville and Savannah. The properties include the 109-unit Tillery Ridge Apartments in Knoxville and the 208-unit Buccaneer Trace Apartments in Savannah. Greg Duvall of NorthMarq Capital’s Kansas City office arranged a $2.8 million loan for the Knoxville property and a $12.5 million loan for the Savannah community. Both loans featured 10-year terms and 30-year amortization schedules. Duvall arranged both loans through Freddie Mac.
ATLANTA — Atlanta-based Multi Housing Advisors LLC (MHA) and Beech Street Capital have formed an alliance to provide their clients advanced market knowledge. The agreement allows Beech Street’s client to access local broker intelligence and MHA’s clients will have access to capital markets. “Investors will be able to explore their financial options with the Beech Street team at the same time they are analyzing the variety of transactions that MHA generates to meet their requirements,” says Grace Huebscher, president and CEO of Beech Street Capital. “As a result, when they find an apartment investment opportunity, they’ll be ideally positioned to bring potential acquisitions to closure more rapidly and with greater certainty by working with Beech Street to provide the best possible financial terms.”
BETHESDA, MD. — Beech Street Capital has provided $92.5 million in Freddie Mac CME loans to refinance a portfolio of five apartment communities in Florida, Alabama and Wisconsin. The portfolio totals 1,254 units and was developed by the borrower, Continental Properties Co. Inc. Adam Bieber of Beech Street originated the loans, which feature seven-year terms and 30-year amortization schedules.
LOUISVILLE, KY. — GBT Realty Corp. has begun construction on Middletown Commons, a 32-acre mixed-use development located along Shelbyville Road at Interstate 265 in Louisville. The development is slated to cost around $50 million to construct. Middletown Commons will feature more than 225,000 square feet of retail space as well as six outparcels. A sports retailer will anchor the development, and several retailers have signed on to tenant the property, including Hobby Lobby, Liquor Barn, Rack Room Shoes, Ross Dress for Less, Chick-fil-A and Texas Roadhouse. The property is 80 percent pre-leased, and the first tenants are scheduled to open in late 2014. Along with GBT Realty, the project team includes project architect MJM Architects, engineers Gresham Smith and Partners and site work contractor Louisville Paving & Construction. PNC Bank is providing construction financing.