DURHAM, N.C. AND FLORENCE, S.C. — Grandbridge Real Estate Capital has closed $17.1 million in first mortgage loans for The Shops at Erwin Mill in Durham and Crossroads Shopping Center in Florence. Taylor Williams of Grandbridge’s Jacksonville, Fla., office originated both loans. The 10-year loan for the refinancing of the 86,901-square-foot Shops at Erwin Mill was arranged through an unnamed life insurance company. The 10-year loan for the refinancing of the 110,675-square-foot Crossroads was arranged with a 30-year amortization schedule and two years interest-only payments through an unnamed CMBS lender.
Southeast
PENSACOLA, FLA. — Marcus & Millichap has brokered the $4.1 million sale of a net-leased retail property located in Pensacola. Walmart Neighborhood Market has a 20-year ground lease on the asset. Don McMinn and Zachary Taylor of Marcus & Millichap’s Atlanta office represented the seller, a Tennessee-based developer, in the transaction. Patrick Furlong of Marcus & Millichap’s Seattle office secured and represented the buyer, a private investor based in California that purchased the asset in a 1031 tax-deferred exchange. Kirk Felici of Marcus & Millichap assisted in the transaction.
ASHEVILLE, N.C. — Pine Tree Commercial Realty LLC has acquired Riverbend Marketplace, a 142,617-square-foot shopping center in Asheville. Pine Tree purchased the asset in the city’s Tunnel Road Corridor in partnership with Wanxiang America Corp. Riverbend Marketplace’s tenant roster includes Kohl’s, rue 21, Great Clips, Family Christian Stores and PetSmart. The shopping center is Pine Tree’s first asset in North Carolina.
PEARL, MISS. — The Boulder Group has brokered the $2.3 million sale of a single-tenant retail property located at 1039 Centre Pointe Blvd. in Pearl, 10 miles east of downtown Jackson. The newly constructed, 20,317-square-foot property is leased to Safelite AutoGlass for 15 years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Florida-based real estate investment firm, in the transaction. The seller was a real estate developer based in Texas.
DUNDALK, MD. — Enterprise Homes has opened The Greens at Logan Field, a 102-room affordable seniors housing facility in Dundalk, a suburb in Baltimore County. The $15.2 million development has apartments available to low- and moderate-income seniors earning up to 60 percent of the area median income. The four-story property totals approximately 97,000 square feet and features several patios, a sunroom, fitness room, activity/computer room, laundry facility, TV lounge, community room and hospitality suite. Bank of America provided construction financing for the project. Other financing was comprised of developer equity and debt from Baltimore County, Maryland Department of Housing and Community Development, Rental Housing Works, Elderly Rental Housing Program, EmPOWER Maryland, as well as a Federal Home Loan Bank Atlanta grant.
NASHVILLE, TENN. — Multi Housing Advisors (MHA) has brokered the $22.8 million sale of Creekstone Apartments, a 316-unit apartment community located at 266 Stewarts Ferry Pike in Nashville. Built in 1987, the apartment community features a pool, volleyball courts, tennis courts, fitness center and a business center. Brett Kingman of MHA’s Atlanta office represented the seller, Creekstone TN LLC, in the transaction. Monsey, N.Y.-based White Eagle Property Group LLC acquired the property.
NAPLES, FLA. — HFF has arranged the sale of Crossroads Market and Neapolitan Way, two Publix-anchored shopping centers in Naples. Danny Finkle, Luis Castillo and Kimberly Flores led the HFF investment sales team that represented the seller, Madison Marquette Retail Services, in the transaction. A private real estate fund advised by Crow Holdings Capital-Real Estate purchased the two assets. Crossroads Market is located at 6029 Pine Ridge Road and is 98.4 percent leased to tenants such as Publix, Walgreens, Crunch, Physicians Regional Health Care and Chase Bank. Neapolitan Way is located at 4601 Tamiami Trail and is 92.9 percent leased to tenants including Publix, Walgreens and Bill Smith Appliances.
JACKSONVILLE, FLA. — Greystone has provided a $16.5 million CMBS loan to refinance Eden’s Edge, a 244-unit multifamily property in Jacksonville. The gated apartment community features a swimming pool, resident lounge, business center, fitness center and a playground. Brian Fintz of Greystone’s New York office originated the five-year loan on behalf of the borrower, Real Capital Solutions.
LOUISVILLE, KY. — Associated Bank and MB Financial Bank have closed a $44 million construction loan for student housing near the University of Louisville (UofL). The project is a 271-unit, 758-bed property located to the east of the college at Crittenden Drive and Warnock Street. The developer, HRB Louisville LLC, a joint venture that includes affiliates of Royal Properties and The John Buck Co., expects to complete the property before classes begin in fall 2015. Edward Notz of Associated Bank’s Chicago office originated the loan on behalf of HRB Louisville. Associated Bank will act as the administrative agent for the loan.
BOCA RATON, FLA. — Konover South LLC has purchased Yamato Crossing, a 28,000-square-foot retail center in Boca Raton, for $13 million. The property is currently 92 percent leased to CVS, Panera Bread and a yet-to-be-built Regions Bank outparcel. Konover South purchased the property through a bankruptcy auction. In addition to owning Yamato Crossing, the company plans to lease and manage the asset as well.