ATLANTA — Cohen & Associates, a Los Angeles-based real estate investment firm, has borrowed $10 million to refinance the Renaissance Walk Apartments in downtown Atlanta. The 140-unit property is located at 171 Auburn Ave. N.E. in Atlanta’s historic Auburn Avenue district. The five-story property, which spans an entire city block, features 30,500 square feet of street-level retail. Shlomi Ronen of Dekel Capital and David Wallenstein of Churchill Capital arranged the loan through Prudential Mortgage on behalf of the borrower.
Southeast
BLACKSBURG, VA. — HFF has brokered the $76.2 million sale of Terrace View Apartments, a 756-unit, 1,720-bed student housing community in Blacksburg. The community is located at 413 Hunt Club Road within walking distance to the Virginia Tech campus. The community, which is fully occupied, was renovated this year. The property includes a clubhouse, fitness center, swimming pool, resort-style hot tub with waterfall, tanning bed, game room, TV lounge, disc golf course, community garden, beach volleyball court, dog park, basketball and volleyball courts and 12 picnic areas. Brian Kelly, Troy Manson and Mike Higgins of HFF represented the seller, a joint venture between Iconic Development and Wheelock Street Capital. The buyer, MCS Capital Partners, assumed an existing Fannie Mae loan in the acquisition.
SPARTANBURG, S.C. — SunCap Property Group has selected Meridian Design Build’s national projects group to construct a 254,353-square-foot sorting and distribution center in Spartanburg. The new facility will include 98 loading docks, 166 interior van loading positions, 195 exterior trailer stalls and 10,953 square feet of office space. The project will also feature a vehicle maintenance facility, remote fueling island and a gateway security building. The design team includes architect McMillan Pazdan Smith Architecure and civil engineer Blackwood Associates Inc.
SAVANNAH, GA. — Chatham Lodging Trust, a hotel REIT, has purchased the 160-room SpringHill Suites by Marriott Savannah Downtown/Historic District for $39.8 million. The hotel is the newest hotel in Savannah’s waterfront district. The hotel’s amenity package includes a heated outdoor pool, fitness center, 2,645 square feet of meeting space and valet parking. The hotel is managed by Island Hospitality Management, which is 90 percent owned by Jeffrey Fisher, CEO of Chatham Lodging Trust.
ORLANDO, FLA. — CBRE has arranged the $31.5 million sale of Falcon Pines, a 300-unit apartment community located in Orlando. The gated apartment community is located at 10200 Falcon Pines Blvd. in the East Orlando submarket. The community was 92 percent occupied at the time of sale. The property features a resort-style swimming pool, fitness center, business center, dog park, playground and barbecue areas. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, an unnamed institutional group, in the transaction. The buyer, Atlanta-based Carroll Organization, will renovate the property to boost the property’s rental rates, according to CBRE.
CORNELIUS, N.C. — Antiquity, a master-planned community located 20 miles north of Charlotte in downtown Cornelius, will develop a new 53,000-square-foot Harris Teeter grocery store with a drive-thru pharmacy. Cam Finley of Venture Properties, developer of Antiquity, expects to break ground on Harris Teeter in April 2014 and deliver it in the first quarter of 2015. Will Whitely and Paula Sanders of New South Properties are the exclusive leasing agent for Antiquity.
WASHINGTON, D.C. — The Greysteel Co. has arranged the sale of the Brightwood Portfolio, three walk-up apartment communities in Washington, D.C. The 130-unit portfolio includes the Concord, Valencia and the Vizcaya. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown, Lance Ahmadian and Mike Bediones of Greysteel represented the seller, Bernstein Management Corp., in the transaction. The buyer, The Hampstead Cos., purchased the properties in partnership with NixDevCo and the portfolio's tenant association. Citi Bank, Affordable Investment Advisors and Local Initiatives Support Corp. provided bridge financing on behalf of the buyer.
KENNESAW, GA. — HFF has closed the sale of West 22, a 245-unit, 850-bed student housing community serving Kennesaw State University students in Kennesaw, a northern suburb of Atlanta. HFF also arranged acquisition financing for the buyer, Austin, Texas-based Campus Advantage. West 22 is located at 3615 Cherokee St., approximately 1.7 miles from the campus and less than one mile from Interstate 75 northwest of downtown Atlanta. Completed in 2013, the property includes a mixture of cottages, manor houses and flats averaging 1,356 square feet each. West 22's amenities include a two-story fitness center, clubhouse, resort-style pool, amphitheater, sports and recreation field, half-mile fitness trail, sand volleyball court, basketball court, study rooms, Internet café and shuttle service to and from campus. The property is 98 percent leased for the 2013/2014 academic year. Troy Manson and Brian Kelly of HFF represented the seller, a joint venture between South City Partners and The Carlyle Group, in the transaction. Adam Herrin, Eric Tupler and Gregg Shapiro of HFF secured the 10-year, fixed-rate acquisition loan through M&T Bank.
MONTGOMERY, ALA. — Eastern Union Funding has arranged a $10.8 million acquisition loan for Eagle Landing, a 392-unit apartment community in Montgomery. Michael Muller and Ira Zlotowitz of Eastern Union originated the three-year loan. The property was partially renovated during the past two years. Eagle Landing is located at 5800 Eagle Circle.
DADE CITY, FLA. — Cushman & Wakefield has arranged $9.2 million in acquisition loan for Sweetwater Apartment Homes, a 172-unit community located in Dade City. The apartment community was 96 percent leased at the time of sale. Sweetwater Apartment Homes features a swimming pool, tanning lounge, fitness center, grill stations, business center and a playground. Mike Ryan, Will Killgore and Jeff Walker of Cushman & Wakefield's Atlanta office arranged the loan through Goldman Sachs on behalf of the buyer, New York-based Beachwold Residential. Byron Moger and Luis Elorza of Cushman & Wakefield also represented the seller, Wells Fargo, in the transaction.