ARLINGTON, VA. — HFF has arranged $65 million in financing for The View, a 17-story, 257-unit apartment tower at 4000 Wilson Blvd. in Arlington’s Rosslyn-Ballston Corridor. The View is located in the Library Center enclave at the Ballston Metro Station. Liberty Center is a 2.3 million-square-foot mixed-use development. Delivered earlier this year, the LEED Silver-certified property has an amenity package that includes a concierge desk, fitness center, club room, private courtyard, movie screen, 9,000 square feet of retail space and a common area rooftop. Sue Carras, Walter Coker and Brian Crivella of HFF arranged the 15-year, fixed-rate loan through Prudential Mortgage Capital Co. on behalf of the borrower, Ashton Park Associates III LLC, an affiliate of The Shooshan Co. The borrower will use the loan’s proceeds to retire existing construction debt on the property.
Southeast
TAMARAC, FLA. — CBRE has brokered the sale of Marketplace at Tamarac, a 67,202-square-foot retail center located at 6801-6997 W. Commercial Blvd. in Tamarac in Broward County. Marketplace at Tamarac LLC purchased the property from Joge Investments Inc. for approximately $10.6 million. Joge Investments is an affiliate of Janoura Realty and Management Inc. The property is fully leased to tenants such as Floors Direct, Sherwin Williams and Tamarac Preschool Academy. David Donnellan and Todd Weintraub of CBRE represented the seller in the transaction.
TEQUESTA, FLA. — Capital One Bank has provided a $14.6 million HUD 232/223(f) loan to refinance Tequesta Terrace, a 100-bed assisted living and memory care facility in Tequesta, about 21 miles north of West Palm Beach. The property has 71 assisted living units and 29 memory care units. Carolyn Whatley of Capital One Specialty Healthcare Real Estate arranged the 35-year loan on behalf of the borrower, Terrace Communities.
ORLANDO, FLA. — TD Bank has provided a $5.8 million construction loan to AA Metals Inc. for a 103,000-square-foot corporate office and warehouse facility on Landstar Boulevard in the Jetport Industrial Park in Orlando. The property will feature 17,000 square feet of office space and 86,000 square feet of warehouse space. Jim Hanning of TD Bank structured the loan, which features a nine-month construction term and a seven-year permanent term. AA Metals is an importer and distributor of semi-finished aluminum, stainless and galvanized products.
JACKSONVILLE, FLA. — Meridian Capital Group LLC has secured a $9.9 million acquisition loan for San Pablo Apartments, a 200-unit multifamily community located at 14401 Jose Vedra Blvd. in Jacksonville. Michael Brown and Noam Kaminetzky of Meridian Capital’s Boca Raton office arranged the 10-year Fannie Mae loan with a fixed interest rate of 4.69 percent on behalf of the unnamed borrower.
TAMPA, FLA. — Avison Young has brokered the $3.5 million sale of Stadium Executive Center, a 27,503-square-foot, Class B office building in Tampa. The two-story property is located at 4107 Himes Ave. Trey Carswell and Lauren Coup of Avison Young represented the seller, RMS Assets LLC, in the transaction. The buyer, Roche Surety & Casualty Co. Inc., will occupy the second floor of the property and maintain three leases on the first floor.
STUART, FLA. — Marcus & Millichap has brokered the sale of Hemingway at Stuart, a 32-unit apartment community located at 1600 S. Kanner Highway in Stuart, about 10 miles southeast of Port St. Lucie. Brandon Rex of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor from Fort Lauderdale, in the transaction. Adam Duncan and Joseph Thomas of Marcus & Millichap represented the buyer, a private investor from California.
RICHMOND, VA. — The Boulder Group has arranged the $1.6 million sale of a single-tenant Chipotle Mexican Grill in Richmond. The recently developed 2,215-square-foot property is located at 8955 Staples Mill Road. The restaurant is an outparcel to a Target-anchored shopping center and is located across the street from a Kroger-anchored shopping center that’s currently under construction. Chipotle has approximately nine years remaining on its lease term. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a real estate partnership based in North Carolina, in the transaction. The buyer was an investor based in Germany.
ALPHARETTA, GA. — KBS Real Estate Investment Trust (KBS REIT I), a non-traded REIT based in Newport Beach, Calif., has signed a new tenant to a 14,701-square-foot lease at its Great Oaks Center office park in Alpharetta. Ben Parker of Avison Young represented the tenant, Star & Shield Services LLC, in the lease transaction. Elliott Grand and Jeff Keppen of CBRE represented KBS REIT I. Great Oaks Center is located at 11560 Great Oaks Way.
As the first quarter of 2014 comes to a close, the biggest question mark facing the Charlotte market is whether or not it can handle the historically high supply levels. Despite nearly 3,500 units delivered over the past 12 months, vacancy has held steady, and rents have continued to grow by 2 to 3 percent. But with another 10,000 units under construction, Charlotte is at a critical juncture. With the pipeline at an all-time high and new projects being announced seemingly every week, will there be enough continued demand to absorb the next wave of deliveries? The ability to absorb the pending supply is largely based on the area’s favorable demographic trends and potential job growth. Between 2000 and 2010, Mecklenburg County’s population grew by 32 percent, over three times the national average, and that trend has continued with more than 7 percent growth since 2010, including the second-highest growth rate in the state from 2012 to 2013. Moreover, since 2010, Mecklenburg and Wake (Raleigh/Durham) counties have accounted for nearly half of the state’s overall population increase. That pattern mirrors a national trend of a growing desire to live in an urban environment. That paradigm shift is largely based on …