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.
Southeast
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.
DULUTH, GA. — Oak Coast Properties and IMG have acquired Promenade at Berkeley, a 492-unit apartment community located in Duluth, a northeastern suburb of Atlanta. The buyers purchased the community for $33.7 million from Northwoods Lake Partners LLC. Promenade at Berkeley includes a private lake, two tennis courts, fitness center, dog park, walking trails, playgrounds, a car care center and a business center. The buyers plan to renovate the property in the first quarter.
BATON ROUGE AND NEW ORLEANS, LA. — Jones Lang LaSalle has arranted the sale of a seven-building, 519,137-square-foot office portfolio in Baton Rouge and New Orleans. The assets include the 101,344-square-foot Sherwood Oaks property in Baton Rouge and the 96,978-square-foot Latter Center West in New Orleans. The other properties, which are all located in the Acadian/College submarket of Baton Rouge, include the 81,923-square-foot Citiplace One, the 76,446-square-foot Corporate Atrium, the 74,086 Acadian Centre, the 56,844-square-foot Corporate Two and the 31,516-square-foot Citiplace Two. Kimco Realty Corp. sold the portfolio to Songy Highroads. Rudy Hubbard, Jimmy Board, Kevin McConn and John Ream of Jones Lang LaSalle brokered the sale and secured a CMBS loan on behalf of Songy Highroads through Deutsche Bank.
FREDERICK, MD. — Matan Cos. has been given the green light to go forward with its new 190,000-square-foot Walmart Supercenter in Frederick. The Frederick Planning Commission approved the measure at its last meeting. The new Walmart will be located on the northwest corner of Moncacy Boulevard and Route 26. Matan purchased the development site in 2010.
KNOXVILLE, TENN. — Blanchard & Calhoun Commercial, an Augusta, Ga.-based real estate developer and brokerage firm, has purchased a 23-acre waterfront property formerly known as Baptist Hospital in Knoxville for approximately $6.3 million. Blanchard & Calhoun plans to develop a $160 million mixed-use project known as Riverwalk at the Bridges at the waterfront site. The project will include luxury apartments, student housing suites, a waterfront hotel, restaurants, retail and office space. The development is expected to create 2,000 new jobs in the area. Demolition of the existing Baptist Hospital will begin early this year.
MIAMI BEACH, FLA. — ADD Inc., an architecture and design firm, has commenced on the $40 million renovation of the bayfront Southgate Towers apartment buildings, located at 900 and 910 W. Ave. in Miami Beach. The project will include a new façade, new design for 495 residences, refurbished lobby and ground-floor amenities (including the clubroom and fitness center) and the addition of pool cabanas, a restaurant and retail spaces. Jonathan Cardello of ADD Inc. will lead the project team. Henrico, Va.-based Gumenick Properties owns and manages Southgate Towers. The renovation project is slated to wrap up in 2015.
ATLANTA — CBRE has arranged a $24.6 million loan for the retail portion of Lindbergh City Center, a 187,751-square-foot mixed-use development located adjacent to the MARTA Lindbergh Center station in Atlanta. Carter developed the transit-oriented project in 2003. Anthem College is the anchor tenant alongside several restaurants and retailers. Bill Tyler, Brian Kelly and Tony Swann of CBRE’s Atlanta office arranged the loan through Prime Finance of New York on behalf of Carter.