ALEXANDRIA, VA. — Walker & Dunlop has arranged $67.5 million in financing for the 443-unit Huntington Gateway Apartments, a high-rise residential community located in Alexandria. Amenities include a fitness center, spa, racquetball court, barbecue area, fireside lounge and tennis courts. Ted Hermes and Elizabeth Conahan of Walker & Dunlop arranged the 10-year loan with a 30-year amortization schedule through New York Life Insurance Co. on behalf of the borrower, Huntington Apartment Associates.
Southeast
BOYNTON BEACH, FLA. — Beech Street Capital has secured a $21.7 million acquisition loan for the 300-unit Ashley Lake Park, a multifamily community located in Boynton Beach. Amenities include a 24-hour fitness center, basketball court, two resort-style pools, jacuzzi, laundry facility, playground, tennis court and clubhouse with Wi-Fi. Mitch Sinberg and Michael Wallace of Beech Street arranged the seven-year loan with two years of interest-only payments through Freddie Mac's CME program on behalf of the borrower, Robbins Property Associates.
ATLANTA — The 1,073-room Westin Peachtree Plaza, located in downtown Atlanta, has started a $45 million renovation, which includes completely redesigned guest rooms and hallways, an update to the six luxury suites and the addition of five rooms. A $3 million renovation of the Sun Dial Restaurant, Bar & View, located on top of the 73-story hotel, is planned to begin in the coming months. The room renovation is slated for completion by mid-November.
MOBILE, ALA. — Burton Property Group has acquired the 140,190-square-foot Westwood Plaza and the 244,024-square-foot Schillinger Towne Centre, located in Mobile, from The Guardian Life Insurance Company of America for $33.25 million. Hobby Lobby and Office Max anchor Westwood Plaza and Walmart SuperCenter and Burke's Outlet anchor Schillinger Towne Center. Josh Burmeister of SRS Real Estate Partners represented the buyer in the transaction. Kris Cooper and Margaret Caldwell of Jones Lang LaSalle represented the seller. Richard Brinson of Grandbridge Real Estate Capital arranged acquisition financing.
BALTIMORE — Home Properties has sold the 177-unit Woodholme Manor Apartments, located at 8049 Woodgate Court in Baltimore, to Woodholme DNB Associates, a subsidiary of Geller Associates, for $16 million. Amenities include a pool, laundry facilities and playground. The buyer plans to complete renovations to 19 units. Jeff Coles and Don Dworkin of First Capital Realty represented the seller in the transaction.
BATON ROUGE, LA. — RockBridge Partners has purchased the 290-room Hilton Baton Rouge Capital Center, located on the Mississippi River in downtown Baton Rouge. The property includes more than 20,000 square feet of meeting space, an outdoor pool, garden deck and the Viking Cooking School Outdoors. Dallas-based Prism Hotels & Resorts sourced the off-market deal and will manage the property, which will undergo a $7.1 million renovation.
VIRGINIA GARDENS, FLA. — Marcus & Millichap has arranged the $7.5 million sale of a 134,743-square-foot office property, located at 6595 NW 36th St. in Virginia Gardens. The building is 67 percent leased to tenants in service industries including health care, insurance, real estate and government. Alex Zylberglait off Marcus & Millichap represented the seller, a Texas-based limited liability company, in the transaction, as well as the buyer, a North Miami Beach, Fla.-based limited liability company.
DURHAM, N.C. — American Real Estate Partners has sold the three-building Keystone Park, located west of the Interstate 40/540 intersection in Durham, to an affiliate of Investcorp for $48.4 million. The portfolio is 94 percent leased to 23 tenants in the healthcare, research, technology and financial services industries. Paul Collins, Bill Collins, Drew Flood, Jud Ryan, James Cassidy and David Finger of Cassidy Turley represented the seller.
GREENVILLE, S.C. — STAG Industrial has purchased two warehouse and distribution facilities, located near Greenville, for $26 million. The properties total 787,380 square feet and are fully leased with an average lease term of 4.5 years. The buildings include a 474,000-square-foot building, which is primarily leased to L. Perrigo Co., and a 313,380-square-foot building, which is leased to Arvato Digital Services.
KISSIMMEE, FLA. — Marcus & Millichap has arranged the $9.55 million sale of the 83,340-square-foot Kissimmee Korners, located at 1507 N. John Young Parkway in Kissimmee. Tenants include Budget Rent-A-Car, Little Caesars, United Legacy Bank and state government offices. Douglas Mandel and Mark Thompson of Marcus & Millichap represented both parties in the transaction.