HICKORY, N.C. — WB Ventures has sold the 118-unit Creekside Apartments, a garden-style multifamily community located at 1227 10th St. Blvd. NW in Hickory, to Interurban Properties for $5.93 million. Amenities include a pool, clubhouse, tennis courts and outdoor grilling area. The acquisition included the assumption of a Fannie Mae loan. Beau McIntosh and Brian Ford of Capstone Apartment Partners represented the seller in the transaction.
Southeast
ORLANDO, FLA. — Don Jennewein and Nathan Lynch of CBRE Group have arranged a $20 million mortgage loan through ING on behalf of Emerson International. The 20-year loan has a 4.65 percent interest rate, and enables the company to retire existing mortgages on five Class B office properties totaling 350,000 square feet. The facilities include Major Plaza buildings I and II, Altamonte Lakeside Plaza Office Park and University Research Park I in Orlando, and Louisiana Office Park in Winter Park, Fla.
MOORESVILLE, N.C. — Q10/Professional Mortgage Co. has secured an $8.3 million, fixed-rate loan on the 122,117-square-foot Mooresville Town Square, a shopping center located along Brawley School and Williamson roads in Mooresville. Bryson Thomason of Q10 arranged the loan on behalf of an institutional lender that Q10 represents as a loan correspondent. Q10 will service the loan.
Limited multifamily rental development and additional hiring by local employers will sustain another strong year for the Louisville apartment sector during 2012. Despite a slight increase in vacancy during the first three months of the year, tight conditions prevail as many residents moved into apartments during the past two years. Local employers expanded payrolls during the past two years and more than half of the jobs lost in the metro during the recession have been recovered. The market continues to benefit from the revival of Ford, while the area’s logistics and transportation employers have added workers as more packages and freight move through Louisville en route to other markets. The reinvigorated drivers of apartment demand continue to benefit most locations around the metro, but none more than the submarkets encompassing suburban communities located beyond the inner beltway. Overall vacancy in this area, which contains about three-fourths of the market’s apartments, sits at less than 4 percent, with the Class A rate closer to 3 percent. A lack of new construction will keep rents and vacancies healthy in the Louisville metro area. The 35-unit Whiskey Row Lofts in the West Central submarket delivered in the first quarter, becoming the only market-rate …
MIAMI — Newgard Development Group has started construction on the $170 million, 374-unit BrickellHouse, a 46-story condominium high-rise located at 1300 Brickell Bay Drive in Miami. Amenities will include a 46th-floor rooftop pool deck, luxury health spa, fitness center and a robotic parking garage system. The property is 94 percent pre-leased. Completion is slated for 2014.
DANIEL ISLAND, S.C. — Spectrum Properties Residential plans to build the 260-unit Simmons Park, a luxury apartment community located on Daniel Island. Amenities will include a pool area with a hot tub overlooking a lake, grilling area, fitness center, community room, yoga studio, covered parking, a cyber café, coffee bar and a business office. Completion is slated for 2014.
GAITHERSBURG, MD. — JBG Rosenfeld Retail and The Bozzuto Group have closed on the $28 million acquisition of 20 acres of land within the 182-acre Crown mixed-use development, located in Gaithersburg, to build the retail and multifamily project Downtown Crown. The property will include 260,000 square feet of retail space with 538 apartments. Harris Teeter has pre-leased 53,000 square feet of retail space and LA Fitness signed a 40,000-square-foot lease. The apartment units will be known as The Cadence at Crown, and amenities will include five courtyards, three outdoor kitchens, a pool, fitness center, yoga studio, business center, conference room and media theater. The first units are slated to open summer 2014. Northwestern Mutual is providing both an equity and a construction and permanent loan for the development of the apartment units. The companies plan to break ground later this summer.
FREDERICKSBURG, VA. — KeyBank Real Estate Capital has arranged two loans totaling $66.6 million through Fannie Mae for two multifamily properties, the 476-unit Manor at England Run and the 200-unit The Greens at Falls Run, located in Fredericksburg. The loans were used to repay two bridge loans totaling $62.55 million. Jeff Aycock of KeyBank arranged the seven-year, fixed-rate loans through Fannie Mae on behalf of the borrower, BPG Properties.
TAMPA, FLA. — Canyon Capital Realty Advisors has provided a $27.4 million senior loan to refinance GCAK Tampa’s assets in Grand Central at Kennedy, a mixed-use property located in Tampa. The property includes 392 residential condominium units, 110,000 square feet of ground-floor retail space and 70,000 square feet of office space. Robert Hernandez and Alison Williams of NorthMarq Capital arranged the loan, which will enable GCAK to complete the sales and marketing of the remaining condominium units and continue to lease up and build-out the remaining first-generation office and retail space.
ASHEVILLE, N.C. — Akron, Ohio-based Summit Management Services has sold the 140-unit Eastwood Village, located at 32 Olde Eastwood Village Blvd. in Asheville, to Chicago-based Privet Investments for $13.75 million. Amenities include a swimming pool, clubhouse, outdoor kitchen, business center and a 24-hour fitness center. Hal Kern and Richard Montana of CBRE Group represented the seller in the transaction.