MIAMI BEACH, FLA. — Hersha Hospitality Trust has refinanced the outstanding debt on the 263-room Courtyard Miami Beach Oceanfront, located at 4101 Collins Ave. in Miami Beach. The $60 million, interest-only loan includes a four-year term and a 4.32 percent interest rate. The initial funding for the loan is $45 million, with three additional draws of $5 million every 90 days to fund the construction of a new, 93-room oceanfront tower. Completion is slated for late 2013.
Southeast
HICKORY, N.C. — Charlotte, N.C.-based Selwyn Property Group has acquired the 70,000-square-foot Hickory Plaza, a retail center located at the intersection of Highways 321 and 70 in Hickory. Roses anchors the center, which is 70 percent leased. Bill Simerville of Cassidy Turley represented Faison, the seller, in the transaction. The buyer was self-represented.
MIAMI — Link Construction Group has finished the $2.9 million, 15,000-square-foot Olga Maria Martinez Senior Center, located near Kendall Drive and SW 152nd Avenue in Miami. The two-story facility will provide adult daycare services and features classrooms, activity rooms, a main gathering hall, a lunch meal site and supporting office spaces. Little Havana Activities and Nutrition Center developed the property with a series of state and local grants. Vidal Architects designed the center.
ST. PETERSBURG, FLA. — Marcus & Millichap has arranged the $1.82 million sale of the 50-unit Crescent Lake, a multifamily property located at 1801 5th St. N. in St. Petersburg. Michael Donaldson of Marcus & Millichap's Tampa, Fla., office represented both parties in the transaction.
JACKSONVILLE, FLA. — Jax Hotel has sold the 112-room Hampton Inn East, located at 1021 Hospitality Lane in Jacksonville, to Sun Coast Hospitality. The buyer plans to renovate the hotel. David Mumford of Mumford Co.'s Newport News, Va., office, along with Steve Kirby of the firm's Atlanta office, represented the seller in the transaction.
WILMINGTON, N.C. — Grandbridge Real Estate Capital has secured $6.5 million in first mortgage financing for two office buildings located on the Miller-Motte College campus in Wilmington. The buildings total 80,595 square feet, and include classrooms, laboratories, a library, student lounge and offices. Robert Hukill of Grandbridge arranged the 12-year, fully amortized loan through Coastal Federal Credit Union.
MIAMI BEACH, FLA. — Vornado Realty Trust has acquired the 167,000-square-foot 1100 Lincoln Road, a retail property located in Miami Beach, for $132 million. The property, which was acquired through Vornado Capital Partners LP., is 97 percent leased and tenants include Regal Cinemas, Anthropologie and Banana Republic. The acquisition was partially funded by a new $66 million mortgage loan.
ELON, N.C. —Elon University has selected Choate Construction Co. to build the private college's 249,416-square-foot Global Village project in Elon. The development will include five residence halls with 600 beds and a 30,000-square-foot commons building, containing the Isabella Cannon International Centre, classrooms, faculty offices, study rooms and large gathering spaces. Spillman Farmer Architects is the architect for the project. Construction is scheduled to begin in late July with phased delivery dates in August 2013 and August 2014.
HOLLYWOOD AND LIBERTY CITY, FLA. — Link Construction Group has finished two affordable housing developments totaling $12.2 million, located in Florida. In Hollywood, the firm completed the $5.2 million, 33-unit City of Hollywood Wiley Street Redevelopment project. The City partnered with Libreria Economic and Social Development to develop the property, which Frank Costoya Architects designed. Also included in the construction was a community center. The company also finished the $7 million, 60-unit Parkview Gardens, located at 1475 NW 61st St. in Liberty City. Parkview Gardens LTD developed the project, which Siskind Carlton and Partner designed.
DURHAM, N.C. — Phillips Development & Realty has secured a $26.7 million construction loan to develop the 292-unit Phillips Research Park Apartments in Durham. The 40-year, fixed-rate loan was funded through CBRE HMF, using HUD's 221(d)(4) financing program. LandSouth Construction is the general contractor for the project. The first units are slated for completion in spring 2013 with full completion scheduled in September 2013.