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.
Southeast
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.
CHARLOTTE, N.C. — Red Mortgage Capital has financed a $21.18 million FHA insured mortgage loan for the 164-unit 330 West Tremont Apartments in Charlotte. The four-story apartment building, which will be located above a two-level parking deck, is slated for completion in 2013. Boykin Management Co. has a majority interest in the project, and is working with The Boulevard Company to develop the project.
SILVER SPRING, MD. — A 65,000-square-foot ShopRite, located on Cherry Hill Road in Silver Spring, has sold for $13.7 million. The grocery store shares co-tenancy with Target, Kohl's, Babies “R” Us and Staples. Bill Kent, Chris Bosworth, Gary Lawrence and Will Pike of CBRE Group represented the seller, Acadia-MCB Holding Co., a joint venture between MCB Real Estate and Acadia Realty Trust, in the transaction. The buyer was an entity advised by Mark Holdings.
CHARLOTTE, N.C. — Kimco Realty Trust has acquired a four-property portfolio that includes four shopping centers in the Carolinas from EDENS. The properties include the 51,691-square-foot Forest Park in Greenville, S.C.; the 88,955-square-foot Davidson Commons in Davidson; the 73,230-square-foot Mountain Island Marketplace in Charlotte; and the 153,820-square-foot Overlook Village in Asheville, N.C. Berkeley Capital Advisors represented the seller in the transaction.
WEST PALM BEACH, FLA. — Marcus & Millichap has negotiated the $1.93 million sale of a 6,800-square-foot Sweet Tomatoes ground lease, located at 1900 Palm Beach Lakes Blvd. in West Palm Beach. The restaurant has 13 years remaining on the ground lease, with provided rental increases every five years. Matthew Gorman and Michael Shover of Marcus & Millichap's Philadelphia office, along with Robert Granada of the firm's Fort Lauderdale, Fla., office, represented the seller, a New Jersey-based limited liability company, in the transaction. Gorman, Shover, Granada and Douglas Mandel, also of the firm's Fort Lauderdale office, represented the buyer, a South Florida-based limited liability company.
BALTIMORE — CBRE Group has arranged $180 million in permanent financing for the 612,613-square-foot Legg Mason Tower, a Class A office building located at 100 International Drive in Baltimore. The 24-story building serves as the world headquarters for asset management firm Legg Mason. CBRE Group arranged the financing on behalf of the borrower, H&S Properties Development Corp., through Morgan Stanley and Bank of America.
NEW ORLEANS — The 364-room Doubletree by Hilton Hotel New Orleans, located in New Orleans' CBD, has received $42 million in first mortgage financing. Sonnenblick-Eichner Co. secured the five-year, fixed-rate loan with a 30-year amortization schedule through an international money center commercial bank.
ORANGE CITY, FLA. — Inland Real Estate has purchased the 119,590-square-foot Saxon Crossings Shopping Center, located at 2607 Enterprise Road in Orange City, for $20.7 million. LA Fitness and Hobby Lobby anchor the center, and additional tenants include Jimmy John's, Papa John's Pizza, Woody's BBQ and Mattress One. Cliff Taylor of CBRE Group's Jacksonville, Fla., office, along with Daniel Baker of the firm's Orlando, Fla., office, represented Saxon Crossing Partners, the seller, in the transaction.
CHARLESTON, S.C. — Holder Properties has broken ground on the $17 million, 52,000-square-foot 174 Meeting Street, a Class A office building located in Charleston. The four-story building will include a CertusBank branch, ATM and parking. Additionally, CertusBank has signed a lease to occupy the second floor. McMillian Pazdan Smith Architecture designed the property, which Trident Construction is building. Completion is slated for April 2013.