HOOVER, ALA. — Berkeley Point Capital has provided $22.65 million in first mortgage financing for the acquisition of the 342-unit Barrington on the Green Apartments, a garden-style multifamily community located at 5775 Summer Place Pkwy. in Hoover. The 10-year loan has the first 5 years interest only, followed by a 30-year amortization schedule. The sponsor plans to initiate a $1.4 million capital improvement program, including major upgrades to unit interiors, common areas and amenities.
Southeast
CUMBERLAND, MD. — Love Funding has arranged $9.22 million in refinancing for the 146-bed Allegany Health Nursing and Rehabilitation Center, located at 730 Furnace St. in Cumberland. Laura Saull-Smith of Love Funding's Washington, D.C., office secured the 35-year loan through HUD's 232/223(f) loan program on behalf of the borrower, Allegany Healthcare Group.
The Upstate area of South Carolina finished 2011 with quite a bit of retail activity and good news on the retail front has continued into 2012. Greenville, Spartanburg and Anderson saw positive retail absorption of 233,144 square feet in the fourth quarter of 2011, according to CoStar, and vacancy rates declined to 6.4 percent in the fourth quarter of 2011 from 6.6 percent the previous quarter. The housing market seems to have stabilized and is showing positive trends, which is good news for retailers. And the Upstate has had a number of new economic development announcements including BMW’s facility expansion and Amazon’s new 1 million-square-foot distribution center, which is under construction in Spartanburg. The Upstate Alliance reported that 2011 brought the creation of more than 5,000 new jobs and capital investment of more than $805 million in investment and expansions. The Upstate South Carolina region has already announced more than $1 billion in capital investment thus far in 2012. The newest announcement is in Union for Belk Inc.’s new distribution center, which brings $4.5 million in capital investment and more than 120 jobs to the area. The Upstate has had success backfilling some big box vacancies. buybuyBABY took over the …
WASHINGTON, D.C. — Jamestown Properties has acquired a 171,000-square-foot office building, located at 733 10th St. in Washington, D.C., from Skanska for $140 million. The LEED Gold certified property also includes 1,800 square feet of ground-level retail space. Amenities include a fitness center, a landscaped third-floor outdoor terrace, a tenant-only rooftop terrace, concierge services, on-site property management and secure underground parking. Eastdil Secured represented the seller in the transaction.
FRANKLIN, TENN. — Denver-based Amstar has sold the 175,262-square-foot McEwen Building, an office building located at 1550 McEwen Dr. in Franklin's Cool Springs submarket, to Newport Beach, Calif.-based KBS Reit III for $40 million. The building is 97 percent leased to tenants that include Renal Advantage, Mars Petcare, Raymond James, Carlisle Cos. and Cisco Systems. Don Albright of Nashville, Tenn.-based Cushman & Wakefield/Cornerstone represented the seller in the transaction. The buyer was self-represented.
PALM BEACH, FLA. — Palm Beach-based AW Property Co. and Dallas-based MedProperties Holdings have acquired a four-property medical office building portfolio in Florida from Healthcare Realty Trust for $33.4 million. The properties total 238,071 square feet and include Countryside Medical Arts in Safety Harbor, St. Andrews Medical Park in Venice, Bonita Bay Medical Centre in Bonita Springs and Southwest Plaza in Fort Myers. AW Property Co. will lease and manage the six buildings. GE Capital provided part of the acquisition financing. Healthcare Real Estate Capital acted as an intermediary for the buyers in the transaction.
PORT ROYAL, S.C. — Olympus Property has purchased the 400-unit Preserve at Port Royal, an apartment complex located at 1 Preserve Ave. W. in Port Royal, for $31.25 million. Amenities include a free YMCA membership, fitness center, two swimming pools, a business center, an internet lounge with coffee bar, walking trails, a pool-side cabana with grills and a playground. Jim Sewell and Steve Mack of Hilton Head, S.C.-based Coastal Apartment Advisors represented the seller, Preserve at Port Royal LLC, in the transaction.
ATLANTA — NorSouth Constructs has started construction on the 48-unit Betmar Village, a seniors housing property located in the Betmar LaVilla community at 345 Ashwood Ave. in Atlanta. National Church Residences is the developer for the project. HUD provided a $3.9 million 202 Elderly Housing Grant for construction of the property, and the Georgia Department of Community Affairs is providing 4 percent tax credits and Invest Atlanta is issuing tax-exampt bonds.
ATLANTA — Orlando-based CNL Lifestyle Properties has closed on its previously announced acquisition of four seniors housing properties in the Greater Atlanta area from Solomon Holdings III Dogwood Four for $79.8 million. The properties, which total 347 units, include Dogwood Forest in Alpharetta, Dogwood Forest of Eagles Landing in Stockbridge, Dogwood Forest in Fayetteville and Dogwood Forest in Gainesville. Trinity Lifestyles Management will continue to manage the communities.
MURFREESBORO, TENN. — Bell Partners has acquired the 320-unit Aldridge at Gateway Village, an apartment complex located at 3920 Puckett Creek Crossing in Murfreesboro, from Rhodie Development Group for $29 million. Amenities include a resort-style pool, 24-hour fitness center, sand volleyball court, business center, internet cafe and coffee bar. The property has been renamed Bell Murfreesboro.