NEW ORLEANS — Canyon Capital Realty Advisors has provided a $22.8 million senior leasehold bridge loan to HRI Lodging and Carey Watermark Investors for the reposition and reflagging of the 251-room Chateau Bourbon Hotel, located at 800 Iberville St. in New Orleans. Renovations will include a new lobby, open lounge and dining area, as well as a complete redesign for guest rooms. Upon completion the hotel will be reflagged under the Hyatt brand. Completion is slated for the summer of 2012.
Southeast
WASHINGTON, D.C. — Donatelli Development has sold the 190-unit The Ellington Apartments, located at 1301 U St. NW. in Washington, D.C., to TIAA-CREF for $100 million. The seven-story apartment building also has 17,000 square feet of retail space on the ground floor, which is leased to six tenants. Donald B. Tennant, Jr., of NorthMarq's Bethesda, Md., office represented the seller in the transaction. Ed McEnery and Doug Smith of Deepwater Advisors represented the buyer.
DURHAM, N.C. — Fidelity Investments has purchased Nortel's former Research Triangle Park campus, the 676,000-square-foot Network Center, located at 4004 Nelson Chapel Hill Hwy. in Durham, for $34.3 million. Andrew Kelton and Ed Pulliam of CB Richard Ellis' Raleigh, N.C., office represented the seller, and John Linderman of Grubb & Ellis/Thomas Linderman Graham represented the buyer. Fidelity plans to consolidate its Research Triangle Park and Raleigh operations into one campus.
LAFAYETTE, LA. — Grubb & Ellis Healthcare Reit II has purchased the 26,000-square-foot, 32-bed Lafayette Physical Rehabilitation Hospital, located at 307 Polly Ln. in Lafayette, from HFG Lafayette for $12.1 million. The buyer financed the acquisition using $12 million in borrowings under its line of credit with KeyBank National Association and cash proceeds received from its offering. Mike Coiro and Bill Bennett of Baltimore-based Capital Hospital Finance Group represented the seller in the transaction.
ARLINGTON, VA. —Deutsche Bank Berkshire Mortgage has secured $49.5 million in acquisition financing for the 217-unit Twenty400, a multifamily property located at 2400 24th St. S. in Arlington, on behalf of the borrower, a joint venture between UDR and Kuwait Finance House. The 5-year, interest only loan was arranged through Fannie Mae.
CARY, N.C. — NorthMarq Capital has arranged $36.5 million in financing for the 254,874-square-foot Crescent Lakeside I and II, an office development in Cary. Todd Crouse of NorthMarq's Raleigh, N.C., office arranged the financing through John Hancock and Principal Financial Group. Cary-based Capital Associates developed the two buildings, which are currently 91 percent leased.
SAVANNAH, GA. — Atlanta-based QR Capital has acquired the 144-unit Carriage House Apartments, located at 125 Tibet Ave. in Savannah, for $5.17 million. QR Capital plans to complete a $1 million renovation during the next year. Brian Moulder of Southeast Apartment Partners' Jacksonville, Fla., office represented the seller, a local owner, in the transaction.
HARRISON, ARK. — A partnership between Henzlik-Oliver Real Estate Cos. and Joshua Simon of S/I Real Estate has purchased the 145,000-square-foot North Hills Shopping Center, located in Harrison, from Vanguard Properties for $2.88 million. The center is fully leased to Tractor Supply, Carmike Theatre, Fred's, Big Lots and Country Mart Grocery. T.J. Lefler of Fayetteville, Ark.-based Sage Partners represented both parties in the transaction.
MARIETTA, GA. — ADEVCO Corp. has finished a $2 million, 16,500-square-foot expansion for EBRE, USA, located on Northwest Parkway in Marietta. The project included the addition of a second story and warehouse space to bring the building's total size to 35,260 square feet. ADEVCO was the project manager for the development, Integra Construction was the construction firm and Rule Joy Trammel+Rubio was the architectural firm.
KNOXVILLE, TENN. — NAI Knoxville has brokered the $1.07 million sale of a 61,000-square-foot industrial building, located at 5049 S. National Dr. in Knoxville. Scott Recycling purchased the building from Clayton Bank & Trust. NAI Knoxville represented both parties in the transaction.