WASHINGTON, D.C. — Walker & Dunlop has arranged a $10 million low leverage loan for two apartment properties in Washington, D.C., the 119-unit Sedgwick Gardens and the 87-unit Parkway Apartments. The 10-year loan has a 30-year amortization schedule and was secured through a major life insurance company. Will Baker and Ted Hermes of Walker & Dunlop's Bethesda, Md., office originated the loan.
Southeast
GREENVILLE, ALA. — Grandbridge Real Estate Capital has arranged a $3.13 million first mortgage loan for the 72-unit Cambrian Forest Apartments. The 40-year, HUD 223(a)(7) loan was originated by Steve Clikas of Grandbridge's Birmingham, Ala., office. Amenities include a fitness center, car wash station, storage units and pool and lounge area.
ATLANTA — A joint venture between USAA Real Estate Co. and JLB Partners has started construction on the 373-unit Buckhead Village, a Class A apartment community located on Pharr Road in Atlanta. The property's two apartment buildings are being constructed to both LEED and Energy Star certified standards. Amenities will include three Zen gardens, a library, roof-top fitness center and a lounge. Completion is slated for October 2012.
TEMPLE TERRACE, FLA. — Franklin Street Real Estate Services has arranged the $3.85 million sale of the 96-unit Gables at Temple Terrace, located at 11050 Le Jardin Cir. in Temple Terrace. Kevin Kelleher, Robert Goldfinger and Darron Kattan of Franklin Street's Tampa office represented the seller, Coral Gables, Fla.-based MCNA Properties, and procured the buyer, a Chicago-based investor.
LAUDERDALE LAKES, FLA. — Marcus & Millichap has brokered the $14.1 million sale of the 245-unit Hawaiian Palms, located at 3540 NW 50th Ave. in Lauderdale Lakes. Craig Porter and Darryl Matus of the firm's Fort Lauderdale, Fla., office represented the seller, a Plantation, Fla.-based limited liability company, and secured the buyer, a South American private investor.
BURTONSVILLE, LAUREL & COLUMBIA, MD. — Beech Street Capital has provided $36.65 million in Fannie Mae conventional loans to refinance a portfolio of three Maryland apartments communities. The properties include: the 208-unit Knight's Bridge II in Burtonsville, the 275-unit Fox Rest in Laurel and the 300-unit Autumn Crest in Columbia. The fixed-rate loans have a 10-year term with a 30-year amortization schedule. The transaction was originated by Meridian Capital Group.
CHESAPEAKE, VA. — First Potomac Realty Trust has added two new tenants to its industrial properties in Chesapeake. Carrier Enterprises signed a 7-year, 63,012-square-foot lease at the 1.09 million-square-foot Crossways Commerce Center and Serco signed a 5-year, 54,054-square-foot lease at the 712,500-square-foot Diamond Hill Distribution Center. Ken Benassi of CB Richard Ellis' Norfolk, Va., office represented Carrier Enterprises in its lease negotiations and Steve Rancki of Jones Lang LaSalle's McLean, Va., office and Gregg Christoffersen of JLL's Hampton Roads, Va., office represented Serco.
HOLLY SPRINGS, GA. — Colliers International has arranged the $8.8 million sale of the 128,667-square-foot Village Shoppes at East Cherokee, located on Old Highway 5 in Holly Springs. Publix anchors the center, which went into foreclosure in September 2010. Joe Montgomery and Tony D'Ambrosio of Colliers International's Shopping Center Investment Sales Team in Atlanta represented the undisclosed seller. The buyer was a locally-based private equity group.
MARIETTA, GA. — Marquis Investments has acquired Casa Mia Apartments in Marietta from Freddie Mac for $4.8 million. The 400-unit complex has been renamed Marquis Place and includes a swimming pool, lighted tennis courts and a playground. Star Residential will manage the property for Marquis Investments.
WEST PALM BEACH, FLA. — Marcus & Millichap has arranged the $4.36 million sale of the 60-unit Villas of Palm Beach, located at 2236 Laurel Way in West Palm Beach. William Berthiaume of the firm's Fort Lauderdale, Fla., office represented the seller, a Miami-based limited liability company, and procured the buyer, a Lake Worth, Fla.-based limited liability company who was in a 1031-exchange.