GAFFNEY, S.C. — Will Baker of Bethesda, Md.-based Walker & Dunlop has provided a $4.19 million Fannie Mae acquisition loan for the 114-unit Stonecrest Apartments located in Gaffney. The loan was structured with a 10-year term with 2 years interest only followed by a 30-year amortization. The borrower was Beukema & Nelson. Clark Jenkins of Capital Advisors' Raleigh, N.C., office originated the loan.
ALTAMONTE SPRINGS, FLA. — A South Florida-based condominium converter has sold 155 units at The Oasis at Pearl Lake Condominiums, located at 1037 Alden Pkwy. in Altamonte Springs for $6.8 million. The sale accounts for 49 percent of the 316-unit, Class A development, which is 97 percent leased. The buyer, Oasis Orlando Real Estate, an affiliate of a Miami-based real estate investment firm, and the seller were represented by Peter Mekras of Coral Gables, Fla.-based Continental Real Estate Cos.
BALTIMORE — Construction has topped out for 929, a new residential project being constructed at Johns Hopkins University. The project consists of a 20-story tower that will feature 572 beds of graduate student housing. The housing will comprise 321 one-, two- and four-bedroom units. Common areas in the residences will contain premium finishes include faux wood floors, stainless steel appliances and granite countertops. Community amenities will include a rooftop terrace and a fitness facility. The ground floor of the building will contain 8,300 square feet of retail space. A joint venture between Education Realty Trust and local developer Otis Warren & Co. is developing the community. The project team also includes Marks, Thomas Architects and Clark-Banks Joint Venture. Education Realty Trust will manage the community upon completion. The new community is being built in the school's new Science + Technology Park, a 31-acre project that is being master developed by East Baltimore Development Inc. and Forest City Enterprises under a ground lease with the University.
NORFOLK, VA. — Long Beach, Calif.-based California Cartage Co. signed a long-term, full-building, 385,000-square-foot lease in the Virginia Commerce Center at the Port of Virginia in Norfolk. The tenant will use the space to establish a high-velocity, cross-dock deconsolidation facility to receive international seaborne cargo for a top U.S. retailer. Atlanta-based McDonald Development Co. is the building’s owner, who was internally represented in the transaction by Tracy White. California Cartage was represented by Russell Smith of Daum Commercial Real Estate Services’ Newport Beach, Va., office and Ashton Williamson of CB Richard Ellis’ Norfolk office.
LOUISVILLE, KY. — The 130-unit Arbor Pointe Apartments, located in the Hurstborne Acres area of Louisville, has sold for $6.5 million. The property, which operates under the Low Income Housing Tax Credit program, was purchased by Steadfast Income REIT. Amenities include a pool, playground and community room.
WILMINGTON, N.C. — Kite Realty Group Trust has announced that Whole Foods Market will anchor its recently acquired shopping center in Wilmington. The specialty grocer will occupy 37,746 square feet of space within the center, which has been renamed Oleander Point, and will also have a 2,500-square-foot patio. Construction will begin this summer, and the Whole Foods will open next spring. Kite Realty acquired Oleander Point, which is located at the intersection of U.S. Highway 76 and Fordham Road, in February. The name change and the new anchor tenant are part of a $5 million redevelopment the company is completing. Once complete, the shopping center will contain a total of 57,657 square feet, consisting of the Whole Foods, approximately 14,000 square feet of small-shop space and an outparcel tenant.
LAKE WORTH, FLA. — Two adjacent apartment communities totaling 88 units, located in Lake Worth, have sold for $4.95 million. The properties were the 60-unit Sunny Estates, located at 3421 Helena Dr., and the 28-unit Winchester Apartments, located at 3496 Lynwood Rd. William Berthiaume of Marcus & Millichap's Fort Lauderdale, Fla., office represented the buyer, a Delray Beach, Fla.-based private investor, and the seller, a Lake Worth, Fla.-based private owner.
ATLANTA — OliverMcMillan has closed on its purchase of The Streets of Buckhead, a 6-block, 8-acre luxury mixed-use project in Atlanta. Construction, which halted in 2009 due to lack of financing, will begin later this year with an estimated completion in 2013. The firm will evolve architectural plans and re-engage leasing efforts, adding an additional $300 million investment to complete the project, on which $400 million has already been spent to date.
WASHINGTON, D.C. — Holliday Fengolio Fowler has arranged $250 million in loans for the 461,484-square-foot America's Square, a trophy office complex located in the Capitol Hill area of Washington, D.C. Bob Donhauser, Bill Asbill and Cary Abod of Holliday Fenoglio Fowler's Washington, D.C., office secured a 5-year, $220 million first mortgage loan through MetLife and a 5-year, $30 million mezzanine loan through First Potomac Realty on behalf of the borrower, Dweck Properties. The property is currently 93 percent leased.
ALEXANDRIA, VA. — The 67,093-square-foot, Class A office building, located at 2050 Ballenger Ave. in Alexandria, has sold for $24.6 million. Catholic Charities USA purchased the vacant building from Bethesda, Md.-based LCOR. Ed Clark and Steve Hoffeditz of CB Richard Ellis' Tysons Corner, Va., office represented the seller in the transaction.