JACKSONVILLE, FLA.; SANFORD, FLA.; MARGATE FLA. AND MIAMI — CB Richard Ellis Capital Markets arranged financing totaling approximately $70 million for several multifamily properties in Florida. In Jacksonville, acquisition financing in the amount of $11.9 million was arranged for the 240-unit Vintage at Planation Bay. Terms of the fixed rate financing include a 7-year term, 30-year amortization and 71% loan-to-value. In Sanford, acquisition financing in the amount of $24.7 million was arranged for the 362-unit Plantation Lakes.Terms of the fixed rate financing include a 7-year term and 30-year amortization. In Margate, supplemental financing in the amount of $2.99 million was secured for the 280-unit Lakes of Margate. In Miami, bridge financing in the amount of $30 million was secured for the 324-unit Terrazas River Park Village. Terms of the floating rate financing include a 2-year term and interest only. All deals were completed by Charles Foschini of CBRE's Debt & Equity Finance and Institutional Group and Christian Lee and Christopher Apone of CBRE's Miami office.
GAINESVILLE AND JACKSONVILLE, FLA. — Memphis, Tenn.-based MAA has acquired two apartment complexes in Florida for a total of $42.8 million. The 204-unit The Retreat at Magnolia Parke Apartments, located in Gainesville, has a movie theater, resort style swimming pool and game room. The 200-unit Atlanta Crossing, located in Jacksonville, has a high-end clubhouse with cyber cafe, Internet lounge, a fitness center and a pavilion with gas grills. The acquisitions were funded by borrowings under existing credit facilities and common stock issuances through MAA's at-the-market program.
HAMPTON, VA. — Preferred Apartment Communities has purchased the 204-unit Oxford Trail Apartments, located in Hampton, for $23.5 million. The complex is currently 98 percent leased. Preferred Apartment Communities purchased Oxford Trail Apartments though a loan originated by Jones Lang LaSalle and expects the loan to be transferred to Freddie Mac within 60 days.
ST. AUGUSTINE, FLA. AND CHARLOTTE, N.C. — Three absolute net-leased CVS/Pharmacy properties have sold for $12.1 million. Two of the properties are located in St. Augustine and one is in Charlotte. The properties total more than 38,000 square feet and are leased to CVS Caremark through 2034. The buyer was Phoenix-based Cole Real Estate Investments and the seller was a Calif.-based LLC. Terry Marks of New Hope, Pa.-based National Net Lease Realty represented the seller. Cole was represented by Chad Adams of Cole Capital.
PEMBROKE PINES, FLA. — Miami Jewish Health Systems broke ground on its latest expansion of Douglas Gardens North. The new 75-unit building will open in 2012 and offer low-income seniors access to healthcare and social services. The development was made possible by a $10.5 million U.S. Department of Housing and Urban Development grant.
PENSACOLA, FLA. — Construction has begun for Airport and 12th, a $24 million, 11.44-acre mixed-use development at Pensacola Gulf Coast Regional Airport in Pensacola. The developer of the project is Sandspure Development, an affiliate of Gulf Breeze, Fla.-based Innisfree Hotels. The project contains more than 11 acres of office and retail space as well as a 127-room Hyatt Place Hotel. Innisfree Hotels will build and manage the hotel, which will connect directly to the airport terminal. Philip Partington of Pensacola-based SMB Architecture has been selected as the architect, Birmingham, Ala.-based Robins and Morton has been selected as the general contractor, and Justin Beck of Pensacola-based Beck Property Co. has been chosen to market the five outparcels. Airport and 12th will open in March 2013.
WASHINGTON, D.C. — A joint venture between Wellington, Fla.-based The Bainbridge Cos., Greenwich, Conn.-based Starwood Capital and a major institutional investor has purchased the seven community, 1,626-unit portfolio of multifamily properties in Virginia and Maryland. The properties include: the 190-unit Amberton Apartments in Manassas, Va.; the 252-unit The Reserve at Regency Park Apartments in Centreville, Va.; the 228-unit Westfield Village Apartments in Centreville; the 216-unit Saddle Ridge Apartments in Ashburn, Va.; the 290-unit The Reserve at Towne Center Apartments in Potomac Falls, Va., the 252-unit Woodside Apartments in Lorton, Va.; and the 198-unit Clary's Crossing Apartments in Columbia, Md. The undisclosed seller was represented by Scott Melnick and Al Cissel of Jones Lang LaSalle's Bethesda, Md., office and Christine Espenshade of the firm's Baltimore office.
JACKSONVILLE, FLA. — Tampa, Fla.-based DeBartolo Development has purchased the note to the Holiday Inn Express and Suites located at 10148 New Berlin Rd. in Jacksonville directly from an undisclosed bank for a 29 percent discount to the current debt. The 90-unit hotel contains an outdoor pool, fitness center, a 2,000-square-foot meeting room and an atrium/breakfast room.
ORLANDO, FLA. — Denver-based DCT Industrial Trust has acquired a 50,000-square-foot, Class A distribution center in Orlando for $3 million. The building is 100 percent leased to a single tenant. John Frederick with Orlando-based Realty Capital represented the seller. The buyer was not represented.
FORT LAUDERDALE, FLA. — Indiana-based United Investment Group purchased a 24,000-square-foot warehouse in Fort Lauderdale for $2.12 million. The building contains 5,000 square feet of high-end office space and outside storage. There is also a cell tower on the property. The buyer was represented by Koreena Rivers of Fort Lauderdale-based Morris Southeast Group/CORFAC International. The seller, Gra-Mar Realty, was represented by Bruce Nathanson of Keyes Realty's Plantation, Fla., office.