AUGUSTA, GA. — The 160-unit Center West Villas, located at 1075 Bertram Rd. in Augusta, has received a $3.91 million refinance loan. William Jones, Jr., of Love Funding's New York office arranged the financing through HUD's 223(a)(7) loan program. The loan allows the property's owner to reduce the interest rate and extend the loan back to its original 35-year term.
BIRMINGHAM, ALA. — HP Hotels has sold the 130-room Hilton Garden Inn, Liberty Park, located at 2090 Urban Center Pkwy. in Birmingham, and the 95-room Hilton Garden Inn, Wildwood, located at 520 Wildwood Circle Dr. in Birmingham, to Summit Hotel Properties for $22.1 million. Helen Zaver of Marcus & Millichap's Atlanta office represented the seller in the transaction.
CAPE CORAL, FLA. — A 20,695-square-foot charter school building, located at 2107 & 2119 Santa Barbara Blvd. in Cape Coral, has sold for $2.29 million. Dan O'Berski of Fort Myers, Fla.-based Trinity Commercial Group represented the seller, 2103 SBB Cape Coral, in the transaction. Randal Mercer and Brandon Stoneburner of CRE Consultants' Fort Myers, Fla., office represented the buyer, CDW 10995 Metro Pkwy.
COVINGTON, GA. — StampTech has purchased a 60,146-square-foot industrial building, located at 40 Pinyon Rd. in Covington, from Pinyon Road LLC for $1.05 million. David Barber and Dan Stubbs of Binswanger's Atlanta office represented the buyer in the transaction. Steve Kise of King Industrial Realty's Suwanee, Ga., office represented the seller.
INDIAN LAND, S.C. — York Development Group has selected Benning Construction Co. to build a 49,000-square-foot Publix at Cross Creek Shopping Center, located on Doby's Bridge Rd. in Indian Land, a suburb of Charlotte. In addition to Publix, Phase I of Cross Creek will include 30,000 square feet of retail space. Completion is slated for fall of this year.
ARLINGTON, VA. — HFF has arranged a $71.1 million construction loan for the 257-unit The Place, a Class A multifamily development located at 4000 Wilson Blvd. in Arlington. Sue Carras, Brian Crivella and Walter Coker of HFF's Washington, D.C., office, arranged the financing through a major national bank on behalf of the borrower, Ashton Park Associates III, an affiliate of the Shooshan Co. Completion is slated for 2013.
ALEXANDRIA, VA. — AREA Property Partners has purchased the 1,180-unit EOS-21, an apartment complex located at 140 S. Van Dorn St. in Alexandria. Amenities include an on-site daycare center, a convenience store, two swimming pools, four tennis courts, sand volleyball court, fitness center, clubhouse with billiards, business center, library, theater room and barbeque area with grilling stations. AREA has selected Bethesda, Md.-based ROSS Management Services to manage the property.
CORNELIUS, N.C. — Ramsey, N.J.-based The Raia Properties has acquired the 192-unit One Norman Square, an apartment complex located at 19532 One Norman Blvd. in Cornelius, from Nashville, Tenn.-based Carter-Haston Real Estate Services for $15 million. The property, which is 95 percent leased, includes amenities such as a resort-style salt water pool, tennis courts, a 24-hour fitness center, car care center, business center, walking trails and gated, on-site boat parking. Blake Oakland and Dean Smith of ARA's Charlotte, N.C., office represented the seller in the transaction. The acquisition was financed through ARA's debt platform, ARA Finance, and was funded by Fannie Mae.
RICHMOND, VA. — HMU Terminal Road has purchased a 126,639-square-foot industrial property, located at 2823 Bells Rd. in Richmond, from Richmond Industrial LLC for $2.15 million. Richard Porter of Richmond-based Porter Realty Co. represented the buyer in the transaction. Scott Douglas and Evan Magrill of Cushman & Wakefield/Thalhimer's Richmond office represented the seller.
WASHINGTON, D.C. — Walker & Dunlop has arranged $5 million in refinancing for the 11,813-square-foot 300 Independence Avenue, a Class A office building located in Washington, D.C. Sanor Biderman of Walker & Dunlop's Bethesda, Md., office arranged the 20-year loan with a 25-year amortization schedule on behalf of the borrower, 300 Independence Avenue LLC.