LAWRENCEVILLE, GA. — Grandbridge Real Estate Capital has arranged a $9.28 million first mortgage loan for the 192-unit Lealand Place Apartments, located at 2945 Cruse Rd. in Lawrenceville. Alan Tapie of Grandbridge's Atlanta office arranged the 10-year loan with 2-years interest only followed by a 30-year amortization schedule through Freddie Mac's CME program.
BOYNTON BEACH, FLA. — Advenir has acquired the 214-unit Colony Club, located at 7132 Colony Club Dr. in Boynton Beach, from New York-based Holiday Organization for $26.65 million. The buyer has renamed the property Advenir at Boynton and will implement a capital improvement program, focused on beautifying the exterior of the buildings and upgrading community amenities. Currently, amenities include a clubhouse, pool with spa, fitness center, two tennis courts, a basketball court and picnic areas. Avery Klann and Hampton Beebe of ARA's Boca Raton, Fla., office represented the seller in the transaction. The buyer was self-represented.
NASHVILLE, TENN. — Merrillville, Ind.-based White Lodging has closed on the purchase of the former Rock City Machine Co. site, located at 301 3rd Ave. S. in Nashville, to build the 255-room Hyatt Place Nashville. The hotel will be the only Hyatt in downtown Nashville. PFVS Architects designed the property, which will include amenities such as 3,580 square feet of meeting space, a 175-space parking garage, a 24-hour coffee and wine bar called The Gallery and the a.m. Kitchen Skillet where complimentary breakfast will be served. White Lodging is developing the hotel and will manage it upon completion. Construction is slated to begin in May, and the hotel is scheduled to open in December 2013.
WESTON, FLA. — Coral Gables, Fla.-based Flagler Real Estate Services (FRES) has arranged the $16.1 million sale of a portfolio of two office buildings, located at 2000 and 2002 Ultimate Way in Weston. The properties, which total 61,624 square feet, are the corporate headquarters for Ultimate Software. David Duckworth of Coral Gables, Fla.-based FRES represented the sellers, TP Eight & TP Nine, in the transaction. The buyers were Sterling Investments I and Sterling Investments II.
SALISBURY, MD. — A 49,000-square-foot industrial property, located at 618 Beam St. in Salisbury, has sold for $2.3 million. The warehouse/manufacturing facility is leased to Delmarva Media Group. John McClellan of Sperry Van Ness — Miller Commercial Real Estate's Salisbury office represented the seller, Beam Street, in the transaction. Henry Hann, also of the firm's Salisbury office, represented the buyer, Pennsylvania-based 618 Beam St., LLC.
ABERDEEN, MD. — Brick, N.J.-based Tryko Partners has purchased the 184-unit Perrywood Garden, located at 301 Mayberry Dr. in Aberdeen, for $10 million from Perrywood Garden Associates. The property has a project-based Housing Assistance Payment Contract in place for 100 of its units. Ridge MacLaren, Andrew Townsend and Clarke Talone of Marcus & Millichap's Philadelphia office represented the seller in the transaction.
CHARLOTTE, N.C. — A joint venture between between Global Growth Trust and Woodfield Investments has purchased 13 acres of land, located at the intersection of Interstate 485 and Arrowood Road in Charlotte, to build the $30 million, 298-unit Whitehall Parc. The Class A, garden-style development will include amenities such as a club room, cyber cafe, fitness center and resort-style pool.
FORT LAUDERDALE, FLA. — Nipro Diagnostics has purchased a 78,339-square-foot office property, located at 220 W. Cypress Creek Rd. in Fort Lauderdale, from Cypress Creek Holding for $10.8 million. The buyer will occupy the entire building as its corporate headquarters. Kimberly Barbar of Fort Lauderdale-based Stiles Realty represented the seller in the transaction. Steve Wasserman of Jones Lang LaSalle's Fort Lauderdale office represented the buyer.
MIAMI — Beech Street Capital has closed a $9.5 million Fannie Mae conventional loan for the acquisition of the 369-unit Oak Grove Apartments, located at 15401 NE 6th Ave. in Miami. David Hayum of Meridian Capital Group's New York City office arranged the 5-year loan with a 30-year amortization schedule.
LOUISVILLE, KY. — Walker & Dunlop has provided $7 million in interim financing for the 216-unit Renaissance at St. Andrews, located at 3311 Renwood Blvd. in Louisville. The 1-year, acquisition loan was provided under the company's Interim Loan Program. Doug Taylor of Walker & Dunlop's Irvine, Calif., office originated the loan.
