WASHINGTON, D.C. — Cassidy Turley has secured a $116 million loan for the next phase of Donatelli Development's Highland Park, which is located above the Columbia Heights metro station at 14th and Irving streets in Washington, D.C. Additionally, Cassidy Turley recapitalized the mezzanine and senior debt for the existing 229-unit Highland Park building. The new phase will adjoin the existing building for a total of 373 units. The equity for the new development and mezzanine debt for the existing building was provided by Invesco Real Estate, and the senior debt was restructured by Key Bank. David Webb and Jamie Butler of Cassidy Turley represented Donatelli in the transaction. Construction of the new phase is scheduled to begin this quarter.
BRANDON, FLA. — Adler Group has completed the disposition of an approximately 16-acre site within its Pavilion Crossings Development, which is located at U.S. Highway 301 and Falkenburg Road in Brandon. The site will be developed with a 45,600-square-foot Publix Supermarket and a 5,000-square-foot Fifth Third Bank. The projects are scheduled for completion in late 2011. Howard Taft and Charles Penan of Aztec Group represented Adler Group in the transaction. Terms of the transaction were not released.
ST. PETERSBURG AND PALM HARBOR, FLA. — AREA Property Partners has acquired two multifamily properties with a total of 766 units in the Tampa Bay area for a total purchase price of $78 million. Located at 540 Carillon Parkway in St. Petersburg, Promenade at Carillon offers 334 one-, two- and three-bedroom units, a business center, a swimming pool, a fitness center and a spa and a playground. Located at 1350 Seagate Dr. in Palm Harbor, Sabal Palm at Boot Ranch offers 432 one-, two-, three- and four-bedroom apartments, a business center, a fitness center, a swimming pool with wireless Internet access, and a clubhouse.
MIAMI — Bilzin Sumberg Baena Price & Axelrod LLP has closed a $76 million refinance loan for the 11 11 Lincoln Road project in Miami. Situated at the corner of Alton and Lincoln roads, the mixed-use project offers 40,000 square feet of retail and restaurant space, as well as residential, office and parking space. Designed by Herzog & de Meuron, 11 11 Lincoln's retail space is fully leased to Rosa Mexicano, Taschen Books, Y-3, Mac Cosmetics, Nespresso, Shake Shack and Juicy Couture. HSBC Bank USA and PNC Bank acted as co-arrangers of the loan, with HSBC serving as administrative agent for the loan. Adam Lustig led the Bilzin Sumberg team, which represented Robert Wennet, a principal of MBeach1, in the closing of the loan.
ORLANDO, FLA. — The Lake Eola Charter School has purchased a 24,038-square-foot office building located in Orlando's central business district. Located at 135 N. Magnolia Ave., the loft-style building offers 18,500 square feet of air-conditioned space. 135 N. Magnolia LLC sold the property for $2.1 million or $114 per square foot. Susan Morris and Kane Morris-Webster of Colliers International represented the seller in the transaction.
ATLANTA — Atlanta-based general contractor Benning Construction Co. has been selected to construct three Publix stores in the Southeast. The project include stores in Columbus, Ga., Pell City, Ala., and Summerville, S.C. Additionally, Benning won the contract to build an 18,000-square-foot, state-of-the-art Planet Fitness facility at Interstate 20 and Wesley Chapel Road in DeKalb County, Ga. The fitness facility is scheduled for delivery in March.
NORTH CHARLESTON, S.C. — RCG Ventures LLC, in a joint venture with DRA Advisors LLC, has acquired Northwoods Marketplace in North Charleston. Situated across from Northwood Mall, the 192,729-square-foot center is occupied by Barnes & Noble, Michaels, Old Navy, Best Buy, Bog Lots and Guitar Center. The undisclosed seller was represented by Faison & Associates. The acquisition price was not released.
MADISON, ALA. — Walker & Dunlop has arranged a $21.2 million acquisition loan for Arch Street Apartments, an apartment complex located in Madison. Built in 2009, the 267-unit property features an outdoor pool, a barbeque area, a fitness center, a children's playroom, a pet walk area, a lounge/business center, detached/attached garages and storage units. The property was 93 percent leased at closing. The 10-year loan has 2 years interest only utilizing Fannie Mae's DUS product line. Additionally, the loan was underwritten with a 79.3 percent loan-to-value with a 1.25x debt-service coverage ratio. Barry Judelson of Uniquities originated the loan.
FORT LAUDERDALE, FLA. — GJL Riviera LLC has acquired a Bank of America branch location at 2406 S.E. 17th St. Causeway in Fort Lauderdale. The freestanding, 4,385-square-foot property sold for $1.45 million. Dave Donnellan and Todd Weintraub of CB Richard Ellis represented the undisclosed seller in the transaction.
FORT MILL, S.C. — Shreeji Carowinds LLC has purchased the Plaza Hotel at Carowinds in Fort Mill. Located along Interstate 77, the 198-room property will undergo renovations and will be branded with a national franchise. David Mumford, Justin Pinkard and Steve Kirby with Mumford Company represented the seller, an institutional client, in the transaction. Terms of the release were not disclosed.