CHARLOTTE, N.C. — NorthMarq Capital has arranged $91 million in first mortgage financing for The Arboretum, a 562,662-square-foot shopping center in Charlotte. Located at the intersection of Highway 51 and Providence Road, the center is occupied by Walmart and Harris Teeter among others. Financing was based on a 10-year term with a 30-year amortization schedule. Bill Matone of NorthMarq's Charlotte office arranged the financing for the borrower through NorthMarq's relationship with Wells Fargo Bank National Association.
NEW ORLEANS — Sonnenblick-Eichner Co. has arranged a $48 million loan for a portfolio of four Marriott-branded hotels located in the greater metropolitan area of New Orleans. The portfolio includes the Courtyard by Marriott, Convention Center; SpringHill Suites by Marriott, Convention Center, and Courtyard and Residence Inn by Marriott in Metairie, La. The properties are owned and managed by Marriott International. The 5-year loans are LIBOR-based and non-recourse to the undisclosed borrower. The loans were financed by an institutional private mortgage company.
LAFAYETTE, LA. — Ambling University Development Group has a received funding for a more than $100 million student housing development at University of Louisiana – Lafayette campus in Lafayette. The new project will include 1,812 beds, renovation of multiple existing buildings, a new 1,000-space parking deck with ground floor retail space. Funding for the project was secured by utilizing tax exempt revenue bonds. Construction work is underway to ensure the on-time and on-budget delivery of 462 beds and the 1,000-space parking deck for August 2011. An additional 468 beds and the remaining construction is slated for delivery in August 2012. Subsequent phases will include the addition of approximately 1,700 more beds and another 2,000 structure parking spaces. The new student hosing communities will feature a centralized two-story entry into each building with an adjacent reception desk and staff offices, a lobby lounge, a game room with online gaming, a central laundry center and a community kitchen. Additionally, Randoplh Hall residence hall will be fully renovated and repurposed to a student student activity and learning center offering SMART classrooms, a computer lab, a cardio fitness center, a gaming lounge, a convenience store and two apartments for visiting faculty and staff. The …
RESTON, VA. — Bethesda, Md.-based Crossbeam Capital has entered the Northern Virginia market by acquiring Reston Glen Apartments in Reston. The company acquired the 10-acre, 200-unit rental community from New York-based Redstone Partners for an undisclosed price. Located at 12265 Laurel Glade Court, the 99-percent occupied property was built in 1974 and renovated in 2008. Crossbeam plans to invest additional capital into common area upgrades at the property, including an Internet cafe in the clubhouse, landscaping, signage enhancements and leasing office redesign. Maury Zanoff and Matt Williams of CB Richard Ellis Capital Markets' Washington, D.C., office arranged the permanent acquisition financing through Freddie Mac. Andy Boyer and Jonathan Greenberg of CB Richard Ellis represented Redstone in the transaction. Reston Glen was the fifth multifamily property totaling 1,200 rental apartments acquired in December 2010 by Crossbeam Capital and its affiliated partner, Houston-based Concierge Asset Management.
ARLINGTON, VA. — Holliday Fenoglio Fowler's (HFF) Washington, D.C. office has arranged a $100 million permanent loan for the future headquarters of Defense Advanced Research Projects Agency (DARPA) in Arlington. Located at 675 N. Randoplh St., the 13-story, 355,000-square-foot office project is the first phase of the 1.2 million-square-foot Founders Square mixed-use development. The Sooshan Company is handling the development of the facility, which is designed by RTKL. Completion is scheduled for 2012. Bill Asbill, Bob Donhauser and Dan McIntyre of HFF represented the borrower, Ashton Park Associates I, to secure the 15-year, fixed-rate loan from Prudential Mortgage Capital Co.
LAKE FOREST, ILL. — Lake Forest-based Green Courte Partners has acquired a portfolio of six age-restricted land-lease communities in central Florida. The nearly 100 percent portfolio contains more than 1,850 home sites. Green Courte has retained American Land Lease, a wholly owned subsidiary of its second fund Green Courte Real Estate Partners II, to manage the six communities. Terms of the transaction were not released.
MIAMI — Bert E. Broosky & Associates is developing Boulan South Beach, a luxury residential condominium building in Miami's South Beach. Located on Collins Avenue, the property will offer 52 one- and two-bedroom condominiums, 24-hour valet, concierge reception, a boutique lobby and commons areas, a meditation garden, a courtyard, a fitness center, a landscaped roof-top area with a pool, a Jacuzzi and cabana beds, and private beach services. The property, which is opening in January, was designed by Zyschovich Architects.
COLUMBIA, MD. — Chicago-based Romanek Properties, in partnership with Chicago-based Syndicated Equities, has purchased 7700 Montpelier Road in Columbia for $7.25 million. The single-story, 43,785-square-foot office building is fully leased to John Hopkins University. Jon Carpenter, Jay Wellschlager and Philip Iglehart of Cassidy Turley's Capital Markets Group represented the seller, CSG Partners, in the transaction.
NEWELL, W.V. — Beacon Hospitality has purchased the Holiday Inn Express in Newell for an undisclosed price. Built in 2005, the three-story property offers 69 rooms. The acquisition was funded via Quadrant Financial utilizing the USDA's B & I loan program. David Mumford, Ed James and Justin Pinkard of The Mumford Company represented the seller, Mountaineer Lodging, in the transaction.
TAMPA, FLA. — Tampa-based Hachem Investments has acquired the retail space at Skypoint Tampa, which is located in Tampa's River Arts District. The 9,907-square-foot space is fully leased to Taps, Five Guys, the Point, Kurdi's Fresh Mediterranean Grill and Pizza Fusion. Clay Witherspoon and Paul Royak of Lane Witherspoon & Carswell Commercial Real Estate Advisors negotiated the sale between the buyer and the seller, Skypoint, which is a partnership of Novare Group Holdings of Atlanta and investors in Tampa. Terms of the transaction were not released.