SORRENTO, FLA. — Walker & Dunlop has provided a $5.86 million loan for the refinancing of Oak Springs manufactured housing community in Sorrento. Built in 1973, the 431-pad community features a clubhouse, an outdoor pool, tennis courts, a fitness center, basketball courts, a playground, a laundry room, shuffleboard courts and RV storage. The loan was structured with a 10-year term and a 25-year amortization with a 1.30 debt-service coverage ratio. Cary Monroe and Mike Giordano of Monroe & Giordano originated the loan. Andrew Tapley of Walker & Dunlop led the firm's team.
JONESBORO, ARK. — NEA Baptist Health System is developing a new medical campus in Jonesboro. Designed by Earl Swensson Associates, the 550,000-square-foot hospital will offer 181 beds and an adjoining 213,000-square-foot professional medical office building will house NEA Baptist Clinic's medical specialists, surgeons and diagnostic testing services. The building will be connected floor by floor to the inpatient hospital. Construction for the $400 million project is scheduled to begin in April with completion slated for summer 2013. Hoar Construction is constructing the project on behalf of NEA Baptist Health System.
HARRISONBURG, VA. — A joint venture between Atlanta-based JMG Realty and New York-based Trident Partners has acquired North 38, a 228-unit student housing complex in Harrisonburg. The 816-bed property, which was built by Wood Partners in 2009, sold for $32.75 million or $40,135 per bed. Located at 1190 Meridian Circle, the 19-acre property offers 96 three-bedroom units and 132 four-bedrooms that are fully furnished and leased by room. Community amenities include a resort-style pool, a fitness room, tanning beds, a spa, a ping-pong table, a garden, a game room with billiards, a computer lounge, basketball courts, barbecue grills and a clubroom. The property, which was 94.6 percent occupied at the time of closing, caters to James Madison University. Peter Katz of Institutional Property Advisors and Henry Schuldinger of Marcus & Millichap represented the sellers, a joint venture between Wood Partners, Franklin Holdings and KeyBank. Katz also represented the buyer in the transaction.
MAITLAND, FLA. — ADT Security Services and Simplex Grinnell, two wholly owned subsidiaries of Tyco International Ltd., have signed a 10-year lease at 6830 Shadowridge Dr. The companies will jointly occupy 43,445 square feet of space at Semoran CommerCenter at Orlando International Airport, a 190,100-square-foot Class A office/flex facility in Maitland. Ray Romano of CB Richard Ellis represented the tenants; Robert Blackwell of NAI Realvest represented the landlord/development team. The facility is being developed by Bavar Properties Group and NAI Realvest.
MIAMI — DCT Industrial Trust has acquired 8551 N.W. 30th Terrace in Miami's Airport West submarket. The 100,000-square-foot distribution building was purchased for $7.5 million or $75 per square foot. Constructed in 1994, the building is a rear-load, highly-functionaly distribution facility that can be configured for up to three tenants. The seller was not released.
ALEXANDRIA, LA. — Walker & Dunlop has provided an $11 million loan secured by MacArthur Village shopping center in Alexandria. The 177,646-square-foot retail center is occupied by Kroger Signature Foodstore, Staples, Texas Roadhouse and Capital One. The loan was structured with a 10-year term and a 30-year amortization. Andrew Coleman and Stephen Farnsworth led the Walker & Dunlop team in the transaction. The borrower was Stirling Properties.
MIAMI LAKES, FLA. — Aztec Group has closed on a $20.7 million permanent loan for Courtyards at Miami Lakes Apartments in Miami Lakes. Located along Cow Pen Road, the 448-unit property was 95 percent occupied at the time of closing. The 10-year loan was funded by Fannie Mae.
ASHBURN, VA. — Walker & Dunlop has provided a $70.2 million loan, which is insured under the U.S. Department of Housing and Urban Development's Section 220 program. The loan is for the Residences at Loudoun Station, a residential and commercial property located at the proposed Loudoun Station in Ashburn. The project will include 357 residential units and 61,575 square feet of commercial space in three buildings. Construction is under way and completion is scheduled for July 2012. The loan was structured with a 90 percent loan-to-cost and will convert into a 40-year fully amortizing mortgage after construction is complete. The borrower is Comstock Partners LLC. The loan was sourced by Cushman & Wakefield Sonnenblick Goldman.
CAPE CORAL, FLA. — Plaza Advisors represented an undisclosed seller in the disposition of a Walgreen's location in Cape Coral. Located at the intersection of Pine Island and Burnt Store roads, the 14,820-square-foot retail property sold for $5.15 million. Anthony Blanco, Jim Michalak and Lenard Williams of Plaza Advisors represented the seller; Cassidy Turley BRE Commercial represented the buyer, a private individual, in the transaction.
CLEARWATER, FLA. — Espacio USA is developing The Strand, a mixed-use condominium project in downtown Clearwater. Located at 1101 Cleveland St., the property will offer 89 residential units and 21,500 square feet of customizable retail and office space. The commercial space is available in 12 individual units, ranging in size from 500 to 2,686 square feet. The Strand is slated to open in 2012.