CHARLOTTE, N.C. — Walker & Dunlop has arranged a $5.95 million acquisition loan for the 178-unit Delta Crossing, an apartment complex located at 6000 Delta Crossing Ln. in Charlotte. Stephen Farnsworth of Walker & Dunlop's New Orleans office arranged the 10-year loan with 2-years interest only and a 30-year amortization schedule through Fannie Mae on behalf of the borrower, Cortland Partners.
LITTLE ROCK, ARK., AND FREDERICKSBURG, VA. — Memphis, Tenn.-based MAA has purchased two multifamily properties for $67.5 million. In Little Rock, the firm bought the 248-unit Palisades at Chenal Valley, located at 1501 Rahling Rd. in Little Rock within the master-planned Chenal Valley development. The seller was undisclosed. The company also acquired the 232-unit River's Walk at Celebrate Virginia, located at 2281 Carl D Silver Pkwy. in Fredericksburg within the mixed-use Celebrate Virginia planned unit development. The property is formerly known as The Haven at Celebrate Virginia. Drew White, Mike Marshall and Ryan Ogden of ARA's Washington, D.C., office represented ARA, the seller, in the River's Walk transaction.
GREENVILLE, S.C., AND LAKE MARY, FLA. — Bell Partners has purchased two apartment complexes from an undisclosed seller for $54.42 million. Bell acquired the 224-unit Vinings at Brookfield Apartments, located at 815 E. Butler Rd. in Greenville, for $20.3 million. The property will be renamed Bell Brookfield. Additionally, the company purchased the 310-unit Bentley Park at Timacuan, located at 715 Camarague Pl. in Lake Mary, for $34.12 million. The property will be renamed Bell Timacuan.
WASHINGTON, D.C. — Liberty Property Trust has acquired a 146,472-square-foot office building, located at 1100 17th St. NW in Washington, D.C., from Glenborough LLC for $50 million. The 12-store property is currently 82 percent leased. The company plans to redevelop the property into a Class A building.
ALTAMONTE SPRINGS, FLA. — The 150,000-square-foot Adventist Health Systems corporate headquarters building, located at 900 Hope Wy. in Altamonte Springs, has opened. Little was the architect for the project, Brasfield & Gorrie was the contractor, Crescent Resources was the development manager, Parsons was the project consultant and Tri-City Electrical Contractors was the electrical contractor.
CHARLOTTE, N.C. — NorthMarq Capital has arranged $7.8 million in first mortgage refinancing for the 358-unit Sailboat Bay Apartments, located at 5417 Albemarle Rd. in Charlotte. Kevin Jenkins of NorthMarq's Charlotte office secured the 10-year loan with a 30-year amortization schedule through Freddie Mac.
BOCA RATON, FLA. — The 248-unit Heritage at Boca Raton, an apartment complex located at 320 W. Palmetto Park Rd. in Boca Raton, has been sold for $67.96 million in an all-cash transaction. The property is currently 92 percent leased. Hampton Beebe and Marc deBaptiste of ARA's Boca Raton office represented Priderock Capital Management, the seller, in the transaction. The buyer was a pension fund advisor.
DECATUR, GA. — Savannah, Ga.-based NorSouth Constructs has broken ground on the 80-unit Oliver House, a seniors housing property located at 1450 Commerce Dr. in Decatur. The development is the second phase of a $30 million redevelopment of Allen Wilson Terrace Public Housing by the Decatur Housing Authority. Upon completion, Allen Wilson Terrace will contain 190 units for low-income families and seniors. HADP Architecture designed the property, which is expected to receive two EarthCraft green building certifications. Oliver House is slated for completion in August 2012.
UNION CITY, TENN. — The Goodyear Tire & Rubber Co. has sold a 2.2 million-square-foot manufacturing and distribution facility, located at 3260 Goodyear Dr. in Union City, to Titan Tire Corp. Michael Reid of Binswanger's Atlanta office, along with Larry Spinelli of the firm's Nashville, Tenn., office, represented the seller in the transaction.
RICHMOND, VA. — TGM Realty Investors has acquired the 66-unit Biggs Building Apartments, located at 920 W. Marshall St. in Richmond, from Biggs Building LP. for $5.03 million. Scott Douglas and Lindsey Floyd of Cushman & Wakefield/Thalhimer's Richmond office represented the buyer in the transaction. Scott Gaeser of Eagle represented the seller.