BETHESDA, MD. — URDANG, and Moore&Associates have received a $100 million in financing to refinance a $87.2 million securitized loan for an office complex in Bethesda. The 10-year, fixed-rate loan was provided by John Hancock Insurance Co. A joint venture between Moore&Associates and a separate account managed by Urdang Capital Management Inc. acquired the three-building, 531,600-square-foot office complex in August 2005. The joint venture has made capital improvements to the property, including renovations to the building lobbies, restrooms and elevator lobbies. Additionally, the property's exterior was improved by renovating the the landscaping and the fountains.
ARLINGTON, VA.; AND MIAMI — Grandbridge Real Estate Capital has closed on two loans totaling $64.68 millon for two multifamily properties in Virginia and Miami. The company arranged a $61.18 million first mortgage loan, which is secured by Park at Arlington Ridge I. Located in Arlington, the multifamily property offers 435 garden-style units. Paul Aanonsen and Jack Bauer of Grandbridge's Washington, D.C., office originated loan the loan, which was provided by Freddie Mac under its Capital Markets Execution product. Additionally, Grandbridge closed a $3.5 million first mortgage loan, which was secured by Dadeland Vista Apartments in Miami. The multifamily property offers 48 units. Lance Lehman of Grandbridge's Fort Lauderdale, Fla., office originated the 10-year loan, which was provided by Fannie Mae under its DUS loan program with an interest rate in the mid-4 percent range and a 30-yeat amortization schedule.
MIAMI — Fort Lauderdale, Fla.-based Moss & Associates, serving as construction manager, has completed the construction of Soho Beach House, a members-only hotel located at 4385 Collins Ave. in Miami. The $48 million boutique hotel offers 50 rooms that average 1,300 square feet and Soho's signature rustic-designed Cowshed Spa. Additional amenities include a media screening room, two pools and direct beach access through landscaped gardens, as well as four bar spaces and restaurant Cecconi's Miami Beach. The project involved converting the Sovereign Hotel, a 1942 art deco property, into the Soho Beach House. Local architect Allan Shulman and London-based interior designer Martin Brudnizki designed the new property.
SYLVA, N.C. — Grubb & Ellis Healthcare REIT II has acquired Sylva Medical Office Building, a three-story property located on the campus of Harris Regional Hospital in Sylva. Located at 98 Doctors Dr., the property offers 45,000 square feet of Class A single-tenant medical office space. Built in 2010, the property is long-term leased until 2025 to Harris Regional Hospital. The property was acquired from CDP-Sylva LLC, which was represented by Doug Connell of Grubb & Ellis' Atlanta office. Grubb & Ellis Healthcare REIT II financed the acquisition using $11.4 million in borrowings under its line of credit with Bank of America N.A. and cash proceedings received from its offering.
RICHMOND, VA. — John Jay Schwartz of Have Site Will Travel has brokered the sale of a former automotive dealership in Richmond. Jong Lim has acquired the former Emrick Chevrolet & Standard Automotive dealership, which is located at 101 Chamberlayne Ave., for $1.1 million. The buyer plans to open a Ruby Red Beauty Supplies Superstore and warehouse at the site.
HOMEWOOD AND BIRMINGHAM, ALA. — Birmingham-based Abbey Residential has acquired a 1,782-unit multifamily portfolio in the Birmingham area for $32.1 million. The portfolio includes three apartments communities — Highland Peak, a 585-unit property at 114 Aspen Circle in Homewood; the 644-unit Highland View located at 700 Aspen Dr. in Birmingham; and the 553-unit Highland Bluff located at 200 Robert Jemison Dr. in Birmingham. Cole Whitaker, Hal Warren, John Clayton, Aaron Hargrove and Tim McKay of Hendricks & Partners, along with David Oakley of The Oakley Group, represented the seller, REDUS Alabama Commercial (Wells Fargo Bank, N.A.) of Atlanta, Charlotte, N.C., and Los Angeles, in the transaction.
DULUTH, GA. — Jay O'Meara, Will Power and Justin Parsonnet of CB Richard Ellis' Atlanta Institutional Group has brokered the REO sale of 11450 Technology Circle in Johns Creek in Duluth. The 143,000-square-foot office building sold for $4.3 million to a private investment partnership. CBRE's team represented the seller, an undisclosed CMBS Special Servicer. Resource Real Estate will be handling the leasing and management for the new owner.
ORLANDO, FLA. — Mohawk Industries Inc. has leased 46,002 square feet of industrial space in Orlando. Located at 7320 Kingspointe Parkway, the property was leased for an undisclosed price. Moses Salcido of Southern Commercial Real Estate Advisors represented the landlord, Crownpointe Buildings, in the transaction. Kaycee Kapels of Jones Lang LaSalle represented the tenant. Terms of the lease were not released.
CHESAPEAKE, VA. — Greensboro, N.C.-based Bell Partners has joined with a group of high net-worth ownership entities to acquire Alta Great Bridge Apartments in Chesapeake. The property will be renamed Bell Great Bridge Apartments and managed by Bell. Built in 2009, the eight-building, 192-unit property offers 199,398 square feet of rentable space, including one-, two- and three-bedroom units. At the time of closing, the property was 92 percent occupied. This is the eighth acquisition by Bell Fund III. The seller and acquisition price were not disclosed.
BUFORD, GA. — Trade Street Capital has purchased The Glens at Mill Creek, a multifamily property located at 2705 Mall of Georgia Blvd. in Buford. Developed in 2001, the 259-unit property features a clubhouse with a 4,000-square-foot commercial-quality fitness center, detached garages and a resort-style swimming pool. Residential units feature nine-foot ceilings, crown molding, patios/balconies, walk-in closets and options sunrooms. The acquisition was funded by a Trade Street Capital fund, while CW Capital helped arrange the agency financing. Terms of the transaction were not released.