ELIZABETHTOWN, KY. — Tammy Tate of Love Funding’s Knoxville, Tenn., office has closed a $5.07 million refinancing loan for the 62-unit Clays Pointe Duplexes in Elizabethtown. The loan was secured through the Federal Housing Administration’s 223(f) loan insurance program. The borrower, DuPlessis Clays Pointe Property, used the financing to acquire the rest of the property it did not already own from Twin Maple. DuPlessis owned 11 of the 31 duplexes on site prior to the refinancing. The cost to purchase the additional 20 duplexes from Twin Maple was $4.13 million.
Southeast
GAINESVILLE & TALLAHASSEE, FLA. — New York City-based Madison International Realty has acquired an 80 percent equity interest in a portfolio of two student housing communities in Florida for $30 million. The properties are the 412-unit The Enclave in Gainesville and the 486-unit Seminole Grand in Tallahassee. Both communities are owned and operated by The Collier Cos.
GAINESVILLE, FLA. — Marcus & Millichap has arranged the sale of the 91-unit, 110,597-square-foot The Courtyards in Gainesville. Dorothy Jackman and Travis Prince in the firm's Tampa office represented the seller, Trimark Properties. The buyer is a Florida-based owner and developer.
NAPLES, FLA. — PAC Investors has purchased the 78-unit Laurel Ridge Apartments, located at 5543 Laurel Ridge Lane in Naples, from Cypress Point L.P. for $3.32 million. Jonathan Richards of CB Richard Ellis' Naples office and Thomas Fischer of the firm's Columbus, Ohio, office represented the seller in the transaction.
CALVERTON, MD. — Merritt Properties has signed two new tenants at the 123,144-square-foot Calverton Corp. Center, located at 3901 Calverton Blvd. in Calverton. The Cruise Web signed a lease for 14,799 square feet to relocate its corporate headquarters in July and Atkins will relocate from its current Beltsville, Md., office to 27,763 square feet in November. Ron Burkhardt of Newmark Knight Frank's Los Angeles office represented The Cruise Web and Mike Isen and Allen Cornell of Lanham, Md.-based NAI Michael Cos. represented Merritt. In the other transaction, Merritt was self-represented by Steve Shaw and Bryan Rodriguez of Jones Lang LaSalle's Tampa, Fla. office, Mike Singer of the firm's Baltimore office and Mia Costa of the firm's Bethesda, Md., office represented Atkins.
PELHAM, ALA. — The 74,008-square-foot Pelham Towne Center in Pelham has sold to Dallas-based Encore Retail. The center is anchored by a 45,600-square-foot Publix. Neal Pringle and Mark Cooley of Atlanta-based The Shopping Center Group's Investment Sales Team represented Sharp Realty & Management, the seller.
AVENTURA, FLA. — Miami-based Aztec Group has arranged $35 million in acquisition financing for the One Turnberry Place, a 136,400-square-foot, Class A office building located at 19495 Biscayne Blvd. in Aventura. Tenants include Morgan Stanley, Merrill Lynch, Bank Leumi USA, Chase Bank, Fidelity Investments, Brody & Associates and Ameriprise Holdings. The 10-year financing was provided by Credit Suisse/Column Financial for the buyer, OTP Capital, an affiliate of Aventura-based Triarch Investment Group.
WASHINGTON, D.C. — Urban Investment Partners has acquired three apartment buildings in Washington, D.C., for $12.37 million at a foreclosure auction. The properties are: a 26-unit property located at 1430 W. St.; a 34-unit location at 3308-3312 Sherman Ave.; and a 103-unit site located at 3435 Holmead Place. The sale represented three of five properties recently foreclosed by a New York City-based investment group that acquired the debt on the properties from New York Community Bank.
HENRICO COUNTY, VA. — Cushman & Wakefield | Thalhimer has secured four new tenants for The Corner at Short Pump, located at West Broad Street and Lauderdale Drive in Henrico County. Toys “R” Us has leased 58,075 square feet, Bassett Furniture Direct leased 14,422 square feet, Olive Garden leased 7,441 square feet and Select Comfort leased 2,400 square feet. Connie Jordan Nielsen, Lindsey Floyd and Loretta Cataldi of Cushman & Wakefield | Thalhimer's Richmond, Va., office represented the landlord in all transactions, and James Ashby IV of the same office represented Bassett.
ORLANDO & ORMOND BEACH, FLA. — Robert Hernandez of NorthMarq Capital's Tampa, Fla., office has arranged first-mortgage financing totaling $2.39 million for two retail properties currently leased to Family Dollar. The stores are a 9,200-square-foot location at 14243 East Colonial Dr. in Orlando, and a 9,180-square-foot property at 780 South Nova Rd. in Ormond Beach. Financing was based on a 15-year term with a 25-year amortization schedule, and were secured through Columbian Mutual Life Insurance Co.