DORAL, FLA. — The 281,623-square-foot One Park Square, an office building located at 3470 NW 82nd Ave. in Doral, has received $30 million in financing from Miami-based City National Bank of Florida. The 3-year loan, which has the option to extend 2 additional years, provided funds for property acquisition and lease-up.
Southeast
WASHINGTON, D.C. — Walker & Dunlop has secured a $14 million refinance loan for a 32-unit student housing apartment building, located at 2807 Connecticut Ave. in Washington, D.C. Ted Hermes of Walker & Dunlop's Bethesda, Md., office arranged the 5-year loan with a 25-year amortization schedule through Cardinal Bank.
WILMINGTON, N.C. — Renovations have been completed for the 104,380-square-foot Market Plaza Shopping Center, located at Market Street and Kerr Avenue in Wilmington. The $1 million improvements included updated facade renovations, new parking lot lighting, parking lot resurfacing and two pylon signs. The Wilmington Development Co. handled construction management, and Theys Construction Co. was the general contractor for the project.
MIAMI LAKES, FLA. — The Graham Cos. has broken ground on the 270-unit The Residences at Lakehouse, located on Commerce Way in Miami Lakes. BankUnited provided a $22 million commercial loan for the 21-building property, which is slated for completion in December 2012. CB Constructors of Current Builders is the general contractor for the project.
DORAL, FLA. — Terreno Realty Corp. has acquired a 40,000-square-foot industrial property, located at 11460 NW 39th St. in Doral, for $4.4 million. The property is currently 100 percent leased to one tenant. The seller and brokers were undisclosed.
GASTONIA, N.C. — Marcus & Millichap has brokered the $2.52 million sale of the 9,620-square-foot Fresenius Medical Care of South Gaston, located in Gastonia, for $2.52 million. Scott Niedergang of the firm's Chicago office represented the seller, an undisclosed developer, and procured the buyer, a net-lease investment fund.
WASHINGTON, D.C. — Walker & Dunlop has arranged a $10 million low leverage loan for two apartment properties in Washington, D.C., the 119-unit Sedgwick Gardens and the 87-unit Parkway Apartments. The 10-year loan has a 30-year amortization schedule and was secured through a major life insurance company. Will Baker and Ted Hermes of Walker & Dunlop's Bethesda, Md., office originated the loan.
GREENVILLE, ALA. — Grandbridge Real Estate Capital has arranged a $3.13 million first mortgage loan for the 72-unit Cambrian Forest Apartments. The 40-year, HUD 223(a)(7) loan was originated by Steve Clikas of Grandbridge's Birmingham, Ala., office. Amenities include a fitness center, car wash station, storage units and pool and lounge area.
ATLANTA — A joint venture between USAA Real Estate Co. and JLB Partners has started construction on the 373-unit Buckhead Village, a Class A apartment community located on Pharr Road in Atlanta. The property's two apartment buildings are being constructed to both LEED and Energy Star certified standards. Amenities will include three Zen gardens, a library, roof-top fitness center and a lounge. Completion is slated for October 2012.
TEMPLE TERRACE, FLA. — Franklin Street Real Estate Services has arranged the $3.85 million sale of the 96-unit Gables at Temple Terrace, located at 11050 Le Jardin Cir. in Temple Terrace. Kevin Kelleher, Robert Goldfinger and Darron Kattan of Franklin Street's Tampa office represented the seller, Coral Gables, Fla.-based MCNA Properties, and procured the buyer, a Chicago-based investor.