BATON ROUGE, LA. — Arbor Commercial Funding has secured a $21.82 million loan for the 264-unit Mansions in the Park Apartments in Baton Rouge. The 10-year Fannie Mae DUS loan comes with a 30-year amortization schedule. The loan carries a 5.63 percent interest rate.
Southeast
ROME, GA. — The Cirrus Group has arranged a $12.75 million construction loan for a 53,000-square-foot acute care hospital to be located on the Floyd Medical Center campus in Rome. The 45-bed property will be operated by The Specialty Hospital LLC, which has leased 85 percent of the building. The Specialty Hospital currently operates a facility in the main hospital on Floyd's campus, and the move will allow Floyd room to expand. Brasfield & Gorrie will construct the building, which is expected to take 1 year. Earl Swensson Associates designed the hospital. Chris Jackson and Peter Phillips of Cirrus secured the loan, which was funded by Mutual of Omaha.
GAINESVILLE, FLA. — Franklin Street Real Estate Services' Mac McCall represented a Jacksonville, Fla.-based private party in its sale of a Dollar General to an undisclosed buyer for $1.3 million. The 9,000-square-foot property is located on 1 acre of land in Gainesville. Barry Wolfe of Marcus & Millichap represented the Tampa, Fla.-based buyer.
CORNELIUS, N.C. — Jeff Wakeman, Dale Tweedy and Ann Vano have formed The Phoenix Real Estate Advisory Group, an advisement and business strategy firm based in Cornelius. The three partners have more than 20 years of experience in the commercial real estate industry. The firm's primary work will involve assisting landlords holding financially distressed properties.
COOPER CITY, FLA. — Prince of Cooper City has purchased the 53,857-square-foot Stirling Town Center from Stirling Associates for $15.33 million. The property is located at 8637 Stirling Road in Cooper City. Starbucks, Coldstone Creamery and Beef O'Brady's are housed in the center. Dave Donnellan, Bill Strauss and Todd Weintraub of CB Richard Ellis brokered the sale.
ORLANDO, FLA. — Winter Park, Fla.-based Lexington Development Partners has tapped Orlando-based Cuhaci & Peterson Architects to design Windsor Grand, a senior living facility in Orlando. The 110,000-square-foot facility will be located on Lake Underhill Road. When complete, the property will house 120 units, a dining facility and social areas. The development schedule has been announced.
FORT LAUDERDALE, FLA. — Franklin Templeton Investments has leased 80,448 square feet in the former headquarters building of Stiles Realty, located at 300 Las Olas Place in Fort Lauderdale. The LEED Gold building features hurricane-resistant windows. Franklin Templeton has leased the space for 10 years and will move 350 employees to the property. Stiles will move into a neighboring building it already owns. Stiles' Tom Kates served as the firm's in-house representation.
TAMPA, FLA. — Marcus & Millichap has brokered the sale of the 30-unit Oakmont Apartments between two private parties for $1.8 million. Located at 3215 W. Swann Ave., the property is 50 percent occupied. Francesco Carriera and Nicholas Meoli of Marcus & Millichap's Tampa office represented both parties in the transaction.
WASHINGTON, D.C. — Bethesda, Md.-based The Goldstar Group has purchased the mortgage for The Floridian, a 118-unit apartment complex, from Bank of America and Sovereign Bank. Goldstar purchased the property in an all-cash transaction for an undisclosed price. Only 32 units in the property had been sold, and the buyer has foreclosed on the rest. The eight-story condominium property is located at 919 and 929 Florida Ave. NW in Washington. UrbanLand Co. will start marketing the property once Goldstar upgrades the units.
GAINESVILLE, FLA. — CB Richard Ellis Capital Markets Group has arranged $27.5 million in permanent financing on behalf of Glenmont Arlington Biltmore LLC for the take-out of the existing construction loan for Canopy Apartments. The complex is a newly constructed 240-unit luxury student housing community near the University of Florida campus in Gainesville. Canopy is currently 97 percent leased. The loan, arranged by CBRE's Glenn Housman, carries a 10-year term.