CHARLOTTE, N.C. — GE Capital Corp. has funded a $6.2 million loan for Pfalzgraf Communities 4's 358-unit Casa Del Lago apartment complex. The property is located at 5417 Albemale Road in Charlotte. The loan carries a 12-month, interest-only term. Kevin Jenkins of NorthMarq Capital's Charlotte office secured the loan.
ORLANDO, FLA. — Brasfied & Gorrie broke ground last month on the 105,000-square-foot GAI Building in downtown Orlando. The seven-story office building is located at the intersection of Summerlin Avenue and South Street. Completion of the $30 million project is slated for the first quarter of 2011, when the development, which was designed by Baker Barrios Architects, is expected to meet LEED Silver specifications. The Orlando division of GAI Consultants will eventually move 200 employees into 62,000 square feet of space in the building. M&I Bank provided construction financing.
PALM BEACH GARDENS, FLA. — Stiles will break ground next month on the 75,000-square-foot Student Educational Center for Nova Southeastern University. The property will be located on Military Trail in Palm Beach Gardens. Stiles purchased the land for $7 million, and NSU will buy the development back when it's completed. The property will feature 26 classrooms, a student lounge, a fitness area and offices. Stiles' project will replace the current NSU facility on RCA Boulevard. City National Bank of Miami financed the development, which will deliver by January 2011.
WASHINGTON, D.C. — Atlanta-based Troutman Sanders has leased 114,000 square feet from Square 407 Limited Partnership in a Washington office building. The space is located on the top two floors and the sixth floor at 401 9th St. The firm's merger with Ross, Dixon & Bell necessitated this expansion. Julie Schuelke, Wendy Feldman Block and Collin Wheeler of Studley represented Troutman in the 16-year lease. Jon Kaylor, Greg Storrs and Garrett Preis served as in-house representation for the landlord, a joint venture between Boston Properties and Gould Property Co.
SAVANNAH, GA. — Kerry Ingredients and Flavours has signed a lease for a 103,350-square-foot warehouse owned by Congress Street Investors. Located at 217 Bourne Blvd. in Savannah, the property is in the Savannah Port Authority Industrial Park. Reese and Co.'s John Reese represented the landlord in the transaction.
RALEIGH, N.C. — Alexander Kaushansky of Arbor Commercial Funding's New York City office has originated an $11.2 million loan for Blackwolf Run apartments. The 168-unit complex is located in Raleigh. Fannie Mae financed the 10-year loan, which carries a 5.75 percent interest rate and a 30-year amortization schedule.
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.
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.