OAK RIDGE, TENN. — Vikas LLC has purchased McKenzie Acres Apartments, a 100-unit multifamily property located in Oak Ridge. Built in 1969, the fully-occupied property sold for $2.9 million. The property is under a HUD Housing Assistance Payments Section 8 contract, which provides rent and utility subsides for the income-qualified tenants. Steve Goldman and John Dempster of NAI Knoxville represented the Knoxville, Tenn.-based seller in the transaction. Financing for the acquisition was provided by Lebanon, Tenn.-based First Freedom Bank.
WASHINGTON, D.C. — Washington, D.C.-based Perseus Realty has partnered with McLean, Va.-based Jefferson Apartment Group (JAG) to develop a mixed-use project at 14th and W streets in Washington, D.C. The 300,000-square-foot project will feature 231 rental apartments, an all-new 44,000-square-foot YMCA facility and more than 10,000 square feet of retail space. The first phrase, including the YMCA facility and initial apartments, will be available in summer 2012, with the project scheduled for completion in fall 2012. The development team plans to begin demolition of existing buildings in early December. The project received equity financing from Rockpoint Group and a $53 million construction loan from Wells Fargo Bank. Hellmuth, Obata & Kassabaum Inc. and Davis Carter Scott Ltd. are providing architectural services; Clark Construction is serving as general contractor for the project.
METAIRIE, LA. — Atlanta-based Songy Partners Ltd., in a joint venture with AImbridge Hospitality and Argonaut Private Equity, has acquired a Sheraton Hotel, which is located at Four Galleria Blvd. in Metairie. The Situs Companies, serving as a special loan servicer to a CMBS trust, sold the property for $9.8 million. The 181-room hotel features more than 4,000 square feet of meeting space, a rooftop lap pool, a restaurant and a fitness facility. Aimbridge Hospitality will manage the property. The Plasencia Group brokered the transaction.
LAFAYETTE, DENHAM, RUSTON, ABITA, DUTCHTOWN, GONZALES, BROUSSARD AND MERAUX, LA. — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged a $27.16 million loan for a portfolio of Walgreens drugstores in Louisiana. The eight-property portfolio totals 116,070 square feet and includes stores in Lafayette, Denham, Ruston, Abita, Dutchtown, Gonzales, Broussard and Meraux. HFF's Kevin MacKenzie, on behalf of Stirling Properties, place the 4.92 percent fixed-rate securitized loan with Goldman Sachs Commercial Mortgage Capital. Loan proceeds will be used to retire the existing construction loans on the properties, which were constructed between 2007 and 2010.
CAPE CORAL, FLA. — Fort Myers, Fla.-based Stevens Construction has commenced the renovations at Cape Coral First United Methodist Church. Located at 4118 Coronado Parkway in Cape Coral, the project includes renovation and a 6,920-square-foot expansion. Upon completion in spring 2011, the two-story, 13,377-square-foot building will feature an enhanced children's and youth ministry facility, including a preschool, a multipurpose room, classrooms, a kitchen and associated services. Christopher Lee Architects Inc. is providing architectural services for the project.
GRENADA, MISS. — Mississippi-based Hospitality Lodging has acquired the Comfort Inn in Grenada for an undisclosed price. The property will be repositioned as to the EconoLodge brand in early 2011. The two-story, 64-room hotel offers complimentary USA Today, wireless high-speed Internet access, microwaves and refrigerators, coffee makers, irons, ironing boards, hair dryers, premium cable television, a seasonal outdoor swimming pool and a fitness center. Anthony Falor of Hodges Ward Elliott's Select Service Division represented the undisclosed seller in the transaction.
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.