LOUISVILLE, KY. — Construction has begun for a 125,000-square-foot, Class A office building located at 600 North Hurstborne in Louisville. The building is being developed by a joint venture between NTS Development Co. and University of Louisville Development Co. The four-story building was designed by architect KlingStubbins. The construction manager on the project is Messer Construction.
ARLINGTON, VA. — Prudential Mortgage Capital Co. has closed a $125 million loan for Saul Centers, a Bethesda, Md.-based REIT on behalf of Prudential's General Account. The loan provides financing for Clarendon Center, a new 402,00-square-foot mixed-use development located in Arlington. The 15-year loan has a 25-year amortization. The south tower contains 244 luxury apartments, 75,500 square feet of Class A office space and 29,500 square feet of ground floor retail anchored by Trader Joe's. The north tower contains 95,500 square feet of Class A office space and 13,000 square feet of fully leased ground floor retail.
BALTIMORE — The 120-unit Harvey Johnson Towers, a Section 8 mutlifamily property located at 1510 West Mosher St. in Baltimore, has sold for $5.4 million. The buyer, New York City-based HJT, was represented by The Firoozabadi Group of Marcus & Millichap.
FORT LAUDERDALE, FLA. — The 16-unit Caravelle North Apartments in Fort Lauderdale has sold for $1.2 million. The seller, a private investor from Palm Beach Shores, Fla., and the buyer, a private investor from Hollywood, Fla., were represented by Joseph Thomas of Marcus & Millichap's Fort Lauderdale office.
JACKSONVILLE, FLA.; SANFORD, FLA.; MARGATE FLA. AND MIAMI — CB Richard Ellis Capital Markets arranged financing totaling approximately $70 million for several multifamily properties in Florida. In Jacksonville, acquisition financing in the amount of $11.9 million was arranged for the 240-unit Vintage at Planation Bay. Terms of the fixed rate financing include a 7-year term, 30-year amortization and 71% loan-to-value. In Sanford, acquisition financing in the amount of $24.7 million was arranged for the 362-unit Plantation Lakes.Terms of the fixed rate financing include a 7-year term and 30-year amortization. In Margate, supplemental financing in the amount of $2.99 million was secured for the 280-unit Lakes of Margate. In Miami, bridge financing in the amount of $30 million was secured for the 324-unit Terrazas River Park Village. Terms of the floating rate financing include a 2-year term and interest only. All deals were completed by Charles Foschini of CBRE's Debt & Equity Finance and Institutional Group and Christian Lee and Christopher Apone of CBRE's Miami office.
GAINESVILLE AND JACKSONVILLE, FLA. — Memphis, Tenn.-based MAA has acquired two apartment complexes in Florida for a total of $42.8 million. The 204-unit The Retreat at Magnolia Parke Apartments, located in Gainesville, has a movie theater, resort style swimming pool and game room. The 200-unit Atlanta Crossing, located in Jacksonville, has a high-end clubhouse with cyber cafe, Internet lounge, a fitness center and a pavilion with gas grills. The acquisitions were funded by borrowings under existing credit facilities and common stock issuances through MAA's at-the-market program.
HAMPTON, VA. — Preferred Apartment Communities has purchased the 204-unit Oxford Trail Apartments, located in Hampton, for $23.5 million. The complex is currently 98 percent leased. Preferred Apartment Communities purchased Oxford Trail Apartments though a loan originated by Jones Lang LaSalle and expects the loan to be transferred to Freddie Mac within 60 days.
ST. AUGUSTINE, FLA. AND CHARLOTTE, N.C. — Three absolute net-leased CVS/Pharmacy properties have sold for $12.1 million. Two of the properties are located in St. Augustine and one is in Charlotte. The properties total more than 38,000 square feet and are leased to CVS Caremark through 2034. The buyer was Phoenix-based Cole Real Estate Investments and the seller was a Calif.-based LLC. Terry Marks of New Hope, Pa.-based National Net Lease Realty represented the seller. Cole was represented by Chad Adams of Cole Capital.
PEMBROKE PINES, FLA. — Miami Jewish Health Systems broke ground on its latest expansion of Douglas Gardens North. The new 75-unit building will open in 2012 and offer low-income seniors access to healthcare and social services. The development was made possible by a $10.5 million U.S. Department of Housing and Urban Development grant.
PENSACOLA, FLA. — Construction has begun for Airport and 12th, a $24 million, 11.44-acre mixed-use development at Pensacola Gulf Coast Regional Airport in Pensacola. The developer of the project is Sandspure Development, an affiliate of Gulf Breeze, Fla.-based Innisfree Hotels. The project contains more than 11 acres of office and retail space as well as a 127-room Hyatt Place Hotel. Innisfree Hotels will build and manage the hotel, which will connect directly to the airport terminal. Philip Partington of Pensacola-based SMB Architecture has been selected as the architect, Birmingham, Ala.-based Robins and Morton has been selected as the general contractor, and Justin Beck of Pensacola-based Beck Property Co. has been chosen to market the five outparcels. Airport and 12th will open in March 2013.