TAMPA, FLA. — Love Funding has secured a $3.6 million loan for the refinancing of Central Tampa Assisted Living Facility in Tampa. The 96-bed and 50-unit facility specializes in the care of seniors with Alzheimer's and related memory disorders. Robyn Cunningham of Love's St. Louis office originated the loan by utilizing the FHA 232/223(f) LEAN program, which locked in a 4.5 percent interest rate with a 26-year amortization schedule for the borrower.
GREENBELT, MD. — Wrightwood Capital High Yield Partners II has closed a $23 million preferred equity investment for the recapitalization and renovation of Empirian Village Apartment complex with Fieldstone Properties. Completed in 1973, the 2,877-unit garden-style apartment complex is located on 155 acres in Greenbelt. Concurrent with Wrightwood's equity investment, Freddie Mac provided a 7-year, $241.5 million first mortgage.
CORAL SPRINGS, FLA. — Marcus & Millichap has brokered the sale of the Towers of Coral Springs, two six- and four-story glass office towers in Coral Springs. The 75,344-square-foot property, which was in foreclosure, sold for $9.7 million. Located at 2855 N. University Dr., the property was 75 percent occupied by national tenants, including Morgan Stanley & First United Bank, at the time of closing. Andy Neiswenter of Marcus & Milichap represented the undisclosed buyer; Marc Strauss and Al Palacios of Marcus & Millichap represented the seller, a partnership and the original developer, in the transaction.
PALM BEACH GARDENS, FLA. — Deerfield Beach, Fla.-based SIKON Construction has completed the construction of a $7.5 million Publix at Frenchman's Crossing shopping center in Palm Beach Gardens. The 10-acre, 62,631-square-foot center is located at the northwest corner of Hood Road and Alternate A1A. The center includes the new 46,031-square-foot Publix and 16,600 square feet of additional retail space. Architect Marc Winter of Boca Raton, Fla., designed the property.
ORLANDO, FLA. — Downtown Entertainment LLC has acquired a 4,970-square-foot owner/user building in downtown Orlando. Located at 44 Central Blvd., the freestanding building sold for $1.6 million or $321.93 per square foot. The property is zoned to operate businesses from a daily office to a late-night club or bar. Scott Corbin of Colliers International Central Florida represented the seller, Banco Popular North America, in the transaction.
VALRICO, FLA. — Casey Babb of Marcus & Millichap's Tampa, Fla., office represented a Florida-based private investor in the disposition of Suburban Villas, a multifamily property located at 502 Beverly Blvd. in Valrico. Built in 1972, the 36-unit complex sold for $2 million. An undisclosed Connecticut-based private investor acquired the property.
LEBANON, TENN. — Monmouth Real Estate Investment Corp. (MREIC) has acquired a 381,240-square-foot industrial property located at the South Perimeter Industrial Park in 900 Hutchinson Place in Lebanon. The property sold for $14.5 million. Built in 1993, the property is net-leased through June 2024 to CBOCS Distribution Inc., a subsidiary of Cracker Barrel Old Country Store Inc. Brad Pepin of Stan Johnson Co. represented MREIC in the transaction. The seller was not disclosed.
COCONUT CREEK, FLA. — Chicago-based Laramar Group has completed the disposition of of Hillsboro Bay Club Apartments, a 366-unit multifamily complex located in Coconut Creek. Kennedy Associates acquired the property for an undisclosed price. The complex offers a mix of garden-style units with lake views, a gated entry and a recently renovated clubhouse and amenity package. The property was 95 percent occupied at the time of closing. Robert Given and Zachery Sackley of CB Richard Ellis' South Florida Multi-Housing Group.
HOT SPRINGS, ARK. — Miami-based United Trust Fund (UTF) has completed the disposition of a three-building medical office building portfolio in Hot Springs. New York-based American Realty Capital Trust acquired the property for an undisclosed price. UTF originally purchased the assets through a sale/leaseback structure with St. Joseph's Mercy Health Care, a wholly owned subsidiary of the Sisters of Mercy Health System. Keith Broemmer of Broad Street Advisors of New York handled the transaction.
ATLANTA — The Connor Group has acquired Brookwood Valley Apartments, which is located in Atlanta's Buckhead neighborhood. Built in 1987, the 240-unit apartment property is located at 2035 Peachtree Street. Prudential Real Estate Investors sold the property for an undisclosed price. Chris Spain, David Gutting and Porter Jones of Cushman & Wakefield's Atlanta-based Multifamily Investment Sales team represented the seller.