LEXINGTON, KY. — Cohen Financial’s Mark Strauss, Bruce Krall and Kevin Greenberg arranged a $12.53 loan for Pasco Companies’ acquisition of the 208-unit Resort at Lake Crossing. The 10-year, fixed-rate loan for the apartment property, located at 3601 Brookewind Way in Lexington, includes 57 percent loan-to-value financing. The loan was financed by Wachovia through its Freddie Mac program.
Southeast
WASHINGTON, D.C. — Blake Real Estate, internally represented by Steve Lustgarten, has leased 70,000 square feet in a 308,579-square-foot property, located at 1100 L St. N.W. in Washington, to the U.S. Secret Service. The General Services Administration represented the Secret Service in the transaction. Tenants in the building include CACI and the civil division of the Department of Justice. Further details of the lease were not announced.
WINTER PARK, FLA. — The Sorensen Trust has sold a 3,872-square-foot commercial building, located at 935 N. Orange Ave. in Winter Park, to 935 Orange Avenue LLC for $1.41 million. Mark Squires of Maitland, Fla.-based Coldwell Banker Commercial NRT and Palkiper Real Estate Services’ Marie Boyle brokered the transaction.
COLLEGE PARK, GA. — Atlanta-based Grove Street Partners will break ground next month on two LEED-certified hotels, representing the first phase of the 1 million-square-foot, mixed-use Gateway Center in College Park. The seven-story, 403-room Marriott, which will feature meeting and ballroom space and two restaurants, is expected to deliver in August 2010. The 147-room Spring Hill Suites will deliver in February 2010. The hotel developments represent a $134 million investment by Grove Street, Fidelity Investments of Boston and Williams Opportunity Fund. Smallwood, Reynolds, Stewart, Stewart & Associates designed the Marriott, with Goode Van Slyke Architecture working on the Spring Hill hotel. Brasfield & Gorrie will serve as general contractor.
BATON ROUGE, LA. — Tapestry Springbrook Apartments LLC recently sold its 200-unit Springbrook Apartments to New Orleans-based Favrot & Shane Cos. for $14.58 million. The property features a clubhouse, fitness center and resort-style pool and will be managed by 1st Lake Properties. David Treppendahl of Re/MAX First Commercial Real Estate represented the seller.
ROME, GA. — MetroGroup Development has commenced construction on the 37,000-square-foot Berry Crossing, located at the intersection of Veterans Memorial Highway and Martha Berry Boulevard in Rome. The 5.8-acre site is 50 percent pre-leased and will be home to a CVS/pharmacy and a renovated Wachovia Bank. The center is expected to deliver in spring 2009.
CHESAPEAKE, VA. — Atlanta-based Butler Properties has purchased 1.8 acres in the Waterway Industrial Park in Chesapeake from BBB LLC for $540,300. An 11,280-square-foot Flowers Bakery warehouse is planned for the site. Patrick Mumey and W. Scott Wermers of Thalhimer’s Virginia Beach, Va., office brokered the transaction.
DURHAM, N.C. — Spokane, Wash.-based Magnuson Hotels has rebranded the 30-room Durham Skyland Inn in Durham, naming it Durham Skyland Inn Magnuson Hotel. The new brand will help the hotel, which was formerly a Best Western, attain better local, regional and national market positioning. Hotel amenities include a saltwater swimming pool and wireless Internet, and each room includes a microwave and a refrigerator.
CROFTON, MD. — Martin Fayer of Johnson Capital’s Washington, D.C., office has arranged a loan for the 406-unit Keswick Park Apartments, located at 1623 Parkridge Circle in Crofton, for $55 million. Freddie Mac financed the 7-year loan that comes with an interest rate of 6.11 percent. A 30-year amortization kicks in after the first 4 years. The complex is 95 percent occupied and features a swimming pool, outdoor whirlpool and volleyball and racquetball courts.
WELLINGTON, FLA. — Rockville, Md.-based Federal Realty Investment Trust has acquired the 127,000-square-foot Courtyard Shops, located at 13860 Wellington Trace in Wellington, from an institutional owner for $37.9 million. The 18-year-old center is anchored by a 49,000-square-foot Publix and underwent an expansion in 1998.