JACKSONVILLE, FLA. — Deutsche Bank arranged the financing for a $185 million Freddie Mac loan to BPG Properties, on behalf of its fund BPG Investment Partnership, for the acquisition of Boston Capital REIT, an 11-property multifamily portfolio. The properties include 300-unit Bay Pointe, 228-unit Savannah Oaks and 512-unit Spicewood Springs in Jacksonville; one complex in Salt Lake City, Utah; three complexes in Seattle; and two complexes in Portland, Ore. The financing was structured to be a 7-year fixed-rate plus one-year variable-rate financing.
Southeast
FALLS CHURCH, VA. — John DeWitt and Martin Fayer of Johnson Capital’s Washington, D.C. office have arranged $36 million in financing for Prestwick Apartments, a 310-unit, mid-rise building in Falls Church, on behalf of a Boston-based investor. The loan is structured as a 7-year fixed-to-float loan through Freddie Mac’s Acquisition-Rehab program at a 5.8 percent interest rate. The building is situated on 14 acres, and will undergo a renovation to include a state-of-the-art athletic center, swimming pool and tennis courts.
ATLANTA — Atlanta-based Songy Partners is developing Vinings Overlook, a $25 million, 92,000-square-foot office building in Atlanta. The Class A, four-story property will be located in the Overlook Office Park at the intersection of Paces Ferry and Overlook Rd. in Atlanta’s Vinings district. Construction is slated for completion in the summer of 2009.
PEMBROKE PINES, FLA. — N.Y.-based Kimco Exchange Place brokered the sale of Flamingo Marketplace, a 137,259-square-foot center in Pembroke Pines, for $23 million. Kimco represented the seller of the property. The buyer was completing a 1031 Exchange. The center is anchored by Bravo Grocery.
JONESBORO, ARK. — Jonesboro-based MBC Holdings purchased Indian Mall, a 326,480-square-foot shopping mall in Jonesboro, from an undisclosed seller for $10 million. The mall is situated on a 32-acre site and includes a Dillard’s Outlet Store and a Sears department store and freestanding Sears Auto Center. The property is located at 1901 Caraway Rd. Matthew Sullivan of Colliers International’s Los Angeles office and Steven Lane of the firm’s Bentonville, Ark., office represented the seller. John White of Jonesboro-based John White Real Estate represented the buyer.
MIAMI — Miami Beach, Fla.-based Flagstone Property Group and institutional equity partner ING Clarion Partners are developing Island Gardens, a $600 million mixed-use waterfront development on Watson Island in Miami. The project includes a 43-story tower featuring the 150-room Shangri-La Hotel Miami, 100 fractional ownership residences known as The Residences at Island Gardens and CHI, The Spa. The joint venture will also develop 221,000 square feet of high-end retail and restaurants, a 29-story business/hotel resort and Super Yacht Harbour, a marina that will support mega-yachts up to 300 feet in length. The project will begin construction in 2008 and is slated for completion in 2010. The Greenwich Group and BF Capital Partners arranged financing for the development.
ROYAL PALM BEACH, HIALEAH, KENDALL, MIAMI AND OAKLAND PARK, FLA. — Moss & Associates are constructing a $60 million, LEED-certified project for developer South Florida Federal Partners that is inclusive of a U.S. Citizenship and Immigration Services (USCIS) facility in Royal Palm Beach and four agency field offices in Hialeah, Kendall, Miami and Oakland Park, Fla. The 40,000-square-foot Royal Palm Beach facility, located at 9300 Belevedere Rd., includes a naturalization ceremony room and wireless Internet café; the Miami agency, located at NW 7th Ave. between Interstate 95 exits 7 and 8A, will feature 73,888 square feet of office space and a two-story lobby; the Hialeah agency, located at Miami Gardens Dr. and NW 59th Ave., will feature 46,000 square feet of office space; the Oakland Park agency, situated midway between I-95 and the Florida Turnpike will feature 43,500 square feet of space; and the Kendall office, located at SW 120th Street and 147th Avenue will feature 43,500 square feet of space. The Royal Palm Beach facility will open in November 2008, and the field offices are slated for completion in the summer of 2008.
WEST MELBOURNE, FLA. — Chattanooga, Tenn.-based CBL & Associates and Amherst, N.Y.-based Benchmark Group are developing Hammock Landing, a 750,000-square-foot open-air shopping center in West Melbourne. Anchor tenants include Marshalls, Linens & Things, Michaels and Petco. Also two other anchors are planned for the center, which will have an additional 120,000 square feet of small shops and restaurants. Hammock Landing will be located on 78 acres at the intersection of Interstate 95 and Palm Bay Rd. The project is slated for completion in the spring of 2009.
WILTON MANORS, FLA. — Raleigh-N.C.-based Rivercrest Realty Advisors has acquired the Shoppes of Wilton Manors, a 73,196-square-foot center in Wilton Manors, from an affiliate of Ft. Lauderdale, Fla.-based Stiles Corp. for $16.6 million. The shopping center is located at the intersection of Wilton Dr. and NE Sixth Ave. Dennis Carson, Nikolas Kozy and Andrea Stava of CB Richard Ellis’ Miami office represented both the buyer and seller.
POMPANO BEACH, FLA. — Miami-based Pinnacle Housing Group is developing Golden Acres Community, a 302-unit multifamily development in Pompano Beach financed primarily through the syndication of housing tax credits sold by Pinnacle to investors. The project site, located at Martin Luther King Blvd. and NW 18th Dr., consists of 31 acres within the Golden Acres subdivision owned by the Housing Authority of Pompano Beach. Ft. Lauderdale-Fla.-based Pasquale Kuritzky Architecture is designing the project, which will begin construction February 2008 and deliver the first of two phases for occupancy within 18 months.