ATLANTA — Newmark, on behalf of McKinley Homes, has secured an $82 million loan for the refinancing of 788 West Midtown, a 279-unit luxury condominium building located in Atlanta’s West Midtown neighborhood. Jordan Roeschlaub, Dustin Stolly, Chris Kramer, Nick Scribani and Ben Kroll of Newmark arranged the financing through Cerberus. Located close to Georgia Tech and Atlantic Station, 788 West Midtown is located at 788 W. Marietta St. NW. Roughly 40 percent of the condos at 788 West Midtown are sold and sales velocity is averaging more than four per month, according to Newmark. Based in Peachtree Corners in metro Atlanta, McKinley Homes is a land developer and builder specializing in real estate development and vertical construction.
COLUMBIA, S.C. AND RICHMOND, VA. — Chicago-based Alliant Credit Union has provided a total of $55.4 million in loans to finance two properties in Columbia and Richmond. The financing included a $32 million acquisition loan for a newly constructed, 285-unit apartment complex in Columbia. The undisclosed borrower was a private owner and operator of multifamily properties. The loan structure includes interest-only payments, minimal reserves and flexible exit options. Ira Zlotowitz and Michael Wyne of Eastern Union referred the transaction to Alliant Credit Union. Completed in 2019, the apartment property features a resort-style swimming pool, courtyard, clubhouse, fitness center and a media room. The average square feet of the apartment units is 1,033 square feet, and the average monthly rent price is $1,390. For the Richmond property, Alliant funded a $23.5 million refinance loan for a recently constructed multifamily property featuring 128 apartments and 8,000 square feet of retail space. The borrower was a private real estate investor, developer, operator and advisor with operations in the Southeast. The loan structure featured a seven-year term with an interest-only period, a step-down in interest rate, an earn-out provision and flexible exit options. Charles DuBose and Harmon Handorf of Phillips Realty Capital referred the …
SUMTER, S.C. — Berkadia has arranged a $14.3 million construction loan for the development of a Veterans Affairs clinic located at 245 Bultman Drive in Sumter, just east of Columbia. Michael Weinberg, Rebecca Van Reken and Alec Fox of Berkadia secured the financing on behalf of the developer, Central Florida-based Blue Cord DevGroup LLC. Berkadia secured a non-recourse, construction-to-perm loan with a 20-year term following construction of the property. The debt facility was sourced through an unnamed global investment manager. Located at 245 Bultman Drive near U.S. Highway 76 and Broad Street, the Sumter VA clinic will encompass over 26,000 square feet throughout the single-story structure. The development is slated to be completed in June 2022.
BROOKSVILLE, FLA. — DSH Hotel Advisors has brokered the sale of a 57-room Microtel Inn & Suites by Wyndham hotel in Brooksville. Dennis Hopper of DSH represented the seller, an entity doing business as L&H LLC, and the buyer, Aarush Hospitality LLC. The sales price was not disclosed. The Microtel Inn & Suites by Wyndham is located at 6298 Nature Coast Blvd. near Interstate 75 and State Route 98. The hotel is located adjacent to Croom ATV Park, which has 2,600 acres of trails. According to its website, the hotel offers free breakfast and complimentary Wi-Fi, as well guest laundry services, an onsite gym and an outdoor pool. DSH Hotel Advisors is a Tampa-based hotel brokerage and advisory firm.
TAMARAC, FLA. — Marcus & Millichap has negotiated the $4.4 million sale of Towne Plaza, a 28,600-square-foot medical office property located at 7443-7495 N University Drive in Tamarac. Quinn Sousa and Ryan Shaw of Marcus & Millichap represented the seller, John Loeffler Trustee of Lillian Loeffler Trust, in the transaction. The buyer, a private doctor doing business in the sale as Evergreen 3 LLC, plans to occupy 10,000 square feet of the property and lease out the remaining space. Built in 1988, Towne Plaza has frontage on North University Drive and is accessible from the Florida Turnpike and Sawgrass Expressway. The multi-tenant medical office property is located next to the University Hospital and Medical Center. The property was 43 percent leased at the time of sale.
Among Maryland’s hardest hit submarkets the past 12 months is the Baltimore Central Business District (CBD), where the vacancy rate has risen to 16 percent, according to CoStar Group. Notable departures from companies such as T. Rowe Price and Legg Mason have accelerated during the pandemic due to aging infrastructure and rising crime, coupled with the expansion of sexy nearby submarkets, Inner Harbor East and Harbor Point. Combined these factors have stressed property owners and businesses trying to survive. Downtown restaurants in particular have suffered even more from the double whammy of the area’s rising pre-pandemic vacancies followed by the crushing hit from the spread of COVID-19 and government shutdowns. State government swoops in But Baltimoreans just received some good news from Maryland Gov. Larry Hogan that is sure to spur economic and social revitalization of its CBD. Over time the State of Maryland will be relocating 12 agencies and approximately 3,300 employees to available properties throughout the CBD from an aging Midtown office complex known as State Center. The first agency on the move will be the Department of Human Services (DHS), which has an RFP out for approximately 105,000 square feet of office space. The Department of Health …
MIAMI, FLA. — A joint venture between Miami-based Limestone Asset Management and Orion Real Estate Group has purchased a 27-property portfolio of Walgreens-occupied assets for $133 million. Wells Fargo provided financing for the acquisition. Kevin Sanz of Orion Real Estate Group led the buyer group. Brian Pfohl and Maury Vanden Eykel of CBRE Inc. represented the seller in the transaction. Further details on the properties were not disclosed. Miami-based Limestone Asset Management is a real estate investment firm and an affiliate of Orion Real Estate Group, its joint venture partner in the deal. Orion Real Estate Group is a Miami-based provider of commercial real estate services.
WILLIAMSBURG, VA.— Berkadia has arranged the $46 million sale of Spotswood Commons, a 212-unit garden-style multifamily property in Williamsburg. Drew White of Berkadia DC Metro and Carter Wood of Berkadia Richmond represented the seller, Massachusetts-based The Dolben Co. Inc., and the buyer, New York-based Kushner Cos. Located at 100 Glenburnie Road, Spotswood Commons features one-, two- and three-bedroom floor plans with air conditioning, a patio or deck and in-unit washers and dryers. Community amenities include a dog park, clubhouse, fitness center, tennis court, outdoor grilling area, swimming pool, volleyball court and playground. The apartment property is close to Colonial Williamsburg, Interstate 64 and the Williamsburg Premium Outlets. Kushner is a New York City-based real estate development and management firm. The company has a portfolio of residential, commercial, retail, hospitality and industrial properties, with 10.8 million square feet currently under development and 24,000 apartments under ownership across six states.
LAKEWOOD RANCH, FLA. — The Dilweg Cos. has sold 9000 Town Center Parkway, a 101,312-square-foot, Class-A office building located in Lakewood Ranch. The price was $20.3 million. The buyers were MHCommercial Real Estate Fund LLC, a Florida-based discretionary private real estate fund, and Contrarian Capital Management LLC, a Connecticut-based hedge fund. Rick Brugge, Mike Davis, Rick Colon and Dominic Montazemi of Cushman & Wakefield represented the Dilweg Cos. in the transaction with support from Zach Eicholtz and Brooke Tulley of Cushman & Wakefield. ServisFirst Bank provided $12.5 million financing for the transaction, under the direction of Mario Bringas of SW Florida. Built in 1998, the 9000 Town Center is a two-story building that originally was developed as a single-tenant, build-to-suit property solely occupied by TriNet USA Inc. The property is located east of Interstate 75 on 11.3 acres within the master-planned community of Lakewood Ranch, which is a community on 50 square miles with 18,000 residential and commercial properties. The 75 percent-occupied office property is the fourth acquisition for MHC, and the building currently has approximately 25,000 square feet of space open for leasing. NAI/Merin Hunter Codman will provide property management with leasing services provided for the new ownership by …
POMPANO BEACH, FLA. — Woodmont Industrial Partners and joint venture partner Butters Construction and Development have acquired a 6.1-acre industrial site in Pompano Beach. Located at 1698 Andrews Ave. in Broward County, the company plans to build an 84,000-square-foot Class A distribution building, known as Andrews Logistics, on the site. The seller and price for the land acquisition were not disclosed. The planned distribution park will feature 32-foot clear heights, loading docks, two ramps and frontage on Andrews Avenue. The property is situated near Interstate 95, Florida Turnpike and the Dixie Highway. In addition, the distribution park is proximal to nearby landmarks and transit hubs including Boca Raton Airport, Fort Lauderdale Airport, Port Everglades and the Sawgrass Expressway. Construction of the distribution site is slated for completion in fourth-quarter 2022 and will be available for lease in the summer of 2022. Woodmont Industrial Partners is an affiliate of Fairfield, N.J.-based Woodmont Properties, a real estate development and management firm. Coconut Creek, Fla.-based Butters Construction and Development is a real estate service firm engaged in construction, development, leasing and property management.