LOUISVILLE, KY. — Capstone Apartment Partners has arranged the $61.4 million sale of a six-property, 1,185-unit multifamily portfolio in Kentucky and southern Indiana. The portfolio’s Kentucky properties comprise Iroquois Gardens, King George Apartments and Victoria Gardens in Louisville and Abigail Gardens in Lexington. The two Indiana properties, King Solomon Apartments in Jeffersonville and King David Apartments in New Albany, are situated across the Ohio River from Louisville. Alex McDermott, Adam Klenk, and Tyler Mayo of Capstone represented the buyer, Nashville-based Clear Blue Co., in the transaction. Nashville-based Elmington Property Management will manage the six properties. Battle Williford and Jon Van Hoozer of Financial Federal Bank originated the $60.2 million acquisition loan on behalf of the buyer. The non-recourse loan features a three-year term with a full interest-only payment period. The seller(s) was not disclosed.
COLUMBIA, S.C. — Arnold Cos. has broken ground on The Palms on Lady, an 83-unit apartment complex in downtown Columbia. The property will offer studio, one- and two-bedroom floor plans ranging in size from 466 to 1,172 square feet. The asset will be situated at the intersection of Lady and Assembly streets. Unit interiors will feature quartz countertops, energy-efficient appliances and 10-foot ceilings for residents on the top floor. Communal amenities will include a fitness center, Luxer One package services, pool, business center and a residents’ lounge. MB Kahn is the general contractor, and Cline Design Associates is the architect. The developer expects to deliver the community in early 2022.
GREENVILLE, S.C. — Frampton Construction has completed a 126-room, Cambria-branded hotel in Greenville. The four-story property is located at 135 Carolina Point Parkway, seven miles east of downtown Greenville. Amenities include an outdoor pool with sundeck, Tesla electric vehicle charging stations, a cobblestone porte-cochère entrance, spa-style bathrooms with Bluetooth mirrors, a restaurant/bar, and 1,486 square feet of meeting space. ODA Architecture was the hotel’s designer, and Choice Hotels will operate the hotel.
OWINGS MILLS, MD. — Neuman Commercial Group LLC has negotiated the $4.3 million sale of Metro Square, a 71,896-square-foot retail property in Owings Mills. Target shadow anchors the property, which includes the former 58,668-square-foot site of a Shoppers grocery store and one outparcel. The asset is located at 11120 Reisterstown Road, 21 miles northwest of downtown Baltimore. Gil Neuman of Neuman Commercial Group represented the seller, an undisclosed publicly traded REIT, and procured the buyer, an undisclosed private investor.
ARLINGTON, VA. — CBRE has arranged a $161.5 million Freddie Mac loan for the refinancing of Crystal House, an 825-unit apartment community in Arlington, just south of Washington, D.C. Crystal House is located in the Crystal City neighborhood near Ronald Reagan Washington National Airport and the site of Amazon’s future second headquarters. The property was originally built in 1965 and renovated in 2017. Crystal House offers studio, one-, two- and three-bedroom units that are furnished with stainless steel appliances, hardwood-style flooring, granite breakfast bars and walk-in closets. Select units also feature private balconies. Communal amenities include two rooftop decks with lounge seating, TVs and fireplaces, a clubhouse with billiards and a cyber lounge, pool with cabanas and a sundeck, fitness center, convenience store and outdoor picnic areas. The property also offers valet dry cleaning and 24-hour concierge services. Michael Sherman, Irene Lu, Michael Riccio, Susan Larkin and Anna Pfau of CBRE originated the loan. The borrower was a partnership between Roseland Residential Trust, which is a subsidiary of New Jersey-based REIT Mack-Cali Corp., and an investment fund advised by UBS Realty Investors LLC. “This is among the largest multifamily refinancings to occur completely during the COVID crisis, as lenders have …
As one of the largest owners and operators of office space in the Charlotte market, Northwood Office is focusing on what office users want — safety, quality, productivity, flexibility and a sense of community. The firm’s largest asset is Ballantyne, a 535-acre campus featuring 4.4 million square feet of Class A office space situated in the heart of a 2,000-acre community. Ballantyne is home to 17,000 employees and 300 companies. While the COVID-19 pandemic has shifted the landscape for office space, Ballantyne is well-positioned to deliver what employers need in the current environment. “The benefit of working close to home is more appealing than ever, and Ballantyne’s location near the Carolinas border and public transportation options make it accessible for everyone,” says John Barton, president of Northwood Office. “However, Ballantyne’s hallmark is its abundant open space. Always our differentiator, its value takes on a whole new level in a post-pandemic world.” Northwood Office’s priority is the safety and well-being of its customers and team members while also maintaining its buildings at the highest level. The company assembled a task force to prepare and adapt for a phased re-entry to office buildings. New operational procedures underway include ample signage instituting social …
FORT LAUDERDALE, FLA. — Ten Capital Management and Somerset Properties have acquired Bayview Corporate Tower, a 12-story, 413,833-square-foot office building in Fort Lauderdale. Bridge Investment Group sold the asset for a reported $82.5 million. The asset was 89 percent leased at the time of sale to 21 tenants. Bridge has invested more than $4.8 million in base building improvements at Bayview Corporate Tower over the past three years. Building amenities include a café, conference center, fitness center, lounge, outdoor picnic area and onsite security and management. The property is situated adjacent to a five-story parking garage. Bayview Corporate Tower is located at 6451 N. Federal Highway, seven miles north of downtown Fort Lauderdale. Dominic Montazemi, Mike Davis, Scott O’Donnell, Greg Miller, Mike Ciadella and Miguel Alcivar of Cushman & Wakefield represented the seller in the transaction.
CORAL SPRINGS, FLA. — Meridian Capital Group has arranged a $51.3 million acquisition loan for The Harbor, a 310-unit apartment complex in Coral Springs. An undisclosed regional balance sheet lender provided the seven-year loan, which features a fixed 3.4 percent interest rate, one five-year extension option and three years of interest-only payments followed by a 30-year amortization schedule. The Harbor, formerly known as Innovo Living on Atlantic, comprises 33 two-story buildings. The asset is located at 790 Harbor Inn Drive, equidistant to Fort Lauderdale and Boca Raton. Communal amenities include a new 5,700-square-foot club house including a climbing wall, fitness center, business center, lap pool, and a yoga and Pilates studio. Noam Kaminetzky and Jason Grimm of Meridian Capital arranged the financing on behalf of the borrower, CaraCo Group. According to Kaminetzky, the sale was originally slated to close in late March or early April but was delayed due to the COVID-19 pandemic. Meridian Capital worked with all parties to negotiate a new closing date, which coincided with Broward County allowing shops and restaurants to reopen. Copperline Partners was the seller.
BETHESDA, MD. — MetLife Investment Management has provided a $34.3 million refinancing loan for Element 28, a 101-unit multifamily community in downtown Bethesda. The loan features a floating interest rate and two one-year extensions. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a 24-hour concierge, resident lounge with complimentary coffee, temperature-controlled wine lockers, conference room, fitness studio, retractable glass-walled rooftop lounge, green roof areas, bike storage and transit screen providing real-time status of transit options. Located at 100 Commerce Lane, Element 28 is one block from the Bethesda Metro Station and less than one mile from the Capital Crescent Trail head, which connects downtown Bethesda with D.C.’s Georgetown district. The borrower is a partnership between institutional investors advised by J.P. Morgan Asset Management and Kettler. Kelly Gaines, Jennifer Keller, Jamie Leachman and Amy Lousararian of JLL arranged the loan on behalf of the borrower.
FOREST PARK, GA. — Robinson Weeks Partners has signed two industrial tenants to occupy a total of 184,670 square feet within Building 400 at Gillem Logistics Center in the south Atlanta suburb of Forest Park. Cleveland-based North Coast Logistics will occupy 107,675 square feet beginning in October. Jacob Westfall of CBRE represented North Coast Logistics in its lease transaction. Orlando-based farming company Kalera Inc. will lease 76,995 square feet at the property, which is situated 12 miles south of downtown Atlanta within five miles of Hartsfield-Jackson Atlanta International Airport. Kalera produces non-GMO vegtables and will be able to double its operations, allowing the facility to produce 11 million heads of lettuce per year. Derek Riggleman and Trip Ackerman of Lee & Associates represented Kalera in its transaction. John Gaskin internally represented Robinson Weeks Partners in both negotiations.