LOUISVILLE, KY. — Cain Brothers, an investment bank based in New York City, has arranged $49.9 million in bond financing for Christian Care Communities (CCC), a faith-based, nonprofit operator based in Louisville. CCC operates seniors housing communities in 11 cities in Kentucky, providing services including assisted living, independent living, skilled nursing, memory care, short-term rehabilitation, home healthcare and adult daycare. The Series 2016 bond financing consists of $36.7 million of tax-exempt direct purchase bonds and $13.2 million of taxable term loans, plus a $1.5 million line of credit. Two commercial banks purchased and provided all debt. Proceeds from the financing were primarily used to refinance all of CCC’s outstanding debt, including four series of public bonds, 12 capital leases and five lines of credit. The financing also funded $1.8 million of renovation projects, $3 million of reimbursement for prior capital expenditures and $4 million of working capital funds.
SMYRNA, TENN. — Southeastern Development Associates has brokered the $49.6 million sale of Grand Oak at Town Park, a 300-unit, Class A multifamily development located in Nashville’s Smyrna suburb. Completed in 2014, the property was 98 percent occupied at the time of sale. Community amenities include a clubhouse, cyber café, 24/7 cardio wellness center, saltwater pool, outdoor fireplace and a poolside entertainment area with stainless steel grills. An undisclosed international investor purchased the property from an undisclosed seller. Ryan McArdle, Steve Collins and David Rivers of Southeastern Development Associates represented the seller.
GAINESVILLE, FLA. — The first 365 by Whole Foods Market announced for the state of Florida is set to anchor Butler Town Center, a 350,000-square-foot mixed-use addition to Butler Plaza located in Gainesville. The shopping center is located at the Archer Road (State Road 24) exit of I-75. The 365 by Whole Foods Market is scheduled to open in advance of the Town Center, which is set to open in 2018. Butler Town Center will consist of retail, restaurant, hospitality and multifamily components upon completion. The new 365 by Whole Foods Market concept will offer shoppers low prices on natural and organic products that meet Whole Foods Market’s standards for quality.
DAYTONA BEACH, FLA. — P.F. Chang’s, an Asian-inspired bistro, will open a new restaurant at ONE DAYTONA, the planned 300,000-square-foot mixed-use and entertainment destination set to open in 2017. The project will be located across from Daytona International Speedway in Daytona Beach. P.F. Chang’s will open its new 5,500-square-foot restaurant within the project’s Victory Circle section. Other tenants that have recently signed leases at ONE DAYTONA include Hy’s Toggery and Kilwins Confections. Additionally, Shaner Hotels and Prime Hospitality Group (PHG) announced the name of the new Marriott Autograph Collection hotel — The DAYTONA — and the flag for their select-service hotel — Fairfield Inn & Suites by Marriott. Prime Group also serves as the developer for an approximate 268-unit residential apartment community, originally planned for a later phase and now part of the initial phase of ONE DAYTONA.
TAMPA, FLA. — Vision Properties, a commercial real estate operating partner based in northern New Jersey, has acquired a five-building, Class A office campus in Tampa for more than $100 million. The 573,053-square-foot complex is located along Henderson Road, north of Tampa International Airport. In addition to the five office buildings, the property also has a development pad with an active site permit for an additional 111,600-square-foot office building. The office campus is situated within Renaissance Park, a master-planned, 71-acre mixed-use development. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield represented the seller in the transaction. William Bertolero of Vision Properties will oversee the operations and asset management of the office campus. Fred Arena, founder of Vision Properties, expects to break ground on the sixth office building within the next 12 months.
WASHINGTON, D.C. — Urban Investment Partners (UIP) has purchased three Class C office buildings in Washington, D.C.’s Tenleytown neighborhood from American University for $45 million. The portfolio includes a 38,396-square-foot office building at 4000 Brandywine St. N.W., the former home of National Public Radio affiliate WAMU; a 59,996-square-foot office building at 4620 Wisconsin Ave. N.W.; and a 39,299-square-foot property at 4545 42nd St. N.W. CapSource is providing acquisition and construction loans for the Brandywine and Wisconsin Avenue locations. MidCap Mortgage is the lender for the 4545 42nd St. transaction. Bobby Meehling and Scott Frankel of CBRE represented the seller in all three transactions. UIP plans to invest $75 million in order to gut-renovate the Brandywine and Wisconsin Avenue buildings, creating residential apartments, all within a block of the Tenleytown-AU Metro station on the Red Line and with an abundance of underground parking.
MANASSAS, VA. — Sterling Organization has purchased Westgate Shopping Center, a grocery-anchored shopping center located in the Washington, D.C., suburb of Manassas, for $42.5 million. The 171,909-square-foot property is located at the southeast corner of Sudley Road and Lomond Drive, roughly 25 miles west of downtown Washington, D.C. Westgate was 99 percent leased at the time of the sale to tenants such as Giant, CVS/pharmacy, Barnes & Noble, Total Wine, Pier 1 Imports, Panera Bread, Virginia ABC, Baja Fresh and Sleepy’s. Sterling purchased the shopping center through its institutional stabilized fund Sterling United Properties I LP from a subsidiary of Katz Properties.
RICHMOND, VA. — Cushman & Wakefield | Thalhimer has brokered the sale of Bank of America Center, a 24-story, 513,479-square-foot office tower located at 1111 E. Main St. in downtown Richmond. The sales price and buyer weren’t disclosed, but some media outlets report the sales price was $42 million and the buyer was an undisclosed private investment group made up of principals from Washington, D.C., and New York City. Eric Robinson of Cushman & Wakefield | Thalhimer represented the seller, an institutional investor represented by Cornerstone Real Estate Advisers, in the transaction. The property was 71 percent leased at the time of the sale to tenants such as the Commonwealth of Virginia, Bank of America, Sands Anderson PC, McCandlish Holton and DurretteCrump Law Firm.
ROYAL PALM BEACH, FLA. — CBRE has arranged the $28.6 million sale of Buckingham Plaza, a 91,000-square-foot retail power center in Royal Palm Beach in suburban Palm Beach County. The property was 100 percent leased at the time of sale to tenants such as T.J. Maxx, Michaels, Shoe Carnival and Tuesday Morning. The shopping center has cross connectivity with the Shoppes at Isla Verde. An affiliate of San Francisco-based Stockbridge Capital Group purchased Buckingham Plaza from an affiliate of Boca Raton-based PEBB Enterprises. Casey Rosen and Dennis Carson of CBRE represented the seller in the transaction.
There is a popular song from the HBO show Treme written and performed by Steve Earle titled “This City Won’t Wash Away”. Ten years ago the wind and water of Hurricane Katrina threatened to destroy almost a third of the multifamily market in metro New Orleans. After a decade of rebuilding, the multifamily market has emerged as one of the most dynamic and resilient markets in the country. For 10 straight years this world-class city has seen strong demand, increasing rents and stable occupancy. New Orleans is not only unique in its food, music and culture, but also its geography. The Crescent City is situated on the bend of the Mississippi River with Lake Pontchartrain to its north and wetlands to the east and west. The ability to increase inventory in Metro New Orleans is seriously impaired by a lack of land, as well as historic and demographic factors. Over the past 14 years the multifamily inventory in metro New Orleans has only increased by 10,500 units, an average of only 750 units per year. Included in that number is the rebuilding of existing inventory damaged by Hurricane Katrina. Fifty percent of the increase of inventory has been in downtown …