LOUISVILLE, KY. — KeyBank Real Estate Capital has provided $31.2 million in Freddie Mac financing for Apex on Preston Apartments, a 312-unit apartment community in Louisville. The Class A asset was delivered in 2015. Charlie Williams of KeyBank’s commercial mortgage group arranged the acquisition financing, which features an 8-year loan term.
HERNDON, VA. — NXT Capital has provided a $22.3 million loan to finance the recapitalization of Parkway Atrium, a 184,000-square-foot, Class B office building located in Herndon, about 25 miles west of Washington, D.C. The building has historically been leased to GSA tenants. The undisclosed borrower plans to use the loan proceeds to renovate the asset. Cary Abod and Robert Carey of HFF’s Washington, D.C., office arranged the loan through NXT Capital.
ORLANDO, FLA. — Cite Partners has brokered the $10.7 million sale of Shader Industrial Park, a 300,000-square-foot industrial property in Orlando. The asset was 90 percent leased at the time of sale. Cite Partners represented the undisclosed buyer in the transaction. Cory Kroeger and Greg Rebman of KR Properties represented the seller, an unnamed entity that has owned Shader Industrial Park since 1983.
ORLANDO, FLA. — Passco Cos. LLC has purchased The Ivy, a 248-unit, Class A apartment community within the Florida Hospital Health Village in Orlando, for $53.5 million. The newly built property is located at 2650 Dade Ave. within walking distance of a SunRail station. Constructed in 2015 by Atlanta-based Wood Partners, The Ivy features multi-level pool decks with a resort-style swimming pool, fitness center and a yoga studio. Passco has retained Wood Partners to manage the property. Shelton Granade of CBRE represented Passco and the undisclosed seller in the transaction. Chris Black of KeyBank Real Estate Capital arranged a Fannie Mae loan to finance the acquisition.
WINDERMERE, FLA. — Orlando-based Roger B. Kennedy Construction has started construction on the upscale Venetian Isles Apartments & Townhomes located at 6506 San Francesco Way and 10006 St. Marks Blvd. in Windermere, a suburb of Orlando. The $42 million community will span 302 apartment residences in 19 buildings and 44 townhomes in nine buildings. The townhomes and apartments are scheduled for completion in June 2017 and December 2017, respectively. The design team includes Orlando-based developer UNICORP National Developments Inc. and Orlando-based architect Slocum Platts Architects.
ROCKY POINT, FLA. — ZOM Florida and Northwestern Mutual plan to break ground on SEAZEN, a 323-unit waterfront apartment community located near Tampa on the island of Rocky Point. Currently home to a Chart House restaurant, the site features 750 linear feet of direct waterfront on Tampa Bay. ZOM and Northwestern Mutual plan to begin construction in August and deliver the asset in summer 2018. The companies plan to begin pre-leasing SEAZEN in late 2017.
ATLANTA — Atlanta-based Bauman & Co. has purchased three medical office buildings in Orlando; Macon, Ga., and Chattanooga, Tenn., for a combined $25 million. The properties include the Lake Lurna Professional Center in downtown Orlando, the Coliseum Cancer Center in Macon that is being renamed the Coliseum Drive Physicians Building and the Spring Creek Medical Center in Chattanooga that is being renamed the Spring Creek Physicians Building. The Orlando and Macon buildings were fully leased at the time of sale and the Chattanooga property was 82 percent leased. Bauman & Co., Siemens Financial Services, Capital One Healthcare and a small group of private investors provided acquisition financing for the portfolio transaction.
MIDLOTHIAN, VA. — Marcus & Millichap has arranged the $5.4 million sale of Tower Medical, a 20,028-square-foot medical office building located at 13520-13540 Hull St. in the Midlothian suburb of Richmond. Tower Medical’s tenants include Bon Secours Health Systems and Sheltering Arms Hospital. Chandler Pace of Marcus & Millichap led the team in representing the seller, the original developer that built the asset in 2005, and securing the buyer, a 1031 investor based in Washington, D.C. The Marcus & Millichap team included Robert Filley, Christopher Chadwick, Dawson Rinder, Josh Feldman and Ian Ruel.
BAL HARBOUR, FLA. — Whitman Family Development has submitted updated plans for a $400 million expansion of Bal Harbour Shops, an upscale, 450,000-square-foot, open-air shopping center located in Bal Harbour Village near Miami Beach. Expansion plans include the addition of the first Barneys New York flagship store in the Southeastern U.S., as well as significant upgrades to longtime anchor tenants Neiman Marcus and Saks Fifth Avenue. The expansion will also include the addition of new luxury boutiques and restaurants, expanded vehicle entryways and exits with improved traffic signals, and wider sidewalks with increased landscaping and tree canopy around the shops on 96th Street and Collins Avenue. The new plans are the result of a Bal Harbour Village Council meeting on April 13 during which all council members expressed support for the expansion, but deadlocked 2-2 on the sale of the current Village Hall site that was central to the proposal. The revised plan reduces the proposed footprint by approximately 19 percent, according to reports by the Miami Herald, and will be built entirely on land already owned by Whitman Family Development. “The updated plan meets all of our goals, albeit in a different configuration,” says Matthew Whitman Lazenby, president and CEO of …
BRASELTON, GA. — ARW Group LLC, a joint venture between Peachtree City developer Jorge Duran and Harry Kitchen Jr. of the Foxfield Co., plans to build Atlanta River Walk, a $700 million mixed-use destination in Braselton. The proposed 508-acre project will be centered around a man-made “river” and will resemble the San Antonio Riverwalk and Oklahoma City Bricktown. The waterfront village will feature international restaurants and high-end shopping. Other components include single-family and multifamily housing, a Class A office park, seniors housing, a movie theater, boutique hotel, conference center, major supermarket and an outdoor amphitheater. The project will be surrounded by 30 acres of green space featuring art installations, walking trails and a multi-use path. Atlanta River Walk will be situated near Chateau Elan and Road Atlanta and straddle the county line between Hall and Jackson counties. ARW Group created the master plan in collaboration with Wakefield Beasley Architects and engineering firm Atwell Group. Funari Realty will manage residential sales. The project team also includes Road Atlanta and the city of Braselton. The Atlanta Business Chronicle reports that ARW Group will present the Atlanta River Walk project at a Hall County Planning Commission meeting today to get the site rezoned. …
