PARKVILLE, MD. — Beech Street Capital LLC has provided a $38.2 million Fannie Mae conventional loan to refinance the 603-unit Ridge Gardens Apartments, a multifamily community in Parkville. The borrower has owned the property since the 1970s and invested in capital expenditures in 2010 and 2011 with significant improvements planned during the next 12 months. Amenities include a pool, a clubhouse, a fitness center and a playground. Adam Bieber of Beech Street Capital’s Bethesda, Md., office originated the transaction.
Southeast
NORTH LAUDERDALE, FLA. — The 560-unit Parrot’s Landing, a multifamily community situated on 29 acres in North Lauderdale, has traded. Dallas-based Behringer Harvard sold it to a Toronto, Canada-based real estate investment company that focuses on multifamily communities. Behringer Harvard acquired a 90 percent ownership interest in Parrot’s Landing in 2010 through a joint venture between Behringer Harvard Opportunity REIT II Inc., a public non-listed real estate investment trust, and Denver-based Grand Peaks Properties. Avery Klann, Marc deBaptiste and Hampton Beebe of ARA’s Boca Raton, Fla., office brokered the sale.
JACKSONVILLE, FLA. — A four-property office portfolio, totaling 54,000 square feet, has traded in Jacksonville for $1.75 million. Touchstone 9951 JAX LLC sold the portfolio to Mayport, Fla.-based Regency Business Centers. Chuck White of NAI Hallmark Partners represented both parties in the transaction. The four properties are located near the I-295 and Atlantic Boulevard intersection in Jacksonville.
JACKSONVILLE, FLA. — MAA, an apartment-only real estate investment trust, has joined Jacksonville-based Hallmark Partners and Nashville, Tenn.-based Bristol Development Group to build 220 Riverside Avenue, a mixed-use project in downtown Jacksonville. The development team is set to break ground this month on a seven-story, 294-unit multifamily property that includes 18,000 square feet of retail space. The project will also include an urban public park as Hallmark Partners is donating land for the park in a public-private partnership between the development team and the City of Jacksonville. The project and park will be located adjacent to the Northbank Riverwalk, Riverside and Downtown areas of Jacksonville.
RICHMOND, VA. — Cole Real Estate Investments has acquired the 439,740-square-foot, grocery-anchored White Oak Village at 4501 S. Laburmum <
ORLANDO, FLA. — EnTrust Realty Advisors LLC has sold two single-story office buildings totaling 105,457 square feet at Concourse at Quadrangle business park in Orlando to Orlando-based Real Estate Inverlad. The Alter Group developed both properties, which are 91 percent leased, at 3850 and 3862 Quadrangle Blvd. in 2005 and 2006. Tenants include Siemens Corp. and State Farm Mutual Auto Insurance Co. EnTrust Realty Advisors is an affiliate of The Alter Group.
TYSONS CORNER, VA. — Hyatt Regency, an affiliate of Hyatt Hotels Corp., will manage a 17-floor, 300-room hotel within Tysons Corner Center, a mixed-use development in Tysons Corner. The Hyatt Regency at Tysons Corner Center will open in 2014. It will include an executive conference center, a restaurant, a bar and lounge, a pool, a fitness center, and 15,500 square feet of meeting and event space. The hotel is part of a redevelopment of Tysons Corner Center that will include a 22-story Tysons Tower office building and a 28-story apartment building. Macerich, a real estate investment trust, has owned Tysons Corner Center since 2005.
VERO BEACH, FLA. — A 15,525-square-foot Walgreens has sold in Vero Beach. Vincent Knipp and Chance Hales of Marcus & Millichap’s Fort Worth, Texas, office represented the seller, a California-based individual trust. Knipp and Hales also procured the buyer, a New York-based partnership. Kirk Felici of Marcus & Millichap assisted in the closing and was the firm’s Florida broker of record.
NEW ORLEANS AND NASHVILLE, TENN. — Irving, Texas-based FelCor Lodging Trust Inc., a publicly traded real estate investment trust, has sold the 370-room Embassy Suites – New Orleans-Convention Center and the 296-room Embassy Suites – Nashville-Airport for an aggregate price of $70 million to an unlisted buyer. FelCor is using the net proceeds to pay the remaining $37.7 million of accrued preferred dividends and to repay debt. The company is selling 39 non-strategic hotels as part of its long-term portfolio repositioning strategy. With the sale of these two Embassy Suites, FelCor has sold 18 of the 25 hotels it has brought to market since December 2010.
MIAMI — Parkview Gardens, a new 60-unit affordable housing complex, has opened at 1437 N.W. 61st St. in Miami’s Liberty City neighborhood. Carrfour Supportive Housing, Florida’s largest nonprofit affordable housing developer, teamed with Tacolcy Economic Development Corp. and the Florida Housing Finance Corp. to develop the multifamily property. The $12 million development provides housing for tenants earning at or below 60 percent of the area’s median income (AMI) with six units set aside for those earning at or below 33 percent of the AMI. Parkview Gardens consists of six three-story residential buildings, a community center and a two-story parking garage. Amenities include a playground, an exercise room, a computer lab, a library and a picnic area. Crossroads Management Inc., a property management subsidiary of Carrfour Supportive Housing, manages Parkview Gardens. First Housing and JP Morgan Chase Bank served as funding partners, and RBC Capital Markets served as equity provider for the project.