ORANGE BEACH, ALA., AND PENSACOLA BEACH, FLA. — Aries Capital has arranged a $57 million non-recourse loan to refinance existing debt and fund seasonality reserves for three Gulf Coast hotels. The properties include a Hilton Garden Inn and a Holiday Inn Express in Orange Beach and a Hampton Inn in Pensacola. Jeff Bucaro of Aries Capital's Chicago office arranged the 10-year CMBS loan on behalf of the borrower, Innisfree Hotels.
ST. PETERSBURG, FLA. — HFF has secured $30.75 million in financing for the 295,200-square-foot One Progress Plaza, a Class A office building located at 200 Central Ave. in St. Petersburg. Paul Stasaitis, Chris Drew and Kim Flores of HFF's Miami office arranged the 10-year, fixed-rate loan through American National Insurance Co. on behalf of the borrower, Kucera Properties.
WASHINGTON, D.C. — Beech Street Capital has secured $14.9 million in FHA loans to refinance the 119-unti Capitol East Apartments, located at 518 9th St. NW in Washington, D.C., and the 48-unit Lexington Apartments, located at 1114 F. St. NE in Washington, D.C. Brian Sykes of Beech Street Capital's Boston office originated the 35-year, fully amortized loan on behalf of the borrower, Glenside, Pa.-based Wexford Property Management. Larry Paul of Frankel Financial Corp. served as financial advisor to Wexford.
COCONUT CREEK, FLA. — Alliance Residential has broken ground on the $58 million, 396-unit Broadstone Cypress Hammocks, a luxury apartment community located at 5201 W. Hillsboro Blvd. in Coconut Creek. Amenities will include a two-story clubhouse with a cyber cafe and fireplace, a fitness center with a studio, a spa treatment room, an entertainment room with billiards, video games and gaming tables, a pool with cabanas and a pool pavilion with a bar, fireplace and pool table, a playground and a dog park. The first units are slated for completion in the first quarter of 2013 with full completion scheduled for April 2014.
MORRISVILLE, N.C. — Wood Partners has started construction on the $34 million, 260-unit The Bristol, an apartment complex located at 3016 Bristol Creek Dr. in Morrisville. The complex will be located in the 100-acre Park West Village, a mixed-use development that will include up to 550,000 square feet of retail space and 120,000 square feet of office and/or hotel space. WP East Builders is the general contractor for the project, Cline Design Associates is the architect and Prudential Real Estate Investors is the equity partner. Amenities will include a clubhouse with a cyber cafe, a fitness center, a billiards/game room, a salt water pool, cabanas with grilling stations, a dog park and a car care center. The first units are slated for completion in February 2013 with full completion scheduled for the end of 2013.
ATHENS, ALA. — The 79,700-square-foot Eastside Junction, located in Athens, has sold for $11.45 million. Publix anchors the center, which is 95 percent leased. Drew Fleming and Mark Joines of Cassidy Turley's Atlanta office represented the seller, a private developer, and procured the buyer, Inland Real Estate.
CORAL GABLES, FLA. — The 35,313-square-foot Gables Granada Plaza, an office building located at 770 S. Dixie Hwy. in Coral Gables, has sold for $7.5 million. Stephen Heim of Fort Lauderdale, Fla.-based NAI Rauch Weaver Norfleet Kurtz & Co. represented the seller, Gables Granada Plaza, Inc., in the transaction. Bill Bailey and Thad Adams of The Allen Morris Company represented the buyer, Steiner Management Services.
DULUTH, GA. — Studio Movie Grill has signed a 44,945-square-foot lease to build a 10-screen, in-theater dining concept at Venture Pointe Shopping Center, located at 3900 Venture Pointe in Duluth. Kyle Luby and Ben Hautt of Atlanta-based Stream Realty Partners represented the tenant in the transaction. Brixmor Property Group, the landlord, was self-represented by Tracey Lojek. The theater is scheduled to open in late summer 2012.
TAMPA, FLA. — The 24,735-square-foot Watermark 5, located at 5415 Mariner St., and the 29,132-square-foot Watermark 7, located at 5410 Bay Center Dr., both in Tampa, have sold for $3.75 million. Elliott Ross of Clearwater-based The Ross Realty Group represented Watermark Acquisition Group, the buyer, in the transaction. Redstone Asset Management Services represented Marketview Properties III, the seller.
MIAMI — Marcus & Millichap has arranged the $3.18 million sale of the 8,971-square-foot Bentley Bay Retail Condominiums, three retail condo spaces located at 520 W. Ave. in Miami's South Beach. Kirk Olson and Drew Kristol of Marcus & Millichap's Miami office represented the seller, a Sunrise, Fla.-based bank, in the REO transaction and procured the buyer, a Miami-based private investor.