MORRISVILLE, N.C. — Pace Financial Group has secured $68.7 million in interim and construction financing for Phases I and II of Park West Village, a mixed-use development located in Morrisville. Upon completion, the property will span 375,000 square feet. Pace Financial Group arranged the financing through US Bank and Key Bank on behalf of Casto Group, the borrower.
Southeast
RIVERVIEW, FLA. — NorthMarq Capital has arranged $24.1 million in acquisition financing for the 340-unit Tranquility Lake Apartments, a market-rate apartment community located at 9707 Tranquility Lake Circle in Riverview. Jeff Frankel and Charlie Robin of NorthMarq Capital secured the five-year loan with 36 months of interest-only payments followed by a 30-year amortization schedule through a correspondent life insurance company on behalf of the borrower, a Midwest-based owner and operator.
FORT MILL, S.C. — Beacon Partners has acquired a 303,188-square-foot industrial property, located at 2200 Carolina Place Drive in Fort Mill, for $4.7 million. The property is currently vacant. The buyer plans to renovate the property to improve its functionality and appearance. Lawrence Shaw of Colliers International represented Sterling Properties, the seller, in the transaction.
FAIRFAX CITY, VA. — CBRE Group has arranged the $4.12 million sale of a 19,000-square-foot office building, located at 4010 University Drive in Fairfax City. The property is fully leased to law and accounting firms. William Prutting of CBRE Group represented the seller in the transaction. The buyer was a private investor.
DEERFIELD BEACH, FLA. — Boywic Farms Ltd. has sold a 37,489-square-foot industrial property, located at 508 S. Military Trail in Deerfield Beach, to Novomatic Americas Real Estate for $3.4 million. Martin Buelow of Sellstate Priority Realty represented the buyer in the transaction. Todd Weaver of NAI Rauch Weaver Norfleet Kurtz & Co. represented the seller.
PINELLAS PARK, FLA. — AIMCO has sold the 192-unit Runaway Bay, an apartment complex located at 4701 88th Ave. N. in Pinellas Park, to J.I. Kislak Inc. Amenities include a clubhouse, resort-style swimming pool, lighted tennis court, fitness center and tot lot area. The property is 92 percent leased. Jamie May of Institutional Property Advisors represented the seller in the transaction.
BETHESDA, MD. — Walker & Dunlop has secured $8.25 million in permanent financing for the 62,800-square-foot Bethesda Corner, a two-level retail building located in Bethesda. Tyler Blue and Ted Hermes of Walker & Dunlop arranged the 10-year loan with a 25-year amortization schedule through a life insurance company on behalf of Washington Property Co., the borrower.
POMPANO BEACH, FLA. — Atlanta-based Weeks Robinson Properties and Jeremy Shapiro of Miami-based Mainstream Investment Realty plan to build a 202,000-square-foot speculative industrial project, located at 3901 NE 12th Ave. in Pompano Beach. The Class A building will include 32' clear heights, an ESFR sprinkler system and 180' truck courts. Itasca Construction is the contractor for the development and Randall Paulson Architecture is the designer. Ground breaking is scheduled within the next 60 days, and completion is slated for April 2013.
ORLANDO, FLA. — DeBartolo Development has purchased the 252-unit Landmark at Siena Springs, a multifamily community located at 6101 Westgate Drive in Orlando. The property is 96 percent leased. The buyer plans to invest more than $1 million in improvements. Amenities include seven swimming pools, fitness center, tennis courts, children's playground, clubhouse, laundry facilities and a lakefront picnic and barbeque grilling area.
HOLLYWOOD BEACH, FLA. — CBRE Group has arranged the sale of the 52-room Driftwood on the Ocean and a 12-unit apartment property, located in Hollywood Beach, for $8.7 million. Property Markets Group purchased Driftwood on the Ocean, a hotel with condominium development approvals located at 2101 S. Surf Road, for $7.6 million. CBRE Group represented Dupont Hollywood LLC, the seller, in the transaction. A foreign investor purchased the apartment community, located at 335 Georgia St., for $1.1 million. Jeff Cohen of EWM represented the buyer in the transaction and CBRE Group represented the seller, a private individual.