ATLANTA — North American Properties (NAP) has plans to build a 276-unit mid-rise apartment community, located on 3.7 acres in Atlanta's Old Fourth Ward submarket. Construction is scheduled to begin by late spring with completion slated for fall 2013. The development is NAP's first ground-up multifamily development in Atlanta since the company shifted its focus from retail to mixed-use and multifamily developments.
PINELLAS PARK, FLA. — The 135,308-square-foot, five-building Cross Bayou Industrial Park, located at 10410-10450 66th St. N. in Pinellas Park, has sold for $2.75 million. Dennis Bush and Elliott Ross of Clearwater, Fla.-based The Ross Realty Group represented BB&T, the seller, in the transaction. Illinois-based Congaree River was the buyer.
FORT PIERCE, FLA. — H&H has sold the 53,000-square-foot Virginia Avenue Plaza, located at 800 Virginia Ave. in Fort Pierce, to Virginia Plaza Avenue LLC for $2 million. Nikolaus Schroth of Stuart, Fla.-based NAI Southcoast represented the seller in the transaction and Bryan Grunbaum, also of NAI Southcoast, represented the buyer.
DOTHAN, ALA. — Beech Street Capital has arranged a $5.16 million HUD 223(f) loan for the refinance of the 150-unit Camelot Apartments, located at 106 Castle Dr. in Dothan. Chad Hagwood of Beech Street's Birmingham, Ala., office arranged the 35-year, fully amortized loan on behalf of the borrower, Engel Realty Co.
ATLANTA — Dallas-based Behringer Harvard has sold the 253-unit Mariposa Lofts Apartments, located at 100 Montag Cir. in Atlanta for $40 million, according to Fulton County records, as reported by the Atlanta Business Chronicle. Amenities include a resort-style pool, sauna, landscaped courtyards and a clubhouse with a fitness center, business center, media room and game room. The 5-acre site contains eight mid-rise buildings.
CHESAPEAKE, VA. — Memphis, Tenn.-based MAA has purchased the 240-unit Adalay Bay, an apartment complex located at 101 Sabal Palm Ln. in Chesapeake. Amenities include a resort-style pool, picnic area with outdoor grills, exterior storage units and detached garages. The acquisition was funded by a public offering of 1.95 million shares of common stock.
PORTLAND, TENN. — Boston-based STAG Industrial has purchased a 414,043-square-foot warehouse and distribution center, located at 3150 Barry Dr. in Portland, for $13.1 million. The property is fully leased to RB Distribution Inc., a subsidiary of Dorman Products Inc. Approximately 6 years remain on the lease term.
TIMONIUM, MD. — Beech Street Capital has provided a $41.5 million Fannie Mae conventional loan to refinance the 554-unit Padonia Village, located at 88 E. Padonia Rd. in Timonium. Jacob Katz of Meridian Capital Group's Bethesda, Md., office originated the 15-year, fixed-rate loan.
ATLANTA — Grandbridge Real Estate Capital has arranged a $30.75 million first mortgage loan for the acquisition of the 276-unit Biltmore Apartments, located at 855 W. Peachtree St. NW in Atlanta. Amenities include a rooftop terrace with an outdoor fireplace, a courtyard with a fountain and grilling areas and a fitness center. Jim Cope and Debe Storts of Grandbridge's Milwaukee office, along with Mesirow Financial Institutional Real Estate's Direct Investment group, arranged the 7-year, fixed-rate mortgage through Grandbridge's Freddie Mac CME lending group.
BETHESDA, MD. — Associated Estates Realty Corp. has acquired a 2.5-acre parcel, located at 7001 Arlington Rd. in Bethesda, to build the $50 million, 140-unit Dwell Bethesda. The apartment building will include 7,000 square feet of first floor retail space. Merit Enterprises, a wholly owned subsidiary of Associated Estates, will act as construction manager. Completion is slated for the first quarter of 2014.