POOLER, GA. — A joint venture between Atlanta-based Cortland Partners and Atlanta-based Batson-Cook Development Co. has started construction on the $35 million, 325-unit Two Addison Place, an apartment complex located on 1200 block of Pine Barren Road in Pooler, a submarket of Savannah. Community and Southern Bank, NXT Capital and Kaufman Realty Group provided funding for the project, which is slated for completion in early 2013.
MURFREESBORO, TENN. — Panther Properties Investment and Integra Land Co. have broken ground on the $27.5 million, 264-unit Integra Creek Apartments, a Class A apartment community located on the Manson Pike in Murfreesboro. The nine-building property will include amenities such as a swimming pool, fitness center, billiards room and business center. The first units are scheduled to be completed in the first quarter of 2013, with full completion slated for the third quarter of 2013.
FLOWERY BRANCH, GA. — NorthMarq Capital has arranged $30 million in first mortgage refinancing for the 456-unit Tree Park Apartments, an apartment complex located at 130 Tree Park Cir. in Flowery Branch. Bruce Foster of NorthMarq's Atlanta office arranged the 7-year loan with a 30-year amortization schedule through Freddie Mac on behalf of Tree Park LLC, the borrower.
VIRGINIA BEACH, VA. — Walker & Dunlop has arranged $21.6 million in refinancing for the 200-unit Magnolia Run Apartments, a garden-style apartment community located at 5697 Magnolia Run Cir. in Virginia Beach. Will Baker of Walker & Dunlop's Bethesda, Md., office arranged the 35-year, fully amortized loan through HUD's 223(f) program on behalf of the borrower, Magnolia Run Apartments LLC.
ATHENS, GA. — Orlando, Fla.-based Roger B. Kennedy Inc. has broken ground on the $13 million, 138-unit The Flats at Easley Mill, a student housing development located at 592 Oconee St. in Athens, close to the University of Georgia campus. Flats at Carrs Hill LP. is developing the property, which was designed by Atlanta-based Gary B. Coursey & Associates-Architects. Completion is slated for June 2013.
ATLANTA — A joint venture between Atlanta-based Noble Investments and an affiliate of Hyatt Hotels Corp. has broken ground on the $11.1 million, 149-room HYATT house Atlanta Cobb Galleria, located at 3625 Cumberland Blvd. in Atlanta. The hotel will be the first HYATT house in Atlanta, and will include amenities such as a pool, fitness center and dining space. Evergreen Construction is building the hotel, which was designed by Lawrenceville, Ga.-based Lindsay Pope Brayfield Clifford & Associates. Completion is slated for spring 2013.
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.
