LAFAYETTE AND LAKE CHARLES, LA. — A private institution based in Pennsylvania has sold a seven-property Louisiana apartment portfolio to a Tennessee party for an undisclosed amount. The buyer purchased the ownership entity with bond financing. The Lafayette properties are the 240-unit Pinhook South Apartments, located at 200 Merchants Blvd., and the 80-unit Mon Chateau Apartments, located at 2820 Louisiana Ave. In Lake Charles, the 220-unit Suffolk Manor Apartment Homes, located at 2960 Lake St.; the 200-unit Le Chateau Apartments, located at 4404 Canal St.; the 180-unit Shadowood Apartment Homes, located at 1045 Walters St.; and the 80-unit Trace Apartments, located at 211 Louie St., were included in the sale. Apartment Realty Advisors’ Matt Heininger brokered the sale.
Southeast
HOWARD COUNTY, MD. — Baltimore-based St. John Properties has entered into an agreement with Greenebaum and Rose, Associates, to build five to six buildings in the 600-acre Maple Lawn Maryland mixed-use development in Howard County. St. John is currently building two industrial spaces totaling 80,000 square feet in the Maple Lawn Business Park. When finished with its commitment, the firm will have constructed nearly 300,000 square feet of warehouse space in the development.
BATON ROUGE, LA. — Milton J. Womack Inc. has started work on the 48,000-square-foot Hotel Indigo Downtown Baton Rouge Riverfront, a 93-room renovation of the historic Hotel King. The $25 million property will be located at the intersection of Convention and Lafayette streets in Baton Rouge. Funding for the project was secured through Historic Tax Credits, private equity sources and New Market Tax Credits. Coleman Partners Architects designed the building, which will deliver late next year.
LOUISVILLE, KY. — Massachusetts-based Gross Cohen Louisville has acquired the 95-unit Station House Square apartment complex from an undisclosed seller for an undisclosed price. The off-campus student housing complex is located at 1509 S. 6th St. in Louisville and features a pool, a workout room and a clubhouse. The seller assumed an HUD loan and made an equity down payment to secure the property.
MENDOTA HEIGHTS, MD. — Patrick Minea of NorthMarq’s Minneapolis office has secured a $28 million loan for Mendota Office Center I-IV and American Corporate Center in Mendota Heights. The office properties contain a total of 420,216 square feet of space. State Farm Life Insurance Co. provided financing for the loans.
BALTIMORE — Pikesville, Md.-based Hollins Partners has purchased a 44,332-square-foot retail building from Bank Street Holdings for $6.5 million. The property is located at 1300 Bank St. in Baltimore. Tenants in the building include Lemongrass, Mustang Alleys, a bakery and a gym. Jonathan Beard of CB Richard Ellis’ Baltimore office brokered the sale.
WEST PALM BEACH, FLA. — The Grand Isles @WPB has purchased the 103 units at the Grand Isle condominium complex from Grand Isle FL-PFG for $6.15 million. The property is located at 4145 N. Haverhill Rd. in West Palm Beach. The seller had unloaded 217 units of the 320-unit property, but was unable to sell the remaining spaces, which faced foreclosure. Keith Kidwell of Fort Lauderdale, Fla.-based Moecker Realty and Les Byron of Sperry Van Ness represented the buyer.
DECATUR, GA. — Dallas-based Capmark Financial has sold the 215,000-square-foot Wesley Chapel Square shopping center to BDB Capital for $6 million. The property is located on Wesley Chapel Road in Decatur. The Kroger-anchored center houses 23 retail tenants. Joe Montgomery and Tony D’Ambrosio of Atlanta-based Colliers Spectrum Cauble represented Capmark.
CLEARWATER, FLA. — Fidelity Bank has sold a 50-room Econo Lodge in Clearwater to Debary Hospitality for an undisclosed price. The hotel, which was in foreclosure, will be rebranded as a Super 8. Ken Olipra of Clearwater-based Greene, Canfield, DeGeorge represented the seller.
KANNAPOLIS, N.C. — Joel Coykendall of NorthMarq Capital’s Jacksonville, Fla., office has secured a $29.6 million loan for the 312-unit Integra Springs Apartments in Kannapolis. The financing is a 23-month construction loan that turns into a 40-year permanent loan. AmeriSphere Mortgage Finance funded the loan, which carries a 40-year amortization schedule.