BOCA RATON, FLA.; DENHAM SPRINGS, LA.; AND ATLANTA — Wells Fargo has provided $73.6 million in non-recourse financing for four properties in Florida, Louisiana and Georgia. In Boca Raton, Wells Fargo has provided a $44.5 million, 5-year loan for Mission Bay Plaza, a 272,886-square-foot retail center located at the intersection of Glades Road and U.S. 441/State Road 7. The center houses 49 tenants including LA Fitness, Toys “R” Us, Albertsons and Office Max. Michael Strober of CB Richard Ellis Melody in Tampa, Fla., was the mortgage broker for the transaction. Also in Boca, Wells Fargo has provided $8.2 million in financing for South Congress Warehouses, a 50-tenant property totaling 118,800 square feet of industrial space within the 850-acre Arvida Park of Commerce. Fred Welker in the Miami office of Holliday Fenoglio Fowler brokered the transaction. Additionally, $11.9 million in financing was provided by Wells Fargo for Spring Park Plaza, an anchored retail center in Denham Springs. Tenants within the 137,574-square-foot development include Petco, Office Depot, Wells Fargo, Rite Aid Corporation and Radio Shack. Neil Efron of BankAtlantic in Fort Lauderdale brokered the five-year loan. In Atlanta, a 10-year, $9 million loan was provided by Wells Fargo for the unanchored retail …
WILLIAMSBURG, VA. — S.L. Nusbaum Realty Co. has begun construction of Quarterpath Crossing Shopping Center, an 85,610-square-foot retail center located at the intersection of Quarterpath Road and Route 199 in Williamsburg. The development, which is situated on 14.88 acres of land that was acquired from the Colonial Williamsburg Foundation, will be anchored by a 52,610-square-foot Harris Teeter food market. Additionally, 21 small stores will be available for lease. Harris Teeter’s grand opening is scheduled for the summer of 2009. Raleigh, N.C.-based Ashland Construction Co. is the general contractor for the project; Williamsburg-based Jack L. Massie Contractor will act as site contractor for the shopping center and will construct Quarterpath Road.
TUSCALOOSA, ALA.; AND KNOXVILLE, TENN. — New York City-based Meridian Capital Group has arranged $22.3 million in financing for two apartment communities in Tuscaloosa and Knoxville. In Tuscaloosa, Meridian has brokered $10.8 million in financing for 5050 Cypress Creek Avenue East, a 15-building community housing 220 units. The borrower, Sealy Realty, secured a rate of 5.5 percent over a 7-year term mortgage with 2 years of interest-only payments. Max Beyderman and David Cohen of Meridian’s New Jersey office negotiated the loan on behalf of the borrower. Additionally Israel Schubert and David Cohen of Meridian’s New Jersey office have arranged $11.5 million in financing for Country Oaks Apartments, a 31-building 350-unit apartment community located in Knoxville. The borrower, The Embassy Group, has secured a rate of 5.45 percent over a 7-year term mortgage.
APOPKA, FLA. — Orlando, Fla.-based HuntonBrady Architects has completed construction of a new dormitory for Forest Lake Academy, a Seventh-day Adventist boarding school, located at 3909 East Semoran Blvd. in Apopka, Fla. The 35,000-square-foot renovation and addition includes a three-story dormitory building with rooms for 120 students, a chapel, and private apartments for the boys’ and girls’ deans. The cost of construction was not disclosed.
SAVANNAH, GA. — Sarasota, Fla.-based American Hotel Development Partners has broken ground on a Holiday Inn Express Inn & Suites located at 11325 Abercorn St. in Savannah. The 88-room facility, which is being constructed near Armstrong Atlantic State University and Hunter Army Airfield, will cost $9 million to complete. Upon completion in the first quarter of 2009, the Holiday Inn Express Savannah will be managed and operated by Harris Hotel Group.
ATLANTA — Lane Strategic Investment, a subsidiary of Lane Co., has acquired an 18-story mixed-use development located on Peachtree Street — next to The Fox Theatre — in Midtown Atlanta. The high-rise community includes the 710 Peachtree Apartments and 34,000 square feet of commercial space, which houses three restaurants and a small retail store. The 533-unit apartment building, which will be renamed, includes studio-, two-, and three-bedroom units. Lane Strategic Investment is planning an $8 million renovation of the development, which will include a new street-level façade, as well as upgrades to the commercial and residential spaces. The acquisition price was not disclosed.
FORT LAUDERDALE, FLA. — Boca Raton, Fla.-based development firm Economos Properties has secured $46.5 million in financing for construction of their new 8.5-acre mixed-use development, which is located at the corner of Griffin and Ravenswood roads in Fort Lauderdale. The project, which will cost $65.5 million to complete, will consist of a 157-room Fairfield Inn & Suites by Marriott, 124-room Homewood Suites by Hilton, and 65,000 square feet of Class A office space with 6,000 square feet of retail space on the ground level. HSBC was a participant in the loan. Darryl Robinson, Peter Harrison and Laurel Oswald of Transwestern have been selected to lease the office and retail components of the project.
BELCAMP, MD. — Bill Pellingon of CB Richard Ellis has represented Preston Waters/Urdang Capital in leasing 538,000 square feet of space within an 800,000-square-foot distribution facility to Procter & Gamble. The 30-foot clear tilt-up distribution building, which is located at 4608 Appliance Dr. in Belcamp, sits on 46 acres. As part of the long-term lease agreement, Procter & Gamble has the option to expand to the full 800,000-square-foot facility. Procter & Gamble, which was represented by Colliers International, has leased the space in order to consolidate its regional distribution operations.
DURHAM, N.C. — Capmark Financial has provided $16 million in fixed-rate refinancing at 5.96 percent for Oak Creek Village Apartments, a multifamily property located at 4230 Garrett Rd. in Durham. Approximately 15 miles northwest of Raleigh, N.C., the property includes 25, two-story buildings totaling 501 units. The 70 percent LTV loan was based on a 9-year term, with interest-only payments for the duration of the loan. Chad Hagwood of Capmark Finance’s Birmingham, Ala., office originated the transaction through the company’s Freddie Mac program. The borrower was an affiliate of RCP General.
SHEPHERDSVILLE, KY. — Crossdock Development has leased 404,000 square feet of industrial space within the Cedar Grove Business Park in Shepherdsville to Alliance Entertainment. The Kentucky Economic Development Authority has granted Alliance Entertainment preliminary approval for $1.5 million in state tax incentives for up to 10 years. Alliance Entertainment’s new distribution center, which will add 365 full-time jobs to the area, will process 200 million DVDs, CDs, magazines, video games and books annually for retailers throughout the nation. Crossdock Development will add 260,000 square feet of rentable space to the $30 million bulk facility this fall.