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Southeast

Brookhaven City Council OKs New $1.3B Children’s Healthcare of Atlanta Hospital

BROOKHAVEN, GA. — The Brookhaven City Council has approved a community investment agreement that will allow Children’s Healthcare of Atlanta (CHOA) to move forward with a new pediatric campus in the city of Brookhaven, roughly 11 miles north of downtown Atlanta. CHOA unveiled plans for the $1.3 billion project earlier this year. The new campus will include a 446-bed replacement hospital, support buildings, a physical plant, more than 20 acres of greenspace and the Center for Advanced..

December 14, 2017

ARA Newmark Arranges $53.8M Sale of Apartment Community in Broward County

TAMARAC, FLA. — ARA Newmark has arranged the $53.8 million sale of Hidden Harbour, a 368-unit apartment community in Tamarac, roughly 15 miles northwest of Fort Lauderdale. Hampton Beebe, Avery Klann, Jonathan Senn, Matt Scarola, Dick Donnellan and Marc deBaptiste of ARA Newmark arranged the transaction on behalf of the seller, BH Management. Matthew Williams of NKF Capital Markets arranged a 10-year, $35.1 million acquisition loan on behalf of the buyer, Orstac Investments. The loan..

December 14, 2017

Colliers Brokers $26M Sale of Student Housing Asset Near University of South Florida

LUTZ, FLA. — Colliers International has arranged the $26 million sale of The Social, a 560-bed student housing community located at 2919 Network Place in Lutz, roughly two miles from the University of South Florida in Tampa. Travis Prince and Sean Baird of Colliers International arranged the transaction. Other terms of the deal were not disclosed. The Social includes two- and four-bedroom floor plans ranging in size from 960 to 1,498 square feet. All apartment units feature a private balcony..

December 14, 2017

Loudermilk Cos. Tops Off Construction of 120,000 SF Medical Office Building in Buckhead

ATLANTA — The Loudermilk Cos. has topped off construction of 371 East Paces Ferry, a nine-story, 120,000-square-foot medical office building in Atlanta’s Buckhead district. George Olmstead of Cushman & Wakefield is handling the property’s leasing assignment, and recently secured a 3,576-square-foot lease with Interventional Orthopedics of Atlanta LLC. The company will join other committed tenants including Concord Pharmacy, Piedmont Medical Care Corp., Peachtree Dermatology and Kalos..

December 14, 2017

HFF Arranges Acquisition Financing for 322,207 SF Industrial Portfolio in Tampa

TAMPA, FLA. — HFF has arranged acquisition financing for a two-property, 332,207-square-foot industrial portfolio in Tampa. Ken Martin of HFF arranged the financing through JP Morgan Asset Management on behalf of the borrower, Citimark Inc. Other terms of the financing were not disclosed. The portfolio includes Pioneer Industrial Park and Sunstate Industrial Park, both located in Tampa’s Westshore/Airport submarket. Pioneer Industrial Park, which includes six buildings constructed between..

December 14, 2017

Multifamily Firms Targeting Charlotte, Raleigh Suburbs, Says InterFace Carolinas Panel

ATLANTA — Executives from some of the most active multifamily firms in the Southeast are honing in on the suburbs of Charlotte and Raleigh as they map out their long-term investment and development strategies. During the Carolinas panel at the eighth annual InterFace Multifamily Southeast conference, the panelists stated they’re preparing for a suburban shift as a large swath of the millennial renting cohort and downsizing baby boomers will be priced out of core submarkets. “There’s..

December 14, 2017

KeyBank Secures $73.3M Acquisition Loan for 600-Unit Multifamily Asset in Louisville

LOUISVILLE, KY. — KeyBank Real Estate Capital has arranged a $73.3 million Freddie Mac loan for the acquisition of Mallard Crossing, a 600-unit multifamily property located at 400 Mallard Creek Road in Louisville. Louisville Business First reports Lifestyle Communities acquired the asset from M.F. Mallard Crossing KY LLC, an affiliate of Blackstone Group, in November. Tim Migchelbrink of KeyBank arranged the adjustable-rate loan with four years of interest-only payments on behalf of the..

December 13, 2017

Crane Capital, Westmont Receive $18.7M Construction Loan for Houston Astros’ Hotel in South Florida

WEST PALM BEACH, FLA. — Crane Capital Group Inc., in partnership with Westmont Hospitality Group, has received an $18.7 million construction loan for the conversion of a vacant office tower in West Palm Beach into a 191-room hotel. Scott Wadler and Wesley Hightower of HFF arranged the three-year, fixed-rate loan through Woodforest National Bank on behalf of the joint venture, which acquired the vacant Forum Office tower earlier this year. The redeveloped 10-story hotel, located roughly five..

December 13, 2017

Steadfast Buys Apartment Community in Metro Atlanta for $35.3M

LAWRENCEVILLE, GA. — Steadfast Apartment REIT III Inc. (STAR III) has acquired Sugar Mill Apartments, a 244-unit multifamily community in Lawrenceville, a northeast suburb of Atlanta in Gwinnett County, for $35.3 million. Constructed in 1997, the community includes one- to three-bedroom units that average 1,094 square feet with an average rental rate of $1,073 per month. Community amenities include gated access, a clubhouse, business center, fitness center, pool, spa, tennis courts, car wash..

December 13, 2017

Walker & Dunlop Arranges $50.4M Loan for 1,103-Unit Apartment Community in Jacksonville

JACKSONVILLE, FLA. — Walker & Dunlop has arranged a $50.4 million loan for Matthews Crossing, a 1,103-unit multifamily community in Jacksonville. Alex Inman of Walker & Dunlop arranged the loan on behalf of the sponsor, S2 Capital LLC, which acquired the asset in July for $49.5 million, according to the Jax Daily Record. Matthews Crossing features five swimming pools, a playground, fitness center and a business center. In addition, the community is roughly 11 miles northwest of the..

December 13, 2017