REBusinessOnline

Arbor Realty Trust Provides $61.2M Bridge Loan for Office Tower in Birmingham

BIRMINGHAM, ALA. — Arbor Realty Trust Inc. has provided a $61.2 million bridge loan for AT&T City Center, a 30-story office building in Birmingham. Joseph Charneski of Arbor Realty Trust originated the loan for VCP City Center, which bought the building in November 2018 for $31 million. The borrower plans to use the funds to convert the 617,453-square-foot building into a mixed-use building, offering residential, retail and office space. The loan also covered acquisition costs for …

Akridge, Stars REI Deliver 102,000 SF Office Building Near White House

WASHINGTON, D.C. — Akridge and Stars REI have delivered a 102,000-square-foot office complex at the corner of 16th and L streets in Washington, D.C. The site at 1101 Sixteenth St. was formerly two obsolete office buildings that housed the American Association of University Women and the American Beverage Association. HOK was the architect on the project, Clark Construction Group was the general contractor and EagleBank provided construction financing. Amenities include a fitness facility, …

Hunt Real Estate Capital Provides $21M Acquisition, Renovation Loan for Apartment Complex in Greensboro

GREENSBORO, N.C. — Hunt Real Estate Capital has provided a total of $21 million in acquisition and renovation financing for Village 1373, a 332-unit apartment complex in Greensboro. The asset consists of 17 two-story buildings that were built in 1987 and 1996. RJ Guttroff of Hunt Real Estate Capital said the undisclosed borrow plans to rebrand the property and implement more than $4 million worth of upgrades. Interior upgrades will include granite countertops, new cabinets, stainless steel …

Castle Lanterra Sells Multifamily Property in Tuscaloosa for $20.7M

TUSCALOOSA, FLA. — Castle Lanterra Properties has sold Heights at Skyland, a 304-unit apartment property in Tuscaloosa, for $20.7 million to an undisclosed buyer. The property was developed in two phases in 1975 and 1991. The asset offers one- and two-bedroom floor plans and amenities such as a dog park, breakfast bar, coffee bar, picnic area, fitness center, swimming pool, playground, clubhouse, tennis court and a volleyball court. Heights at Skyland is situated about four miles south of …

Emory Healthcare Signs 28,000 SF Office Lease in Midtown Atlanta

ATLANTA — Emory Healthcare has signed a 28,000-square-foot lease at Baltimore Block across from Emory University Hospital Midtown in Midtown Atlanta. Emory Healthcare will move its finance and materials management operation to the newly leased space. Baltimore Block is a recently renovated historic office development that was originally built in 1885. Gamma Real Estate and Meltzer Properties acquired the asset in 2015 and completed a $4.5 million renovation. The 104,000-square-foot building …

HST Purchases South Beach Hotel for $610M

MIAMI BEACH, FLA. — Host Hotels & Resorts Inc. (NYSE: HST) has purchased 1 Hotel South Beach, a 429-room hotel and resort in Miami’s South Beach neighborhood. A partnership between Starwood Capital Group and LeFrak sold the property for $610 million, or a little over $1.4 million per room. Hodges Ward Elliot represented Starwood Capital and LeFrak in the sale. The property features 600 linear feet of ocean frontage and has direct beach access, as well as four pools with elevated …

M&T Realty: Seniors Housing will be a Bright Spot for Lending for Years to Come

  Seniors housing seemed to rule the roost among attendees at MBA’s CREF 2019. Mark Gould, national production manager at M&T Realty Capital Corporation, thinks he knows why. The obvious answer would be the aging Boomer population, which will continue to require additional services for some time. However, Gould believes it’s more than demographics. He asserts that a tangible evolution has taken place among seniors housing operators that has made these dwellings more …

Cushman & Wakefield Arranges $29.2M Sale of Office Park in Fort Lauderdale

FORT LAUDERDALE, FLA. — Cushman & Wakefield has arranged the $29.2 million sale of Lakeshore Business Center, a four-building office park in Fort Lauderdale. The business center is located at 5100 and 5200 NW 33rd Ave. and 3201-3125 W. Commercial Blvd., about seven miles north of downtown Fort Lauderdale. Mike Davis, Scott O’Donnell, Dominic Montazemi, Greg Miller, Rick Brugge and Michael Lerner of Cushman & Wakefield represented the seller, Morning Calm Management, in the …

Booz Allen Hamilton to Expand Presence in Metro Washington, D.C.

ARLINGTON, VA. — Booz Allen Hamilton, a Fortune 500 firm that specializes in providing consulting, analytics, engineering and digital solutions and employs 25,000 people in 80 locations worldwide, will expand its presence in Arlington’s National Landing submarket. In September, Booz Allen Hamilton will occupy 84,000 square feet of office space at 1550 Crystal Drive, a 480,572-square-foot building owned by JBG Smith Properties. The building is now 92 percent leased. The asset is …

NRP Group Breaks Ground on 272-Unit Apartment Community Near Washington, D.C.

CLARKSBURG, MD. — The NRP Group has broken ground on The Axiom at Cabin Branch, a 272-unit apartment complex in Clarksburg. The apartment complex will offer one-, two- and three-bedroom floor plans and community amenities such as a swimming pool, pool deck, fire pits, grills, fitness center, dog park, bike storage and package reception services. The asset is located about 30 miles north of Washington, D.C. The NRP Group is developing Axiom with equity partner Parse Capital. First National …

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