REBusinessOnline

Greystone Provides $29.2M Freddie Mac Loan for Refinancing of Apartment Asset in Raleigh

RALEIGH, N.C. — Greystone has provided a $29.2 million Freddie Mac loan for the refinancing of Andover at Crabtree, a 368-unit apartment community in Raleigh. Dale Holzer of Greystone originated the seven-year loan with two years of interest-only payments through Freddie Mac’s Green Up program on behalf of the borrower, a publicly traded REIT. The program provides attractive terms for borrowers that commit to energy or water savings. Andover at Crabtree features two swimming pools with lake …

Suburban Capital to Develop $26.3M Hyatt Place Hotel in Virginia Beach

VIRGINIA BEACH, VA. — Virginia Beach-based Suburban Capital Inc. has unveiled plans to build a 127-room Hyatt-branded hotel in Virginia Beach. Hyatt Place at Pembroke Park will be located at 281 Independence Blvd. and will serve as a catalyst for the redevelopment of the 14-acre Pembroke Park into a higher density mixed-use development, according to the project’s developers. The Virginia Beach Development Authority has approved an Economic Development Investment Program Grant in the amount …

Hilton Grand Vacations, Strand Capital to Develop New Hotel in Downtown Charleston

CHARLESTON, S.C. — Hilton Grand Vacations Inc. (HGV), in a joint venture with Strand Capital Group LLC, has unveiled plans to build a new hotel in downtown Charleston. The hotel will be located at 475 E. Bay St., within walking distance of The Battery and the South Carolina Aquarium, as well as the city’s dining, shopping and entertainment options. The hotel, dubbed Liberty Place Charleston by Hilton Club, will be HGV’s first property in the historic city. HGV will invest $10 million in …

Weiss Realty Arranges 47,000 SF Industrial Relocation for T-Shirt Company in Miami

MIAMI — Weiss Realty has arranged the relocation of Hard Ten Tree Shirt Cos.’ production operations from Brooklyn, N.Y., to Miami. The one-story industrial building is located at 3360 N.W. 110th St. Jaime Weiss of Weiss Realty, along with Fred Meyer of NAI Mertz and Mike Waite of The Easton Group, arranged the 10-year, 47,000-square-foot lease on behalf of Hard Ten. Edison Vasquez of Com-Real Miami-Doral represented the landlord, Calico 2017 LLC. The T-shirt company will move into the new …

Telecommunications Consulting Firm to Invest $52M to Build Data Center in Virginia Beach

VIRGINIA BEACH, VA. — Vint Hill, Va.-based Assured Communications Advisors International (ACA International) will invest $52 million to build a 130,000-square-foot data center in Virginia Beach. The telecommunications consulting firm will build the new facility on a 10.2-acre site within Corporate Landing Business Park, a 325-acre, publicly developed business park owned by the Virginia Beach Economic Development Authority. The new facility will house ACA International’s new corporate …

Goodyear, Bridgestone Form Joint Venture, Choose Atlanta for New Headquarters

ATLANTA — Akron, Ohio-based The Goodyear Tire & Rubber Co. and Nashville-based Bridgestone Americas Inc. have formed a tire distribution joint venture and will locate the newly created company’s headquarters in Atlanta. TireHub LLC will provide U.S tire dealers and retailers with a range of passenger and light truck tires, with an emphasis on distributing larger rim diameter premium tires. TireHub will lease 30,000 square feet at One Ravinia in Atlanta’s Central Perimeter submarket …

Berkeley Point Capital Provides $19.7M Freddie Mac Loan for Apartment Community in Sarasota

SARASOTA, FLA. — Berkeley Point Capital (BPC) has provided a $19.7 million Freddie Mac loan for the refinancing of Beneva Place, a 192-unit apartment community in Sarasota. Brian Kochan of BPC originated the fixed-rate loan through Freddie Mac’s Green Up program on behalf of the undisclosed borrower. In order to qualify for the program, the borrower will upgrade a number of water fixtures throughout the property, promoting lower consumption and energy bills for tenants. Beneva Place …

Time Equities Acquires Shopping Center in Eastern Tennessee for $13.9M

SEVIERVILLE, TENN. — Time Equities Inc. (TEI) has acquired Governor’s Crossing, a 140,568-square-foot shopping center in Sevierville, for $13.9 million. The center is located 24 miles southeast of downtown Knoxville. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group arranged the transaction on behalf of the seller, RCG Ventures Sevierville SPE LLC. Ami Ziff and Adam Levitt represented Time Equities internally in the deal. Governor’s Crossing is home to tenants such as …

Ziff Properties to Convert Building Near Knoxville into 65,000 SF Self-Storage Facility

FARRAGUT, TENN. — Ziff Properties Inc. has acquired the former U.S. Golf & Tennis Center in Farragut with plans to convert the building into a 65,000-square-foot self-storage facility. The building is located on six acres, roughly 17 miles west of Knoxville. ExtraSpace Storage will manage the facility, which will include climate- and non-climate-controlled units. A construction timeline was not

John Williams, Prominent Atlanta Apartment Developer and Founder of Post Properties, Dies at 75

ATLANTA — Renowned Atlanta apartment developer John A. Williams died Monday, April 16 at the age of 75. Williams founded Post Properties in 1970 and took the company public in 1993. When he resigned as chairman in 2003, the company had roughly 30,000 apartment units in its portfolio. In 2016, Memphis-based Mid-America Apartment Communities (MAA) acquired Post in a deal valued at nearly $4 billion. Life After Post Preferred Apartment Communities Inc., (PAC) the company Williams founded …