North Carolina

AEW Capital Management Buys Pair of Charlotte Office Buildings for $40.2M

by John Nelson November 10, 2016

CHARLOTTE, N.C. — Boston-based AEW Capital Management has purchased Carnegie VII and Carnegie Ten, two office buildings located at 5955 and 5605 Carnegie Blvd. in Charlotte’s Southpark office submarket, for $40.2 million. Patrick Gildea, Will Yowell and Jay O’Meara of CBRE represented the sellers, Carnegie Ten LLC, owned by Community Investments Foundation, a supporting organization of Foundation For The Carolinas; and Carnegie VII LLC, in the transaction. The sellers are subsidiaries of Bissell Cos., which developed and managed Carnegie VII and Carnegie Ten. The office properties’ anchor tenants include Citizens Bank, Enpro Industries and Humana Insurance.

November 10, 2016

North Carolina Office Southeast

Gemini Rosemont Acquires Six-Story Office Building in Durham for $17.5M

by John Nelson November 10, 2016

DURHAM, N.C. — Gemini Rosemont LLC, a Santa Fe, N.M.-based office real estate investment firm, has purchased SouthCourt, a six-story office building in Durham. The sales price was undisclosed, but the Triangle Business Journal reports that Gemini Rosemont acquired the 131,976-square-foot building for $17.5 million. Torchlight Investors sold the property, which is anchored by Blue Cross Blue Shield of North Carolina’s headquarters. SouthCourt features ground-floor retail space, a fitness center and a salon, and the property is within walking distance of The Fresh Market, Starbucks Coffee, Super Target and Mi Peru. Scot Humphrey and Ryan Clutter of HFF brokered the transaction. Trinity Partners, under the direction of Gemini Rosemont’s Tine Renee McCall, will handle leasing responsibilities and property management services at SouthCourt.

November 10, 2016

North Carolina Office Southeast

Bissell Signs Wells Fargo to 287,507 SF Office Lease in Charlotte

by John Nelson November 3, 2016

CHARLOTTE, N.C. — The Bissell Cos. has signed Wells Fargo to a full-building lease at the Brigham Building situated within Ballantyne Corporate Park in Charlotte. Located at 11625 N. Community House Road, the 10-story, 287,507-square-foot is under construction and set for completion in December. Wells Fargo will occupy the building starting in 2017. The Class A office building overlooks The Golf Club at Ballantyne and features a two-story lobby, glass exterior curtain walls and free structured parking. The Bissell Cos. is developing Brigham Building to achieve LEED Gold certification.

November 3, 2016

North Carolina Office Southeast

Stiles to Develop Office Building in Charlotte’s South End

by John Nelson November 3, 2016

CHARLOTTE, N.C. — Stiles plans to develop a new Class A, 64,000-square-foot office building located at 300 W. Summit Ave. in Charlotte’s historic South End neighborhood. The three-story project will feature underground parking and a rooftop terrace. The asset will be situated within walking distance of the Bland Rail Station, less than one mile from the Dowd YMCA and three miles from I-85. Stiles’ Charlotte office has begun site work and will begin vertical construction in March 2017, with an expected delivery in first-quarter 2018. Charley Leavitt and Stephen Woodard of JLL are handling the office building’s leasing responsibilities.

November 3, 2016

Florida Multifamily North Carolina Southeast

Walker & Dunlop Finances Cortland Partners’ Acquisitions with Two Loans Totaling $111M

by John Nelson November 2, 2016

ALTAMONTE SPRINGS, FLA. AND DURHAM, N.C. — Walker & Dunlop has closed two loans totaling $111 million to finance Cortland Partners’ acquisitions of two apartment communities in the Southeast. The properties include Camden Renaissance in Altamonte Springs and Arboretum at Southpoint in Durham. The financing comprised two Freddie Mac moderate rehab loans, which Cortland Partners will use to fund the acquisition and renovations. The loans include an initial three-year interest-only period with a floating interest rate, followed by a seven-year, floating-rate loan term with two years of interest-only payments. Stephen Farnsworth of Walker & Dunlop’s New Orleans office arranged the financing.

November 2, 2016

Loans Multifamily North Carolina Southeast

Financial Federal Bank Arranges Two Loans Totaling $32M for Charlotte Apartment Communities

by John Nelson November 1, 2016

CHARLOTTE, N.C. — The Memphis office of Financial Federal Bank has arranged two loans totaling $32 million for Parkland Commons and Copper Creek, two apartment communities in Charlotte. Built in the late 1990s, the communities feature swimming pools, sports courts, playgrounds and car wash areas. Rick Wood and Jon Van Hoozer of Financial Federal Bank arranged the 12-year, fixed-rate loans on behalf of the borrower, which purchased the properties in 2015. The financing includes six and seven years of interest-only payments and 30-year amortization schedules.

November 1, 2016

Multifamily North Carolina Southeast

Blue Ridge, Richardson Properties to Develop Apartment Community in Greensboro, N.C.

by John Nelson November 1, 2016

GREENSBORO, N.C. —Blue Ridge Cos. and Richardson Properties have partnered to co-develop Country Park at Tall Oaks, a 216-unit apartment community located near the intersection of Lawndale Drive and Pisgah Church Road in Greensboro. The property will feature running and bike trails, a fitness center, bike storage and workshop, swimming pool and a dog park with a pet wash station. Blue Ridge and Richardson plan to open the project in spring 2017.

November 1, 2016

Mixed-Use Multifamily North Carolina Southeast

Grubb to Build Multifamily Project Within Wake Forest Innovation Quarter in Winston-Salem

by John Nelson October 21, 2016

WINSTON-SALEM, N.C. — Grubb Properties plans to build a multifamily community within Wake Forest Innovation Quarter, a master-planned research, education and mixed-use development located near Wake Forest University in Winston-Salem. The property will feature 340 apartment units, roughly 5,000 square feet of ground-level retail space and a parking deck with more than 850 parking spaces. The apartments and retail will wrap around the parking deck, which will be shared by residents, employees and visitors. The property will be situated between North Patterson Avenue and Chestnut Street adjacent to Wake Forest Biotech Place. The city of Winston-Salem and Forsyth County are providing property tax reimbursements for the development of the parking deck. Part of Grubb’s Link Apartments brand, the community will feature a street-level cycle center, dog park with dog wash, entertainment space overlooking nearby Bailey Park, courtyard with a saltwater pool, fire pits, grilling stations and a fitness center. The residences will range between studio units and two-bedroom apartments. Grubb Properties expects to break ground in early 2017.

October 21, 2016

Loans North Carolina Southeast Student Housing Tennessee

NorthMarq Capital Arranges $49.8M in Financing for Student Housing Assets in North Carolina, Memphis

by John Nelson October 21, 2016

GREENVILLE, N.C. AND MEMPHIS, TENN. — NorthMarq Capital has arranged $49.8 million in non-recourse financing for two student housing communities in North Carolina and Tennessee. The financing includes a $21.7 million construction loan and $5.5 million mezzanine loan for Gather Uptown, a 405-bed student housing community underway near East Carolina University in Greenville. Steve Whitehead of NorthMarq Capital’s Dallas office and Rob Hervey of the firm’s Los Angeles office arranged both loans through an unnamed life insurance company. Both interest-only loans have three-year terms. Whitehead and Hervey also arranged the $22.6 million refinancing of Gather on Southern, a 435-bed student housing property located across the street from the University of Memphis campus. The community was fully occupied at the time of financing. The five-year loan features one year of interest-only payments followed by a 30-year amortization schedule. Whitehead and Hervey arranged the loan through an unnamed life insurance company, and the unnamed borrower will use the financing to take out an existing construction loan.

October 21, 2016

Loans Multifamily North Carolina Southeast

KeyBank Arranges $34.8M Loan for Apartment Community in Metro Charlotte

by John Nelson October 20, 2016

CONCORD, N.C. — KeyBank Real Estate Capital has arranged a $34.8 million loan for Century Afton Ridge, a 360-unit apartment community in Concord, a northern suburb of Charlotte. The undisclosed borrower purchased Century Afton Ridge in March 2016 and has maintained stabilized occupancy since June. The borrower will use the Fannie Mae loan to refinance existing debt on the property. Trevor Ritter of KeyBank arranged the seven-year loan with two years of interest-only payments and a 30-year amortization schedule.

October 20, 2016

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