Property Type

DRP to Break Ground on 270-Unit Perimeter Pointe Apartments in Southwest Charlotte

by John Nelson October 20, 2023

CHARLOTTE, N.C. — Dominion Realty Partners (DRP) will break ground this month on Perimeter Pointe Apartments, a 270-unit multifamily community in southwest Charlotte. Situated within the LakePointe Corporate Center business park at 3737 Glen Lake Drive, the property will feature a pool, activity lawn, automated package delivery system, fitness center and a club/game room. Rule Joy Trammell & Rubio designed the community, and Armada Hoffler Construction will serve as the general contractor. The first units are scheduled for delivery in the first quarter of 2025. Trustmark Bank, along with Dogwood State Bank and Providence Bank, is providing financing for the project. CBRE acted as an advisor on the debt placement, and the Richmond office of Hunton Andrews Kurth represented DRP. Moore & Van Allen assisted in rezoning the property, which was acquired from Childress Klein for an undisclosed amount. Perimeter Pointe marks DRP’s sixth project in the metro Charlotte area.

October 20, 2023

Development Industrial Leasing Activity South Carolina Southeast

Red Rock Signs Dunlop Sports to 304,884 SF Warehouse Lease in Greer, South Carolina

by John Nelson October 20, 2023

GREER, S.C. — Red Rock Developments has signed a 304,884-square-foot lease at the developer’s speculative warehouse in Greer, about 12 miles from Greenville, S.C. Delivered in August, the property is situated within the second phase of Smith Farms Industrial Park, an industrial park that Red Rock owns with capital partner LXP Industrial Trust. Dunlop Sports Americas will fully occupy the building, which features 36-foot clear heights, shipping/receiving offices and dock packages with 40,000-pound hydraulic levelers, seals, dock fans and lights. Marcus Cornelius, Trey Pennington and Jeff Benedict of CBRE represented Red Rock in the lease negotiations. Jeff Head and Tommy Turner of Newmark represented the tenant.

October 20, 2023

Acquisitions Healthcare South Carolina Southeast

Montecito Medical Acquires Seven Medical Office Buildings in Upstate South Carolina

by John Nelson October 20, 2023

NASHVILLE, TENN. — Nashville-based Montecito Medical has acquired a portfolio comprising seven medical office buildings (MOBs) in upstate South Carolina. Concentrated in the Greenville and Clemson markets, the properties total 88,000 square feet. The portfolio was fully leased at the time of sale. Clemson Eye occupies six of the buildings, and Carolinas Centers for Sight leases the seventh property. Both tenants are affiliates of Eye Health America. HREA | Healthcare Real Estate Advisors represented the undisclosed seller in the transaction. The sales price was also not disclosed.

October 20, 2023

Build-to-Rent Development Loans Single-Family Rental Texas

Tower Capital Arranges $72.9M Construction Loan for Fort Worth Build-to-Rent Project

by Taylor Williams October 20, 2023

FORT WORTH, TEXAS — Tower Capital, an Arizona-based boutique advisory firm, has arranged $72.9 million in construction financing for Village at Golden Triangle, a 317-unit build-to-rent residential project in Fort Worth. The borrower and developer, Arizona-based Empire Group, acquired the 48-acre site in August 2022 with plans to develop 30 acres and sell the remaining 18, which are zoned for retail and office usage. Homes will come in one-, two- and three-bedroom formats and have private yards. Residents will have access to amenities such as a pool, outdoor grilling and dining areas, fitness center and a community clubhouse. Construction is set to begin by the end of the month. An expected completion date was not disclosed.

October 20, 2023

Development Multifamily Texas

NRP Group, H.I.G. Break Ground on 331-Unit Diamond Flats Apartments in Metro Dallas

by Taylor Williams October 20, 2023

CARROLLTON, TEXAS — A partnership between Cleveland-based developer The NRP Group and H.I.G. Realty Partners has broken ground on Diamond Flats, a 331-unit apartment community in the northern Dallas metro of Carrollton. The site spans six acres, and the building will rise four stories. Diamond Flats will offer one-, two- and three-bedroom units with an average size of 950 square feet. Amenities will include a pool, fitness center, game room and outdoor courtyards. Santander Bank provided construction financing for the project, the first units of which are expected to be available for occupancy in 2025.

October 20, 2023

Development Industrial Loans Texas

Regions Provides $17.8M Construction Loan for Austin Industrial Project

by Taylor Williams October 20, 2023

AUSTIN, TEXAS — Regions Bank has provided a $17.8 million construction loan for 71 Logistics Center, a 216,000-square-foot speculative industrial project that will be located near Austin-Bergstrom International Airport. The facility will sit on 45 acres and feature 142 parking spaces, 54 trailer parking spaces, an ESFR sprinkler system and 32-foot clear heights. Chris Drew of JLL arranged the debt on behalf of the borrower and developer, Atlanta-based MDH Partners. ARCO/Murray is the general contractor for the project, which is slated for an second-quarter 2024 completion. JLL is also the leasing agent.

October 20, 2023

Industrial Leasing Activity Texas

Hertha Metals Signs 18,017 SF Industrial Lease in Conroe, Texas

by Taylor Williams October 20, 2023

CONROE, TEXAS — Hertha Metals, a provider of sustainable steelmaking solutions, has signed an 18,017-square-foot industrial lease at Northstar Industrial Park in Conroe, about 40 miles north of Houston. The 79-acre development currently houses five buildings and could ultimately feature up to 750,000 square feet of distribution and manufacturing space once the undeveloped 31.5 acres are built out. Drew Coupe and Dawson Smith of Avison Young represented the landlord, BAUER Group, in the lease negotiations. John Hornbuckle of Cypressbrook Co. represented the tenant.

October 20, 2023

Industrial Leasing Activity Texas

Oxford Partners Negotiates 14,228 SF Industrial Lease Renewal, Expansion in West Houston

by Taylor Williams October 20, 2023

HOUSTON — Locally based brokerage firm Oxford Partners has negotiated a 14,228-square-foot industrial lease renewal and expansion at 16802-16810 Barker Springs Road in West Houston. According to LoopNet Inc. the building was originally constructed in 1979 and totals 73,784 square feet. Ryley Caton of Oxford Partners represented the tenant, Groninger Cleaning Systems, in the lease negotiations. Carter Holmes of Cushman & Wakefield represented the landlord, an entity doing business as BPREP PARK 10 LLC.

October 20, 2023

100-Christopher-Columbus-Drive-Jersey-City

Loans Multifamily New Jersey Northeast

Cronheim Mortgage Arranges $124.1M Loan for Refinancing of Jersey City Apartment Complex

by Taylor Williams October 20, 2023

JERSEY CITY, N.J. — New Jersey-based financial intermediary Cronheim Mortgage has arranged a $124.1 million loan for the refinancing of Grove Pointe Apartments, a 458-unit multifamily complex located at 100 Christopher Columbus Drive in Jersey City. Built in 2007, the 29-story building houses 19,675 square feet of ground-floor retail space and 535 parking spaces. The unit mix consists of 34 studios, 274 one-bedroom apartments and 150 two-bedroom residences. Amenities include a pool, fitness center, billiards room, lounge and a children’s playroom. The sponsor, a partnership between Kushner Real Estate Group and National Real Estate Investors, will use a portion of the proceeds to fund capital improvements. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim Mortgage arranged the debt through an undisclosed life insurance company.

October 20, 2023

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $41.2M in Financing for Affordable Housing Complex in Beacon, New York

by Taylor Williams October 20, 2023

BEACON, N.Y. — KeyBank has provided $41.2 million in financing for Tompkins Terrace, a 193-unit affordable housing complex in Beacon, about 65 north of Manhattan. The financing consists of $17.1 million in Low-Income Housing Tax Credit equity and a $24.1 million Fannie Mae permanent loan. The borrower, New York City-based Related Affordable, will use the proceeds to acquire the property, fund capital improvements and preserve the affordability status. Tompkins Terrace was originally built on 16.3 acres in 1973 and last renovated in 2008. Units are reserved for households earning 50 to 60 percent or less of the area median income.

October 20, 2023

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