Property Type

Parkview Financial Provides $42.5M Loan for Multifamily Development in Nashville’s Germantown District

by Julia Sanders September 10, 2021

NASHVILLE, TENN. — Parkview Financial has provided a $42.5 million construction loan for the development of Artist Lofts, a multifamily property located at 1217-31 2nd Ave. N in the Germantown submarket of Nashville, about one mile outside of downtown. The non-recourse loan has a 24 month-term with two three-month extensions. Situated on a 0.9-acre parcel, the Artist Lofts project will offer 210 multifamily units, 3,800 square feet of ground-floor retail space and a parking garage with 250 spaces. The property will include one five-story building with a unit mix of 51 studios averaging 612 square feet; 110 one-bedroom units averaging 710 square feet; and 49 two-bedroom units averaging 996 square feet. Community amenities will include a clubhouse and lounge, fitness center, pool and sundeck, dog park and leasing center. The borrower, an entity doing business as Monroe Germantown Holdings LLC, acquired the infill site at the end of 2020 and has completed the entitlement and permitting process. Construction is now underway and is slated for completion by fall 2023.

September 10, 2021

Florida Loans Michigan Multifamily South Carolina Southeast

KeyBank Secures $40.2M Refinancing for Three Apartment Properties in Southeast, Michigan

by Julia Sanders September 10, 2021

CLEVELAND — KeyBank Real Estate Capital has secured $40.2 million in Fannie Mae financing for three multifamily properties in Michigan, South Carolina and Florida. Dirk Falardeau and David Pyc of KeyBank structured the fixed-rate refinancing on behalf of the borrower, The Benchmark Group, a New York-based real estate developer, investor and manager. The properties include Autumn Woods in Sterling Heights, Mich.; Huntington Place in Columbia, S.C.; and Village at University Square in Tampa, Fla. Built in 1973, Autumn Woods is a 286-unit affordable housing community with 42 one- and two-story buildings on 30 acres of land. The community offers one-, two- and three-bedroom floorplans. Community amenities include playgrounds and a basketball court. Located at 44401 Bridal Lane, the property is situated about 22.4 miles south of Detroit and is near Lake Saint Clair, as well as golf courses such as Clinton River Park. Autumn Woods is also 3.4 miles from the University of Detroit Mercy and nine miles from Baker College of Clinton Township. Built in 1998, Huntington Place includes eight one- and three-story buildings on 17 acres of land. The 192-unit community includes two- and three-bedroom options. Located at 1003 True St., the property is situated five miles from …

September 10, 2021

Acquisitions Florida Office Southeast

JLL Brokers Sale of 223,588 SF Office Portfolio in Jacksonville

by Julia Sanders September 10, 2021

JACKSONVILLE, FLA. — JLL Capital Markets has brokered the sale of a two-property, Class A office portfolio totaling 223,588 square feet located at 4190 Belford Road and 4345 Southpoint Blvd. in Jacksonville. Hermen Rodriguez, Robbie McEwan, Ike Ojala, Max Lescano, Blake Koletic, Michael Roukis and Matthew McCormack of JLL represented the buyer, Bradford Allen Investment Advisors LLC, in the sales transaction. A joint venture between TriGate Capital and LRC Properties sold the portfolio for an undisclosed amount. The 4190 Belfort Road property spans 119,230 square feet of office space and was 85 percent leased at the time of sale. The 4345 Southpoint Blvd. property has 103,358 square feet and is fully vacant. Overall, the property is leased to 14 tenants across 11 different industries. The office portfolio is located within Enterprise Corporate Park, about eight miles southeast of downtown Jacksonville. The property is situated just east of Interstate 95 and John Turner Butler Boulevard and is adjacent to St. Vincent’s Medical Center.

September 10, 2021

Florida Leasing Activity Office Southeast

Microsoft Signs 50,000 SF Office Lease at 830 Brickell in Downtown Miami

by Julia Sanders September 10, 2021

MIAMI — Microsoft, a Redmond, Wash.-based computer software and electronics retailer, will open a 50,000-square-foot office inside 830 Brickell in downtown Miami. Microsoft is the second major firm to join the tenant roster at 830 Brickell this year, along with private equity firm, Thoma Bravo, which will lease 36,500 square feet on the top two floors in the tower. 830 Brickell, a 55-story office building in the city’s Brickell district, is currently under construction. Slated for delivery in 2022, the 640,000-square-foot tower was designed by architecture firm Adrian Smith + Gordon Gill, with interiors done by Italian architecture and design company Iosa Ghini Associati. Community amenities will include a health and wellness center, restaurant, open-air rooftop lounge, private conference facility for tenants and 24-hour concierge service. Alexander Brown of Colliers International represented Microsoft in the lease negotiations. Andrew Trench, Brian Gale and Ryan Holtzman of Cushman & Wakefield represented the landlord in the transaction on behalf of developers, OKO Group and Cain International. Cushman & Wakefield is serving as the tower’s exclusive leasing agent.

September 10, 2021

Georgia Loans Multifamily Southeast

ASC Arranges $17.3M Bridge Loan for Apartment Community in Metro Atlanta

by Julia Sanders September 10, 2021

JONESBORO, GA. — American Street Capital (ASC) has arranged a $17.3 million bridge loan for Flint River, a 200-unit multifamily community located in Jonesboro, about 18.3 miles south of downtown Atlanta. Thorofare Capital, a correspondent debt fund lender, provided the loan to the undisclosed current owner of Flint River. Built in 1971, Flint River Apartments includes 17 buildings on 13 acres with a mix of one-, two- and three-bedroom apartments. Community amenities include a putting green, swimming pool, playground, leasing office, laundry facilities and 353 surface parking spaces. The property was 85 percent occupied at closing. Under the previous ownership, one of the buildings in the property burned down. Igor Zhizhin of ASC originated the non-recourse bridge loan that included a three-year, interest-only term and supported the sponsor’s entire capital improvements plan, including rebuilding the burned down building. Planned improvements include an upgraded leasing office and fitness center.

September 10, 2021