Property Type

RMC Provides $70.5M Loan for 8West Mixed-Use Project in Atlanta’s West Midtown

by Julia Sanders August 25, 2021

ATLANTA — An affiliate of Rubenstein Mortgage Capital (RMC) has provided a $70.5 million loan for 8West, an office and retail mixed-use development in the West Midtown submarket of Atlanta. Taylor Smith and Ashesh Parikh of RMC originated the transaction. In 2019, RMC provided a $48.7 million senior construction loan to the 8West property owner, a joint venture between local developer The Atlantic Cos. and investor Harvest Capital Group. RMC has increased the initial loan to $70.5 million, which will allow the joint venture to extinguish the existing mezzanine loan, add amenity spaces at the property and complete the leasing program at 8West. Located at 889 Howell Mill Road, 8West borders the Georgia Tech campus and is located about 2.3 miles from downtown Atlanta. The nine-story, 195,847-square-foot project includes approximately 177,441 square feet of office space and 18,406 square feet of retail space. Amenities include multiple outdoor terraces, a fitness facility, bike storage and repair, common collaborative spaces, conference facilities and a public plaza. Construction was completed in December 2020. RMC is the investment platform of Rubenstein Partners, a real estate investment advisory firm based in Philadelphia. Rubenstein also owns other properties in the Atlanta area including Sanctuary Park in …

August 25, 2021

Acquisitions Office Southeast Tennessee

Calidus Acquires 219,194 SF One Memphis Place Office Building in Downtown Memphis

by Julia Sanders August 25, 2021

MEMPHIS — Calidus has acquired One Memphis Place, a 219,194-square-foot office building located at 200 Jefferson Ave. in downtown Memphis. The seller, GPT Properties Trust, sold the property for an undisclosed amount. Built in 1984, One Memphis Place is a 15-story office building featuring attached garage parking, 24/7 security, onsite property management and its own green space across from the building. The property is located close to major thoroughfares such as Interstates 240, 40 and 55. Calidus plans to invest in common area improvements in the future. Ron Kastner, Don Drinkard and Pratt Rogers of CBRE are the exclusive marketing agents for the property. Liz Edmundson of CBRE will be handling the property management assignment. Currently, the property offers approximately 30,000 square feet of space available for lease.

August 25, 2021

Loans Multifamily Northmarq Southeast Virginia

NorthMarq Arranges $34M Construction Loan for Hardywood Village in Richmond

by Julia Sanders August 25, 2021

RICHMOND, VA. — NorthMarq has arranged a $34 million loan for the construction of Hardywood Village, a 189-unit multifamily property with ancillary retail space located at 1601 Overbrook Road in Richmond. Construction is scheduled to be completed by summer or fall 2022. The loan was structured with a 30-year fully amortizing term. Keith Wells and Reina Abboud of NorthMarq arranged financing for the undisclosed borrower through its relationship with the Virginia Housing & Development Authority.

August 25, 2021

Acquisitions Louisiana Retail Southeast

SRS Brokers $2.6M Sale of McDonald’s-Occupied Retail Property in Prairieville, Louisiana

by Julia Sanders August 25, 2021

PRAIRIEVILLE, LA. — SRS Real Estate Partners has arranged the $2.6 million ground-lease sale of a McDonald’s-occupied, 4,268-square-foot retail property located at 15022 Airline Highway in Prairieville, about 22.9 miles south of Baton Rouge. Newly built, the property includes a drive-thru and is situated on 1.4 acres near Interstate 10. The McDonald’s is slated to open by late September. The sale had a record low cap rate. Matthew Mousavi, Patrick Luther and Sabrina Kortlandt of SRS represented the seller, a Baton Rouge-based private investor who has owned the land for more than 60 years. Jeff Li of Colliers International represented the buyer, a private family trust based in California. The newly executed McDonald’s lease has a 20-year term. The property has nearby tenants including Walmart, Lowe’s Home Improvement, Petco and Family Dollar.

August 25, 2021

Affordable Housing Development Multifamily Texas

Cumby Group to Add 800 Multifamily Units, 150,000 SF of Commercial Space to East Austin Supply

by Taylor Williams August 25, 2021

AUSTIN, TEXAS — Locally based developer Cumby Group will redevelop a site on Manor Road in East Austin with three adjacent projects that will collectively add more than 800 multifamily units, including 80 affordable housing residences, and 150,000 square feet of commercial space to the local supply. Cumby Group purchased the sites, which span nine acres and more than a full city block, in 2019 and 2020. Construction is underway on The Emma, a 146-unit project at 3219 Manor Road, and two buildings housing between 450 and 500 units, along with commercial space, are planned next door at 3115 Manor Road. Lastly, Cumby expects to build about 200 units at 3033 Manor Road. The projects will include space for neighborhood gatherings that could feature food trucks or farmers markets. The development’s affordable housing units will be reserved for renters earning 60 percent or less of the area median income.

August 25, 2021

Conference Coverage Features Multifamily Seniors Housing Southeast Feature Archive

Fitness Centers, Outdoor Spaces and Units All Becoming Larger, Say Seniors Housing Development Panelists

by Kristin Harlow August 25, 2021

ATLANTA — Driven by the desire of a healthy lifestyle, two areas that senior living developers are currently focusing on are the fitness center and outdoor spaces, according to Scott Gensler, vice president of business development with Erickson Senior Living. “Every time I look at a plan, the fitness center gets bigger and bigger and bigger,” said Gensler. “Then we open it, and it’s still not big enough.” Not only is the fitness center becoming larger, but it’s also becoming more of a prominent feature in Erickson’s continuing care retirement communities. Additionally, the outdoor spaces have gone from a secondary focus to a primary emphasis. As Gensler put it, having healthy residents is a win-win situation. Gensler’s comments came during “The Development Outlook” panel at the eighth annual InterFace Seniors Housing Southeast conference, which took place at Atlanta’s Westin Buckhead on Wednesday, Aug. 18 and drew 250 registrants. Joining Gensler on the panel were Michael Hartman, principal of Capitol Seniors Housing’s active adult platform; Alan Moise, chief investment officer of Thrive; and Janet Meyer, principal with BCT Design Group. David Kliewer, director with Grandbridge Real Estate Capital, moderated the discussion. Another development trend today is multi-function space, which increases efficiencies. …

August 25, 2021

Acquisitions Multifamily Texas

Rosewood Realty Arranges $108.7M Sale of San Antonio Multifamily Portfolio

by Taylor Williams August 25, 2021

SAN ANTONIO — New York City-based brokerage firm Rosewood Realty has arranged the $108.7 million sale of a portfolio of four multifamily properties totaling 1,230 units in San Antonio. The sales price equates to about $88,500 per unit. The properties were all built between 1964 and 1986. Aaron Jungreis of Rosewood Realty represented the buyer, New York-based Sun Equity Partners, in the transaction. Matt Yeckes and Jonathan Brody, also with Rosewood Realty, represented the seller, locally based development and investment firm Kairoi Residential. The deal traded at a cap rate of 4.96 percent.

August 25, 2021

Development Loans Multifamily Texas

Square Mile Capital Provides Perm Loan for 301-Unit Houston Multifamily Project

by Taylor Williams August 25, 2021

HOUSTON — New York City-based Square Mile Capital has provided a permanent loan of an undisclosed amount for Standard in the Heights, a 301-unit multifamily project in Houston. The property features studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park, outdoor grilling areas and a lounge. The loan takes out the construction debt held by the borrower and developer, Texas-based Ojala Partners. Construction began in 2018 and was completed in November 2020. Cameron Cureton and Steve Heldenfels of JLL arranged the financing.

August 25, 2021

Acquisitions Office Texas

Unico Properties Sells 170,000 SF South Austin Office Building to DivcoWest

by Taylor Williams August 25, 2021

AUSTIN, TEXAS — Commercial developer and operator Unico Properties has sold Bouldin Creek, a 170,000-square-foot office building in South Austin to San Francisco-based DivcoWest for an undisclosed price. Unico Properties developed the five-story building in partnership with Manifold Real Estate and OakPoint Real Estate. Amenities include a 2,500-square-foot coffee shop, rooftop terraces, fitness center and two acres of green space.

August 25, 2021

Acquisitions Office Texas

August Real Estate Acquires 120,000 SF Office Complex in East Dallas

by Taylor Williams August 25, 2021

DALLAS — Locally based investment firm August Real Estate Co. has acquired Lakewood Tower, a 120,000-square-foot office complex in East Dallas. The nine-story building was 97 percent leased at the time of sale to tenants such as Wells Fargo, Briggs Freeman and Baylor Scott & White. Evan Stone of Goodwin Advisors represented the seller, a partnership controlled by Caddo Holdings, in the transaction. Adam Mengacci with Hamilton Realty Finance arranged acquisition financing through Veritex Bank on behalf of August Real Estate.

August 25, 2021

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