Property Type

The Opus Group, McKinney Fund Deliver 520-Bed Student Housing Community Near UAB

by Alex Tostado December 11, 2020

BIRMINGHAM, ALA. — The Opus Group and The McKinney Fund have delivered Ascend Five Points South, a 520-bed student housing community near the University of Alabama at Birmingham (UAB). The property offers studio to four-bedroom floor plans with rents starting at $739 per month. Communal amenities include a pool, fitness center, study rooms and a spa. The asset is situated at 1001 20th St. S., adjacent to the UAB campus. The design team for Ascend Five Points South included Rabren General Contractors, Myefski Architects and Creative License International. Asset Living manages the community.

December 11, 2020

Georgia Healthcare Loans Office Southeast

Atlanta Hawks Refinance Sports Medicine Clinic in Brookhaven with $35M Syndicate Loan from Black-Owned Banks

by Alex Tostado December 11, 2020

BROOKHAVEN, GA. — The Atlanta Hawks Basketball Club has received a $35 million refinancing loan for its Emory Sports Medicine Clinic in Brookhaven. The new National Black Bank Foundation organized the syndicate loan, with Carver State Bank serving as lead arranger. All contributing banks of the syndicate loan are Black-owned banks, which are classified as financial institutions where either 51 percent or more of the voting stock is owned by minority individuals or a majority of the board or directors and the community it serves are predominantly minority, according to Investopedia. The Hawks are the first professional sports organization to have a “significant” loan underwritten exclusively by Black-owned banks, according to the team. The Atlanta Journal-Constitution reports that the other member banks in the deal are Citizens Savings Bank, Citizens Trust Bank, Commonwealth National Bank, Industrial Bank, Liberty Bank & Trust, M&F Bank and Optus Bank. The new loan replaces the original construction loan for the center, which was delivered in fall 2017. The 90,000-square-foot property contains the official training and practice facility of the Hawks, the hub of Emory Healthcare’s Sports Medicine program and Sports Science and Research division and the Peak Performance Project (P3). Emory Sports Medicine Clinic …

December 11, 2020

Georgia Loans Mixed-Use Southeast

Patterson Real Estate Arranges Construction Financing for Phase II of Lee + White Project in Atlanta

by Alex Tostado December 11, 2020

ATLANTA — Patterson Real Estate Advisors has arranged construction financing for Phase II of Lee + White, a 423,000-square-foot mixed-use development along the Atlanta BeltLine. MetLife Investment Management provided the financing. The borrower and developer, a partnership between Ackerman & Co. and MDH Partners, will use the undisclosed financing to build office space, a food hall, retail outlets and a multifamily community. The co-developers expect the project to cost $85 million to build. A timeline for completion was not disclosed. Existing tenants at Lee + White include Wild Haven Beer, Monday Night Brewing ASW Distillery, Honeysuckle Gelato and HopCity. The developers acquired the former industrial property in fall 2019.

December 11, 2020

Development Industrial Texas

Trammell Crow Breaks Ground on 676,860 SF Industrial Project in Metro Houston

by Taylor Williams December 11, 2020

MISSOURI CITY, TEXAS — Trammell Crow Co. has broken ground on Phase V of Park 8Ninety, a project that will add 676,860 square feet of Class A industrial space across three buildings in Missouri City, a southwestern suburb of Houston. Trammell Crow is co-developing the fifth and final phase of the 129-acre project with Canada-based Artis REIT. Designed by Powers Brown Architecture, the Phase V buildings will offer 28- to 36-foot clear heights, ESFR sprinkler systems and ample car and trailer parking. Burton Construction is the general contractor for the project, and Boyd Commercial is the leasing agent. Completion is slated for the third quarter of 2021.

December 11, 2020

Acquisitions Multifamily Texas

Alex. Brown, Continental Acquire 250-Unit Apartment Community in San Antonio

by Taylor Williams December 11, 2020

SAN ANTONIO — A joint venture between Baltimore-based investment firm Alex. Brown Realty and Continental Realty Group has acquired The Club at Stone Oak, a 250-unit apartment community in northern San Antonio. Built in 2005, the property features a mix of one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, outdoor kitchen and a game room. The new ownership will implement a value-add program that will enhance unit interiors, common areas and amenity spaces. The seller was not disclosed.

December 11, 2020

Acquisitions Multifamily Texas

FourPoint Brokers Sale of Newly Built Fitzroy San Marcos Apartments

by Taylor Williams December 11, 2020

SAN MARCOS, TEXAS — FourPoint Investment Sales Partners has brokered the sale of The Fitzroy San Marcos, a 176-unit multifamily community in Central Texas that was built in 2020. Units are furnished with stainless steel appliances, granite countertops and designer finishes. Amenities include a pool with cabanas, a 24-hour fitness center and a business center. Kevin Dufour and Kyle Peco of FourPoint represented the seller in the off-market transaction. The Texas-based buyer plans to own and operate the property on a long-term basis. Rents start at approximately $1,080 per month for a one-bedroom unit, according to Apartments.com.

December 11, 2020

Loans Multifamily Texas

Greystone Provides $22.9M HUD-Insured Loan for Refinancing of Multifamily Asset in Metro Dallas

by Taylor Williams December 11, 2020

GARLAND, TEXAS — Greystone has provided a $22.9 million HUD loan for the refinancing of Carriage Homes on the Lake, a 147-unit multifamily asset located in the northeastern Dallas suburb of Garland. Built in 2015, the property consists of 15 three-story buildings housing one- and two-bedroom units. Amenities include a pool, fitness center, business center, clubhouse and outdoor picnic areas. Eric Rosenstock, Paul Smyth and Cary Williams of Greystone originated the loan, which carries a fixed interest rate and a 39-year term and amortization schedule, through HUD’s 223(a)(7) program. The borrower was Bridgeview Multifamily.

December 11, 2020

Industrial Leasing Activity Texas

KBR Wyle Services Signs 13,000 SF Industrial Lease at TexAmericas Center

by Taylor Williams December 11, 2020

NEW BOSTON, TEXAS — California-based KBR Wyle Services LLC has signed a 13,000-square-foot industrial lease in New Boston, located near the Texas-Arkansas border. The space is located at 133 Miller St. within TexAmericas Center, an industrial park that houses about 12,000 development-ready acres and 3 million square feet of commercial and industrial space at the site of a former military complex. KBR’s lease term is 24 months. The tenant expects to create five jobs and invest $4.5 million in the local economy.

December 11, 2020

California Company News Hospitality Western

Market Cap of Airbnb Skyrockets to $86.5B in First Day of Trading on Nasdaq Exchange

by Amy Works December 11, 2020

SAN FRANCISCO — Yesterday, Airbnb (NASDAQ: ABNB) soared in valuation during its first day of trading with initial shares priced at $68 for the San Francisco-based home-rental platform. The company’s shares skyrocketed to 113 percent above the initial offering, closing at $144.47. The company’s market capitalization reached $86.5 billion, with its offering raising $3.5 billion — making it the biggest IPO year-to-date. “Airbnb’s strong debut come as little surprise in view of the enormous valuations accorded to anything ‘tech,’” says professor John Colley, associate dean at Warwick Business School and an expert on IPOs. “After all, the company is nearer to profit than many recent and current IPOs.” Prior to its IPO, Airbnb filed multiple updated S-1s with the U.S. Securities and Exchange Commission, in which the company announced plans to offer 51.9 million shares at $44 to $50 per share then increased its offering to $56 to $60 per share. The 13-year-old company has experienced growth since its founding with gross booking value (GBV) topping $38 billion in 2019, representing a 29 percent growth from $29.4 billion in 2018.

December 11, 2020

California Company News Restaurant Retail Western

DoorDash Stock Soars 86 Percent on Market Debut, Closes at $60.2B

by Amy Works December 11, 2020

SAN FRANCISCO — DoorDash, a technology-based food delivery company, debuted on the New York Stock Exchange on Wednesday, Dec. 9 offering its initial public offering at $102 per share, which was above its previous range of $90 to $95. The company closed its first day of trading with an 86 percent increase in pricing to $189.51, for a total valuation of $60.2 billion, or 17 times revenue. The San Francisco-based door-to-door delivery service focuses primarily on restaurant deliveries, which resulted in a 268 percent revenue growth in the third quarter, up to $879 million, from the previous year. Additionally, during the first nine months of 2020, DoorDash’s order volume soared to $16.5 billion, from $5.5 billion last year. According to the company’s prospectus, it has 390,000 merchants on its platform, ranging from fast-food chains like Chick-fil-A, Chipotle and McDonald’s to upscale restaurants that have been forced to rely on delivery services during the COVID-19 pandemic. The company has rapidly expanded its business and services to meet the needs of customers during the pandemic and has implemented practices and strategies that reduced its losses, resulting in profits on every order.

December 11, 2020

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