Property Type

Callahan Breaks Ground on 410,000 SF Mixed-Use Development in Amesbury, Massachusetts

by Alex Patton October 1, 2019

AMESBURY, MASS. — Callahan Construction Managers has broken ground on Maples Crossing, a 410,000-square-foot mixed-use development in Amesbury, located approximately 40 miles north of Boston. Developed by Global Property Development Corp., the 70-acre entertainment and lifestyle center will be anchored by six ice hockey rinks. The Daily News of Newburyport reports that the development costs $70 million and will also include an office building, restaurant and hotel. Andrus Architecture is designing the project, which is slated for completion by the end of 2020.

October 1, 2019

Development Hospitality Massachusetts Northeast

Choice Opens 159-Room Cambria Hotel in South Boston

by Alex Patton October 1, 2019

BOSTON — Choice Hotels International Inc. has opened Cambria Hotel Boston, Downtown-South Boston, a 159-room hotel in the South Boston or “Southie” neighborhood. The hotel features a food and beverage service called Six \ West that serves breakfast, lunch and dinner in a ground-floor restaurant and extends service to a rooftop 4,000-square-foot rooftop lounge. Other amenities include a 2,400-square-foot gym, business meeting space and close access to mass transit lines. City Point Capital is developing the hotel, and Meyer Jabara will manage the property.

October 1, 2019

Acquisitions Multifamily New York Northeast

GFI Realty Brokers $7.2M Sale of Multifamily Building in Brooklyn

by Alex Patton October 1, 2019

NEW YORK CITY — GFI Realty Services LLC has brokered the $7.2 million sale of 8678 Bay Parkway, a 30-unit multifamily building in the Bath Beach neighborhood of Brooklyn. Originally constructed in 1915, the 30,960-square-foot property offers one-, two-, three- and four-bedroom units. Shlomo Antebi of GFI Realty represented the buyer, the Ragosta family. Erik Yankelovich, also with GFI Realty, represented the seller, Meridian Properties.

October 1, 2019

Company News Development Georgia Mixed-Use Southeast

Integral Group Adds Three Developers, Alamo Drafthouse to Assembly Yards Project in Metro Atlanta

by Alex Tostado October 1, 2019

DORAVILLE, GA. — The Integral Group has added three development partners at Assembly Yards, a 165-acre mixed-use redevelopment of the former General Motors plant in Doraville. Paces Properties has joined the development team as the retail partner, StreetLights Residential will serve as the multifamily partner and Ashton Woods Homes as the single-family home builder. Additionally, Alamo Drafthouse Cinema, a Texas-based chain of movie theaters with in-house dining and bar service, will open its first Georgia location at Assembly Yards in 2021. Paces Properties expects to build 125,000 square feet of retail space, including a 16,000-square-foot food hall. Dallas-based StreetLights Residential will construct 300 multifamily units, while Ashton Woods will deliver 150 townhomes. The partnerships with Paces, StreetLights and Ashton Woods combined will add $175 million of development to the site. The first set of retail openings is scheduled for early 2021. In May, Serta Simmons Bedding also celebrated the grand opening of its new 250,000-square-foot headquarters at Assembly alongside Georgia Gov. Brian Kemp and Doraville Mayor Donna Pittman. At the same time, NAVYA launched an autonomous shuttle, the first-of-its-kind in the region.

October 1, 2019

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges Sale of 360-Unit Multifamily Community in Panama City Beach

by Alex Tostado October 1, 2019

PANAMA CITY BEACH, FLA. — Cushman & Wakefield has arranged the sale of Ashley Breakfast Point, a 360-unit multifamily community in Panama City Beach. Built in 2007, the property is located two miles from the beach and less than two miles from downtown Panama City Beach. The community offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, grilling station, boat and RV parking, fire pit, bark park and scenic pond. Coastal Ridge Real Estate and H. Katz Capital sold Ashley at Breakfast Point to Cardone Capital for an undisclosed amount. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the sellers in the transaction.

October 1, 2019

Acquisitions Florida Office Southeast

JLL Negotiates $31.5M Sale of Office Park in Jacksonville

by Alex Tostado October 1, 2019

JACKSONVILLE, FLA. — JLL has negotiated the $31.5 million sale of Midtown Centre, a 31-building office park totaling 750,156 square feet in Jacksonville. The property is located at 3947 Boulevard Centre Drive, two miles south of downtown Jacksonville. The buildings are spread across 48 acres and were 64 percent leased at the time of sale to local and national tenants, including multiple government and nonprofit agencies. Robbie McEwan, Manny de Zárraga and Hermen Rodriguez of JLL represented the seller, The Dubon Group, in the transaction. Nova Capital Partners LLC acquired the property.

October 1, 2019

Loans Multifamily Seniors Housing Southeast Virginia

SunTrust Originates $30.9M Fannie Mae Refinancing for Seniors Housing Community in Lynchburg, Virginia

by Alex Tostado October 1, 2019

LYNCHBURG, VA. — SunTrust Banks Inc. has provided $30.9 million in Fannie Mae financing for Liberty Ridge, a 171-unit independent living and assisted living seniors community in Lynchburg. The borrower is Runk & Pratt, a family-owned operator of seniors housing communities in the Lynchburg market. The loan will refinance the acquisition loan that Runk & Pratt used to buy the property in 2016. Liberty Ridge was originally constructed in 2014. Joshua Hausfeld of SunTrust CRE Seniors Housing & Healthcare Finance originated the fixed-rate, non-recourse, 10-year loan with a 30-year amortization schedule.

October 1, 2019

Development Multifamily Texas

Leon Capital Begins Construction on 365-Unit Multifamily Project in Dallas

by Taylor Williams October 1, 2019

DALLAS — Locally based investment and development firm Leon Capital has begun construction on The Academic, a 365-unit multifamily project located at the former site of the Dallas Independent School District just north of downtown. The community will feature studio, one- and two-bedroom units ranging in size from 500 to 1,150 square feet and offering private balconies and patios, stainless steel appliances and full-size washers and dryers. Amenities will include a clubhouse with golf and sports simulators, convenience mart, an executive business center with flexible office space, a resort-style pool and a fitness center. Completion is slated for early 2021.

October 1, 2019

Company News District of Columbia Loans Multifamily Southeast

MBA: Commercial, Multifamily Mortgage Debt Rises $51.9B in Second Quarter Amid Strong Lending Activity

by Alex Tostado October 1, 2019

WASHINGTON, D.C. — Commercial and multifamily mortgage debt outstanding rose $51.9 billion, or 1.5 percent, in the second quarter over the prior quarter, according to the Mortgage Bankers Association (MBA). At the end of the first half of 2019, total commercial and multifamily debt outstanding was $3.5 trillion. Multifamily mortgage debt alone increased $24.4 billion (1.7 percent) to $1.5 trillion from the first quarter. Commercial banks continued to hold the largest share (39 percent) of commercial and multifamily mortgages at $1.4 trillion. Agency and government-sponsored enterprise (GSE) portfolios and mortgage-backed securities (MBS) were the second largest holders of commercial and multifamily mortgages (20 percent) at $703 billion. Life insurance companies held $539 billion (15 percent), and CMBS, collateralized debt obligation (CDO) and other asset-backed security (ABS) issues held $471 billion (13 percent). “Strong borrowing and lending, coupled with relatively low levels of loan maturities, are helping to boost the amount of commercial and multifamily mortgage debt outstanding,” says Jamie Woodwell, MBA’s vice president of commercial real estate research. “All four major capital sources increased their holdings during the quarter. With strong demand expected to continue, debt levels are likely to climb even more and end the year at a new …

October 1, 2019

Industrial Leasing Activity Texas

At Home Signs 555,321 SF Industrial Lease Renewal in Metro Dallas

by Taylor Williams October 1, 2019

GARLAND, TEXAS — At Home Procurement Inc. has signed a 555,321-square-foot industrial lease renewal at 4040 Forest Lane in Garland, a northeastern suburb of Dallas. Matt Spellman and Matthew Hickey of TIG Real Estate Services represented the landlord, Fort Worth-based investment firm Fort Capital, in the lease negotiations. Nathan Lawrence of CBRE represented the tenant.

October 1, 2019

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