Property Type

Greystone Provides $179.2M Refinancing for Suburban Multifamily Portfolio Across Three States

by Kristin Harlow August 22, 2019

FAYETTEVILLE, ARK.; LONGMONT, COLO.; PARKER, COLO.; AND MISSOURI CITY, TEXAS — Greystone has provided $179.2 million in Freddie Mac loans for the refinancing of four suburban multifamily properties totaling 1,188 units in Arkansas, Colorado and Texas. Watermark Residential was the borrower. The properties include: the 306-unit Watermark at Steele Crossing in Fayetteville, Ark.; the 276-unit Watermark on Harvest Junction in Longmont, Colo.; the 294-unit Watermark on Twenty Mile in Parker, Colo.; and the 312-unit The Ranch at Sienna Plantation in Missouri City, Texas. The newly constructed, Class A communities are at or near full stabilization. PJ McDevitt of Greystone originated the four separate loans, which carry 15-year terms, fixed interest rates, 30-year amortization schedules and seven years of interest-only payments. 3G Capital Advisors LLC arranged the loans. The financing will enable Watermark to redeploy capital more efficiently and effectively, says Paul Thrift, CEO of the Indianapolis-based apartment development and management firm. — Kristin Hiller

August 22, 2019

Iowa Market Reports Midwest Midwest Market Reports Mixed-Use

Flood of Development Activity Continues in Cedar Rapids

by Kristin Harlow August 22, 2019

As I have enjoyed writing in six previous August articles since 2013, we have seen Cedar Rapids, the 2014 “All-America City,” go from flood recovery in 2008 and 2016 to record levels of development. The city set a record for building permits in fiscal year 2018 of $375 million, which was $133 million over the previous year and $29 million more than the 2012 record by $29 million. Activity in fiscal year 2019 is estimated to be a very impressive $320 million. Flood protection system reached another milestone on Nov. 22, 2018, when the city and Army Corps of Engineers officially signed the agreement for $117 million of federal funds to allow the entire east side of the river flood protection system to be completed within five years. The west side is being funded through a state sales tax rebate program and 10 years of flood bonds to allow the entire $750 million flood protection system to be completed in the next decade. This year there are already four sections under construction with several additional portions being bid over the next several months. The flood protection system will not be just berms or walls that will block the view of …

August 22, 2019

Development Florida Multifamily Southeast

Summit Contracting Breaks Ground on 288-Unit Multifamily Complex Near Disney World

by Alex Tostado August 21, 2019

KISSIMMEE, FLA. — Summit Contracting Group has broken ground on Sentosa Sinclair, a 288-unit multifamily complex in Kissimmee spanning 10 buildings and 367,043 square feet. The property will be located near the master-planned community of Reunion and Disney World. Communal amenities will include a clubhouse, swimming pool, fitness center, mail kiosk, playground and a dog park. Construction is planned to be complete in January 2021. Sentosa Sinclair Apartments LLC, an affiliate of Reunion developer Falcone Group, is building Sentosa Sinclair. St. Petersburg, Fla.-based ARC3 Architecture Inc. is the architect.

August 21, 2019

Development Mixed-Use North Carolina Southeast

Canopy to Begin Construction on 120,000 SF Adaptive Reuse Project in Charlotte

by Alex Tostado August 21, 2019

CHARLOTTE, N.C. — Canopy will break ground on an adaptive reuse project in Charlotte’s NoDa (North of Davidson) neighborhood. The project, known as Indigo CLT, will be located at 4000 Raleigh St. and will comprise 60,000 square feet of industrial space, 40,000 square feet of office space and 20,000 square feet of retail space. Situated along Charlotte’s LYNX Blue Line, the existing building on the site was built in 1954 as the former home to a mill company. Redevelopment plans for Indigo CLT will highlight the existing original architectural features, including its 18-foot ceilings, exposed brick and numerous skylights. The redevelopment plans also include a boutique apartment community adjacent to the existing building. Canopy and The Nichols Co. plan to target complementary retail tenants to support Indigo CLT’s live-work-play dynamic, such as a coffee shop/juice bar, second-generation brewery, bodega and fitness concept. Charlotte-based Canopy expects the project to deliver in spring 2020.

August 21, 2019

Development Office Southeast Tennessee

Highwoods to Develop $37.8M Office Building in Metro Nashville

by Alex Tostado August 21, 2019

BRENTWOOD, TENN. — Highwoods Properties will develop Virginia Springs II, a 111,000-square-foot office building within Maryland Farms in Brentwood. The company expects to invest $37.8 million in the development. Virginia Springs II is the second of two office buildings Highwoods has planned, joining the 113,000-square-foot Virginia Springs I, which was delivered earlier this year. Amenities at Virginia Springs II will include outdoor common areas, modern architecture and access to Powell Park and Maryland Farms Greenway. The office building will be situated 12 miles south of downtown Nashville. Construction is scheduled to begin in the third quarter, with targeted completion in the third quarter of 2020 and projected stabilization in the third quarter of 2022.

August 21, 2019

Acquisitions Development Georgia Industrial Office Southeast

MidCity, Anchor Capital Acquire 42,500 SF Industrial Building in Metro Atlanta, Plan to Reposition to Office

by Alex Tostado August 21, 2019

CHAMBLEE, GA. — A joint venture between MidCity Real Estate Partners and Anchor Capital Partners has acquired 5616 Peachtree, a 42,500-square-foot industrial building in downtown Chamblee. The owners plan to immediately begin construction to reposition the building into a 36,500-square-foot office building. The asset will be extensively renovated with all new base building features and new tenant interiors. Winter Construction will serve as the general contractor for the renovations, and will occupy half of the building upon completion. The joint venture expects the building will be move-in ready in February 2020. Patterson Real Estate Advisory Group arranged a construction loan and equity financing on behalf of the borrowers. First Citizens Bank provided the construction loan. The joint venture paid $3.5 million for the existing industrial building. The building is located two blocks from the $2 billion Assembly Yards in Doraville and 18 miles northeast of downtown Atlanta.

August 21, 2019

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges $43M Sale of Apartment Complex in Southwest Florida

by Alex Tostado August 21, 2019

NORTH PORT, FLA. — Cushman & Wakefield has arranged the $43 million sale of Lakes at North Port, a 312-unit apartment complex near Sarasota in southwest Florida. The property comprises 14 three-story buildings, offering one- to three-bedroom floor plans averaging 923 square feet. Communal amenities include a swimming pool, sundeck, clubhouse, computer center, pet park, playground, fitness center and 10 parking spaces reserved for RVs and boats. Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller, Symcor Capital Properties, in the transaction. Cohen-Esrey Apartment Investors LLC acquired the property.

August 21, 2019

Acquisitions New York Northeast Office

Savanna Purchases Manhattan Office Building for $180M

by Alex Patton August 21, 2019

NEW YORK CITY — Savanna, a New York City-based development and investment firm, has purchased 360 Lexington Avenue, a 268,383-square-foot office building in Manhattan, for $180 million. Barclays provided a $126 million loan for the acquisition. Savanna will rebrand the 12-story building and implement a $20 million renovation project that will deliver a new full lobby and entrance, bathrooms, corridors and infrastructure upgrades. Grant Frankel, Philip McKnight and Rob Turner of Eastdil Secured arranged financing through Barclays on behalf of Savanna. Cole Schotz P.C. served as Savanna’s legal counsel in the acquisition of the property.

August 21, 2019

Acquisitions New Jersey Northeast Office

GII Acquires 270,000 SF Office Building in Madison, New Jersey

by Alex Patton August 21, 2019

MADISON, N.J. — Gulf Islamic Investments LLC (GII), a United Arab Emirates-based firm, has purchased a 270,000-square-foot office building in Madison, a western suburb of New York City. The building was completed in 2012 and is the corporate headquarters of residential real estate firm Reology. F.D. Stonewater, a Washington D.C.-based firm, represented GII in the transaction, and The Hampshire Companies was the seller. The price was undisclosed.

August 21, 2019

Loans Massachusetts Northeast Office

JLL Arranges $28M in Acquisition Financing for Office Complex in Burlington, Massachusetts

by Alex Patton August 21, 2019

BURLINGTON, MASS. — JLL has arranged a $28 million acquisition loan for 10 and 20 Mall Road, two office buildings totaling 154,378 square feet in Burlington, a northwestern suburb of Boston. Peoples United Bank provided the loan, which carries a fixed interest rate and a 10-year term. 10 Mall Road contains 58,160-square-feet and is leased to four tenants. 20 Mall Road contains 96,218 square feet and is leased to approximately 20 tenants. Lauren O’Neil and Brett Paulsrud of JLL arranged the financing on behalf of the borrower, R.J. Kelly Co. The seller was undisclosed.

August 21, 2019

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