Property Type

University of Miami Unveils Plans for $260 Million On-Campus Residential Village

by David Cohen January 9, 2019

CORAL GABLES, FLA. — The University of Miami has unveiled plans for a residential village set to replace the existing Stanford and Hecht Residential colleges on the university’s campus in Coral Gables. The 522,000-square-foot development — named Centennial Village — will include 1,700 beds for first-year students in four residential colleges, indoor and outdoor spaces for academic and extracurricular activities, a learning hub, meditation room and apartments for faculty and staff. The total project cost for the multi-phase development is estimated at $260 million. “The university will be providing the next generation of [students] a unique residential experience that will enhance and contribute more to their college success,” says Patricia Whitely, vice president for student affairs at the University of Miami. “We look forward to this project, which will complement the Student Housing Village currently under construction.” The first phase of development is scheduled to open in fall 2022 and will replace Stanford Residential College. Phase II will be delivered in fall 2024, and will replace Hecht Residential College. The university also plans to renovate an existing property, Easton Residential College, and incorporate it into Centennial Village in fall 2025. Design plans for the project have been submitted to the City of Coral …

January 9, 2019

Market Reports New Jersey Northeast Northeast Market Reports Office

Adaptive Reuse Projects Spur Growth in New Jersey Office Market

by David Cohen January 9, 2019

Adaptive reuse and redevelopment projects along with a robust job market—particularly in the financial and professional services sectors—are the linchpins driving New Jersey’s office market growth. The availability rate, which is at its lowest point in nine years, has improved thanks to the repurposing of obsolete office product. Last year, 12 properties totaling 2.3 million square feet were marked for redevelopment, taking them out of inventory. Through the first half of 2018, 20 office properties totaling 2.7 million square feet are slated for redevelopment, which will further lower the availability rate. The redevelopment of these spaces has also steadily driven up Class A asking rents over the past three years by 6.1 percent to 29.62 per square foot. The positive momentum in the market can also be attributed to the 4.2 percent unemployment rate, a 10-year low, and incentive programs, like Grow NJ, that have attracted and retained businesses in the Garden State, sustaining demand. The most significant adaptive reuse project currently under way is at 110 Edison Place in Newark. Also known as Ironside, the 22-acre project will transform a historic obsolete building at the corner of Edison Place and McCarter Highway into a 450,000-square-foot state-of-the-art office and retail …

January 9, 2019

Acquisitions Office Texas

Varidesk Acquires 424,000 SF Office Building in Irving’s Las Colinas District

by Taylor Williams January 8, 2019

IRVING, TEXAS — Varidesk, a provider of adjustable desks, has acquired a 424,000-square-foot office building located at 901 W. Walnut Hill Lane in Irving’s Las Colinas district. The three-story building was built in 1983 and formerly served as the headquarters of jewelry retailer Zales. Amenities include a fitness center, cafeteria and conferencing facilities. The new ownership will reposition the building with a design that activates the entry plaza, promotes connectivity to the outdoors and modernizes the amenity spaces. Cushman & Wakefield is working with Varidesk on the redevelopment and lease up of the building. Corgan is the architect and interior designer for the new office space, which is expected to open this summer as VARISPACE Las Colinas.

January 8, 2019

Loans Multifamily Texas

CBRE Secures $28.9M HUD Construction Loan for San Antonio Apartment Project

by Taylor Williams January 8, 2019

SAN ANTONIO — CBRE has secured $28.9 million in HUD construction financing for Abacus Alamo Ranch, a multifamily project in San Antonio that will deliver 320 market-rate units. Amenities will include two resort-style pools, a clubhouse with a fitness center, volleyball court, coffee bar, business center and a dog park. Casey Knust and Chad Ricks of CBRE secured the nonrecourse loan, which features interest-only payments for the 18-month construction period, through HUD’s 221(d)(4) program on behalf of the borrower, Heiser Development Corp.

January 8, 2019

Acquisitions Multifamily Texas

The Multifamily Group Negotiates Sale of 216-Unit Community in Waco

by Taylor Williams January 8, 2019

WACO, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Saddle Brook West Apartment Homes, a 216-unit community in Waco. Built in 2001 on 11 acres, the property features a pool, playground, game room, fitness center, basketball court and a spa. TMG represented the owner and developer, Dallas-based Zidell Cos. and procured the buyer, Houston-based Juniper Investment Group. The property, which traded at a cap rate of just over 5 percent, has been rebranded Flats on Chapel.

January 8, 2019

Acquisitions Multifamily Texas

Greysteel Arranges Sale, Financing of 138-Unit Apartment Portfolio in Dallas

by Taylor Williams January 8, 2019

DALLAS — Greysteel has arranged the sale of Luau and Koko Apartments, a 138-unit multifamily portfolio in Dallas. Both properties have recently undergone capital improvements, including upgrades to the unit interiors and parking lots. Doug Banerjee, Boyan Radic, Andrew Mueller and Scott Simon of Greysteel represented the seller and procured the buyer for the deal. Both parties requested anonymity. Daniel Hartnett of Greysteel arranged an undisclosed amount of acquisition financing for the transaction.

January 8, 2019

Loans Multifamily Texas

Hunt Provides $6.1M Acquisition Loan for Multifamily Asset in Irving

by Taylor Williams January 8, 2019

IRVING, TEXAS — Hunt Real Estate Capital has provided a $6.1 million acquisition loan for The Village on West Irving, a 91-unit multifamily asset in Irving. The garden-style property is situated on 4.6 acres, consists of six two-story buildings and offers a pool, playground and onsite laundry services. Hunt provided the funds through Freddie Mac’s Small Balance Loan (SBL) program on behalf of the borrower, a partnership between four limited liability companies. The seller was Elmstone Group TV LLC. The loan carries a 10-year term, fixed interest rate, 30-year amortization schedule and 36 months of interest-only payments.

January 8, 2019

Alabama Leasing Activity Office Southeast

Target-Owned Shipt to Anchor 30-Story Tower in Birmingham

by Alex Tostado January 8, 2019

BIRMINGHAM, ALA. — Shipt, a same-day delivery marketplace based in Birmingham that was purchased by Target Corp. in December 2017, will become the anchor tenant of Shipt Tower, currently known as Wells Fargo Tower. The 30-story, 514,893-square-foot building is located at 420 20th St. North in Birmingham’s central business district. According to local media outlets, Shipt signed a 60,000-square-foot lease with building owner Hertz Investment Group, and Philip Currie of J.H. Berry Commercial Real Estate represented Shipt in the lease negotiations. The tallest skyscraper in Birmingham will undergo renovations in Shipt’s space, the lobby and common areas, and will bear the Shipt logo in 2020. Bill Smith launched Shipt in 2014 in his hometown of Birmingham and has expanded its service to cover 250 markets across the country. Last summer, Shipt announced its intentions to keep its headquarters in Birmingham and create an additional 881 jobs. The company will maintain its headquarters in the nearby John Hand Building.

January 8, 2019

Development Georgia Loans Office Southeast

Loudermilk Cos. Restores, Refinances Former Aaron’s Headquarters in Atlanta’s Buckhead District

by Alex Tostado January 8, 2019

ATLANTA — Loudermilk Cos. has partnered with Knox | Redan to restore 309 Paces Ferry, a 12-story office building in Atlanta’s Buckhead district. Loudermilk also closed on the refinancing of the 103,000-square-foot building with assistance from Patterson Real Estate Advisory Group. Built in the 1960s, 309 Paces Ferry was 90 percent leased at the time of the closing to tenants including Chicago-based coworking firm Industrious. Aegon USA Realty Advisors provided the refinancing loan.

January 8, 2019

Florida Loans Multifamily Southeast

Love Funding Secures $47.6M HUD Loan for Multifamily Project in Central Florida

by Alex Tostado January 8, 2019

SANFORD, FLA. — Love Funding has secured a $47.6 million loan for the construction and permanent financing of Allure on the Parkway, a 290-unit multifamily community in Sanford. Situated about 25 miles north of downtown Orlando, Allure on the Parkway will feature one- and two-bedroom floor plans. Amenities will include walking trails, a dog park, clubhouse, fitness center and a pool. Peter Wessel of Love Funding secured the loan through U.S. Department of Housing and Urban Development’s (HUD) 221(d)(4) loan program. The borrower was not disclosed. The loan will cover the construction period and subsequent 40-year term.

January 8, 2019

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