Property Type

PN Hoffman Buys Seaboard Station in Raleigh, Plans $250M Redevelopment

by Alex Tostado December 14, 2018

RALEIGH, N.C. — PN Hoffman has purchased Seaboard Station in the north end of downtown Raleigh from William Peace University (WPU) for $34 million. The Washington, D.C.-based developer plans to build a $250 million, 800,000-square-foot mixed-use development consisting of approximately 650 apartments, 150 hotel rooms and 135,000 square feet of retail space. The development sits on seven acres and will be built in three phases, though a timeline was not disclosed. TradeMark Properties represented WPU in the sale. The liberal arts college will remain an active voice in the future of Seaboard Station, according to PN Hoffman.

December 14, 2018

Development Florida Multifamily Seniors Housing Southeast

BRP Senior Housing to Build $150M Assisted Living Community in South Florida

by Alex Tostado December 14, 2018

DELRAY BEACH, FLA. — BRP Senior Housing Management has acquired a 15-acre site for $9 million in Delray Beach to build a $150 million, 279-unit assisted living community. SB Architects is designing the project, which will comprise a three-story building, courtyards and a central lobby. The property will offer multiple dining choices, a movie theater, fitness center, pool, yoga studio and game rooms. Trez Forman Capital of Boynton Beach, Fla., financed the land acquisition, and Al Rex of Walker & Dunlop is the project’s financing adviser. Construction is expected to begin in the summer, with opening slated for 2021.

December 14, 2018

Georgia Loans Office Southeast

Preferred Office Properties Provides $67.6M Loan for Office Building in Atlanta’s West Midtown District

by Alex Tostado December 14, 2018

ATLANTA — Preferred Office Properties, a subsidiary of Preferred Apartment Communities Inc., has closed an investment loan worth up to $67.6 million for 8 West, a 187,000-square-foot office building planned to rise in Atlanta’s West Midtown district. Preferred Office Properties has the option to purchase 8 West upon stabilization from the developers, Atlantic Capital Properties and Gateway Development. Situated at the corner of Howell Mill Road and 8th Street, 8 West will be built on a speculative basis and cost roughly $150 million to develop, according to the Atlanta Business Chronicle.

December 14, 2018

Acquisitions Northeast Office

Savanna Acquires 126,256 SF Office Building in Manhattan for $100M

by David Cohen December 14, 2018

NEW YORK CITY — New York City-based real estate investment owner/operator Savanna has acquired a 12-story, 126,256-square-foot office and retail building in the NoMad neighborhood of Manhattan. The sales price was $100 million. Located at 48 W. 25th St., the property was built in 1920. Savanna plans to implement a $21 million capital improvement plan at the property, which will include a complete lobby renovation as well as roof and façade repairs. Adam Spies, Adam Doneger and Josh King of Cushman & Wakefield represented the seller, a longtime family owner, in the transaction.

December 14, 2018

Development Florida Multifamily Southeast

MultiVerse Global to Build 600-Unit Apartment Complex in Florida’s Space Coast

by Alex Tostado December 14, 2018

WEST MELBOURNE, FLA. — MultiVerse Global LLC has unveiled plans to build a 600-unit apartment community within Space Coast Town Center in West Melbourne. MultiVerse Global is partnering with Lake Mary, Fla.-based Integra Land Co. and Atlanta-based JMG Realty on the project. Situated at the intersection of U.S. Highway 192 and St. Johns Heritage Parkway, the community will offer a gym, pool and entertainment areas. Michael Seltzer of Keller Williams/Elite Properties and William Benson of W.H. Benson & Co. represented MultiVerse Global in the land sale. No construction timeline was given.

December 14, 2018

Development Loans Multifamily New York Northeast

Equicap Closes $24.5M Construction Loan for Apartment Building in East Harlem

by David Cohen December 14, 2018

NEW YORK CITY — Equicap has provided a $24 million construction loan for the development of a 60-unit apartment building in East Harlem. The property also includes 6,500 square feet of retail space. The building is part of NYC Fresh, a program that allows developers to construct or renovate retail space that will be leased by a minimum 6,000-square-foot grocery store operator. Equicap provided the non-recourse loan to the borrower, a developer. The financing was secured at 475 basis points above the 30-day LIBOR.

December 14, 2018

Development Multifamily Southeast Tennessee

Embrey Partners Breaks Ground on 322-Unit Apartment Community in Nashville

by Alex Tostado December 14, 2018

NASHVILLE, TENN. — Embrey Partners has broken ground on Knox at Metrocenter, a 322-unit apartment complex in Nashville. The community is located about one mile north of downtown Nashville and will offer one- and two-bedroom floor plans in two-, three- and four-story buildings. Knox at Metrocenter will overlook Amulet Lake and residents will have access to the Nashville Greenway Trail. San Antonio-based Embrey Partners expects the first units to be ready to lease in spring 2020.

December 14, 2018

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Arranges $14.3M Refinancing for Apartment Community in Massachusetts

by David Cohen December 14, 2018

BRAINTREE, MASS. — Cornerstone Realty Capital has arranged a $14.3 million loan to refinance a 72-unit apartment complex in Braintree. The property consists of six buildings, each with in-unit laundry and a private balcony or patio. The borrower, True North Capital Partners, plans to update the property with full bathroom, kitchen and electrical upgrades. Community updates will include a grilling station, sports court and playground. Cornerstone secured a full-term fixed-rate financing structure through an undisclosed lender with 36 months of interest-only payments followed by 30-year amortization schedule.

December 14, 2018

Development Loans Multifamily New York Northeast Seniors Housing

KeyBank Provides $10.8M Loan to Convert Public School in Upstate New York into Affordable Seniors Housing

by David Cohen December 14, 2018

VERONA, N.Y. — KeyBank Community Development Lending & Investment (CDLI) has provided a $10.8 million construction loan to convert a public school into affordable seniors housing in Verona, located just off Interstate 90 between Syracuse and Utica. Named the Jason Gwilt Memorial Senior Apartments, the project will feature 50 units and a senior center. Apartments are reserved for seniors making up to 50 percent of the area median income, with 15 units specifically set aside for homeless and frail residents. Services for those frail and homeless residents will be paid for using Empire State Supportive Housing Initiative funds made available through New York State Homes and Community Renewal (HCR). In addition to KeyBank’s construction loan, HCR provided Low-Income Housing Tax Credits (LIHTC) that will generate more than $10 million in equity for the project, and $5.2 million in low-interest, long-term mortgages. The City of Oneida Housing Authority provided $430,000 in project funds and the New York State Energy Research and Development Agency (NYSERDA) provided $50,000 in energy saving equipment. Joseph Eicheldinger and Gregory Kiger on KeyBank’s CDLI team arranged the financing.

December 14, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $3.6M Sale of BP Gas Station in Jersey City

by David Cohen December 14, 2018

JERSEY CITY, N.J. — Marcus & Millichap has brokered the $3.6 million sale of a net-leased BP gas station in Jersey City. The property is located at 1505 John Fitzgerald Kennedy Blvd., directly off I-78, a major highway connecting Pennsylvania, New Jersey and New York. Preet Sabharwal, Dan Corcoran and Michael Grunberg of Marcus & Millichap’s Manhattan office represented the undisclosed seller in the transaction. The buyer was also undisclosed.

December 14, 2018

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