Property Type

Kayne Anderson Closes its Largest Real Estate Fund at $1.8B

by Camren Skelton June 1, 2018

BOCA RATON, FLA. — Kayne Anderson Real Estate (KA Real Estate), a private equity investor in alternative sectors, has closed opportunistic fund Kayne Anderson Real Estate Partners V (KAREP V) at its hard cap of $1.8 billion. The fund is targeting opportunities across seniors housing, medical office and student housing. To date, KAREP V has deployed more than 20 percent of its capital. The fund is KA Real Estate’s largest to date and includes capital commitments from institutions, high-net-worth individuals and family offices. Boca Raton-based KA Real Estate, the private equity arm of Kayne Anderson Capital Advisors LP, has a current portfolio of more than 12 million square feet of medical office space, approximately 10,500 seniors housing units and 4,500 student housing beds.

June 1, 2018

Florida Industrial Loans North Carolina Southeast Tennessee

HFF Arranges $67M Financing for Four-Building Industrial Portfolio in Southeast

by Camren Skelton June 1, 2018

DALLAS — Dallas-based HFF has arranged $67 million in post-acquisition financing for a four-building industrial portfolio located in metro Charlotte and Orlando, as well as Memphis. Kristian Lichtenfels, Eric Tupler and Rebecca VanReken of HFF arranged the nine-year, fixed-rate loan through an insurance company on behalf of the borrower, Dream Industrial US Holdings Inc., a subsidiary of Dream Industrial Real Estate Investment Trust, a Canadian REIT. The company acquired the assets n December 2017 and January 2018. The portfolio includes the 885,000-square-foot Delta Point at 5605 Holmescrest Land and the 500,000-square-foot Shelby V at 4770 Southpoint Drive, both in Memphis; a 471,744-square-foot facility located at 860 Marine Drive in Rock Hill, a South Carolina suburb of Charlotte; and a 193,133-square-foot building located at 7730 American Way in Groveland, Fla., roughly 30 miles west of Orlando. The portfolio is fully leased to a total of six tenants and features clear heights ranging from 25 to 32 feet, a total of 247 dock-high doors and 18 drive-in doors.

June 1, 2018

Acquisitions Florida Multifamily Southeast

American Landmark Acquires 1,212-Unit Multifamily Portfolio Across Three States

by Camren Skelton June 1, 2018

TAMPA, FLA. — American Landmark has acquired a four-property multifamily portfolio located in Florida, Georgia and South Carolina. In Florida, the Tampa-based multifamily owner and operator acquired Bella Apartment Homes, located at 3101 Segreto Lane in Kissimmee, roughly 22 miles south of Orlando. The 432-unit property was built in 2010 and was 96 percent occupied at the time of sale. American Landmark will rename the community The Aspect. In metro Atlanta, American Landmark acquired two properties: Arbor Terrace in Douglasville and Summerset in Conyers. The 300-unit Arbor Terrace, located at 1 Rocky Ridge Blvd., was built in 2003 and was 95 percent occupied at the time of sale. The community will be renamed One Rocky Ridge. Summerset, which will be renamed The Oxford, is located at 50 Greenleaf Road. The 240-unit property was constructed in 1999 and was 96 percent occupied at the time of sale. In Charleston, American Landmark acquired Arbor Village, a 240-unit community located at 10825 Dorchester Road. The community was built in 2014 and was 93 percent occupied at the time of sale. The name of the seller and sales price were not disclosed.

June 1, 2018

Hospitality Loans Maryland Southeast

Cronheim Secures $29.2M Acquisition Financing for Westin Hotel Near Baltimore/Washington Airport

by Camren Skelton June 1, 2018

LINTHICUM HEIGHTS, MD. — Cronheim Hotel Capital (CHC) has secured a $29.2 million loan for the acquisition and repositioning of the Westin Baltimore Washington Airport — BWI. The 260-room hotel is located two miles from Baltimore/Washington International Thurgood Marshall Airport. CHC arranged the three-year, non-recourse bridge loan on behalf of the borrower, Washington, D.C.-based Frontier Development. Crestline Hotels & Resorts — Frontier’s third party management company — is managing the property. The hotel was constructed in 2007 and features a complimentary airport shuttle, fitness center, 10,850 square feet of meeting space and an indoor swimming pool.

June 1, 2018

Acquisitions Retail South Carolina Southeast

Ziff Properties Sells Retail Center Near Columbia for $12.6M

by Camren Skelton June 1, 2018

LEXINGTON, S.C. — Ziff Properties Inc. has sold Lexington Towne Center, a 131,809-square-foot retail center in Lexington, for $12.6 million. The property is located at 934 N. Lake Drive, roughly 15 miles west of Columbia. Berkeley Capital and The Palomar Group arranged the transaction on behalf of Ziff Properties. A New York-based private buyer acquired Lexington Towne Center, which is home to tenants such as Food Lion, Stein Mart, Tuesday Morning, Urban Nirvana, Cold Stone Creamery, Moe’s Southwest Grill and Hibbett Sporting Goods.

June 1, 2018

California Loans Multifamily Western

CIT Group Arranges $107.5M in Financing for 333-Unit Multifamily Project in Oakland

by Amy Works June 1, 2018

OAKLAND, CALIF. — CIT Group’s Real Estate Finance division was the sole lead arranger for a $107.5 million construction loan for Station on 12th, a 333-unit multifamily project in downtown Oakland. The borrower is a joint venture between a Brookfield-sponsored private real estate fund and The Martin Group, the developer and operating partner for the project.

June 1, 2018

Colorado Loans Office Western

HFF Secures Refinancing for 366,184 SF Office Building in Denver

by Amy Works June 1, 2018

DENVER — HFF has arranged refinancing for Stanford Place II, an 18-story Class A office building located in the north end of Denver Technological Center. The borrower is Lowe Enterprises Investors. Eric Tupler of HFF arranged the two-year, floating-rate loan with extension options through a national bridge lender. The loan amount was not disclosed. Completed in 1982, 22 tenants occupy the 366,184-square-foot building, with Western Union as anchor tenant.

June 1, 2018

California Development Restaurant Retail Western

Howard CDM, SteelCraft Break Ground on Outdoor Urban Eatery in Bellflower, California

by Amy Works June 1, 2018

BELLFLOWER, CALIF. — Developer Howard CDM, along with SteelCraft founder Kimberly Gros and Bellflower Mayor Ray Bunton, has broken ground on SteelCraft Bellflower, an outdoor urban eatery located at 16500 Bellflower Blvd. in Bellflower. Comprised of repurposed shipping containers, SteelCraft Bellflower will feature 12,500 square feet, totaling 14 shipping containers and approximately 400 seats. Studio One Eleven and Turpin Design Group are serving as architect and kitchen designer, respectively, for the project. When completed in this fall, the development will bring nine new businesses to the downtown area: five food offerings, craft beer, wine, coffee and dessert. The coffee and dessert operators will be open to the street to accommodate street traffic, as well as SteelCraft Bellflower patrons. The current tenant roster includes: Ten Mile Brewing – A pet- and kid-friendly space opening its satellite taproom at SteelCraft Bellflower. Solid Coffee Roasters – The Artesia, Calif.-based company roasts its own beans in-house for fresh pour-overs and Nitro Cold Brews. Cassidy’s Corner – The bakery will serve freshly baked bagels, bagel bites, sandwiches, fresh-pressed juices and acai bowls all day. The Standing Room – Lowell Bakke’s restaurant, which earned him a cult following, will open its third location at SteelCraft Bellflower. …

June 1, 2018

Acquisitions Industrial Nevada Western

MCA Realty Acquires Five-Building Industrial Property in Las Vegas

by Amy Works June 1, 2018

LAS VEGAS — MCA Realty has purchased a five-building industrial property located at 4610-4650 Arville St. in Las Vegas. A private seller sold the asset for an undisclosed price in an off-market transaction. The value-add asset features 83,750 square feet of industrial space. MCA Realty plans to replace the roofs, repaint the building’s exterior, improve the landscaping and signage, and update the interior units as leases end. At the time of sale the property was 100 percent occupied. Rob Lujan, Jason Simon and Xavier Wasiak of JLL represented the buyer in the deal.

June 1, 2018

Loans Multifamily Seniors Housing Utah Western

Carnegie Capital Arranges $11.5M Construction Loan for 95-Bed Assisted Living Community in Utah

by Amy Works June 1, 2018

SALT LAKE CITY — Carnegie Capital, a Texas-based commercial real estate finance correspondent and advisory firm, has sourced and structured an $11.5 million construction loan for a 95-bed assisted living and memory care facility. The borrower is a Salt Lake City-based owner-operator. The Class A community totals 64,000 square feet. Of the 95 beds, 30 are for memory care. The developers, a growing seniors housing company along the Wasatch Front area of Utah, contributed the land for the project. This is the third regional project for the company. Carnegie syndicated a group of local and regional banks to complete the financing package at 75 percent loan-to-cost ratio. The financing is structured to be refinanced into a permanent loan upon stabilization of the completed property. JD Stettin of Carnegie Capital arranged the transaction.

June 1, 2018

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