Property Type

AIG Investments Provides $72M Refinance Loan for Plaza at Landmark in Metro D.C.

by John Nelson November 17, 2016

FAIRFAX, VA. — AIG Investments has provided a $72 million loan for the refinancing of Plaza at Landmark, a 437,299-square-foot, grocery-anchored regional power center located at 6244 Little River Turnpike in Fairfax. Cary Abod and Dana Brome of HFF arranged the 18-year, fixed-rate loan on behalf of the borrower, Landmark HHH LLC. Plaza at Landmark was 98.2 percent leased at the time of financing to tenants such as Shoppers, Marshalls, Ross Dress for Less, LA Fitness, Total Wine & More, Dollar Tree, Verizon Wireless, DFurniture Galleries, BB&T, Five Below, Gamestop and Chipotle Mexican Grill.

November 17, 2016

Maryland Retail Southeast

PREIT Signs Ulta Beauty, DSW as Part of $30M Overhaul of Mall at Prince Georges

by John Nelson November 17, 2016

HYATTSVILLE, MD. — PREIT, a Philadelphia-based retail REIT, has signed Ulta Beauty and DSW to leases at Mall at Prince Georges in Hyattsville as part of the mall’s $30 million remerchandising and renovation program. Located at 3500 East-West Highway in suburban Washington, D.C., the property will undergo a facelift in early 2017 that encompasses new exterior facades and entrances, in addition to PREIT’s remerchandising efforts. Ulta Beauty has leased an 11,000-square-foot space at the mall, and DSW has leased 16,000 square feet. Both retailers are set to open their stores in the second quarter of 2018. PREIT also signed H&M to a 20,000-square-foot lease earlier this year, and the apparel retailer plans to open its store next month. PREIT plans to wrap up the mall’s renovations in time for the 2017 holiday season and complete the remerchandising in 2018, at which time about 73 percent of the non-anchor space — including new and existing shops and restaurants — will have new storefronts.

November 17, 2016

Loans Multifamily South Carolina Southeast

Bellwether Enterprise Closes $26.4M Acquisition Loan for Apartment Community in Columbia

by John Nelson November 17, 2016

COLUMBIA, S.C. — Bellwether Enterprise has closed a $26.4 million loan for the acquisition and rehabilitation of Pavilion Towers, a 240-unit apartment community located on Huger Street in Columbia. The property is situated near downtown Columbia, Finlay Park, the Congaree Vista entertainment district and the Vista Greenway biking and walking trail. The borrower, Vista Towers Columbia LLC, plans to use the loan to fund an $11 million renovation program at the property. The developer, Greenville, S.C.-based Homes Urban, will upgrade the Pavilion Towers’ existing units and convert an adjacent office building into a new community space with 23 additional residences. Matt Good of Bellwether Enterprise arranged the construction/permanent loan through Freddie Mac’s acquisition rehabilitation program.

November 17, 2016

Florida Loans Seniors Housing Southeast

Capital One Secures $14.1M HUD Loan Modification for Assisted Living Facility in South Florida

by John Nelson November 17, 2016

TEQUESTA, FLA. — Capital One has provided a $14.1 million HUD loan modification to Tequesta Terrace, a 100-bed assisted living facility in Tequesta, approximately 90 miles north of Miami. The borrower, Terrace Communities, owns assisted living communities in Vermont, New Hampshire, Maine and Florida. Carolyn Whatley of Capital One’s Palm Beach office originated the loan modification. Capital One previously refinanced an entire portfolio of Terrace communities, but Tequesta Terrace ended up with a slightly higher interest rate than the other properties, leading to the loan modification. Tequesta Terrace was built in 2001 and features 71 assisted living units and 29 memory care beds. The non-recourse, fixed-rate loan has 32 years remaining on the original 35-year, fully amortizing term.

November 17, 2016

North Carolina Retail Southeast

ECHO Realty Acquires Two Harris Teeter-Anchored Shopping Centers in Metro Charlotte

by John Nelson November 17, 2016

HUNTERSVILLE AND CONCORD, N.C. — ECHO Realty has acquired two Harris Teeter-anchored shopping centers located in metro Charlotte. The acquisitions include Regency Village, a 70,000-square-foot center located in the Lake Norman community of Huntersville, and Coddle Creek, an 80,000-square-foot center located in Concord. This acquisition brings ECHO Realty’s presence in North Carolina to six grocery-anchored properties, four of which are located in the Charlotte market.

November 17, 2016

District of Columbia Mixed-Use Southeast Top Stories

National Law Firm, New Hilton Hotel to Anchor $2B Wharf Waterfront Development in D.C.

by John Nelson November 17, 2016

WASHINGTON, D.C. — Hoffman-Madison Waterfront (HMW), the developer of The Wharf, a $2 billion, mile-long neighborhood under construction along Washington, D.C.’s Southwest waterfront, has announced that the development will feature a new Hilton hotel and a new anchor office tenant, global law firm Fish & Richardson. HMW is a partnership between master developers PN Hoffman and Madison Marquette. Situated adjacent to 7th Street Park, Hilton Worldwide will open a 175-room Canopy by Hilton, the first North American hotel for the international brand. The Canopy will join a 238-room Hyatt House at The Wharf. When complete, The Wharf will feature more than 3 million square feet of new residential, office, hotel, retail, marina, and public uses, including waterfront parks, promenades, piers and docks. The development will encompass 24 acres of land and 50 acres of water on the Washington Channel. Phase I is slated to open in October 2017, and Phase II is expected to open between 2020 and 2021. “The Wharf is a truly ideal neighborhood for our Canopy by Hilton brand and we are thrilled to be a part of this amazing project,” says Gary Steffen, global head of Canopy by Hilton. Fish & Richardson, which specializes in global …

November 17, 2016

InterFace Seniors Housing Northeast Conference, Philadelphia

Features Multifamily Seniors Housing Top Stories

Will Trump’s Stance on Immigration Reform Exacerbate Worker Shortage Problem in Seniors Housing?

by Jeff Shaw November 17, 2016

Already facing a labor shortage, the U.S. seniors housing industry could be dealt a “devastating” blow if president-elect Donald Trump were to limit the number of lower-wage immigrants coming into the country in order to accommodate an increased number of high-wage skilled immigrants, says Jeff Sands, managing principal and general counsel for HJ Sims. “It’s a real issue this industry is grappling with,” especially given the growing number of facilities. Sands’ comments came during a “State of the Industry and 2017 Outlook” panel at the InterFace Seniors Housing Northeast conference in Philadelphia on Tuesday, Nov. 15. The U.S. seniors housing market will need to recruit 1.2 million new employees by 2025, Argentum reported in a research report released earlier this year. Because about 70 percent of the 65-plus population — including many people with cognitive impairment — requires some form of long-term care, according to the U.S. Department of Health and Human Services, the nation’s aging population will create unprecedented demand for the services of the senior living industry in the coming decades. According to donaldjtrump.com, the president-elect’s campaign website, his immigration controls will result in the selection of immigrants based on their likelihood of success in the United States …

November 17, 2016

Market Reports Michigan Midwest Midwest Market Reports Multifamily

Michigan’s Second Largest City Keeps Pace with Multifamily Housing Demand

by Jeff Shaw November 17, 2016

Many of the national trends unfolding in the multifamily sector are playing out in Grand Rapids, the second largest city in Michigan, with a population estimated at 195,000 and slightly more than 1 million metrowide. A combination of demographic, economic and lifestyle trends are leading to the creation of more renter households. This includes Baby Boomers, Millennials and renters by choice across all income levels. In addition, Grand Rapids is experiencing an urban renaissance that is bringing new commerce, housing and amenities into the downtown area. During the 2016 National Multifamily Housing Council conference in Orlando, Grand Rapids was recognized as one of the top three small to mid-sized markets in the country for multifamily investment. Annualized apartment rent growth in Grand Rapids has been running at a robust 7 to 8 percent for the past two years, but some momentum has been lost in the wake of a large number of units that have come on line. The annual rent growth slipped to 4.6 percent during the four-quarter period that ended Sept. 30. The average occupancy rate remains above 97 percent, but is gradually coming off a peak of 98.6 percent in the third and fourth quarters of 2013. …

November 17, 2016

Northeast Pennsylvania Retail

JV Acquires Ephrata Commons Shopping Center in Ephrata, Pennsylvania, for $6.1M

by Amy Works November 17, 2016

EPHRATA, PA. — A joint venture between Heidenberg Properties Group and Strategic Real Estate Partners has acquired Ephrata Commons Shopping Center, located at 385 N. Reading Road in Ephrata. An undisclosed seller sold the property for $6.1 million. Tenants at the 54,810-square-foot shopping center include Redner’s Warehouse Market, Tokyo Asian Cuisine, RadioShack, Cecilia’s Beauty Salon, Wild Wings Pizza & Things and Gehman Jewelers.

November 17, 2016

Multifamily Oregon Western

Holland Partner Group, Invesco Buy LaSalle Apartments in Beaverton for $140M

by Nellie Day November 16, 2016

BEAVERTON, ORE. — A joint venture between Holland Partner Group and Invesco Real Estate has acquired the 566-unit LaSalle Apartments in Beaverton for $140 million. The community is located at 15021 S.W. Millikan Way. It is situated near the Nike World Headquarters. CBRE’s Debt & Structured Finance Team arranged financing. Josh McDonald, Eli Hanacek and Jon Hallgrimson of the CBRE Capital Markets Pacific Northwest Institutional Properties team represented both the buyer and seller, Waterton, in this transaction.

November 16, 2016

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