Property Type

Operation Food Search Moves to New Headquarters in Overland, Missouri

by Kristin Harlow December 19, 2016

OVERLAND, MO. — Operation Food Search has moved to its new headquarters in Overland, about 15 miles northwest of St. Louis. The 67,000-square-foot building is located at 1644 Lotsie Blvd and will serve as the hunger relief organization’s food distribution center. The property was formerly a window factory that had been vacant for years. OFS purchased the building for $2.3 million and invested an additional $2.5 million in renovations. A fundraising campaign began in January of this year. PARIC Corp. served as the project’s general contractor, and M + H Architects was the building’s architectural firm. OFS was previously located in a 25,000-square-foot building at 6282 Olive Blvd in University City.

December 19, 2016

Hospitality Loans Midwest North Dakota

Dougherty Funding Closes $12M Acquisition Loan for Radisson Hotel in Fargo, North Dakota

by Kristin Harlow December 19, 2016

FARGO, N.D. — Dougherty Funding LLC has closed a $12 million loan for the acquisition of the Radisson Hotel Fargo in Fargo. The 151-room hotel is located across the street from the Fargo Civic Center. The borrower was 201 Hospitality. Dougherty Funding served as lead lender and servicer for the loan.

December 19, 2016

Loans Midwest Missouri Multifamily

Dwight Capital Provides $8.6M Loan for Refinancing of Apartment Property in St. Louis

by Kristin Harlow December 19, 2016

ST. LOUIS — Dwight Capital has provided an $8.6 million loan for the refinancing of The Gotham Apartments in St. Louis. The property consists of 72 apartment units and is located at the corner of Delmar Boulevard and Hamilton Avenue. The 40-year loan was financed through HUD’s 223(a)(7) program at an interest rate of 3.3 percent. The Gotham Buildings LLC was the borrower. Keith Hoffman and Josh Sasouness of Dwight Capital originated the loan.

December 19, 2016

Alabama Retail Southeast

Jim Wilson & Associates to Develop Shopping Center in Montgomery

by John Nelson December 19, 2016

MONTGOMERY, ALA. — Montgomery-based Jim Wilson & Associates LLC (JWA) plans to develop Eastchase Central, a shopping center in Montgomery that will be anchored by a roughly 40,000-square-foot Marshalls/HomeGoods store. The shopping center will also feature an 8,500-square-foot Five Below store, as well as other retailers that have yet to be announced. Eastchase Central will be situated on 6.7 acres at the midway point of Eastchase Parkway and directly across from a Hampton Inn & Suites. JWA plans to deliver Eastchase Central in late fall 2017.

December 19, 2016

Georgia Industrial Southeast

Seefried, Cabot Properties to Develop 281,000 SF Spec Industrial Property in Metro Atlanta

by John Nelson December 19, 2016

AUSTELL, GA. — A joint venture between Seefried Industrial Properties and Cabot Properties has closed on its purchase of 27.5 acres of land at Cobb West Business Park in Austell for the development of a new 281,000-square-foot spec industrial facility. NAI Brannen Goddard represented the seller, Jadow Realty Co., in the land sale. Seefried-Cabot has selected Mike Chambers, Jack Haden and Brad Pope of NAI Brannen Goddard to market the property for lease. The joint venture plans to deliver the facility in the third quarter of 2017.

December 19, 2016

Florida Industrial Southeast

Bridge Development, Premier Design + Build to Construct 255,846 SF Industrial Facility in Metro Miami

by John Nelson December 19, 2016

HIALEAH GARDENS, FLA. — Bridge Development Partners LLC has selected Premier Design + Build LLC to construct a 255,846-square-foot distribution center in Hialeah Gardens, a suburb of Miami. Premier plans to break ground on the asset as early as first-quarter 2017. Situated near the Turnpike, U.S. 27, State Route 826 and I-75, the new distribution facility will feature 32-foot clear heights, 75 truck dock positions, an ESFR sprinkler system and 252 parking spaces. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield are leasing the facility on behalf of Bridge Development. Other key members of the design team include architect RLC Architects and civil engineer Thomas Engineering Group.

December 19, 2016

Florida Multifamily Southeast

ZOM Breaks Ground on Apartment Community in Tampa

by John Nelson December 19, 2016

TAMPA, FLA. — ZOM, in partnership with affiliates of The Mattoni Group and Clarion Partners LLC, has broken ground on Azola at Magnolia Park, a 366-unit apartment community located on Progress Boulevard in Tampa. ZOM is constructing the multifamily property on behalf of a commingled fund managed by the firm. Synovus Bank’s Orlando office provided construction financing for the project. ZOM expects to deliver Azola’s first units in the fourth quarter of 2017, with pre-leasing expected to begin in late summer 2017.

December 19, 2016

District of Columbia Hospitality Loans Southeast

Natixis Provides $25M Acquisition Loan for Hotel in D.C.

by John Nelson December 19, 2016

WASHINGTON, D.C. — Natixis has provided a $25 million loan for the acquisition and renovation of a 95-room hotel in Washington, D.C.’s Foggy Bottom neighborhood. The hotel is situated adjacent to George Washington University. Natixis provided the loan to a joint venture between Westmont Hospitality and Varde Funds. Westmont Hospitality will continue to operate and manage the hotel. Natixis is the international corporate, investment, insurance and financial services arm of Groupe BPCE, the second-largest banking group in France.

December 19, 2016

Multifamily New York Northeast Top Stories

The Durst Organization Acquires 77-Story Multifamily Development Site in Queens for $173M

by Jeff Shaw December 19, 2016

NEW YORK CITY — The Durst Organization has acquired the development site of Queens Plaza Park in New York City for $173 million. The project is a 77-story residential tower currently under construction in the Long Island City submarket of Queens. The 1 million-square-foot building will feature approximately 1,000 residential units. The project also includes a one-acre public park and renovations to the Queens Plaza subway station entrance. The seller was a joint venture between Property Markets Group and Kamran Hakim, a New York-based real estate investor. The building is expected to open in 2019. Development plans call for assistance under New York’s 421-a tax exemption program, which will require at least 25 percent of the units to be affordable per New York City guidelines. As part of the acquisition, The Durst Organzation also purchased the landmark Queens Clock Tower Building, which is situated adjacent to the new development. Built in 1927, the property was once the tallest building in New York City outside of Manhattan, though it will now be dwarfed by the new project. Rosenberg & Estis served as legal counsel to The Durst Organization on the acquisition, as well as the $90 million first mortgage loan on the …

December 19, 2016

Alabama Market Reports Multifamily Southeast Southeast Market Reports

Multifamily Investors, Developers Expose Montgomery as a Diamond in the Rough

by John Nelson December 19, 2016

Commonly referred to as the River Region, Montgomery is the second largest city in Alabama and the state capital. The Montgomery metropolitan area consists of Autauga, Elmore, Lowndes and Montgomery counties. With a population approaching 374,000, the River Region’s diverse economy, skilled workforce, business-friendly climate and Southern charm continue to attract new residents and commercial development. Key industries in the Montgomery metro area include automotive, manufacturing, fabricated metals, plastics, warehousing/distribution and state/regional government. As of June 30, total unit count in the Montgomery market is 6,588 with an average year built of 1997. According to the Axiometrics second-quarter 2016 report for Montgomery, annual effective rent growth has averaged 1.2 percent since the fourth quarter of 1996 with annual effective rent growth forecast to be 0.1 percent for 2016, 1.7 percent in 2017 and an average of 2.6 percent from 2018 to 2020. The Axiometrics report also states the market’s occupancy rate has averaged 92.2 percent since the fourth quarter of 1995. Currently, occupancy in the Montgomery market is 89.6 percent as of second-quarter 2016, which is a slight decrease from 91.1 percent in the first quarter of 2016 and 90.7 percent in second-quarter 2015. Axiometrics projects the market’s occupancy rate …

December 19, 2016

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