Property Type

Allianz Provides $100M Loan for Office Tower in Downtown Nashville

by John Nelson April 27, 2017

NASHVILLE, TENN. — Allianz Real Estate of America has provided a $100 million loan for The Pinnacle at Symphony Place, a 28-story, 520,000-square-foot office tower located in downtown Nashville. Built in 2010, the LEED Gold-certified building was 99 percent leased to 20 tenants at closing. Bat Barber of Medalist Capital arranged the loan through Allianz on behalf of the borrower, Highwoods Properties, a Raleigh-based REIT that purchased the office building in 2013 for $152 million. The Pinnacle at Symphony Place represents the first commercial mortgage in Nashville for Allianz Real Estate of America, which manages a $10.7 billion debt portfolio. Allianz Real Estate of America is the U.S. real estate lending arm of Allianz Group, a global asset management firm based in Munich.

April 27, 2017

Loans Office South Carolina Southeast

Grandbridge Arranges $51M Refinancing for Office Building in Charleston

by John Nelson April 27, 2017

CHARLESTON, S.C. — Grandbridge Real Estate Capital has arranged the $51 million refinancing for Bank of America Place, a 144,000-square-foot, four-story office building along Meeting Street in Charleston. The office building features ground-floor retail space and an attached 355-space parking garage. Tenants include Bank of America, New York Life, Morgan Stanley, Wells Fargo Advisors, Parker Poe Law Firm and Resurgent Capital Services. Russ Balderson and Kevin French of Grandbridge arranged the loan through AIG Global Real Estate on behalf of Charleston Financial Center LLC, a subsidiary of Oceanside Resorts Inc., which purchased Bank of America Place in 2004.

April 27, 2017

Hospitality Southeast Tennessee

Paramount, BCDC Break Ground on $43M Dual-Branded Hotel in Knoxville

by John Nelson April 27, 2017

KNOXVILLE, TENN. — Paramount Hospitality Management LLC and Batson-Cook Development Co. have broken ground on a $43 million dual-branded hotel at the corner of Church and State streets in Knoxville. The property will include a 144-room Courtyard by Marriott and an 88-room Residence Inn. The 166,544-square-foot hotel will feature a rooftop lounge, a bar and café in the lobby and a three-level parking deck. Paramount and Batson-Cook plan to complete the hotel in the third quarter of 2018.

April 27, 2017

Kentucky Office Southeast

In-Rel Purchases Office Tower in Downtown Louisville from Torchlight Investors for $32M

by John Nelson April 27, 2017

LOUISVILLE, KY. — In-Rel Properties has acquired Meidinger Tower, a 26-story, 331,172-square-foot office tower located at 462 S. 4th St. in downtown Louisville. In-Rel purchased the asset from New York City-based Torchlight Investors for $32 million. Ralph Smalley and John Merrill of HFF, along with Mark Wardlaw and Lenisa Alvey of NAI Fortis Group, represented Torchlight in the sale. Renovated in 2006, Meidinger Tower was 97 percent leased at the time of sale to tenants such as Computershare, Mountjoy Chilton Medley, Cotiviti, River Road Asset Management, Seiller Waterman, Northwestern Mutual and TQL.

April 27, 2017

Loans Multifamily New York Northeast Retail

Bellwether Enterprise Secures $37M Financing for Mixed-Use Property in NYC

by Haisten Willis April 27, 2017

NEW YORK CITY — Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, has secured $37 million in financing for The Larkspur, a mixed-use property in the Central Harlem neighborhood of Manhattan. The eight-story building includes 116 apartment units along with seven ground-floor commercial spaces. Bellwether provided a fixed-rate CMBS loan with a 12-year term through Fannie Mae. The terms of the financing ensure that at least 20 percent of the units are reserved for low-income families or individuals. Jim Gillespie of Bellwether Enterprise’s New York office arranged the loan for The Lemle & Wolff Cos.

April 27, 2017

Massachusetts Northeast Office

Groundbreaking Ceremony Planned for GE Innovation Point Office Project in Boston

by Haisten Willis April 27, 2017

BOSTON — GE will host a groundbreaking ceremony for its future campus, GE Innovation Point, at 15 Necco St. in Boston on May 8. When complete, the project will be home to 800 GE employees. GE Chairman and CEO Jeff Immelt will be on hand, along with Massachusetts Governor Charlie Baker and Boston Mayor Marty Walsh. Innovation Point will open in two phases in 2018.

April 27, 2017

Massachusetts Multifamily Northeast

WinnDevelopment to Build 140-Unit Multifamily Community in Metro Boston

by Haisten Willis April 27, 2017

QUINCY, MASS. — WinnDevelopment and nonprofit partner NeighborWorks Southern Mass are moving forward with plans to build a $44 million, 140-unit apartment community in Quincy. Known as The Watson on Howard, the project will be located on 1.7 acres and will feature the largest number of workforce units ever financed under MassHousing’s Workforce Housing Initiative, according to a release from WinnDevelopment. Amenities will include a gym, community room and courtyard.

April 27, 2017

New Jersey Northeast Retail

JJ Operating, Houlihan-Parnes Realtors Acquire Shopping Center in Lawrence, N.J.

by Haisten Willis April 27, 2017

LAWRENCE, N.J. — JJ Operating Inc., in partnership with Houlihan-Parnes Realtors, has acquired Lawrence Shopping Center in Lawrence. The new owners will implement a $5 million renovation plan designed to improve the aesthetics and functionality of the center. Capital improvements will include a façade renovation, enhanced landscaping as well as storefront and tenant improvements. The renovations will be completed by the end of the year. The 393,430-square-foot shopping center is accessible to I-95/295 and tenants include Burlington, Acme, Staples, Wells Fargo, Pet Valu and MJM Designer Shoes.

April 27, 2017

Multifamily New York Northeast Top Stories

BRP, CNY Group Break Ground on $407M Transit-Oriented Development in Queens

by John Nelson April 27, 2017

NEW YORK CITY — Developer BRP Cos. and general contractor CNY Group have broken ground on The Crossing at Jamaica Station, a $407 million, two-building development in downtown Jamaica in the Queens borough of New York City. The 669-unit affordable housing development will be situated at the Metropolitan Transit Authority’s (MTA) Jamaica Station, which features a link to AirTrain JFK, John F. Kennedy’s International Airport’s mass transit line. The Crossing will feature a 30-story high-rise located at Archer Avenue and Sutphin Boulevard between the Long Island Rail Road and three MTA subway lines. The other building will span 15 stories. FXFOWLE Architects designed both buildings to achieve LEED Silver certification. In addition to housing, the property will feature 45,000 square feet of retail and community space and 187 above-grade parking spaces. The development is part of Greater Jamaica’s revival and represents the largest private investment in downtown Jamaica in decades, according to CNY Group. Goldman Sachs provided $300 million in construction financing on behalf of BRP. The developer will also use $41.6 million in Low Income Housing Tax Credit equity and $65.2 million in tax-exempt bonds issued by the New York City Housing Development Corp. The New York City Department …

April 27, 2017

Market Reports Midwest Midwest Market Reports Multifamily Nebraska

Omaha’s Strong Apartment Fundamentals Draw National Attention of Investors

by Kristin Harlow April 27, 2017

With an average occupancy rate of 96 percent at the end of 2016, coupled with a four percent growth in asking rental rates during 2016, Omaha’s apartment market continues to be a strong performer. According to apartment data research firm Reis, Omaha’s average asking rental rate has increased in every quarter for the past 23 quarters, and is expected to increase 3.6 percent in 2017. On the occupancy front, Reis expects the vacancy rate to finish 2017 slightly higher at 4.9 percent, which would still result in a projected healthy 95.1 percent occupancy rate. On a 10-year historical occupancy basis, Reis reports that the average occupancy over the past decade has been 95.3 percent. Meanwhile, the Institute of Real Estate Management (IREM) reports that the occupancy rate during the same period ranged from a low of 92 percent in 2008 to 96 percent in both 2013 and 2015. Since the beginning of 2007, the average annual increase in asking rental rates has been 2.7 percent, according to Reis. Over the past 23 quarters, the cumulative increase in asking rental rates has been 19.3 percent. Investors take notice While Omaha may not have as robust rent growth as some East …

April 27, 2017

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