Property Type

NXT Capital Provides $44.8M Acquisition Loan for Apartment Community in Metro Atlanta

by John Nelson March 23, 2016

MARIETTA, GA. — NXT Capital has provided a $44.8 million acquisition loan for Lincoln Hills Apartments, a 680-unit, Class B apartment complex in Marietta, a northern suburb of Atlanta. The garden-style community is located near Cumberland Mall, Cobb Galleria Centre and SunTrust Park, the Atlanta Braves’ ballpark set to open in April 2017. The unnamed borrower plans to construct a 3,000-square-foot clubhouse at the property and renovate the leasing center and swimming pools. Robert Kadoori and Robert LaChapelle of CBRE’s Atlanta office arranged the loan.

March 23, 2016

Alabama Hospitality Mixed-Use Southeast

RCP Cos. to Bring AC Hotel to CityCentre at Big Spring in Huntsville

by John Nelson March 23, 2016

HUNTSVILLE, ALA. — RCP Cos. has inked a deal with Marriott International to bring a 150-room AC Hotel to CityCentre at Big Spring, a $100 million mixed-use development in Huntsville. In partnership with Yedla Management Co., Marriott will bring the European-inspired hotel brand to only its 10th market in the U.S. Construction will begin this summer. Located on Williams Avenue, the hotel will feature a lounge area, kitchen with self-serve European fare, complimentary Wi-Fi, mobile check-in and check-out and a 24-hour fitness center. Yedla plans to bring another hotel concept yet to be named to CityCentre at Big Spring, according to RCP.

March 23, 2016

Georgia Multifamily Southeast

RADCO Sells Two South Atlanta Apartment Communities for $23.4M

by John Nelson March 23, 2016

UNION CITY AND FAIRBURN, GA. — The RADCO Cos. has sold two Class B apartment communities totaling 392 units for a combined $23.4 million. An Atlanta-based investment firm purchased both assets from RADCO in a deal brokered by Berkadia. RADCO has owned the 260-unit Ashford Oaks in Union City since December 2011 and the 132-unit Ashford Town & Country in Fairburn since November 2012. They were among the first properties RADCO acquired after implementing its value-added strategy in 2011. RADCO invested in property improvements and enhancements at the properties, including building exterior renovations, windows, roofs, extensive lighting upgrades, security enhancements and life safety measures. Interior unit upgrades and community amenity additions were also made. Occupancy exceeded 95 percent at both properties at the time of sale. Since April 2015, the properties have been managed by RADCO Residential, the property management branch of RADCO.

March 23, 2016

Retail Southeast Tennessee

Shopping Center Group Arranges Save-A-Lot Lease in Memphis

by John Nelson March 23, 2016

MEMPHIS, TENN. — The Shopping Center Group has arranged a lease transaction that will bring a Save-A-Lot grocery store to Binghampton Gateway, a 48,500-square-foot neighborhood center in Memphis. Shawn Massey of The Shopping Center Group and Steve Bowie of Cor Mundi Investments represented Binghampton Development Corp., a faith-based, nonprofit organization, in the lease transaction. The $6.5 million retail center will be located on a 4.5-acre site that was previously occupied by an apartment complex, which was demolished in January 2015. Binghampton Gatetway will feature the 16,300-square-foot Save-A-Lot, a 10,000-square-foot junior anchor tenant and 22,200 square feet of small shop space. Construction is expected to begin this summer with an anticipated completion date of spring 2017.

March 23, 2016

Illinois Loans Midwest Multifamily

CBRE Arranges $125M Refinancing Loan for Downtown Chicago Apartment Tower

by Christina Cannon March 23, 2016

CHICAGO — CBRE has arranged a $125 million refinancing loan for The Tides at Lakeshore East, a 608-unit luxury apartment tower in downtown Chicago. CBRE procured the 10-year, interest-only financing at a fixed rate with a life company lender. A joint venture between AFL-CIO Building Investment Trust and Magellan Development Group was the borrower. The Class A high-rise contains a parking garage and 4,400 square feet of ground-floor retail space. Amenities at The Tides at Lakeshore East include a fitness center, game and billiards room, outdoor pool with sundeck, hot tubs, sauna and steam rooms, a business center, sky garden lounge, coffee bar, catering kitchen and Zip Cars and electric charging stations.

March 23, 2016

Midwest Minnesota Multifamily Seniors Housing

AFL-CIO HIT Invests $14.8M in Seniors Housing Expansion in Minnesota

by Christina Cannon March 23, 2016

MINNETONKA, MINN. — The AFL-CIO Housing Investment Trust (HIT) will invest $14.8 million in the Zvago Cooperative project, a 54-unit, four-story cooperative for seniors along the banks of Glen Lake in the Minneapolis suburb of Minnetonka. The $19 million project is an expansion of the Glen Lake Redevelopment project, which includes a 52-unit mixed-use project built in 2008 and a 159-unit seniors housing community built in 2011. In addition to the 54 new seniors housing units, the expansion will offer views of Glen Lake, a community patio overlooking the lake and adjacent wetlands, and amenities such as a clubroom, fitness facility and heated underground parking. The developer for the project is OneTwoOne Development LLC, a wholly owned subsidiary of Ecumen, a Minnesota-based nonprofit provider of seniors housing and aging services. Zvago Cooperative is the HIT’s 76th project in Minnesota. The multifamily investment firm is based in Washington, D.C.

March 23, 2016

Loans Michigan Midwest Multifamily

Associated Bank Provides $9M Acquisition Loan for Three Manufactured Housing Communities in Michigan

by Christina Cannon March 23, 2016

CANTON, BELLEVILLE AND CARLETON, MICH. — Associated Bank has provided a $9 million acquisition loan for three manufactured housing communities in the Ann Arbor area. Zeman Homes is acquiring Wagon Wheel at 51000 Mott Road in Canton, Wagon Wheel South at 51000 Michigan Ave. in Belleville and Carleton Mobile Home Park at 12500 Jones St. in Carleton. The Wagon Wheel properties were constructed in the 1970s and have a total of 377 sites. The Carleton Mobile Home Park features 228 sites. All three properties include both single-wide and double-wide homes. Jerry Rotunno of Associated Bank originated and managed the loan transaction.

March 23, 2016

Illinois Industrial Midwest

Avison Young Brokers Sale of 117,000 SF Industrial Property in Chicago Suburb

by Christina Cannon March 23, 2016

NORTHBROOK, ILL. — Avison Young has brokered the sale of a 117,000-square-foot industrial property in Northbrook, approximately 25 miles northwest of Chicago, for an undisclosed price. Molto Properties sold the asset to Atlas Fibre Co. The property, situated on 4.7 acres, is located within the Sky Harbor Industrial Park. The asset features 20-foot clear heights, new mechanical systems, six interior docks, two drive-in doors and 168 parking spaces. Brett Kroner, Keith Puritz and Eric Fischer of Avison Young represented the seller in the transaction.

March 23, 2016

Midwest Office Wisconsin

Siegel-Gallagher Arranges Sale of 2,714 SF Office Property in Milwaukee

by Christina Cannon March 23, 2016

MILWAUKEE — Siegel-Gallagher has arranged the sale of a 2,714-square-foot office property in Milwaukee. FM-MKE Wisconsin LLC sold the Commission House, located at 400 N. Broadway (Suite 303), to Richards Pieper Sr. and Sue Pieper for an undisclosed price. John Dulmes, Dan Walsh and Marianne Burish of Siegel-Gallagher brokered the transaction.

March 23, 2016

Florida Mixed-Use Multifamily Office Retail Southeast Top Stories

Magic Development Unveils Plans for $3.3B Mixed-Use Project Near Orlando

by Haisten Willis March 23, 2016

KISSIMMEE, FLA. — Magic Development LLC has revealed plans for Magic Place, an 87-acre, $3.3 billion mixed-use development near Walt Disney World Resort in the Orlando suburb of Kissimmee. Rodrigo Cunha and Luis Claudio Sinelli are co-CEOs of Magic Development LCC, which is developing several other projects in Florida. Italian designer Paolo Pininfarina designed the project. At full build-out, the project will include five towers, shops, restaurants and resort amenities. The multifamily portion will be a mix of residential, condo and fractional units as well as nightly rental hotel rooms. Construction will begin on the first phase in July, according to the Orlando Business Journal. Phase I will include a 25-story, 251-unit resort tower, 40,000 square feet of retail and a 20,000-square-foot office building on U.S. Highway 192. Plans call for the finished development to include 250,000 square feet of retail and 1,850 residential units. The residential portion has a construction value of around $1.7 billion, according to the Business Journal. James Mincy, the project’s manager, says the company plans to build one building every four or five years, making a total construction time of between 20 and 25 years. — Haisten Willis

March 23, 2016

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