Property Type

HFF Arranges $41.5M in Financing for Three-Property Seniors Housing Portfolio in Sacramento

by Nellie Day October 4, 2016

SACRAMENTO, CALIF. — Holliday Fenoglio Fowler (HFF) has arranged $41.5 million in financing for a three-property seniors housing portfolio in Sacramento. HFF represented Harbert Seniors Housing Fund I LP, an affiliate of Harbert Management Corp., to secure the seven-year, floating-rate acquisition loan through Freddie Mac. The properties in the portfolio are: Chateau on Capitol Avenue, Chateau at River’s Edge and River’s Edge. Chateau on Capitol Avenue is located at 2701 Capitol Ave. less than two miles east of downtown Sacramento. The property has 56 assisted living units totaling 60,268 rentable square feet. Chateau at River’s Edge and River’s Edge are adjacent properties located at 601 and 641 Feature Drive, approximately 3.9 miles east of Chateau on Capitol Avenue. Chateau at River’s Edge has 97 assisted living and 10 memory care units while River’s Edge features 94 independent living units totaling 55,576 rentable square feet. The properties are 95 percent leased overall. HFF’s Ryan Maconachy, Chad Lavender and Sarah Anderson arranged the financing.

October 4, 2016

Arizona Multifamily Seniors Housing Western

Bascom Acquires 123-Unit Independent Living Community in Arizona for $18M

by Nellie Day October 4, 2016

PRESCOTT, ARIZ. — Bascom Arizona Ventures has acquired the Prescott Lakes Senior Community, a 123-unit luxury independent living community for $18 million or $146,341 per unit. Built in 2003, the community is located within the Prescott Lakes master-planned community in Prescott, about 100 miles north of Phoenix. Bascom plans interior and exterior renovations to the community, including an in-pool lounge, new entrances and a remodeled clubhouse. Brian Halpern and Alex Kane of Jones Lang LaSalle Americas Inc. arranged the debt financing for the buyer. John Cunningham from JLL represented the undisclosed seller in the transaction. Bascom Arizona Ventures is an affiliate of private equity firm The Bascom Group LLC.

October 4, 2016

Colorado Multifamily Seniors Housing Western

New Dawn Reopens Two Memory Care Communities in Colorado

by Nellie Day October 4, 2016

COLORADO SPRINGS AND AURORA, COLO. — New Dawn Memory Care has reopened its two memory care communities in Colorado Springs and Aurora. Radiant Senior Living was named as the operator of both communities. The Portland, Ore.-based operator manages 18 seniors housing communities in Washington, Oregon, North Dakota and Colorado.

October 4, 2016

Arizona Industrial Western

REI Seeks LEED-Platinum Certification for New Distribution Center in Goodyear

by Nellie Day October 4, 2016

GOODYEAR, ARIZ. — REI will build its new distribution center in Goodyear to be net zero energy as it pursues LEED-Platinum — the highest level in the U.S. Green Building Council’s (USGBC) rating system. Situated in the Arizona desert, the facility is intended to be one of the world’s most sustainable distribution centers. REI is driving sustainability and efficiency at its new distribution center in several new ways: • The facility’s 2.2 megawatt solar system produces renewable energy on-site, enough to power the entire facility annually. The system is expected to provide REI with 20 years of free energy and pay for itself in five years. • REI and its partners have designed an omnichannel one-touch fulfillment system, enabling one person to process items eight times faster than the typical distribution center. • The distribution center will help restore the nearby Verde River, enhancing water flows and recreation access. • The distribution center features a non-evaporative cooling system fully powered by renewable energy, saving millions of gallons of water every year. Butler Design Group designed the facility in collaboration with Rocky Mountain Institute. The developer is Merit Partners Inc., and the builder is The Renaissance Companies. DMW&Hand KNAPP led technology design, …

October 4, 2016

Retail Southeast Tennessee

Tractor Supply Acquires Petsense in $116M Transaction

by John Nelson October 4, 2016

BRENTWOOD, TENN. — Brentwood-based Tractor Supply Co., a rural lifestyle retail chain with 1,575 stores in 49 states, has purchased Petsense LLC, a pet supply retailer with 136 stores in 25 states. The transaction price was $116 million, including estimated future tax benefits of $29 million. Petsense will operate as a subsidiary of Tractor Supply Co. from Petsense’s current headquarters in Scottsdale, Ariz., and will continue to be led by members of Petsense’s senior management team. Tractor Supply plans to continue to grow the Petsense store base at a target rate of 15 percent to 20 percent annually and will convert its two existing HomeTown Pet stores to Petsense stores. Peter J. Solomon Co. acted as exclusive financial advisor and Bass, Berry & Sims PLC acted as legal advisor to Tractor Supply Co. William Blair & Co. acted as exclusive financial advisor and Jenner & Block acted as legal advisor to Petsense.

October 4, 2016

Florida Hospitality Southeast

Rockpoint Group Buys Aloft South Beach Hotel for $105M

by John Nelson October 4, 2016

MIAMI BEACH, FLA. — Rockpoint Group has purchased Aloft South Beach, a newly built, 235-room hotel located on Collins Avenue in Miami Beach’s South Beach district. JMH Development and Mitchell Hochberg sold the hotel to Rockpoint for $105 million. Rockpoint plans to rebrand the hotel, the largest Aloft hotel in the world, to The Gates Hotel, according to the Miami Herald. Doubletree by Hilton will operate the hotel.

October 4, 2016

Georgia Loans Office Southeast

Dockerty Romer Arranges $34.2M Loan for Office Building in Atlanta

by John Nelson October 4, 2016

ATLANTA — Dockerty Romer & Co. has arranged a $34.2 million permanent loan for a Class A, 13-story office building located at 2100 Riveredge Parkway in Atlanta. Situated by the Chattahoochee River National Recreation Area, the 264,374-square-foot building is currently 92 percent leased, with United Healthcare as its anchor tenant. Craig Romer and Chris Romer of Dockerty Romer arranged the two-year, floating-rate loan through NXT Capital on behalf of the borrower, Mainstreet Capital Partners.

October 4, 2016

North Carolina Retail Southeast

Harris Teeter Opens 53,000 SF Store in Metro Charlotte

by John Nelson October 4, 2016

GASTONIA, N.C. — Harris Teeter has opened a new 53,000-square-foot store at the Kendrick Crossing shopping center located at the intersection of Robinwood and Kendrick roads in Gastonia, roughly 22 miles west of Charlotte. The store will be open 24 hours and will feature a Starbucks, salad bar and drive-thru pharmacy. Harris Teeter is the first tenant to open at Kendrick Crossing, and other retailers opening soon include Hungry Howie’s Pizza, UPS Store, Great Clips and Lucky Nails. The development team for Kendrick Crossing includes developer MPV Properties, general contractor Cummings and architect ai Design.

October 4, 2016

District of Columbia Hospitality Southeast

Marcus & Millichap Brokers $2.3M Sale of Canal Inn in D.C.’s Georgetown District

by John Nelson October 4, 2016

WASHINGTON, D.C. — Marcus & Millichap has arranged the $2.3 million sale of Canal Inn, a boutique inn located at 1061 31st N.W. in Washington, D.C. The property is situated along the C&O Canal in D.C.’s Georgetown district. Built in 1831 and renovated in 2012, Canal Inn features 10 rooms and a third-story loft. Marty Zupancic, Peggy Brooks Smith and Christian Barreiro of Marcus & Millichap’s Washington, D.C., office represented the seller, an individual trust. The unnamed buyer plans to keep the property as an inn or bed and breakfast.

October 4, 2016

Loans Maryland Multifamily Southeast Top Stories

Walker & Dunlop Originates $469 Million Refinancing for 13-Property Multifamily Portfolio

by Katie Sloan October 4, 2016

BETHESDA, MD. — Bethesda, Md.-based Walker & Dunlop (NYSE: WD) has secured a $469 million refinancing for a 13-property multifamily portfolio owned and operated by Cortland Partners. The financing is comprised of seven-year, floating-rate loans featuring two years of interest-only payments followed by 30-year amortization schedules. Stephen Farnsworth of Walker & Dunlop secured the refinancing on behalf of Cortland Partners through Freddie Mac. The 13 properties within the portfolio are comprised of 4,871 units located in Texas, Georgia and Florida. The specific multifamily communities included in the deal were undisclosed. Headquartered in Atlanta, Cortland Partners develops, owns and operates multifamily properties in Colorado, Florida, Georgia, Louisiana, North Carolina, Ohio, Texas and Virginia. Walker & Dunlop is one of the largest commercial real estate finance companies in the U.S., providing financing and investment sales to owners of multifamily and other commercial properties. The company’s stock price closed on Monday, Oct. 3, at $25.54 per share, down from $27.69 one year ago. — Katie Sloan

October 4, 2016

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