South Carolina

Capital One Multifamily Closes Two Multifamily Acquisition Loans Totaling $39.5M

by John Nelson March 5, 2015

COLUMBIA, S.C. AND HIGH POINT, N.C. — Capital One Multifamily Finance has closed a total of $39.5 million in agency loans for the acquisition of two apartment communities in the Carolinas. Chad Thomas Hagwood of Capital One originated both agency loans on behalf of the borrowers, affiliates of EBSCO Income Properties. The loans included a $20.5 million Freddie Mac loan for EBSCO’s acquisition of Polo Village, a 312-unit apartment community in Columbia, and a $19 million Fannie Mae loan for the acquisition of Highbrook Apartments, a 312-unit Class B apartment community in High Point. Watson Bryant of Multi Housing Advisors’ Charlotte office brokered the sale of both communities.

March 5, 2015

Westgate Apartments Spartanburg South Carolina

Loans Multifamily South Carolina Southeast

NorthMarq Arranges $2.8M Acquisition Loan for Apartment Community in Spartanburg

by John Nelson March 2, 2015

SPARTANBURG, S.C. — NorthMarq Capital has arranged $2.8 million in acquisition financing for Westgate Apartments, a 122-unit multifamily community in Spartanburg. Dave Stewart of NorthMarq’s Charlotte office arranged the 10-year loan with a 30-year amortization schedule through an unnamed Fannie Mae DUS lender.

March 2, 2015

Office South Carolina Southeast

tvsdesign Celebrates Groundbreaking of LPL Financial’s 450,000 SF Regional Headquarters

by John Nelson February 27, 2015

FORT MILL, S.C. — Atlanta-based tvsdesign has announced the groundbreaking of LPL Financial’s new regional headquarters in Fort Mill, a suburb of Charlotte. The architecture firm was the architect and interior designer of record for the 450,000-square-foot campus that will be located on 27.9 acres in Kingsley, a master-planned development. The new campus will house roughly 1,000 LPL Financial employees and will have elevators and stair cores separated from office areas to maximize interior space and natural daylight. Other sustainable features include reclaimed interior woodwork sourced from white oak trees on the grounds, the use of local and recycled materials, electric vehicle charging stations, tree preservation, bicycle storage and net-zero water efficiency techniques. The property’s on-site amenities will include outdoor meeting areas, a restaurant, fitness center and health clinic. The campus is slated for a late fall 2016 completion.

February 27, 2015

Affordable Housing Loans Multifamily South Carolina Southeast

TD Bank Provides $6M Redevelopment Loan for Affordable Housing Apartment Complex in Charleston

by John Nelson February 18, 2015

CHARLESTON, S.C. — TD Bank has provided approximately $6 million for the renovation and rehabilitation of 100 affordable housing multifamily units in Charleston’s Ashley River submarket. Lori Swan of TD Bank structured the five-year loan with a 25-year amortization schedule on behalf of the developer, The Hampstead Group. The loan will be used to renovate the apartment units at Palmilla Parkside, previously known as St. Andrews Gardens, to provide housing for moderate-income residents. The original apartments were built in the 1970s as low-income housing and recently fell into disrepair. As part of its planned remodeling, Hampstead will install energy-efficient windows, plank flooring, stainless steel appliances and other upgrades in this community. Construction began in January 2015 and is expected to be complete within the next 15 months.

February 18, 2015

Retail South Carolina Southeast

Wheeler REIT to Acquire Grocery-Anchored Shopping Center in South Carolina for $9.4M

by John Nelson February 17, 2015

MAULDIN, S.C. — Wheeler Real Estate Investment Trust Inc. (Wheeler REIT) has entered into a contract to acquire Butler Square, an 82,400-square-foot shopping center located in Mauldin, part of the Greenville metropolitan area. The company will purchase the fully leased retail center for $9.4 million, or roughly $114 per square foot, using a combination of cash and bank-provided debt. Built in 1987 and renovated in 2011, Butler Square’s tenant roster includes Bi-Lo, Dollar Tree, Cato Fashions and Sally Beauty Supplies.

February 17, 2015

Hospitality South Carolina Southeast

MCR Development Completes Renovation of Residence Inn Spartanburg

by John Nelson January 26, 2015

SPARTANBURG, S.C. — MCR Development LLC has completed an extensive renovation of the 88-room Residence Inn Spartanburg. The hotel is located at 9011 Fairforest Road in Spartanburg. The renovation includes upgrades to the lobby and guestrooms, as well as enhancements to the hotel’s exterior. The hotel’s guestroom suites were outfitted with brand new bedding, couches, dining chairs and carpeting, as well as a new wall pattern accompanied with new curtains and window treatments. Vinyl flooring was also installed in the kitchen of each suite. MCR Development is one of the 15 largest hotel owner-operators in the United States and manages a portfolio of 70 hotel properties with approximately 8,300 rooms in 17 states.

January 26, 2015

Industrial South Carolina Southeast

DTZ Brokers $14M Sale of Distribution Center in Metro Charlotte

by John Nelson January 16, 2015

FORT MILL, S.C. — DTZ has brokered the $14 million sale of a Class A, 255,168-square-foot distribution center located at 1092 Wilson Business Parkway in Fort Mill, a suburb of Charlotte. The distribution center is fully leased to Ross Stores Inc. Beacon Industrial LLC purchased the asset from an institutional investor. Rob Cochran and Jared Londry of DTZ’s capital markets team represented the seller in the transaction.

January 16, 2015

Hospitality South Carolina Southeast

KBS Strategic Opportunity REIT II Buys Myrtle Beach Resort for $40M

by John Nelson January 7, 2015

MYRTLE BEACH, S.C. — KBS Strategic Opportunity REIT II has acquired Springmaid Beach Resort, a 30-acre hotel and campground property in Myrtle Beach, for $40 million. KBS purchased the asset in a joint venture partnership with an affiliate of Integrated Capital LLC. The resort features 491 hotel rooms, a 36,000-square-foot conference center, 187-unit recreational vehicle campground and a 1,060-foot pier. The property’s primary hotel towers were built in 1992, 1995 and 2001. The new owners will operate the property as an independent resort until Hilton Worldwide repositions the asset into a DoubleTree Resort, which is expected to occur in 2016.

January 7, 2015

Industrial South Carolina Southeast

Norvell Brokers $1.5M Sale of Flex Property in North Charleston

by John Nelson December 19, 2014

NORTH CHARLESTON, S.C. — Norvell Real Estate Group LLC has brokered the $1.5 million sale of an 18,500-square-foot office/warehouse building, located at 3445 Buffalo Ave. in North Charleston. The property is fully leased to HD Supply. Drayton Calmes of Norvell represented the buyer, Marshall Bridge Capital LLC, in the transaction. Charlie Moore of Carolina Commercial represented the seller.

December 19, 2014

Loans South Carolina Southeast

Capital Advisors Arranges $17.4M Loan for Two Retail Properties in South Carolina

by John Nelson December 18, 2014

BLUFFTON AND BEAUFORT, S.C. — Capital Advisors has arranged $17.4 million to refinance two retail properties in coastal South Carolina. The properties include Best Buy Center, a 95,041-square-foot retail center leased to Best Buy, Petco and Dollar Tree in Bluffton, and the Crossings at Beaufort, a 19,600-square-foot retail center leased to Jersey Mike’s Subs, Anytime Fitness and Wingstop in Beaufort. Matt Good of Capital Advisors’ Greenville, S.C., office arranged the non-recourse, 10-year loan with a fixed 4.625 percent interest rate and a 30-year amortization schedule. The loan was arranged through Cantor Fitzgerald, a CMBS lender, on behalf of the borrower, BC 170 LLC.

December 18, 2014

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