REBusinessOnline

Berkadia Originates HUD Refinancing for Three Multifamily Properties in Virginia Totaling $81.7M

RICHMOND, VA. — Berkadia has originated $81.7 million in financing for three multifamily properties in Virginia known as Eagle Harbor West Apartments, Harbor Vista at Crawford Street and The Marq Apartments. Steve Murden of Berkadia’s Richmond office secured the permanent refinancing in three separate transactions on behalf of the borrower, Virginia-based The Breeden Co. All three loans were fully amortizing, long-term HUD 223(a)(7) MF products. Eagle Harbor West is located at 13420 …

KeyBank Closes $46.5M Freddie Mac Loan for Multifamily Property in Concord, North Carolina

CONCORD, N.C. — KeyBank Real Estate Capital (KBREC) has secured a $46.5 million Freddie Mac loan to refinance Century Afton Ridge, a 360-unit multifamily property in Concord. The borrower is a fund managed by Centennial Holding Co. Trevor Ritter and Joe Fadus of KBREC structured the 10-year loan that features a 30-year amortization schedule.Built in two phases between 2013 and 2015, Century Afton Ridge includes 15 three-story buildings on 23 acres with one-, two- and three-bedroom floor …

Automotive Retailer to Open $30M Fulfillment Center, Dealership in Tampa Bay Area

BRANDON, FLA. — HGreg.com, a pre-owned automotive retailer, has expanded to a 10-acre property in the Tampa Bay Area. The retailer plans to open its new regional fulfillment center and dealership in Brandon this spring. Construction costs are estimated at more than $30 million.Located at 1207 E Brandon Blvd. in Hillsborough County, the new facility will feature a 42,000-square-foot building, a showroom and an inventory of more than 1,000 pre-owned vehicles. The new property will allow …

Merlin Entertainments, Hasbro to Build Peppa Pig Theme Park in Central Florida

WINTER HAVEN, FLA. — Merlin Entertainments and Hasbro have partnered to build the world’s first standalone Peppa Pig Theme Park. Situated within LEGOLAND Florida Resort in Winter Haven, the new park is expected to open in 2022.Merlin has an exclusive multi-territory licensing agreement with Hasbro, owner of the Peppa Pig brand, to build and operate the attractions, which are targeted at the preschool market. Peppa Pig has over 1,000 licensees across 60 countries, and the TV program is …

First-Time Claims for Unemployment Insurance Rise to 745,000

WASHINGTON, D.C. — A total of 745,000 Americans filed for unemployment insurance for the week that ended Feb. 27, the U.S. Department of Labor reported Thursday. The amount of initial jobless claims was below the 750,000 figure that economists surveyed by Dow Jones predicted and is an increase from last week’s revised amount of 736,000. Continuing claims, for which data lags a week, decreased to a little below 4.3 million. CNBC reports that the continuing claims total hit another …

M&T: Positives in Seniors Housing Include Rate Environment, Available Assistance

The seniors housing industry has had a particularly challenging year. But the latest data from NIC MAP shows COVID cases are down in nursing homes and occupancies are expected to rebound from historic lows in the coming months, says Matt Pipitone, seniors housing platform manager with M&T Realty Capital Corp. (MTRCC).It remains to be seen how quickly leasing will ramp up and to what extent rents and incentives will be impacted long term. But in the meantime, Pipitone points to some …

Harbor Group International Acquires Southeast Multifamily Portfolio for $309M

NORFOLK, VA. — Harbor Group International LLC (HGI) has acquired a portfolio of eight multifamily communities in the Southeast region of the United States for $309 million. Seven properties are in North Carolina markets, including Charlotte, Raleigh, Winston-Salem, Greensboro and Durham. One property is located in Hampton, Va. The seller(s) and individual property names were not disclosed.The portfolio totals more than 2,300 units and each of the properties are proximate to major …

CGI Merchant Group Invests $30M to Develop New Hotel, Training Center at Morris Brown College in Atlanta

ATLANTA — CGI Merchant Group LLC (CGI), a global investment management firm, will invest $30 million to convert existing facilities at Morris Brown College in Atlanta into an upscale, 150-room hotel and hospitality management training complex. Construction of the 90,000-square-foot facility is expected to begin later this year. The investment was made through CGI’s new $650 million Hospitality Opportunity Fund, whose goal is to acquire 20 hotels in North America and the Caribbean over the …

PCCP, Panattoni to Build 730,880 SF Industrial Project in Hagerstown, Maryland

HAGERSTOWN, MD. — PCCP LLC and Panattoni Development Co. Inc. have partnered in a joint venture to acquire a 90-acre site in Hagerstown for the speculative development of Creekside Logistics Center. The project will be a fully entitled, 730,880-square-foot industrial warehouse building featuring 40-foot clear heights. Located at 16422 National Pike, the project is anticipated for completion in December.Located directly south of the Pennsylvania/Maryland border, Creekside Logistics Center …

Avison Young Facilitates Sale of 587,720 SF Industrial Facility in Metro Charleston

SUMMERVILLE, S.C. — Avison Young has facilitated the sale of a 587,720-square-foot industrial property located at 537 Omni Industrial Blvd. in Summerville. The building was constructed in 2018 and is fully leased to 3G Distribution Services, a third-party logistics (3PL) provider. The Class A facility is situated on a 43-acre site within the Omni Industrial Campus, a 221-acre business park situated 28 miles from the Port of Charleston.The industrial facility features LED light fixtures, …

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