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AlabamaLoansRetailSoutheast

CBRE Arranges $16.5M Refinancing for Westbury Square Shopping Center in Huntsville

by John Nelson

HUNTSVILLE, ALA. — CBRE has arranged a $16.5 million loan for the refinancing of Westbury Square, a 117,689-square-foot shopping center in south Huntsville. Richard Henry, Mike Ryan, Brian Linnihan, and Taylor Crowder of CBRE arranged the financing through Delta Community Credit Union on behalf of the borrower, Branch Properties, which acquired the property in March 2018. Situated on 11.5 acres about 10 miles south of downtown Huntsville, Westbury Square was 98.5 percent leased at the time of financing to 20 tenants, including T.J. Maxx, Ross Dress for Less and pOpshelf.

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AcquisitionsAlabamaSelf-StorageSoutheast

Marcus & Millichap Brokers Sale of 302-Unit Self-Storage Facility in Bessemer, Alabama

by John Nelson

BESSEMER, ALA. — Marcus & Millichap has brokered the sale of Second Attic Storage, a 302-unit self-storage facility located on a three-acre site at 1760 4th Ave. SW in Bessemer, about 19 miles southwest of Birmingham. Eddie Greenhalgh, Jake Payne and Lee Thornton of Marcus & Millichap’s Birmingham office represented the seller and procured the buyer, both limited liability companies that requested anonymity, in the transaction. The sales price was also not disclosed.

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AlabamaLoansMultifamilySoutheast

Greystone Monticello Provides $47.5M Bridge Financing for Multifamily Community at MidCity District in Huntsville

by John Nelson

HUNTSVILLE, ALA. — An affiliate of Greystone Monticello has provided $47.5 million in bridge financing for Metronome at MidCity, a multifamily community located in Huntsville. Situated within the 140-acre master planned community of MidCity District (MCD), the property features 296 residential units within a five-story apartment building, as well as 35,584 square feet of street-level retail space. Randy Wolfe and Drew Marley of Northmarq arranged the 24-month floating-rate financing on behalf of the borrower, RCP Cos. Chris Hetzel of Greystone Monticello originated the loan. Amenities at Metronome at MidCity include a coworking lounge, sky lounge, firepit, pizza oven and grills, a game and media room, fitness room and saltwater pool. MCD also features a Trader Joe’s, 8,000-person amphitheater and 40-acre public park, as well as additional multifamily, retail, hospitality and office space.

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AlabamaFeaturesSoutheastSoutheast Feature Archive

Property Taxpayers Should Combat Inflated Tax Assessments

by John Nelson

Despite the Federal Reserve’s wishful thinking in 2021, inflation has persisted to create an inflationary environment not seen in 40 years. While investors welcome recent cooling trends, the Fed has yet to achieve its 2 percent annual inflation target. For landlords, tenants and other commercial taxpayers, it’s unsurprising that many tax assessors have increased property tax values in response to inflation. In many jurisdictions, taxable property values have surged regardless of property type or actual market demand. Taxpayers should not accept higher tax assessments without scrutiny, however. Instead, they should review their assessments to ensure the assessor has considered all factors influencing the property’s value. Here are several trends for taxpayers to consider when reviewing property tax assessments and preparing to protest inflated valuations: Cost vs. value Many assessment officials use the cost approach in mass appraisals of real property for ad valorem tax purposes. Without careful application — including proper classification of improvements, adjustments for depreciation and obsolescence and land adjustments for size and shape differences — the cost approach can lead to assessments inconsistent with a jurisdiction’s market value standard. While construction costs generally rise over time, some increases may only be temporary. For example, during the COVID-19 …

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AlabamaLoansMultifamilySoutheast

Greystone Provides $14.5M Agency Loan for 700 Riverchase Apartments in Hoover, Alabama

by John Nelson

HOOVER, ALA. — Greystone has provided a $14.5 million Fannie Mae loan for the refinancing of 700 Riverchase, a 216-unit apartment community located in the Birmingham suburb of Hoover. The non-recourse loan features a five-year term, fixed interest rate, interest-only payments for the full term and a 30-year amortization schedule. Rob Meehan of Greystone originated the financing, and HKS Capital Partners acted as correspondent. The borrower was not disclosed. Built in 1983, 700 Riverchase is a garden-style multifamily community with one-, two- and three-bedroom units. Amenities include a fitness center, laundry facilities, swimming pool, outdoor grill center, dog park, playground and a pickleball court.

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AcquisitionsAlabamaMultifamilySoutheast

DWG Capital Partners, Dorado Holdings Purchase 96-Unit Greenbriar Apartments in Montgomery, Alabama

by John Nelson

MONTGOMERY, ALA. — DWG Capital Partners and Dorado Holdings have purchased Greenbriar Apartments, a 96-unit multifamily community in Montgomery. Located at 4604 Virginia Loop Road, the property features 13 two-story buildings situated on 5.4 acres. Insight Management Group sold the community for an undisclosed price. Jonny Easterling of Wiley Real Estate Group represented the seller in the transaction.

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AlabamaDevelopmentRetailSelf-StorageSoutheast

U-Haul to Develop Three-Story Moving and Self-Storage Property in Athens, Alabama

by John Nelson

ATHENS, ALA. — U-Haul plans to build a new retail, moving and self-storage property on a 5.3-acre site at 16298 Athens-Limestone Blvd. in Athens, about 27 miles east of Huntsville, Ala. Set to open in 2026 along I-65, the three-story property will feature 1,100 indoor self-storage units, more than half of which will be climate-controlled. Amenities will include access to moving trucks, trailers, towing devices, U-Box containers, professional hitch installation, propane refills and propane exchange. The property will also feature a retail showroom that will sell boxes and moving supplies, bike racks, towing accessories and locks. Additionally, U-Haul Moving & Storage in Athens will feature a U-Box warehouse that will hold up to 1,000 portable moving and storage containers. The new facility will represent the first location in Athens for U-Haul.

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AcquisitionsAlabamaDevelopmentMultifamilySoutheastStudent Housing

Audubon Acquires Student Housing Tower in Birmingham, Plans Conversion to Market-Rate Apartments

by John Nelson

BIRMINGHAM, ALA. — Audubon has purchased Scholar Birmingham, a 198-unit student housing high-rise in Birmingham’s Five Points neighborhood. The tower was developed as an off-campus student housing property in 2020 due to its proximity to University of Alabama at Birmingham (UAB). The seller and sales price were not disclosed. Audubon plans to transition the property to market-rate housing in a retrofit that includes modernizing the interiors and enhancing community amenities. According to the Scholar Birmingham property website, the community offers fully furnished, pet-friendly studio, one-, two-, three- and four-bedroom apartments. Amenities include package lockers, a fitness center, sauna, gaming room, theater and a rooftop amenity deck with a pool, covered lounge and barbecue grills.

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AlabamaGeorgiaLoansLouisianaSeniors HousingSoutheastTennessee

Dwight Mortgage Trust Provides $142M Acquisition Financing for Southeast Skilled Nursing Portfolio

by John Nelson

MIAMI — Dwight Mortgage Trust, the affiliate REIT of Miami-based Dwight Capital, has provided a $142 million bridge acquisition loan for a portfolio of 10 skilled nursing facilities in urban areas surrounding Atlanta, Memphis, Mobile, Ala., and Shreveport, La. The properties include Bell Minor Home in Gainesville, Ga.; Cambridge Post Acute Care Center in Snellville, Ga.; Nurse Care of Buckhead in Atlanta; Riverside Health Care Center in Covington, Ga.; Rockdale Healthcare Center in Conyers, Ga.; Westminster Commons in Atlanta; Millington Healthcare Center in Millington, Tenn.; Parkway Health and Rehabilitation Center in Memphis; Kensington Health and Rehabilitation in Mobile; and Highland Place Rehabilitation and Nursing in Shreveport. Collectively, these facilities total 1,371 beds. Adam Offman and Sheldon Frankel originated the loan. Details on the buyer and seller were not disclosed.

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AcquisitionsAlabamaRetailSoutheast

JLL Negotiates Sale of 432,158 SF Shopping Center in Spanish Fort, Alabama

by John Nelson

SPANISH FORT, ALA. — JLL has negotiated the $33.2 million sale of Eastern Shore Centre, a 432,158-square-foot power shopping center located at 30500 Highway 181 in Spanish Fort, a suburb of Mobile, Ala. Jim Hamilton, Brad Buchanan and Andrew Nichols of JLL represented the seller, Allied Development, in the transaction. Chip Sykes, Hunter Goldberg, Hamp Gibbs and Mikey Minihan, also with JLL, arranged an undisclosed amount of acquisition financing on behalf of the buyer, Wicker Park Capital Management. Situated on 42.7 acres and shadow-anchored by Dillard’s, Eastern Shore Centre’s tenant mix includes Belk, Shoe Station, Barnes & Noble, Stock & Trade, California Dreaming, Half Shell Oyster House and Mountain High Outfitters. Wicker Park, along with property manager affiliate Crawford Square Real Estate Advisors, has plans to continue to elevate the tenant profile and activate the place-making opportunities within Eastern Shore Centre.

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