Alabama

Eyzenberg & Co. Arranges $22.8M Refinancing for Apartment Development in Huntsville

by Alex Tostado October 8, 2019

HUNTSVILLE, ALA. — Eyzenberg & Co. has arranged a $22.8 million refinancing for Virtuoso Living, a master-planned, 398-unit apartment development in Huntsville. The loan was arranged on behalf of developer JCF Residences LLC to refinance the construction loan for Phase I of the community’s development. Phase I includes 178 single-story units spanning 35 acres. The units are designed to look like single-family homes, giving renters their own front and side door, yard, mailbox, patio, mudroom and parking. At full buildout, the property will span 80 acres and include communal amenities such as a swimming pool, fitness center, business center, bike rentals and a community room. Gregg Delany and Mila Babenko of Eyzenberg represented the borrower.

October 8, 2019

Alabama Loans Multifamily Southeast

Berkadia Originates $17M Loan for Magnolia Preserve Apartments in Southern Alabama

by Alex Tostado October 7, 2019

DOTHAN, ALA. — Berkadia has originated a $17 million Fannie Mae refinancing loan for Magnolia Preserve, a 173-unit multifamily community in Dothan. The 10-year loan features a 3.7 percent fixed interest rate, 30-year amortization schedule, 75 percent loan-to-value ratio and four years of interest-only payments. Josh Finley of Berkadia originated the loan on behalf of Georgia-based Henssler Capital. Magnolia Preserve offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, 24-hour fitness center, cybercafé, car care area, cabana with an outdoor fireplace and a dog park.

October 7, 2019

Acquisitions Alabama Hospitality Loans Southeast

CHC Hotel Capital Arranges $11.9M Acquisition Financing for Hotel in Hoover, Alabama

by Alex Tostado September 20, 2019

HOOVER, ALA. — CHC Hotel Capital has arranged an $11.9 million acquisition loan for Residence Inn in Hoover. Local hotelier Chiman Patel in partnership with Kana Hotels purchased the 118-room property. Kana will manage the hotel. An undisclosed national lender provided the 10-year loan with a fixed 3.8 percent interest rate and a 30-year amortization schedule. Blackstone sold the asset, which is located about 10 miles south of downtown Birmingham.

September 20, 2019

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $27.5M Sale of Multifamily Community in Huntsville

by Alex Tostado September 18, 2019

HUNTSVILLE, ALA. — Cushman & Wakefield has arranged the $27.5 million sale of Fern Parc, a 343-unit multifamily community in Huntsville. Wicker Park Capital Management LLC acquired the property for $80,029 per unit. Fern Parc is located at 4100 Memorial Parkway SW, five miles south of downtown Huntsville, and offers one- and two-bedroom floor plans. Communal amenities include a swimming pool, kiddie pool, bark park, fitness center, cabanas, business center, playground and pet care services. Fern Parc was built in 1974 and renovated in 2015. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, Panther Residential Management, in the transaction.

September 18, 2019

Acquisitions Alabama Retail Southeast

Marcus & Millichap Arranges $15.7M Sale of Walmart-Anchored Shopping Center Near Birmingham

by Alex Tostado September 16, 2019

SYLACAUGA, ALA. — Marcus & Millichap has arranged the $15.7 million sale of Payton Park, a 231,820-square-foot retail center in Sylacauga. Walmart Supercenter anchors the property, which also includes tenants such as Burkes Outlet, CATO, Shoe Show and Sally Beauty. The center is located at 41301 U.S. Highway 280, 45 miles southwest of downtown Birmingham. Zach Taylor, Andrew Margulies and Don McMinn of Marcus & Millichap represented the seller, an affiliate of Brixmor Property Group, in the transaction. The buyer was Chattanooga, Tenn.-based Rise Partners.

September 16, 2019

Acquisitions Alabama Industrial Self-Storage Southeast

Marcus & Millichap Arranges Sale of 447-Unit Self-Storage Facility in Southern Alabama

by Alex Tostado September 13, 2019

GULF SHORES, ALA. — Marcus & Millichap has arranged the sale of Gateway Storage, a 447-unit self-storage facility in Gulf Shores. The 47,925-square-foot property was delivered in April and sits on three acres. Gateway Storage is located at 21371 Coastal Gateway Blvd., 38 miles west of downtown Pensacola, Fla. Brett Hatcher, Gabriel Coe and Jonathan Fawley of Marcus & Millichap represented the buyer and seller, both undisclosed limited liability companies, in the transaction. The sales price was not disclosed.

September 13, 2019

Alabama Development Industrial Southeast

DaikyoNishikawa US Breaks Ground on $110M Automotive Plant in Northern Alabama

by Alex Tostado September 4, 2019

HUNTSVILLE, ALA. — DaikyoNishikawa US (DNUS) has broken ground on its $110 million automotive plant in Huntsville. The plant will be on the same site as the 3.1 million-square-foot Mazda Toyota Manufacturing USA (MTMUS) plant, which is expected to be operational in 2021. DNUS’ plant is expected to come on line around the same time. DNUS will produce plastic automotive parts at the plant and expects the plant to house 380 employees at full production. The MTMUS plant will have the capacity to produce 300,000 vehicles annually.

September 4, 2019

Acquisitions Alabama Georgia Multifamily Seniors Housing Southeast

Shepherd Living Sells Two Senior Living Properties in Georgia, Alabama

by Alex Tostado September 3, 2019

POOLER, GA. AND MADISON, ALA. — Shepherd Living has sold Shepherd Living at Savannah Quarters in metro Savannah and Shepherd Living at The Range in Madison, both 104-unit senior living communities. Savannah Quarters is located at 101 Shepherd Way in Pooler, about 15 miles west of downtown Savannah. The Range is located at 10801 County Line Road, 15 miles southwest of downtown Huntsville. All Shepherd Living communities offer more than 15,000 square feet of spa and wellness space, more than 10 acres of green space, greenhouses and a monthly farmers market. Atlas Senior Living acquired the properties and rebranded them under its Madison brand. Ari Adlerstein and Ari Dobkin of Meridian Capital arranged the sale and acquisition financing for the transaction. The sales prices were not disclosed.

September 3, 2019

Acquisitions Alabama Multifamily Southeast Student Housing

Capstone Sells Student Housing Community Near University of Alabama

by Alex Tostado August 30, 2019

TUSCALOOSA, ALA. — Capstone Real Estate Investments (CREI) has sold Landmark Apartments, a student housing community located near the University of Alabama in Tuscaloosa. CREI purchased the asset in January 2018 before beginning extensive renovations. Terms of the transaction and the identity of the buyer were not disclosed. Landmark Apartments offers one-, two- and three-bedroom units. Shared amenities include a 24-hour fitness center, business center and printing station, a game room, yoga studio, swimming pool, an outdoor fireplace and grilling station, a tanning bed, lounge, hot tub, sauna, steam room and a pet park.

August 30, 2019

Acquisitions Alabama Retail Southeast

JLL Negotiates Sale of 208,568 SF Retail Center in Metro Birmingham

by Alex Tostado August 19, 2019

FULTONDALE, ALA. — JLL has negotiated the sale of Promenade Fultondale, a 208,568-square-foot retail center in Fultondale. The property was completed in 2008 and is located five miles north of downtown Birmingham. The center was 96 percent leased at the time of sale to tenants including Ross Dress for Less, Five Below, JC Penney, Books-A-Million and Shoe Dept. LBX Investments acquired the property for an undisclosed amount. Jim Hamilton, Mike Allison and Brad Buchanan of JLL represented the undisclosed seller in the transaction.

August 19, 2019

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