Alabama

Greystone Brown Arranges $48.2M Sale of Two Multifamily Properties in Montgomery Area

by Camren Skelton November 21, 2017

MONTGOMERY AND MILLBROOK ALA. — Atlanta-based Greystone Brown Real Estate Advisors, a joint venture between Greystone and Brown Realty Advisors, has arranged the $48.2 million sale of two multifamily properties in the Montgomery area: The Belmont in Montgomery and Crossings of Millbrook in Millbrook, roughly 10 miles north of Montgomery. Anthos Properties acquired the 458-unit Belmont for $23.8 million with plans to invest approximately $3 million to renovate roofs, siding, piping and improve the property’s amenities. Walter Miller, Jim Jarrell, Cory Sams and Bo Brown of Greystone Brown arranged the transaction on behalf of the buyer and seller. Other terms of the transaction were not disclosed. PEM Real Estate Group LLC acquired the 240-unit Crossings of Millbrook for $24.4 million. Constructed in 2010, the community features a clubhouse, fitness center, swimming pool and screened porches. Taylor Brown, Miller, Sams and Bo Brown of Greystone Brown represented the undisclosed seller in the transaction. Chandler Brown, also with Greystone Brown, represented the undisclosed buyer.

November 21, 2017

Alabama Loans Multifamily Southeast

Capital One Provides $39M Fannie Mae Acquisition Loan for Apartment Community Near Montgomery

by Camren Skelton November 20, 2017

PIKE ROAD, ALA. — Capital One has provided a $39 million Fannie Mae loan for the acquisition of The Grand Reserve at Pike Road, a 376-unit apartment community in Pike Road, roughly 12 miles southeast of Montgomery. Chad Thomas Hagwood of Capital One arranged the 10-year, fixed-rate loan with three years of interest-only payments and a 30-year amortization schedule on behalf of the borrower, an entity owned by EBSCO Income Properties. Trimback Construction, the seller, developed the property in 2013. Grand Reserve features a swimming pool, business center, playground, pet park and biking, hiking and jogging trails.

November 20, 2017

Alabama Multifamily Seniors Housing Southeast

Methodist Homes Completes $42.5M Expansion of Seniors Housing Community in Birmingham

by Camren Skelton November 15, 2017

BIRMINGHAM, ALA. — Methodist Homes has completed the $42.5 million expansion of Fair Haven, a 375-bed continuing care retirement community (CCRC) in Birmingham. The community is the first in Alabama to fully implement the Household Model for resident care, featuring a front door with doorbell, living room with fireplace, sunroom, den, spa and a home kitchen where meals are prepared and served. The expansion includes the addition of 15 independent living apartments, 23 assisted living apartments and 59 licensed nursing beds. In addition, Fair Haven includes 20 memory care units in a newly renovated building.

November 15, 2017

Alabama Hospitality Loans Southeast

HREC Arranges $19M Refinancing of Hilton-Branded Hotel in Downtown Birmingham

by Camren Skelton November 14, 2017

BIRMINGHAM, ALA. — HREC Capital Markets Group has arranged the $19 million refinancing of Redmont Hotel Birmingham, Curio Collection by Hilton, a 120-room hotel in downtown Birmingham. Greg Porter and Mike Armstrong of HREC arranged the 10-year, fixed-rate loan through a New York-based REIT on behalf of the borrower, a private partnership. Originally constructed in 1925, the hotel underwent a complete renovation in 2015, implementing upgraded technologies and amenities while retaining the 1920s design. The hotel features two restaurants, a rooftop bar, 3,600 square feet of meeting space and a fitness center.

November 14, 2017

Alabama Retail Southeast

Katz Properties Acquires Shopping Center Near Birmingham for $60.3M

by Camren Skelton November 13, 2017

VESTAVIA HILLS, ALA. — New York-based Katz Properties has acquired Vestavia Hills City Center, a 392,000-square-foot shopping center in Vestavia Hills, roughly six miles south of Birmingham, for $60.3 million. HFF arranged mortgage financing for the acquisition. The seller was not disclosed. Vestavia Hills City Center is home to anchor tenant Publix, AMC Vestavia Hills 10, Planet Fitness, Starbucks Coffee, Rite Aid, Stein Mart and various restaurant tenants. In addition, the center is home to a variety of office users. Katz Properties has hired Fairway Management Group LLC to manage the property.

November 13, 2017

Alabama Multifamily Southeast

Cushman & Wakefield Brokers $11.9M Sale of Multifamily Community in Downtown Birmingham

by Camren Skelton November 8, 2017

BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the $11.9 million sale of Iron City Lofts, a 70-unit apartment community in downtown Birmingham. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, KRE Ventures, in the transaction. Engel Realty acquired the asset. Constructed in 2016, Iron City Lofts features granite countertops, custom kitchens and hardwood flooring. Community amenities include a heated rooftop pool, fitness center and a dog wash facility. The property is located within walking distance to retail and dining hotspots Pepper Place and the Lakeview District.

November 8, 2017

Alabama Loans Multifamily Southeast Tennessee

KeyBank Arranges $32.5M for Refinancing of Two Apartment Communities in Tennessee, Alabama

by Camren Skelton September 28, 2017

CHATTANOOGA, TENN. AND MOBILE, ALA. — KeyBank Real Estate Capital has secured $32.5 million for the refinancing of two multifamily properties in the Southeast. The undisclosed borrower received an $18.4 million loan to refinance Courts at Waterford in Chattanooga and a $14.1 million loan to refinance Maison De Ville in Mobile. Erik Storz of KeyBank arranged the 10-year Freddie Mac loans with five years of interest-only payments and 30-year amortization schedules. Constructed in 1988, Courts at Waterford features 318 units with 28 reserved for tenants earning 60 percent of the area median income (AMI). Maison De Ville was constructed in two phases — Phase I in 1963 and Phase II in 1973. The 347-unit community reserves 33 units for tenants earning 60 percent of the AMI.

September 28, 2017

Alabama Retail Southeast

Publix to Anchor New 59,600 SF Shopping Center in Huntsville

by Camren Skelton September 22, 2017

HUNTSVILLE, ALA. — Watkins Real Estate Group has signed a 45,600-square-foot lease with Publix Super Markets Inc. to anchor The Pinnacle at Providence, a 59,600-square-foot retail center under development in Huntsville’s Providence neighborhood. The Atlanta-based retail and multifamily development company acquired the 9.2-acre site in 2016 and recently secured construction financing through BB&T Corp. In addition to Publix, the tenant lineup includes Courtney Murray DDS, Allure Nails Spa and an additional 9,800 square feet of shop space. Watkins is pursuing other retail, dining and service tenants to fill the remaining space. The new Publix will be the Lakeland, Fla.-based grocer’s third location in the market. The Pinnacle at Providence is slated for completion in the first quarter of 2018.

September 22, 2017

Alabama Retail Southeast

GBT Realty Buys 234,124 SF Shopping Center in Tuscaloosa

by Camren Skelton September 22, 2017

TUSCALOOSA, ALA. — GBT Realty Corp. has purchased McFarland Plaza, a 234,124-square-foot shopping center in Tuscaloosa. Jim Hamilton, Richard Reid, Mike Allison and Brad Buchanan of HFF represented the seller, a partnership between DDR Corp. and TH Real Estate. Bill Fishel and Matthew Stewart of HFF secured a three-year, floating-rate loan through Värde Partners on behalf of the new owner. T.J. Maxx, Ross Dress for Less, Michaels and Stein Mart anchor the center. McFarland Plaza Shopping Center is also home to Cato, Dollar General, H&R Block, Pet Supplies Plus, Nail Club and Lendmark Financial. Located at 2600 McFarland Blvd. E., the center is approximately one mile south of the University of Alabama.

September 22, 2017

Alabama Multifamily Southeast

Coastal Ridge, M Group Purchase Apartment Community in Birmingham for $40M

by Camren Skelton September 20, 2017

BIRMINGHAM, ALA. — Coastal Ridge Real Estate, in partnership with M Group, has acquired The Village at Lakeshore Crossings, a 264-unit apartment community located at 251 London Parkway in Birmingham, for $40 million. A Philadelphia-based private investor sold the property. Constructed in 2013, The Village at Lakeshore Crossings offers one-, two- and three-bedroom units with rents ranging from $1,067 to $1,512. Individual units feature hardwood floors, granite countertops and private porches. Community amenities include a resort-style swimming pool, outdoor kitchen with a gas grill, outdoor fire place with a lounge area, lighted tennis court, clubhouse, media room, fitness room, pet park and a pet wash station.

September 20, 2017

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