PELHAM, ALA. — Trillium Capital Resources has arranged an $18.4 million loan for Grand Reserve of Pelham, a 184-unit apartment complex in Pelham, roughly 20 miles south of Birmingham. Trillium arranged the 12-year, fixed-rate loan through Aegon Insurance Group on behalf of the borrower, an apartment operator based in Phenix City, Ala. The borrower used the loan to refinance an existing construction loan.
MOBILE, ALA. — Capital One has provided a $6.5 million Fannie Mae acquisition loan for Colony Park Apartments, a 201-unit garden-style community in Mobile. Chad Thomas Hagwood of Capital One originated the 10-year, fixed-rate loan that features three years of interest-only payments followed by a 30-year amortization schedule. Brandon Pate of Hagwood’s Capital One Multifamily Finance team managed the deal. The undisclosed borrower owns 27 multifamily properties totaling more than 4,500 units in Georgia, Kentucky, New Jersey, North Carolina, Ohio, Pennsylvania and South Carolina.
BIRMINGHAM, ALA. — KeyBank Real Estate Capital has provided an $11 million Fannie Mae loan for Devonshire Place Apartment Homes, a 332-unit affordable housing complex in Birmingham. The property was built in 1971 and purchased by the borrower in 2015. Erik Storz of KeyBank’s commercial mortgage group arranged the 10-year, fixed-rate loan, which the borrower will use to refinance an existing KeyBank bridge loan.
ALBERTVILLE, ALA. — GBT Realty Corp. has completed the construction of The Shoppes of Albertville, a 135,000-square-foot shopping center located at the intersection of Carlisle Street and U.S. Highway 431 in Albertville. The $18 million property’s tenant roster includes Hobby Lobby, PetSmart, T.J. Maxx, Ross Dress for Less, Rack Room Shoes, Hibbett Sports, Kay Jewelers, Lee Nails and Marco’s Pizza. GBT Realty purchased the land for the shopping back in December 2014. The Brentwood, Tenn.-based developer is under contract on an 8-acre site across U.S. Highway 431 from The Shoppes of Albertville with plans to develop a new shopping center by 2018 known as Albertville Commons.
BIRMINGHAM, ALA. — Financial Federal Bank’s Memphis office has arranged a $25.5 million acquisition loan for Brook Highland Place Apartments, a 400-unit garden-style community in Birmingham. Built in 1987, the property was 94 percent occupied at the time of financing. Rick Wood and Jon Van Hoozer of Financial Federal Bank arranged the seven-year, floating-rate loan through Freddie Mac. The loan features two years of interest-only payments and a 30-year amortization schedule.
ATLANTA — Preferred Apartment Communities Inc. (PAC) has purchased six grocery-anchored retail properties in Georgia, South Carolina and Alabama for $68.7 million. The portfolio spans 535,000 square feet and comprises five Publix-anchored centers and one Walmart Supercenter-anchored property. PAC purchased the six properties through its wholly owned subsidiary New Market Properties LLC. PAC used roughly $25 million in debt from Unum Life Insurance Co. of America, Colonial Life & Accident Insurance Co. and First Unum Life Insurance Co. to purchase four of the properties. PAC used available funds to purchase the remaining balance of the four properties and to purchase the other two retail centers completely without debt.
OAK BROOK, ILL. — CenterPoint Properties has purchased a three-building, 1.2 million-square-foot portfolio of Class A warehouses located in Savannah, Ga.; Charleston, S.C.; and Mobile, Ala. All three buildings are fully leased and feature 32-foot clear heights, cross dock loading configurations, 50- by 52-foot column spacing and parking for trailers. All three buildings are also located near the Ports of Savannah, Charleston and Mobile. CenterPoint purchased the portfolio from Johnson Development Associates Inc. for an undisclosed price. Frank Fallon of CBRE represented the seller in the transaction.
BIRMINGHAM, ALA. — Retail Specialists will break ground tomorrow on The Waites, a four-story mixed-use building located at the corner of 7th Avenue S. and Richard Arrington Jr. Boulevard in downtown Birmingham. According to the Birmingham Business Journal, Williams Blackstock Architects is serving as the architect for the $13.6 million development. The project, which is a redevelopment of the former Waite’s Bakery building, will feature ground-floor retail space, covered outdoor seating, designated retail parking and three floors of loft apartment residences comprising 30 one-bedroom units and 15 two-bedroom units. Confirmed retailers at The Waites include Farm Burger, Blaze Pizza and Smoothie King.
HOOVER, ALA. — A joint venture between PointOne Holdings and Adler Kawa Real Estate Advisors (AKREA) purchased Riverchase Center, a 306,725-square-foot, single-story office complex in Hoover, a suburb of Birmingham. The venture purchased the property from a fund managed by DRA Advisors for $30 million. The asset was 89 percent leased at the time of sale to tenants such as Frito-Lay, Progressive Insurance, Walgreens, BioHorizons Implant Systems, Gentiva Health Services and WideOrbit Inc. Justin Parsonnet and Will Yowell of CBRE’s Atlanta office represented the seller in the transaction. PointOne Holdings and AKREA have retained David Fullington and Phil Yost of CBRE’s Birmingham office to manage and lease Riverchase Center. PNC Bank provided a seven-year, non-recourse acquisition loan to PointOne and AKREA.
PHILADELPHIA — Philadelphia-based PREIT has sold three non-core malls in Alabama and Virginia for $66 million. The malls include Gadsden Mall in Gadsden, Ala.; Wiregrass Commons Mall in Dothan, Ala.; and New River Valley Mall in Christianburg, Va. All three malls are anchored Belk and JC Penney. As part of its disposition strategy, PREIT has sold 13 non-core malls since November 2012, as well as a few retail power centers and land parcels, for roughly $600 million in gross proceeds. Average gross rents for the 13 malls sold were $28.82 per square foot, nearly 50 percent lower than PREIT’s portfolio average of $54.56 per square foot, excluding non-core malls. Average non-anchor occupancy for the 13 malls at the time of sale was 82.1 percent, which compares to a portfolio average of 92.9 percent at the end of 2015, excluding non-core malls.