Georgia

ACRES Capital Originates $32M Construction Loan for Athens Multifamily Development

by Alex Tostado January 13, 2020

ATHENS, GA. — ACRES Capital Corp. has originated a nearly $32 million construction loan to fund the expansion of The Cottages at Ridge Pointe, a 216-unit apartment community located at 940 Creek Ridge Lane in Athens. The developer, Jim Chapman Communities, will take on the loan, which carries an 18-month term. The Cottages at Ridge Pointe, located approximately eight miles from downtown Athens, is an existing community with all 38 currently available units occupied. An additional 79 units are under construction, and the loan will fund the creation of another 99 units. Amenities include a clubhouse, fitness center, outdoor kitchen and grilling station and a pool.

January 13, 2020

Affordable Housing Content Partner Development Features Georgia Mixed-Use Multifamily Southeast Southeast Feature Archive Walker & Dunlop

Egbert Perry and Affordable Housing: How One Man’s Vision Launched a National Movement

by Jaime Lackey January 12, 2020

When picturing the rebirth of downtown Atlanta, one of the first images to come to mind is the skyline — the iconic high-rises. Another, often overlooked, part of this picture includes Atlanta’s skywalks. In the early days of redevelopment, these walkways connected luxury buildings above urban neighborhoods that many had abandoned, and effectively furthered the separation of the “haves” from the “have-nots.” Iconic Atlanta developer Egbert Perry was driven to challenge development that emphasized the separation. From his perspective, perpetuating the separation of community members simply perpetuated the issues of inequity and injustice that plagued the city. Perry was motivated to bring people together in a different way, in neighborhoods that would appeal to everyone. Where others saw poverty, blight, and dilapidated housing projects, Perry saw potential — and pioneered a new approach to affordable and workforce housing, commercial real estate development, and community development and investment. The Story Begins at Centennial Place In 1994, when Perry left H.J. Russell & Company to start The Integral Group, he quickly came upon an opportunity to redevelop the area now home to Centennial Place. The 60-acre property was located in the heart of downtown Atlanta, and was considered to be the most …

January 12, 2020

Georgia Loans Multifamily Southeast

Arbor Provides $43.7M Fannie Mae Green Acquisition Loan for Multifamily Community in Roswell, Georgia

by Alex Tostado January 10, 2020

ROSWELL, GA. — Arbor Realty Trust Inc. has provided a $43.7 million Fannie Mae Green Rewards acquisition loan for Avia Riverside Apartments in Roswell, a northern suburb of Atlanta. The 12-year, fixed rate loan features four years of interest-only payments and a 30-year amortization schedule. Stephen York of Arbor’s New York City office originated the loan on behalf of the undisclosed borrower. Built in 1972, Avia Riverside underwent renovations from 2013 to 2015. The 396-unit property features two swimming pools, a playground and a dog park. Other amenities include fitness and business centers. The complex is located at 100 Chattahoochee Circle and overlooks the Chattahoochee River.

January 10, 2020

Acquisitions Georgia Healthcare Southeast

Skanska, H. J. Russell to Develop $151M Surgical Center for Grady Hospital in Atlanta

by Alex Tostado January 9, 2020

ATLANTA — A joint venture between Swedish developer Skanska AB and Atlanta-based H. J. Russell & Co. plans to develop the Center for Advanced Surgical Services (CASS) for Grady Memorial Hospital in Atlanta. Situated adjacent to Grady’s main campus, the new freestanding, 10-story facility will cost $151 million to build. The 576,960-square-foot property will include 264,000 square feet housing several outpatient clinics. Skanska and H. J. Russell expect to deliver CASS in early 2022. The new facility will be the site of all of Grady’s outpatient surgeries and will increase Grady’s operating room capacity by 25 percent and clinical capacity by 45 percent. According to the developers, Grady Memorial Hospital is the fifth busiest public hospital in the country with a Level 1 trauma center designation.

January 9, 2020

Acquisitions Georgia Loans Retail Southeast

JLL Arranges $34.6M Acquisition Loan for Barrett Pavilion Shopping Center in Metro Atlanta

by Alex Tostado January 8, 2020

KENNESAW, GA. — JLL has arranged $34.6 million in acquisition financing for Barrett Pavilion, a 458,740-square-foot retail center in Kennesaw, 22 miles northwest of downtown Atlanta in Cobb County. The borrower and buyer is a partnership between Lincoln Property Co. and Stockbridge. Tarik Bateh and Jennifer Swanson of JLL negotiated the four-year, floating-rate loan through Prime Finance. Margaret Caldwell and Margaret Jones of JLL represented the seller, a partnership between Nuveen Real Estate and SITE Centers Corp., in the sale. Barrett Pavilion is situated on approximately 55 acres near the interchange between Ernest W. Barrett Parkway and Interstate 75 near Kennesaw State University. Barrett Pavilion’s anchor tenants include Target, AMC Theatres, Jo-Ann Fabric and Crafts, Best Buy, buybuy BABY, Old Navy, Ulta Beauty, Total Wine & More and REI.

January 8, 2020

Development Georgia Industrial Southeast

PCCP, Panattoni to Develop 328,000 SF Spec Industrial Building in Cartersville, Georgia

by Alex Tostado January 7, 2020

CARTERSVILLE, GA. — PCCP LLC has formed a joint venture with Panattoni Development Co. Inc. for the speculative development of a 328,000-square-foot industrial building in Cartersville, 51 miles northeast of Atlanta. The project is located directly off Interstate 75 in Bartow County. PCCP and Panattoni recently acquired the 104-acre site that allows for the development of up to 724,000 square feet across two buildings. Two buildings are planned for two separate phases of development. PCCP and Panattoni expect to deliver the first facility, a rear-load building with 32-foot clear heights, in the third quarter. Mike Chambers, Jack Haden and Kane Chambers of NAI Brannen Goddard are leading the leasing effort of the property.

January 7, 2020

Development Georgia Industrial Southeast

Lidl to Develop $100M Distribution Center in Covington, Georgia

by Alex Tostado January 6, 2020

COVINGTON, GA. — German discount grocer Lidl plans to develop its fourth U.S. distribution center in metro Atlanta. The project will span 925,000 square feet and cost $100 million to build. The center will be located in Covington and will also serve as the company’s regional headquarters. Covington is situated along Interstate 20 and 35 miles southeast of downtown Atlanta. The new facility will house 270 full-time employees over the next five years. A timeline for construction as well as details about the design team were not disclosed. Lidl has opened four stores in Georgia and has hired more than 150 employees in Augusta, Mableton, Marietta and Snellville. Lidl first established its U.S. headquarters in Virginia in June 2015. Today the grocer operates more than 85 stores across nine East Coast states. Lidl’s other three distribution centers are in Fredericksburg, Va.; Graham, N.C.; and Perryville, Md.

January 6, 2020

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Brokers $51M Sale of Multifamily Community Near Augusta

by Alex Tostado January 6, 2020

GROVETOWN, GA. — Cushman & Wakefield has brokered the $51 million sale of Riverstone Apartment Homes, a 328-unit multifamily community located in Grovetown. NorthRock Cos. acquired the complex located 101 Halton Drive, 11 miles from downtown Augusta. Cushman & Wakefield’s Taylor Bird, Robert Stickel and Nelson Abels represented the seller, Mesa Capital Partners, in the transaction. Built in 2014, Riverstone Apartment Homes is located near Interstate 20 and Ga. State Route 388 and includes a dog park, clubhouse, car care center, fitness center, playground and pool.

January 6, 2020

Acquisitions Georgia Multifamily Southeast Student Housing

FourPoint Arranges Sale of 446-Bed Student Housing Community Near Savannah College of Art and Design

by Alex Tostado January 3, 2020

SAVANNAH, GA. — FourPoint Investment Sales Partners has arranged the sale of The Hue, a 446-bed student housing community located at 646 W. Bay St. in Savannah, near the Savannah College of Art and Design. The property offers amenities including a pool, sundeck, fitness center, art studio and study areas. Chris Epp, Chris Bancroft, Meredith Wolff McGrath, Matthew Chase and Craig Miller of FourPoint arranged the transaction on behalf of the seller, Atlanta-based CF Real Estate Services. Blue Vista Capital Management purchased The Hue for an undisclosed price.

January 3, 2020

Georgia Leasing Activity Office Southeast

Dilweg Inks Leases with 10 Companies for Downtown Atlanta’s 101 Marietta Street Office Tower

by Alex Tostado January 2, 2020

ATLANTA — The Dilweg Cos. has signed new leases or extensions with CIM Group and nine other companies at 101 Marietta Street, a 36-story downtown Atlanta office tower adjacent to The Gulch district. California-based CIM will occupy two of the new spec suites in the office building. Formerly known as Centennial Tower, the well-known chevron-marked building overlooks CIM’s future Centennial Yards, a mixed-use development in The Gulch. Existing office tower tenants DeLong, Caldwell, Bridgers, Fitzpatrick, & Benjamin LLC; Atlanta Dream; Amadeus and The VGM Group have all renewed their respective leases. Softgiving Inc, The Dennis Law Firm LLC, Volkert Inc., IVITA and BlackiNation have signed new leases. Located near Mercedes-Benz Stadium, State Farm Arena, Centennial Olympic Park, Georgia Aquarium, the CNN Center and three MARTA stations, 101 Marietta Street offers 650,000 square feet of space, as well as a conference center with training rooms, fitness center, Revelator Coffee in the lobby and tenant lounge with TVs, pool tables and a kitchen. Construction for another round of spec suites at 101 Marietta Street will commence this month. CBRE is handling the leasing assignment on behalf of Dilweg.

January 2, 2020

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