Georgia

Trez Capital Provides $25.5M Acquisition Loan for Downtown Atlanta Hotel

by Alex Tostado March 3, 2020

ATLANTA — Trez Capital has provided a $25.5 million acquisition loan for a 173-room Holiday Inn Express in downtown Atlanta. The hotel was originally built in 1933 and most recently renovated in 2012. The borrowers, IE Development LLC and CG Management LLC, will use loan proceeds to renovate all rooms and build out a 3,240 square-foot rooftop meeting room with outdoor patio to attract more corporate clients. The property includes a small convenience store and a 5,000-square-foot-restaurant that is currently vacant. Hotel operations will continue during the renovation period, which are expected to conclude in summer 2021. The property is situated at 111 Cone St. NW, blocks from Centennial Olympic Park, Mercedes-Benz Stadium, CNN Studios and the Georgia Aquarium. Brett Forman of Trez Capital originated the loan on behalf of the borrowers.

March 3, 2020

Acquisitions Georgia Retail Southeast

InvenTrust Properties Purchases Publix-Anchored Center in Metro Atlanta for $11M

by Alex Tostado March 2, 2020

SANDY SPRINGS, GA. — InvenTrust Properties Corp. has purchased Trowbridge Crossing, a 62,600-square-foot, Publix-anchored shopping center in Sandy Springs, for $11 million. The property was fully leased at the time of sale to tenants including the U.S. Postal Service, Great Clips, T-Mobile and Domino’s Pizza. The center was also recently upgraded to include new LED lighting to improve energy efficiency and provide better illumination for the center. Trowbridge Crossing is situated at 7531 Roswell Road, 18 miles north of downtown Atlanta. The seller was not disclosed.

March 2, 2020

Development Georgia Multifamily Southeast

Quintus to Open $49M Apartment Complex in Metro Atlanta’s Gwinnett County

by Alex Tostado February 28, 2020

DULUTH, GA. — Atlanta-based Quintus Corp. is set to open The Rey on Reynolds, a $49 million, 286-unit apartment complex in Duluth. The community is slated to open to residents in May and will offer one- and two-bedroom floor plans ranging in rents from $1,255 to $1,870 per month, according to Apartments.com. Communal amenities will include a two-story ﬁtness and wellness center, pool, private courtyard with an outdoor ﬁtness area, grilling area, outdoor living room with ﬁre pit, bocce ball court, giant Jenga and an open lawn. The Rey on Reynolds, named for its location on Steve Reynolds and Satellite boulevards, is the first phase of The Rey, which will also feature a mixed-use development offering retail and restaurant space adjacent to the apartments as part of Phase II, which Knoll Development will develop. Atlanta-based Rees Design Associates was the architect, and Atlanta-based Quintus Housing Group served as the general contractor. BB&T, now known as Truist Bank, provided construction financing. The Gwinnett Place Community Improvement District (CID) has been upgrading infrastructure around Steve Reynolds and Satellite boulvards, according to Kelly Keappler of Quintus Corp. The CID also aided in the vision for the streetscape and architecture of both the multifamily …

February 28, 2020

Georgia Southeast

Tumultuous Global Landscape Could Slow Economic Growth in 2020, Says GSU’s Rajeev Dhawan

by Alex Tostado February 26, 2020

ATLANTA — “Irksome” geopolitical factors such as Middle East flare-ups affecting oil production and capacity, kinks in the trade deal with China, post-Brexit uncertainty and the coronavirus, can all throw curveballs at 2020 economic growth prospects, says Rajeev Dhawan, director of the Economic Forecasting Center at Georgia State University’s Robinson College of Business. Dhawan says he worries most about the coronavirus due to the unknown nature of how long it will affect the world market. The biggest economic problem now, says Dhawan, is that Chinese factory workers are stuck at home due to the virus. “Unlike a finite event, such as a hurricane or earthquake, the coronavirus is still playing out, making it hard to assess economic impact,” explains Dhawan. “China is a vital part of the world’s supply chain for goods ranging from toys to iPhones. For an economic impact to happen, this disruption would need to last awhile, say until mid-April. When inventories run out, what will Amazon sell here? What will Apple and Samsung do?” Dhawan released his economic forecast Wednesday, Feb. 26 during his Forecast of the Nation, held at GSU’s Robinson College of Business in downtown Atlanta. Georgia Job Momentum Lags Dhawan also spoke about …

February 26, 2020

Georgia Loans Office Southeast

PCCP Funds $48.4M Refinancing Loan for Two-Building Office Campus in Atlanta’s Central Perimeter Area

by Alex Tostado February 25, 2020

ATLANTA — PCCP LLC has provided a $48.4 million refinancing loan for Sterling Pointe, a two-building, 348,399-square-foot office campus in Atlanta’s Central Perimeter submarket. The seven- and eight-story buildings were 42 percent leased at the time of financing. The borrower, The Simpson Organization, will use the funds to lease-up the property. The buildings were originally built in 1980 and the owner implemented a $2 million renovation in 2018 to upgrade the lobby and common areas, along with amenity improvements including the café, outdoor courtyard space and a fitness center. Sterling Pointe is situated at 303 Perimeter Center N., 16 miles north of downtown Atlanta.

February 25, 2020

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges Sale of 147-Unit Multifamily Property in Midtown Atlanta

by Alex Tostado February 25, 2020

ATLANTA — Cushman & Wakefield has arranged the sale of Lilli Midtown, a 24-story, 147-unit multifamily community in Midtown Atlanta. The property offers one-, two- and three-bedroom floor plans, as well as 3,965 square feet of ground-level retail space. Communal amenities include a pool, clubhouse, grilling area, fitness center and bike storage. The community is situated at 693 Peachtree St., three miles north of downtown Atlanta. The sellers, JPX Works, Mariner Group and ELV Associates, delivered the property in 2016. Oxford Properties Group acquired the asset. Robert Stickel, Alex Brown and Chris Spain of Cushman & Wakefield represented the sellers in the transaction.

February 25, 2020

Acquisitions Georgia Retail Southeast

Consolidated-Tomoka Purchases Perimeter Place Retail Center in Atlanta for $75.4M

by Alex Tostado February 24, 2020

ATLANTA — Consolidated-Tomoka Land Co. has purchased Perimeter Place, a 269,000-square-foot retail center in Atlanta’s Central Perimeter submarket, for $75.4 million. The property was 80 percent leased at the time of sale to 42 tenants including Ross Dress for Less, Michaels, Fleming’s Prime Steakhouse & Wine Bar, Chipotle, Panera, Outback Steakhouse and Carrabba’s. SuperTarget shadow anchors Perimeter Place, which is located on a 24-acre site less than a mile from Perimeter Mall and 16 miles north of downtown Atlanta. CBRE will manage the property and JLL will lead leasing efforts on behalf of the buyer. Consolidated-Tomoka will finance the acquisition with its line of credit and $65 million in remaining funds from a 1031 tax exchange in November. The seller was not disclosed.

February 24, 2020

Acquisitions Georgia Multifamily Southeast

Berkadia Negotiates $38M Sale of Legacy Riverdale Apartment Complex in Metro Atlanta

by Alex Tostado February 24, 2020

RIVERDALE, GA. — Berkadia has negotiated the $38 million sale of Legacy Riverdale, a 615-unit, garden-style apartment complex in Riverdale. The property offers one-, two- and three-bedroom floor plans averaging 934 square feet. Community amenities include laundry facilities, a playground, a pool and barbecue areas. The asset was renovated in 2019 and is located at 6630 Church St., 13 miles south of downtown Atlanta. Paul Vetter, Andrew Mays, Judy MacManus and Matthew White of Berkadia represented the seller, Atlanta-based DRI Legacy LLC. California-based Northport Realty LLC was the buyer.

February 24, 2020

Georgia Loans Multifamily ORIX Southeast

Hunt Provides $9.4M Acquisition, Renovation Loan for Affordable Multifamily Complex in North Georgia

by Alex Tostado February 21, 2020

ROME, GA. — Hunt Real Estate Capital has provided a $9.4 million Freddie Mac acquisition and renovation loan for Callier Forest Apartments, a 130-unit, mixed-income multifamily complex in Rome. The borrower, Memphis-based Envolve Communities (formerly LEDIC Realty Co.), plans to invest $7.3 million to upgrade unit interiors, including adding new kitchen cabinets, flooring, paint, fixtures and full bathroom renovations. Hunt Real Estate Capital closed the 17-year, tax-exempt loan featuring a 35-year amortization schedule through Freddie Mac’s Targeted Affordable Housing (TAH) program. Callier Forest comprises 17 two- and three-story buildings. The property was built in 1981 and renovated in 2004, utilizing low-income housing tax credits (LIHTC). Paul Weissman of Hunt Real Estate Capital says the property will benefit from a new, 20-year housing assistance payment (HAP) Section 8 contract. Callier Forest was fully occupied with an 87-household waitlist at the time of the transaction. Envolve Communities is an owner-operator of affordable housing properties, with a portfolio spanning 33,000 units in the Southeast, Southwest and Midwest.

February 21, 2020

Acquisitions Georgia Office Southeast

Bull Realty Negotiates $4.6M Sale of Office Building Along Atlanta BeltLine’s Future Northside Trail

by Alex Tostado February 19, 2020

ATLANTA — Bull Realty has negotiated the $4.6 million sale of a 23,000-square-foot office building situated along the future site of Atlanta BeltLine’s Northside Trail. The building is located at 644 Antone St. NW in the city’s Berkeley Park neighborhood, five miles north of downtown Atlanta. During the marketing period, the anchor tenant terminated its lease. Atlanta-based Bull Realty procured an undisclosed tenant to occupy the space at a 20 percent higher rate. Andy Lundsberg and Michael Wess of Bull Realty represented the seller, 644 Investment LLC, in the transaction. The buyer was Desert Bloom Investments LLC.

February 19, 2020

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