NEW YORK — New York-based Greystone Affordable Development has arranged $168.6 million in financing for the recapitalization of 26 affordable housing properties located across 17 counties in Georgia. The financing, which combined both public and private funding, was arranged on behalf of the owner, The Hallmark Cos. The financing package included $54.3 million in tax-exempt bonds from the Housing Authority of Macon-Bibb County; 4 percent in low income housing tax credits (LIHTCs) purchased by Boston Financial Investment Management, generating $54 million in capital contributions; a $28 million loan through the United States Department of Agriculture (USDA) Section 515; $27.3 million in USDA Section 538 loans provided by Greystone Servicing Corp. Inc.; and $5 million in excess reserves, project operations, investment income and deferred developer fees. Hallmark will substantially renovate the portfolio’s interiors and exteriors over the next two years. Planned renovations focus on modernizing the properties — built between the late 1970s and mid-1990s — and addressing accessibility, functional obsolescence and deterioration. The owner plans to achieve overall energy savings of at least 20 percent at each property through the use of Energy Star-certified appliances and windows.
ALPHARETTA, GA. — A joint venture between New York Life Real Estate Investors and The Dilweg Cos. has sold Royal Centre II, III and IV in Alpharetta. Bridge Office Fund Manager LLC, an affiliate of Bridge Investment Group LLC, acquired the assets, which total 634,487 square feet. The sales price was not disclosed, but the Atlanta Business Chronicle reports New York Life and Dilweg originally acquired the Royal Centre buildings in 2015 for $85.3 million. The buildings are located in the Royal 400 office park, roughly 26 miles north of Atlanta and less than two miles from Avalon, an 86-acre mixed-use development. Bridge plans to invest $12 million to further modernize the properties with the addition of collaborative work spaces, tenant amenity centers, upgrades to the fitness center, café and conference facilities, upgraded landscaping and new exterior common spaces. The properties, constructed between 1998 and 2000, were 85 percent leased at the time of sale.
ATLANTA — Weaver Capital Partners and the Seng Co., in conjunction with their joint venture equity partner SilverCap Partners, has acquired a 515,000-square-foot industrial portfolio located along Seaboard Industrial Boulevard in Atlanta’s West Midtown district. Patterson Real Estate Advisory Group served as the joint venture’s capital advisor and arranged acquisition financing through CIBC Bank USA. The sales price and terms of the financing were not disclosed. The joint venture acquired the nine-building portfolio from Zep Inc., which formerly owned and occupied the entire property. Zep, a manufacturer of maintenance and cleaning solutions, will lease back 58,000 square feet in one of the buildings in order to consolidate its operations in Adairsville, Ga., roughly 60 miles northwest of Atlanta. The new ownership will continue to operate the portfolio as industrial space.
ATLANTA —Vero Biotech has opened a new 15,585-square-foot headquarters at the Georgia Institute of Technology’s Technology Enterprise Park in Atlanta. The biopharmaceutical company, formerly known as GeNO LLC, designs, develops and commercializes products for patients with pulmonary and cardiac diseases. Vero Biotech will move its administrative, research & development and manufacturing departments from its current office in Cocoa, Fla., to the new space over the next six to 12 months. The company plans to double its operations, hiring up to 40 new employees over the next year. In addition, Vero Biotech will partner with Georgia Tech to provide hands-on experience and internship opportunities for students. Chad Koenig and Ben Jackson of Cushman & Wakefield represented Vero Biotech in the lease negotiations, and Enio Guerra and Dick Bowers of Richard Bowers & Co. represented Georgia Tech.
SAVANNAH, GA. — Capital One Multifamily Finance has provided a $19.3 million Fannie Mae loan for the acquisition of The Blake, a 270-bed student housing community located less than a half-mile from the Savannah College of Art and Design in Savannah. Tim Smits of Capital One originated the 10-year loan with four years of interest-only payments and a 30-year amortization schedule on behalf of the buyer, Maryland-based Hopkins Holding. The seller, which developed the property in 2016, was a joint venture between Campus Works, Kaplan Residential and McKinney Fund & Co. The Blake features a clubhouse, covered outdoor patio, a 5,000-square-foot pool terrace and a lounge with cabanas.
EVANS, GA. — Meybohm Commercial Properties is nearing completion on the first building at The Plaza at Evans Towne Center, a $60 million mixed-use project in Evans, roughly 10 miles northwest of Augusta. The 58,000-square-foot building, named the Meybohm Building, is part of the project’s first phase. The building will be the new home of Meybohm Real Estate, an Augusta-based real estate company and the parent company of Meybohm Commercial Properties. Meybohm Real Estate will consolidate its training center, new homes division and local Evans office into 15,000 square feet at the new space. In addition, Your Pie Pizzeria will open a location at the building and additional tenants will be announced soon, according to Meybohm. Upon completion, The Plaza at Evans Towne Center will include six mixed-use buildings, a central park and a performing arts building. Ground-level spaces will be dedicated to retail and restaurants, and 2,000 parking spaces have been planned for the site. Michael Watkins Architect LLC is the master-planner for project, and R.W. Allen Construction is the general contractor. Atlanta-based architect firm TSW designed the Phase I buildings, as well as the outdoor park. A timeline for the project was not disclosed.
ALPHARETTA, GA. — Cushman & Wakefield has brokered the sale of Juncture, a 560-unit apartment community in Alpharetta, a northern suburb of Atlanta. CoStar reports Dallas-based JLB Partners, which developed the property in 2016, sold the asset for $141.7 million. The sales price sets a record for the highest suburban apartment sale in metro Atlanta, according to Cushman & Wakefield. Chris Spain, Robert Stickel, Travis Presnell and Alex Brown of Cushman and Wakefield arranged the transaction on behalf of JLB Partners. Nashville-based Carter-Haston Real Estate Services Inc. acquired the asset. Residences at Juncture features granite and quartz countertops, stainless steel appliances, hardwood flooring and crown molding. Community amenities include a fitness center, pool and an entertainment lounge.
MACON, GA. — Waypoint Residential has acquired The Lofts at College Hill, a 194-bed student housing community located one mile from Mercer University in Macon. Other terms of the transaction were not disclosed. The community was built in 2015 and is currently the only off-campus, purpose-built student housing property that serves the university. The Lofts at College Hill features a billiards room, grilling patio, rooftop terrace, fitness center, yoga studio and a coffee bar. In addition, the community features 12,000 square feet of ground-floor retail. The transaction marks Waypoint’s 13th student hosing acquisition since entering the sector in 2016.
VININGS, GA. — Greystone Brown Real Estate Advisors has arranged the $58.3 million sale of Stone Ridge at Vinings, a 440-unit apartment community in Vinings, roughly 11 miles north of downtown Atlanta. Barden Brown, Cory Sams, Taylor Brown, Chandler Brown and Bo Brown of Greystone Brown arranged the transaction on behalf of both the seller, Florida-based Ventron Management LLC, and the buyer, New York-based Broadtree Residential. Stone Ridge at Vinings features a fitness center, pool, playground, tennis court and hiking and biking trails. Greystone Brown Real Estate Advisors is a joint venture formed in 2016 between Greystone and Brown Realty Advisors.
BUFORD, GA. — McCraney Property Co. has acquired 44.3 acres in metro Atlanta for the development of 985 Lanier Logistics, a 612,572-square-foot, speculative industrial project. Bilijack Bell of Wilson, Hull & Neal represented McCraney in the transaction, and Frank Simpson of The Simpson Co. of Georgia Inc. represented the seller, Northeast Georgia Health System Inc. The development site is located at the intersection of Georgia State Route 13 and Lanier Islands Parkway in Buford, roughly 38 miles northeast of Atlanta. The industrial park will include three buildings: Building 100, totaling 209,252 square feet; Building 200, totaling 167,080 square feet; and Building 300, totaling 236,240 square feet. The facilities will feature 30- to 32-foot clear heights, 38 to 42 dock-high doors and a total of 160 tractor-trailer stalls. The park will target end-users requiring freight forwarding, third-party logistics and fulfillment needs.