Georgia

Capital One Provides $23.1M Fannie Mae Loan for Affordable Housing Community in Atlanta

by Camren Skelton January 30, 2018

ATLANTA — Capital One has provided a $23.1 million Fannie Mae loan for the acquisition, renovation and expansion of Edgewood Court Apartments, a 204-unit affordable housing community in Atlanta’s Edgewood neighborhood. Evan Williams of Capital One arranged the 16-year, fixed-rate loan with a 35-year amortization schedule on behalf of the borrower, Jonathan Rose Cos. In addition to renovating the existing units, the firm plans to build 18 new units and a new community center. As part of the transaction, the HUD Section 8 contract on the original units was renewed for 20 years. The project received an allocation of 4 percent Low Income Housing Tax Credits issued by the Georgia Department of Community Affairs and tax-exempt bonds issued by Invest Georgia. Constructed in 1950, Edgewood Court was last renovated more than 35 years ago. Jonathan Rose Cos. will add a fitness center and computer lab in the new community center, refresh building facades, replace roofs and gutters, update unit electrical and HVAC systems, renovate kitchens and baths and create a community garden and playground.

January 30, 2018

Georgia Loans Multifamily Southeast

Trillium Capital Arranges $37.5M HUD Loan for New Apartment Community in Metro Atlanta

by Camren Skelton January 29, 2018

CANTON, GA. — Trillium Capital Resources LLC has arranged a $37.5 million construction loan for a new 308-unit apartment community in Canton, located roughly 40 miles north of Atlanta. The 40-year loan was structured through the U.S. Department of Housing and Urban Development’s (HUD) 221 (d)(4) program, the agency’s flagship program for funding new construction and redevelopment for market-rate and affordable housing properties. Red Mortgage Capital provided the loan. The name of the borrower was not disclosed. In addition to arranging financing, Trillium arranged the land purchase on behalf of the buyer. The community will feature a furnished clubhouse, business center, resort-style pool, fitness center, sauna, playground, outdoor walking trails, dog parks, garages and grills. Construction on the property is estimated for completion in fall 2019.

January 29, 2018

Affordable Housing Georgia Multifamily Seniors Housing Southeast

Vitus Acquires Affordable Housing, Seniors Community in Atlanta’s Pittsburgh Neighborhood for $26.3M

by Camren Skelton January 29, 2018

ATLANTA — Vitus has acquired Heritage Station, a 370-unit affordable housing community in downtown Atlanta’s Pittsburgh neighborhood, for $26.3 million. The name of the seller was not disclosed. All of the units are reserved for residents making 60 percent or less of the area median income, and 40 percent of the units will be set aside as designated seniors housing. Constructed in 2007, Heritage Station features a business center, laundry facility, library, fitness center, swimming pool, picnic area, theater, playground and an afterschool program. Individual units feature central air conditioning, ceiling fans and private patios or balconies. In addition, the property is compliant with regulations set by the Americans with Disabilities Act, and units reserved for seniors are equipped with emergency pull cords and accessible bathrooms. The purchase marks Vitus’ third acquisition in the Atlanta market in the past 18 months. The company plans to purchase two additional low-income properties in Georgia before the end of the year.

January 29, 2018

Georgia Multifamily Southeast

Cushman & Wakefield Brokers $40.4M Sale of Apartment Community in Midtown Atlanta

by Camren Skelton January 25, 2018

ATLANTA — Cushman & Wakefield has arranged the $40.4 million sale of 500 Northside, a 351-unit apartment community located in Midtown Atlanta. Tyler Averitt, Josh Goldfarb and Robbie O’Bryan of Cushman & Wakefield arranged the transaction on behalf of the seller, Varden Capital Properties. The Griffin Fund acquired the asset. Constructed in 1968, 500 Northside features a clubhouse, coffee bar, fitness center, pool and a pet play area. The new owner plans to update 50 percent of the community’s un-renovated units, as well as fully renovate the property’s exterior.

January 25, 2018

Georgia Retail Southeast

Franklin Street Brokers $13.6M Sale of Retail Center in Metro Atlanta

by Camren Skelton January 25, 2018

BUFORD, GA. — Franklin Street has arranged the $13.6 million sale of Mill Creek Walk, a 36,358-square-foot retail center in Buford, roughly 35 miles north of Atlanta. John Tennant and Bryan Belk of Franklin Street arranged the transaction on behalf of the seller, Mill Creek/Cooper LLC, as well as the buyer, Bond Street Advisors Group. Petco anchors the center, which was 96 percent leased at the time of sale.

January 25, 2018

Georgia Hospitality Southeast

Hunter Arranges $68.8M Sale of Three Marriott-Branded Hotels in Florida

by Camren Skelton January 24, 2018

ATLANTA — Atlanta-based Hunter Hotel Advisors has arranged the $68.8 million sale of three Marriott-branded hotels located throughout Florida. Trey Scott, Shamir Patel, Robert Taylor and Steve Taylor of Hunter arranged the transaction on behalf of the seller, an affiliate of Rockwood Capital. An affiliate of Ocean Properties acquired two of the hotels in the portfolio — the 153-room Courtyard Sarasota/Bradenton and the 149-room Springhill Suites Tampa Westshore, both in the Tampa Bay area. An undisclosed private investor acquired the 152-room Courtyard Boynton Beach in Palm Beach County. Ocean Properties will continue to manage all three recently renovated hotels under a long-term management agreement.

January 24, 2018

Georgia Retail Southeast

Cushman & Wakefield Brokers $68M Sale of New Whole Foods-Anchored Center in Metro Atlanta

by Camren Skelton January 24, 2018

CHAMBLEE, GA. — Cushman & Wakefield has brokered the sale of Peachtree Station, a 106,372-square-foot retail center in Chamblee, a city 15 miles north of downtown Atlanta. The center is located at 5001 Peachtree Blvd. and features 1,000 feet of frontage along the thoroughfare. Fain Hicks of Cushman & Wakefield arranged the transaction on behalf of the seller and developer, S.J. Collins Enterprises. Dallas-based Sarofim Realty Advisors acquired the center for approximately $68 million, according to the Atlanta Business Chronicle. The property was delivered in 2017 and was fully preleased prior to completion. A 45,000-square-foot Whole Foods Market anchors the center. Additional tenants include Starbucks Coffee, Verizon Wireless, CRS Outdoor, Mattress Firm, The Cook’s Warehouse, Banfield Pet Hospital, Zoë’s Kitchen and Chipotle Mexican Grill.

January 24, 2018

Georgia Industrial Southeast

Monmouth Acquires New 831,764 SF Industrial Building in Savannah for $57.5M

by Camren Skelton January 24, 2018

SAVANNAH, GA. — Monmouth Real Estate Investment Corp. has acquired an 831,764-square-foot industrial building located at 590 Northport Parkway in Savannah for $57.5 million. The company acquired the asset from CRG, the real estate development arm of Clayco, which delivered the building last year. The warehouse is situated on approximately 62.4 acres within the two-building Northport Commerce Center, roughly seven miles from the Port of Savannah. The property is net-leased for 10 years to Shaw Industries Inc., a Georgia-based flooring supplier and wholly owned subsidiary of Berkshire Hathaway Inc. Esmael Hill of The Net Lease Group (NLG) represented the seller in the transaction. NLG also arranged equity to finance the construction of the facility, which CRG originally developed on a speculative basis.

January 24, 2018

Georgia Multifamily Southeast

Cushman & Wakefield Brokers $17.7M Sale of Multifamily Community in East Atlanta

by Camren Skelton January 22, 2018

ATLANTA — Cushman & Wakefield has arranged the $17.7 million sale of Broadway at East Atlanta, a 176-unit apartment community located at 1930 Flat Shoals Road in East Atlanta. Tyler Averitt and Robbie O’Bryan of Cushman & Wakefield arranged the transaction on behalf of the seller, Elite Street Capital. New Jersey-based Liquid Capital acquired the property using a fixed-rate Fannie Mae loan. Constructed in 1967, Broadway at East Atlanta features a fitness center, pool with grilling area, dog park and a playground.

January 22, 2018

Georgia Loans Multifamily Southeast

NXT Provides $30M Refinancing for New Apartment Community in Atlanta’s Buckhead District

by Camren Skelton January 19, 2018

ATLANTA — NXT Capital has provided a $30 million first mortgage loan for the refinancing of Ardmore & 28th, a 165-unit apartment community located in Atlanta’s Buckhead district. Richard Jordan of CBRE arranged the loan through NXT on behalf of the borrower and developer, a joint venture between Enfold Properties and CF Real Estate Services. Construction on the property was completed at the end of 2016. Ardmore & 28th features apartment and townhome-style units, as well as a swimming pool with a sundeck, outdoor grilling kitchen, fitness center with yoga and Pilates room, clubhouse, coffee bar, car care facility, dog park and a dog washing station. In addition, the property is located adjacent to the Atlanta BeltLine’s Northside Trail.

January 19, 2018

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