ATLANTA — CBRE Capital Markets has closed $19 million in financing through the Freddie Mac Small Balance Loan program for a 12-property multifamily portfolio in Atlanta. The workforce housing properties are located in three metro Atlanta submarkets and total 458 units. Kelly Martone of Bellwether Enterprise arranged the refinancing on behalf of the borrower, Nelkin Real Estate. Jeffrey Pirhalla of CBRE Capital Markets’ Wholesale Lending team originated the financing, which comprises 20-year hybrid ARM loans whereby the interest rate is fixed for the first 10 years of the term and adjustable for the following 10 years. The financing also features three years of interest-only payments.
ATLANTA — Grandbridge Real Estate Capital has closed a $41.4 million acquisition loan for Collier Ridge Apartments, a 300-unit multifamily community situated in Atlanta’s West Midtown district. Alan Tapie and Thomas Wiedeman of Grandbridge’s Atlanta office arranged the Freddie Mac loan with three years of interest-only payments and two 12-month extension options on behalf of the borrower, a repeat client of Grandbridge. The loan features an 85 percent LTV ratio and qualified for Freddie Mac’s Green Up program due to sustainable renovations planned by the borrower. Collier Ridge’s community amenities include a fitness center, swimming pool, leasing center/clubhouse, dog park and tennis courts.
ATLANTA — Charlotte-based FCA Partners has added a new retailer to its tenant lineup at The Exchange, a 44,500-square-foot redeveloped shopping center located at Peachtree Road and Grandview Avenue in Atlanta’s Buckhead district. Sephora, a cosmetics retailer based in Paris, has signed on for 4,500 square feet of corner space adjacent to an upcoming YEAH! Burger. Other committed tenants at The Exchange include SculptHouse, Storico Fresco Alimentari, Kohler, Kale Me Crazy, Posh Nails and Cherry Blow Dry Bar — all of which are now open. Stephanie McCall of The Shopping Center Group, the exclusive leasing agent for the retail center, is currently in negotiations with additional tenants for the available 19,000 square feet of space remaining at The Exchange. Sephora is scheduled to open its doors this summer.
DECATUR, GA. — South City Partners and general contractor McShane Construction Co. have broken ground on Sam’s Crossing, a 197-unit apartment community located at 2700 E. College Ave. in Decatur’s Avondale Estates district. The wraparound project will be situated within walking distance of MARTA’s Avondale Station and include a five-level, 268-space parking garage. South City Partners recently purchased the 3.2-acre lot from longtime property owner Joe Gargiulo of Candler Investment Group. Gargiulo owns other tracts in the Avondale Estates area for future development. Designed by The Preston Partnership, Sam’s Crossing will feature a clubroom, fitness center, on-site management and leasing office, central courtyard, an acre of green space and a resort-style swimming pool, as well as 8,000 square feet of ground-level retail space. McShane, which is also handling the landscaping and surface parking for the retail portion, expects to deliver Sam’s Crossing in the third quarter of 2018.
POOLER, GA. — L Star Communities, master developer of the 2,588-acre Savannah Quarters development in Pooler, has broken ground on a new Publix store. The 46,000-square-foot supermarket will be situated on a 9.3-acre site in the southwest quadrant of Savannah Quarters at the corner of Blue Moon Crossing and Pooler Parkway, about 10 miles outside of downtown Savannah. The Publix will anchor a shopping center that features additional inline shop space and an outparcel bank, according to the site plan. Publix expects to open the new store by the end of November. The Lakeland, Fla.-based grocer has 1,138 stores in Florida, Georgia, Alabama, Tennessee, South Carolina and North Carolina and had more than $32 billion in sales in 2015.
LILBURN, GA. — CBRE has arranged the $22.6 million sale of Park Crossing Apartments, a 280-unit multifamily community located at 2700 Park Crossing Way in Lilburn, a northeast suburb of Atlanta in Gwinnett County. New Jersey-based Engineering Partners purchased the asset from Ventron Management with plans to upgrade the property’s interiors and amenity spaces. Built in 1985, Park Crossing features one-, two- and three-bedroom units and was 98 percent occupied at the time of sale.
ATLANTA — Cushman & Wakefield has signed a 50,203-square-foot office lease at 1180 Peachtree, a 41-story, Class A office building located in Midtown Atlanta. The company will consolidate its two existing offices to two-and-a-half floors at the building this summer. The commercial real estate services firm signed the lease with building owner Hines, which developed 1180 Peachtree in 2006. The nearly 700,000-square-foot property was the first high-rise office building in the world to be pre-certified LEED-CS Silver, and an acre of the site is devoted to public spaces, plazas and gardens.
BROOKHAVEN, GA. — Children’s Healthcare of Atlanta (CHOA) has unveiled plans to build a new pediatric hospital in the Atlanta suburb of Brookhaven. CHOA’s total investment in the new hospital will be between $1 billion and $1.3 billion, according to the company. After construction of the new hospital is complete, CHOA will cease operations at the inpatient facility at Egleston Hospital in Atlanta. Future plans for the use of the Egleston campus have not been determined. The new project will join a medical campus at North Druid Hills Road and I-85 that will also include CHOA’s previously announced Center for Advanced Pediatrics. Construction of that 260,000-square-foot outpatient facility began last month. Based on studies of future demand and facility capacity, CHOA believes that the new, 45-acre campus will be able to meet forecasted patient care and space needs through 2026. Specific transportation, site and building plans for the campus will be developed over the next 18 months. The area is quickly becoming a new medical corridor for suburban Atlanta, as Emory Healthcare and the Atlanta Hawks unveiled plans for a nearby $50 million training and sports medicine center last year. —Kristin Hiller
TUCKER, GA. — NXT Capital has provided a $36.5 million acquisition loan for Lakeside Centre, a six-building office park in the Atlanta suburb of Tucker. Situated adjacent to Interstate 285, U.S. Highway 78 and U.S. Highway 29, the office park features a fitness center, lake views, walking trails, café conference room, on-site management, an on-site bank with a drive-thru and 24/7 security. The borrower and details of the financing were undisclosed.
FLOWERY BRANCH, GA. — Cushman & Wakefield’s Atlanta multifamily team has brokered the sale of TreePark, a 456-unit apartment community located in Flowery Branch. Toronto-based Venterra Realty purchased the asset from Atlanta-based Watkins Real Estate Group for $58.8 million. The community was developed in 2006 on 38 acres east of Lake Lanier. Amenities include a resort-style clubhouse, swimming pool, lighted tennis courts, walking trail, park area with green space, spa and parking areas for RVs and boats. Brandon Whitesell, Chris Spain and Alex Brown of Cushman & Wakefield represented Watkins in the transaction. TreePark was 93.4 percent occupied at the time of sale.