Georgia

Passco Purchases Apartment Community in Metro Atlanta for $72M

by John Nelson November 1, 2016

DUNWOODY, GA. — Passco Cos. has purchased Two Blocks, a Class A, 400-unit midrise apartment community located at 4000 Dunwoody Park in Dunwoody, a suburb of Atlanta in DeKalb County. Passco bought the asset for $72 million using a Fannie Mae acquisition loan arranged by Chris Black of KeyBank Real Estate Capital. Developed in 2008 by Atlanta-based Pollack Shores Real Estate Group, Two Blocks was more than 95 percent occupied at the time of sale. The property is situated near Atlanta’s Central Perimeter office submarket and within three miles of Atlanta’s Pill Hill hospital district. Passco plans to implement a series of upgrades to the interior and exterior of Two Blocks, including installing granite countertops in the kitchens and bathrooms, expanding and updating the fitness center and improving the property’s curb appeal. John Weber, Dan Phelan and Bo Moore of ARA Newmark’s Atlanta office represented the seller in the transaction.

November 1, 2016

Georgia Industrial Southeast

Clarion Partners, Seefried Break Ground on $25M Industrial Project in Metro Atlanta

by John Nelson October 31, 2016

BUFORD, GA. — Clarion Partners and Seefried Properties have started construction on Buford Mill Distribution Center, a $25 million industrial development in Buford, a northeast suburb of Atlanta. Situated on 43.1 acres near the Highway 20/I-985 interchange, the project will feature two distribution buildings totaling 422,140 square feet with 32-foot minimum clear heights, T-5 lighting and trailer parking. Clarion is co-developing the project on behalf of a commingled fund it manages.

October 31, 2016

Georgia Multifamily Southeast

Novare, Batson-Cook to Open 32-Story High-Rise in Midtown Atlanta

by John Nelson October 28, 2016

ATLANTA — Novare Group and Batson-Cook Development Co. plan to open Atlantic House, a 32-story high-rise apartment tower in Midtown Atlanta, in mid-November. Located on the corner of 14th and West Peachtree streets, Atlantic House will feature 407 residences, two rooftop pools, a 24-hour fitness center, clubroom, outdoor kitchen, laundry service, 24-hour concierge services, business center and outdoor patio space, as well as a grilling area, tennis court and dog park on top of the attached parking garage. All residences will feature private balconies. The project also features more than 13,000 square feet of ground-floor retail space fronting 14th and West Peachtree streets, with Einstein’s, Caribou and McCray’s Tavern scheduled to open in early 2017. Residents have started to move into their units ahead of the Nov. 17 grand opening.

October 28, 2016

Georgia Hospitality Southeast

Monarch Private Capital, BNA Associates Break Ground on Hotel Clermont Redevelopment in Atlanta

by John Nelson October 28, 2016

ATLANTA — Atlanta-based Monarch Private Capital and Nashville-based BNA Associates have begun the redevelopment of Hotel Clermont in Atlanta’s Poncey-Highland neighborhood. The firms are renovating the iconic hotel using Historic Tax Credits. Upon opening, the new 94-room boutique hotel will feature a restaurant and some of the original hotel’s art-deco design. Monarch and BNA worked closely with the city of Atlanta and the Georgia General Assembly, which passed House Bill 308 last year, raising the maximum tax credit allowance for historic structures from $300,000 annually to $5 million. The Poncey-Highland Neighborhood Association also supported the renovation and preservation of the landmark hotel.

October 28, 2016

Georgia Loans Southeast Student Housing

NorthMarq Secures $22.2M Refinancing of Student Housing Property Near University of West Georgia

by John Nelson October 27, 2016

CARROLLTON, GA. — NorthMarq Capital has secured the $22.2 million refinancing of Flats at 316, a 240-unit student housing community located near the University of West Georgia in Carrollton. The transaction was structured with a three-year, interest-only term. Will James of NorthMarq Capital arranged the financing on behalf of the undisclosed borrower through a bridge lender. Flats at 316’s community amenities include a basketball court; cyber café; dog park; a lounge with a flat screen, pool table, ping pong, poker and other games; a resort-style swimming pool; sand volleyball court; coffee bar; fitness center; and shuttle service to and from campus.

October 27, 2016

Georgia Retail Southeast

Morgan Construction Underway on $24.1M Kroger-Anchored Center in Metro Atlanta

by John Nelson October 27, 2016

CARTERSVILLE, GA. — Morgan Construction Co. is nearing completion of Main Street Market Place, a Kroger-anchored shopping center in Cartersville, roughly 43 miles north of Atlanta. The total construction costs for the development is $24.1 million, excluding the cost of the Kroger Fuel Center. The 53-acre development includes a Kroger Marketplace and fuel center, AT&T, Pacific Dental, Vision Works, Panera Bread, Sport Clips, Las Palmas Mexican Restaurant, Willy’s Mexicana Grill. Phase II of the future development will allow 85,000 square feet for co-anchor space. The Kroger store opened to the public on Oct. 5, but the remaining retail space remains under construction. The development team is led by R.H. Ledbetter Properties of Rome, Ga. The design team includes architects CR Architecture & Design, Buckle Design Group and Schaefer Inc.; and landowner Dellinger.

October 27, 2016

Georgia Hospitality Loans Southeast

Natixis Provides $43M Loan for Dual-Brand Hotel Complex in Midtown Atlanta

by John Nelson October 26, 2016

ATLANTA — Natixis has provided a $43 million loan to refinance the Crowne Plaza Midtown and Staybridge Suites Atlanta Midtown, a dual-branded hotel development in Midtown Atlanta totaling 462 rooms. The borrower, AWH Partners, is using the floating-rate financing to refinance an existing renovation loan following the property’s multimillion-dollar renovation. The property features 31,000 square feet of meeting and banquet space, an outdoor pool and sundeck, fitness center, locker rooms, business center, on-site dining options and a Thrive coffee bar. Peter Dannemiller of Hodges Ward Elliott arranged the loan.

October 26, 2016

Georgia Office Southeast Top Stories

Banyan Street Capital, Oaktree Acquire 191 Peachtree in Atlanta for $268M

by Haisten Willis October 26, 2016

ATLANTA — A partnership between Banyan Street Capital and funds managed by Oaktree Capital Management has purchased 191 Peachtree Tower from Cousins Properties in downtown Atlanta. The partnership bought the 50-story office tower for $268 million. The 1.2 million-square-foot office tower was 93 percent leased at the time of sale to tenants such as the Robert W. Woodruff Foundation, Deloitte, Cooper Carry, Hall Booth Smith and The Commerce Club. The Metro Atlanta Chamber is also relocating to the LEED Silver-certified building later this year. “Downtown Atlanta is a premier destination for business and commerce, and 191 Peachtree is the market’s landmark office building,” says Rudy Touzet, CEO of Banyan Street Capital. “This acquisition is an important expansion of our Atlanta portfolio and demonstrates the demand for Class A office located within walkable urban centers.” 191 Peachtree offers direct access to the Ritz-Carlton Hotel, which features retail and restaurant tenants such as Alma Cucina, Bistro 191, The Bean Counter and Jos. A Bank. It is also located directly across from a MARTA transit station. The new ownership has selected Cushman & Wakefield to lease the office tower and plans to initiate select upgrades to 191 Peachtree in the near future. “191 …

October 26, 2016

Georgia Seniors Housing Southeast

Oak Hall, Jim Chapman Communities to Build 206-Acre Seniors Community in Metro Atlanta

by John Nelson October 25, 2016

GAINESVILLE, GA. — Oak Hall Cos. and Jim Chapman Communities have revealed development plans for a 206-acre, mixed-use, age-restricted community in Gainesville, approximately 55 miles northwest of Atlanta. The developers plan to start construction in spring of 2017. The community will feature a total of 739 residential units, all restricted to residents age 55 and older. The units are composed of 248 single-family detached homes, 32 cottages, 107 terrace homes, 27 stacked flats, 175 independent living units and 150 assisted living/memory care units. The yet-to-be-named community will also feature 1.1 miles of Lake Lanier frontage with 140 boat slip docks, as well as 24,000 square feet of retail, office and restaurant space. A large clubhouse and outdoor swimming pool are part of the master plan, as are paved sidewalks throughout the community. The developers intend to donate land to the city of Gainesville to build a new fire station.

October 25, 2016

Georgia Loans Seniors Housing Southeast

Grandbridge Arranges $125M Acquisition Financing for Independent Living Portfolio

by John Nelson October 25, 2016

ATLANTA — Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group has arranged $125 million in financing for the acquisition of four independent living communities in four states. Details on the buyer, seller and specific communities were not disclosed. The financing was arranged as $25 million in supplemental loans and $100 million in assumption loans, which replace existing loans Grandbridge previously arranged for the seller. All the loans are through Fannie Mae. Grandbridge’s Atlanta-based Seniors Housing and Healthcare Finance Group offers construction, non-recourse acquisition/bridge and permanent financing options to seniors housing owners nationwide.

October 25, 2016

Newer Posts

Older Posts