REBusinessOnline

KeyBank Closes $46.5M Freddie Mac Loan for Multifamily Property in Concord, North Carolina

CONCORD, N.C. — KeyBank Real Estate Capital (KBREC) has secured a $46.5 million Freddie Mac loan to refinance Century Afton Ridge, a 360-unit multifamily property in Concord. The borrower is a fund managed by Centennial Holding Co. Trevor Ritter and Joe Fadus of KBREC structured the 10-year loan that features a 30-year amortization schedule.Built in two phases between 2013 and 2015, Century Afton Ridge includes 15 three-story buildings on 23 acres with one-, two- and three-bedroom floor …

Harbor Group International Acquires Southeast Multifamily Portfolio for $309M

NORFOLK, VA. — Harbor Group International LLC (HGI) has acquired a portfolio of eight multifamily communities in the Southeast region of the United States for $309 million. Seven properties are in North Carolina markets, including Charlotte, Raleigh, Winston-Salem, Greensboro and Durham. One property is located in Hampton, Va. The seller(s) and individual property names were not disclosed.The portfolio totals more than 2,300 units and each of the properties are proximate to major …

Stan Johnson Brokers $10M Sale of Village Medical Plaza in Fayetteville, North Carolina

FAYETTEVILLE, N.C. — Stan Johnson Co. has brokered the $10 million sale of a 28,434-square-foot, multi-tenant medical office building located at 3401 Village Drive in Fayetteville. Stan Johnson’s Scott Briggs represented the seller, an individual investor and developer based in North Carolina. The property, known as Village Medical Plaza, was purchased by an out-of-state private fund whose name was not disclosed.Village Medical Plaza features both medical and traditional office space …

Novant Health Plans $222M Hospital Expansion in Winston-Salem, North Carolina

WINSTON-SALEM, N.C. — Novant Health, an integrated network of physician clinics, outpatient centers and hospitals, has invested $222 million for a new critical care building in Winston-Salem. The development is a part of expansions and renovations at Novant Health Forsyth Medical Center campus, located at 3333 Silas Creek Parkway.The new building will be constructed on the current site of the rehabilitation center, which is being demolished. The expansion will feature 60 critical care …

IMG Sells Two Multifamily Communities in Raleigh for $29.8M

RALEIGH, N.C. — Investors Management Group Inc. (IMG) has sold a two-property multifamily portfolio in Raleigh to Abacus Capital Group for $29.8 million. The communities include Millbrook Apartment Homes and Lynn Lake Apartment Homes.Millbrook Apartment Homes is a 117-unit community located at 2121 Paces Forest Court, and Lynn Lake Apartment Homes is a 101-unit community located at 6500 Paces Arbor Circle.IMG acquired the two apartments in 2018 for $23.2 million. More than $2 million …

Jamestown, Grubb Ventures Break Ground on $150M Raleigh Iron Works Mixed-Use Project in Raleigh

RALEIGH, N.C. — Jamestown and Grubb Ventures have started construction on the first phase of Raleigh Iron Works, a new mixed-use development with nearly 500,000 square feet of creative office space, 90,000-plus square feet of retail and 220 new residential units. The property will be located in Raleigh’s Five Points, Person Street and Mordecai neighborhoods. Brasfield & Gorrie is part of the construction team.Located at 2200 Atlantic Ave., Raleigh Iron Works was designed with a mix …

Home Depot, Lowe’s Sales Increased in Fourth-Quarter 2020 Despite Pandemic

ATLANTA AND MOORESVILLE, N.C. — Atlanta-based Home Depot and Mooresville, N.C.-based Lowe’s Cos. Inc. both had strong fourth-quarter sales despite the COVID-19 pandemic. The CEOs of both firms cited increased demand for home improvement products as the catalyst behind their sales jumps.Home Depot’s (NYSE: HD) sales increased 25 percent year-over-year for its 2020 fiscal fourth quarter, which CNBC reports outperformed the 19.2 percent growth that analysts were expecting. Home Depot’s …

Trinity Capital, SLI Capital Top Out 210,000 SF Office and Life Sciences Center in Downtown Durham

DURHAM, N.C. — Trinity Capital Advisors and SLI Capital have topped out a new Class A office project in downtown Durham called The Roxboro at Venable. The eight-story office and life sciences center is located within the mixed-use Venable Center at 380 East Pettigrew St. Duda|Paine Architects is the designer for the 210,000-square-foot project, which is expected to be opened by 2022.The Roxboro at Venable will feature tall floor-to-floor heights, built-in accommodation for lab …

Morgan Properties, Olayan America Acquire 14,414-Unit Apartment Portfolio Across Midwest, Southeast for $1.7B

KING OF PRUSSIA, PA. — Morgan Properties and Olayan America have acquired a portfolio of 48 apartment communities totaling 14,414 units in 11 states for $1.7 billion. STAR Real Estate Ventures, a joint venture between El-Ad National Properties LLC and Yellowstone Portfolio Trust, was the seller.The portfolio, named the North Star Portfolio, consists of Class B assets in Florida, Texas, Georgia, North Carolina, South Carolina, Louisiana, Michigan, Illinois, Indiana, Ohio and Maryland. On …

Elevation, Great Lakes Capital to Build 204-Unit Granger Village Multifamily Community in Mooresville, North Carolina

MOORESVILLE, N.C. — Elevation Real Estate Group has partnered with Great Lakes Capital to build a 204-unit multifamily complex known as Granger Village in Mooresville. The property is located on 18.6 acres at the southeast corner of Charlotte Highway and East Waterlynn Road.Granger Village will be located near Exit 33 of Interstate 77 by Lake Norman and is approximately 30 miles from Charlotte. The property will feature multifamily units, as well as two commercial parcels that may …

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