North Carolina

Trez Forman Provides $35M Construction Loan for Mixed-Use Project in Coastal North Carolina

by Camren Skelton January 30, 2018

WILMINGTON, N.C. — Trez Forman Capital Group has provided a $35 million loan for the development of River Place, a mixed-use project located at 200 N. Water St. in downtown Wilmington. The Florida-based company is a joint venture between Palm Beach-based Forman Capital and Vancouver-based Trez Capital Group. Trez Forman Capital arranged the loan on behalf of developer East West Partners. The Chapel Hill, N.C.-based firm is developing the 13-story project, which will include 92 condominium residences, 79 apartment units and 32,000 square feet of retail space. The building will be the central component of a more than $70 million redevelopment of a municipal parking deck with a new 400-space parking garage. River Place will feature a rooftop pool, fitness center and a clubhouse. Individual units will feature open floor plans and balconies with views of the Cape Fear River.

January 30, 2018

North Carolina Office Southeast

Keith Corp. Breaks Ground on Pharmaceutical Company’s Headquarters in Research Triangle Park

by Camren Skelton January 29, 2018

DURHAM, N.C. — The Keith Corp. has broken ground on a 159,000-square-foot corporate headquarters for Rho Inc., a contract research organization that provides clinical drug development services. Located at the corner of Highway 54 and TW Alexander Drive in Durham, the building is situated within Triangle 54 Office Park, a 39-acre office park under development in North Carolina’s Research Triangle Park submarket. The Rho project is the first of three phases within the park. At full build-out, Triangle 54 will include up to 477,000 square feet of office space, a parking ratio of 4.5 per 1,000 square feet, walking trails and other outdoor amenities. The new corporate headquarters building will be five stories tall and will feature glass exteriors, a game room, café, work lounges and exterior gathering spaces. Rho Inc. will occupy the entire building, which is slated for completion in spring 2019. The project team includes general contractor Choate Construction, architects LS3P and Little Diversified Architectural Consultants, civil engineer McAdams Co. and planning and design firm Kimley Horn.

January 29, 2018

Affordable Housing Loans Multifamily North Carolina Southeast

Greystone Closes $79.2M in HUD Financing for Affordable Housing Portfolio in North Carolina

by Camren Skelton January 26, 2018

GREENSBORO, N.C. — Greystone Affordable Development, an affiliate of Greystone & Co. Inc., has closed $79.2 million in financing for a nine-property, 645-unit affordable housing portfolio in Greensboro. The financing was arranged through the HUD Rental Assistance Demonstration (RAD) program on behalf of the Greensboro Housing Authority. HUD’s RAD program provides funding for housing authorities to convert public housing properties to a Section 8 platform using public and private debt and equity, ensuring that the portfolio will remain permanently affordable to low-income households. The Greensboro Housing Authority will renovate the properties, constructed between 1959 and 1996, over the next year. The financing package included tax-exempt bonds, Low Income Housing Tax Credit equity from Boston Financial Investment Management and Fannie Mae loans provided by PGIM Real Estate Finance. Greystone has preserved over 10,000 affordable housing units as both financial advisor and developer.

January 26, 2018

North Carolina Office Southeast

HFF Brokers $55.6M Sale of Two-Building Office Park in Triangle

by Camren Skelton January 23, 2018

DURHAM, N.C. — HFF has arranged the $55.6 million sale of Palladian Corporate Center, a two-building, 201,008-square-foot office complex in Durham. Ryan Clutter, Scot Humphrey and Chris Lingerfelt of HFF arranged the transaction on behalf of the seller, an institutional owner advised by Clarion Partners LLC. An affiliate of Innovatus acquired the asset. In addition, Brent Bowman of HFF arranged acquisition financing for the asset through Citizens Bank on behalf of the new owner. Palladian Corporate Center is located at 200 and 240 Leigh Farm Road, adjacent to Interstate 40, along the Highway 54 corridor. Constructed in 2005 and 2007, the four-story buildings feature landscaped exteriors, brick and glass façades, weekly scheduled food trucks and adjacent walking trails. Palladian Corporate Center is home to tenants including Northwestern Mutual, Eco-Site LLC and AICPA’s corporate headquarters. At the time of sale, the property was 98.4 percent leased.

January 23, 2018

Market Reports North Carolina Office Southeast Southeast Market Reports

Charlotte Sees New Construction, Renovations of Second-Generation Office Space

by John Nelson January 22, 2018

It’s impossible to ignore the ongoing boom of new commercial real estate development in downtown Charlotte. Get a glimpse of the skyline from the Interstate 277 loop and you can see the already-present structures standing tall among the handful of cranes and half-completed construction filling in the gaps. More than a dozen projects are currently underway in Center City, with more expected during the next 12 to 18 months. New and Improved Recently opened towers, like 300 South Tryon and 615 South College, have attracted major corporate relocations to downtown CBD, including Regions Bank and Sitehands. Ally Bank just announced its 400,000-square foot move to Ally Charlotte Center, and Crescent Communities just kicked off development of a new tower in the burgeoning Stonewall corridor for a 2020 completion date. Companies seeking the top-of-market space in the city’s newest downtown office developments want to have a presence in the heart of Charlotte’s energy. There, they can recruit elite talent and build their brand. Of course, that presence comes with the highest rental rates and parking costs, in addition to elevated tenant-buildout budgets in a market where construction costs continue to rise. At the other end of the spectrum, some are finding …

January 22, 2018

Healthcare North Carolina Southeast Top Stories

CBRE Arranges $142M Sale of Duke University Medical Office Building in North Carolina

by Kristin Harlow January 19, 2018

DURHAM, N.C. — CBRE has arranged the sale of Hock Plaza, a 327,160-square-foot medical and educational office building in Durham. Harrison Street Real Estate Capital LLC acquired the 12-story building from Hines. The sales price was $142 million, according to the Triangle Business Journal. Constructed in 2004, Hock Plaza is situated on more than 2.5 acres at 2424 Erwin Road, adjacent to Duke University Hospital. The building is home to 34 different Duke University medical institutes, centers and research functions, including Duke Cancer Institute, the Center for Autism and Brain Development, and the Center for Smoking Cessation. The property, which includes a 1,057-space parking garage, is located within North Carolina’s Research Triangle. Jay O’Meara, Will Yowell, Lee Asher, Chris Bodnar and Ben Kilgore of CBRE arranged the transaction on behalf of the seller. The sales price was a record price per square foot in the state of North Carolina, according to O’Meara. Chicago-based Harrison Street is a real estate investment management firm focused on the education, healthcare and storage sectors. The firm has approximately $12.8 billion in assets under management. Houston-based Hines is a privately owned global real estate investment, development and management firm with $100 billion in assets under management. — …

January 19, 2018

Georgia Multifamily North Carolina Southeast

Hudson Capital Acquires Two Multifamily Properties in North Carolina, Georgia for $66.1M

by Camren Skelton January 18, 2018

CARY, N.C. AND NORCROSS, GA. — Hudson Capital Partners (HCP) has acquired two multifamily properties in North Carolina and Georgia for a combined $66.1 million. The New York-based company acquired Cary Reserve at Weston, a 288-unit property in the Raleigh-Durham metro of Cary, for $46.8 million, as well as the 224-unit Willow Trail, a community in the Atlanta suburb of Norcross, for $19.3 million. HCP plans to invest approximately $7 million to renovate both properties, including unit modernization and expanded amenity offerings. Constructed in 1995, Cary Reserve at Weston features carports, garages, a car care center, swimming pool, tennis courts, grilling areas, business center, dog park, playground and a fitness center. Willow Trail features a playground, pool with a sundeck, fitness center, community soccer field and on-site laundry facilities. In addition to renovating the property’s unit interiors, HCP will replace Willow Trail’s current in-place management with its third-party management firm, Dallas-based Westdale.

January 18, 2018

Loans Multifamily North Carolina Southeast

NorthMarq Arranges $23M Refinancing of Apartment Community Near Raleigh

by Camren Skelton January 16, 2018

KNIGHTDALE, N.C. — NorthMarq Capital has arranged the $23 million refinancing of Palisades at Legacy Oakes, a 240-unit apartment community in Knightdale, roughly 15 miles east of Raleigh. Bill Matone of NorthMarq arranged the 20-year loan with one year of interest-only payments and a 19-year amortization schedule through a correspondent life company on behalf of the borrower. Other terms of the deal were not disclosed. The newly constructed community features a fitness center, pool, playground, walking and biking trails and a picnic area.

January 16, 2018

North Carolina Retail Southeast

GBT Realty Acquires Shopping Center in Asheville from Kimco for $25.5M

by Camren Skelton January 9, 2018

ASHEVILLE, N.C. — GBT Realty Corp. has acquired Overlook Village, a 153,820-square-foot shopping center in Asheville, for $25.5 million. Berkeley Capital Advisors arranged the transaction on behalf of the seller, Kimco Realty. Constructed in 1989, Overlook Village was 80 percent leased at the time of sale to tenants including HomeGoods, T.J. Maxx and Ross Dress for Less. The property also houses a vacant anchor space that was formerly leased to hhgregg. The new owner plans to announce redevelopment plans for the property in the spring.

January 9, 2018

Loans Multifamily North Carolina Southeast

Trillium Capital Arranges $9.4M Refinancing for Multifamily Community in Greensboro, North Carolina

by Camren Skelton January 9, 2018

GREENSBORO, N.C. — Trillium Capital Resources (TCR) has arranged a $9.4 million loan for the refinancing of Beechwood Apartments, a 208-unit multifamily community in Greensboro. TCR arranged the 35-year, fixed-rate loan through the HUD 223(f) program on behalf of the borrower, NC2 LLC. The program allows for long-term mortgages that can be financed with Government National Mortgage Association (GNMA) mortgage-backed securities, which improves the availability of loan proceeds for borrowers and allows for more favorable interest rates. Beechwood Apartments includes one- and two-bedroom units and features patios or balconies, a swimming pool and a playground.

January 9, 2018

Newer Posts

Older Posts