North Carolina

Greystone Provides $18.6M Agency Loan for Keystone Apartments in Fayetteville, North Carolina

by John Nelson January 25, 2024

FAYETTEVILLE, N.C. — Greystone has provided an $18.6 million Freddie Mac loan for the refinancing of Keystone Apartments, a 202-unit multifamily property in Fayetteville, about 64 miles south of Raleigh. Justin Hechler of Greystone originated the nonrecourse, fixed-rate loan on behalf of the borrowers, Magma Equities and Prudent Growth Partners. The financing was underwritten with a five-year term, two years of interest-only payments and a 30-year amortization schedule. Built in 1974, Keystone Apartments features one- and two-bedroom units, as well as a clubhouse, fitness center, swimming pool and a dog park.

January 25, 2024

Georgia Loans Multifamily North Carolina South Carolina Southeast

JLL Secures $149M Financing for Southeast Multifamily Portfolio

by John Nelson January 24, 2024

SAN DIEGO — JLL has secured a $149 million loan for the refinancing of a three-property multifamily portfolio in the Southeastern United States. Aldon Cole, Tim Wright and Bharat Madan of JLL’s San Diego office arranged the three-year, fixed-rate loan through a life insurance company on behalf of the borrower, Sunroad Enterprises. The properties in the portfolio include the 313-unit Verde Vista in Asheville, N.C.; the 288-unit Avenues at Verdier Point in Charleston, S.C.; and the 256-unit Adara at Godley Station in Savannah, Ga. San Diego-based Sunroad Enterprises acquired the three properties in 2021 and has since completed 100 percent of its planned exterior and common area renovations and 50 percent of interior renovations.

January 24, 2024

Leasing Activity North Carolina Office Southeast

CBRE Negotiates 40,000 SF Office Lease in Uptown Charlotte for IWG

by Hayden Spiess January 23, 2024

CHARLOTTE, N.C. — CBRE has arranged a 40,000-square-foot lease at First Citizens Bank Plaza, a 23-story office building in Uptown Charlotte. International coworking company IWG will occupy the 18th and 19th floors of the building beginning in February, with plans to expand its SPACES brand. Located at 128 S. Tryon St., the property was recently renovated and features a new lobby, a boutique fitness center, tenant amenity hub with lockers and showers, bicycle parking and storage, upgraded restrooms and a 5,000-square-foot ground-floor restaurant and bar space, currently occupied by MOA Korean BBQ. Kris Westmoreland, Stephanie Spivey and Joe Franco of CBRE represented the landlord, Dornin Investment Group, in the lease negotiations.

January 23, 2024

Development Loans Multifamily North Carolina Southeast

JLL Arranges $132.9M Debt, Equity Financing for Multifamily Development in Charlotte

by John Nelson January 22, 2024

CHARLOTTE, N.C. — JLL has arranged a combined $132.9 million in construction financing for 2125 N Davidson, a 389-unit midrise multifamily development underway in Charlotte’s Mill District. Travis Anderson, Cory Fowler, Warren Johnson, Ryan Pride and Naoki Hasegawa of JLL arranged a $34.5 million equity placement with two institutional investors based in Japan on behalf of the developer, Space Craft. JLL also arranged a $98.4 million construction loan through an undisclosed direct lender. Set for completion in summer 2026, 2125 N Davidson will feature studio, one-, two- and three-bedroom apartments averaging 762 square feet in size. Amenities will include a rooftop patio with views of Uptown Charlotte, courtyard with native planting, fitness room in each building, coworking space with a coffee/breakfast nook and electric car share and e-bike share dedicated for resident use. The property will also include 13,751 square feet of street-facing retail space that Space Craft plans to lease to boutique retailers, coffee purveyors and local and neighborhood service retailers. The developer has tapped Swinerton to construct the development. The companies also recently built The Joinery, an $80 million multifamily development in Charlotte’s nearby Optimist Park neighborhood.

January 22, 2024

Acquisitions Georgia Industrial Kentucky Loans North Carolina South Carolina Southeast Tennessee

PCCP Provides $102M Acquisition Loan for Southeast Industrial Portfolio

by John Nelson January 22, 2024

LOS ANGELES — Los Angeles-based PCCP LLC has provided a $102 million acquisition loan to Stoltz Real Estate Partners, a real estate fund manager based in Bala Cynwyd, Pa., for a five-property industrial portfolio in the Southeastern United States. John Alascio, Alex Hernandez, Chris Meloni, T.J. Sullivan and Mitch Rothstein of Cushman & Wakefield arranged the financing on behalf of Stoltz. The 1.6 million-square-foot portfolio is located within the Atlanta, Charleston, Charlotte, Louisville and Nashville MSAs. The properties were fully leased at the time of financing to seven tenants that had a weighted average lease term (WALT) remaining of 4.6 years. All five properties were developed between 2018 and 2023 and range in size from 157,000 to 636,000 square feet. The seller and sales price were not disclosed.

January 22, 2024

Development Multifamily North Carolina Southeast

Madison Communities Completes 216-Unit Madison Wakefield Apartments in Raleigh

by John Nelson January 12, 2024

RALEIGH, N.C. — Madison Communities, an affiliate of Madison Capital Group, has completed the development of Madison Wakefield, a 216-unit apartment community located at 14301 Falls of Neuse Road in Raleigh. The property features units in one- and two-bedroom layouts. Amenities at the community include a saltwater pool with a tanning deck, outdoor grilling pavilion, fitness studio, community lounge with coworking spaces and a resident coffee lounge. Monthly rental rates at Madison Wakefield begin at $1,465, according to the property website.

January 12, 2024

Leasing Activity Mixed-Use North Carolina Office Restaurant Retail Southeast

Seven New Tenants Join 92-Acre Fenton Development in Cary, North Carolina

by John Nelson January 9, 2024

CARY, N.C. — Two new retailers and five office users have signed on to join the tenant roster at Fenton, a 92-acre mixed-use development in the Raleigh suburb of Cary. The nearly $1 billion development is co-owned by Hines and Columbia Development. The new retailers, Brewery Bhavana and Vega Vitality, plan to open their locations at Fenton before the end of the year. Two other retailers opened in late 2023: Johnny Was and Rejuvenation. Bruce Koniver of Odyssey Retail Advisors is leading Fenton’s retail leasing, which is currently 94 percent committed. The five companies that signed office leases at Fenton include Cushman & Wakefield, IPS, Prologis, AIMA and Surety Systems. The property’s office component currently spans 200,000 square feet, with future phases allowing up to 1 million square feet.

January 9, 2024

Development Loans Multifamily North Carolina Southeast

Urban Standard Capital Provides $8M Construction Financing for Apartment Development in Durham

by John Nelson January 8, 2024

DURHAM, N.C. — Urban Standard Capital has provided an $8 million loan to finance the construction of 555 Abranova, an apartment development in Durham, near the city’s downtown and Research Triangle Park. Abranova Real Estate is the borrower and developer. Upon completion, the property will feature 48,000 square feet of residential space across 37 units, with 5,000 square feet and 1,500 square feet of coworking and retail space, respectively. Other amenities will include a gym, yoga studio, outdoor terrace with grills and a communal lounge. Residents will also have access to the basketball court, dog park and walking paths within the developer’s adjacent townhome project. Site work has been completed at 555 Abranova, and completion is expected for either the fourth quarter of this year or the first quarter of 2025.

January 8, 2024

Acquisitions Multifamily North Carolina Southeast

Cushman & Wakefield Brokers $70M Sale of 501 Estates Apartments in Durham

by John Nelson January 5, 2024

DURHAM, N.C. — Cushman & Wakefield has arranged the $70 million sale of 501 Estates, a 270-unit community located in Durham. Jefferson Apartment Group and Stars REI purchased the property from Spyglass Capital Partners LLC. Alex McDermott and Hunter Bowling of Cushman & Wakefield represented the seller in the transaction. 501 Estates was built in 2001 near Durham-Chapel Hill Boulevard. The community offers a mix of garden-style apartments, townhomes and cottages. Amenities at the property include a 3,000-square-foot fitness center, pool, dog park, detached garages and billiards room.

January 5, 2024

Acquisitions North Carolina Office Southeast

Lionstone Investments Trades 12-Story Midtown Plaza Office Building in Raleigh’s North Hills District

by John Nelson January 4, 2024

RALEIGH, N.C. — Lionstone Investments has sold Midtown Plaza, a 12-story office building located in Raleigh’s North Hills submarket. The buyer and sales price were not disclosed, but the Triangle Business Journal reported the asset traded for $132 million. Completed in 2017, the 329,747-square-foot property was fully leased at the time of sale to tenants including Altera, Gilead Sciences and Fifth Third Bank. Ryan Clutter, Richard Reid, Daniel Flynn, C.J. Liuzzo, Sarah Holloway and Woody Flythe of JLL represented Lionstone, which was working on behalf of an institutional investor.

January 4, 2024

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