North Carolina

Laurel Street Residential Breaks Ground on Affordable Housing Community in Charlotte

by John Nelson August 24, 2016

CHARLOTTE, N.C. — Laurel Street Residential, a Charlotte-based affordable housing developer, has broken ground on a 112-unit affordable multifamily community in the Belmont neighborhood of Charlotte. St. Paul Baptist Church is a partner in the development, which includes apartments for both seniors and the general public. The seniors housing component includes 60 units. The units are designated for seniors and families earning 60 percent of the area median income. The development is scheduled for completion by the end of 2017. Miles McClellan Construction is the general contractor, Bohler Engineering is the civil engineer and Neighboring Concepts is the architect. Public and private investments are funding the development, including a 4 percent tax credit and tax-exempt bond allocations from the North Carolina Housing Finance Agency, a $4.4 million loan from the City of Charlotte Housing Trust Fund, an $8 million construction loan from Bank of America, permanent financing from Greystone and loans from the Zechariah Alexander Community Development Corp. and St. Paul Baptist Church.

August 24, 2016

Industrial North Carolina Southeast

CBRE Brokers $46.3M Sale of CLT Logistics Center in Charlotte

by John Nelson August 18, 2016

CHARLOTTE, N.C. — CBRE has brokered the $46.3 million sale of CLT Logistics Center, a 583,021-square-foot business park located at 3100-3401 International Airport Drive and 3100-3140 Yorkmont Drive in Charlotte. The sale also included an additional 14.9 acres of land. Major tenants at CLT Logistics Center include Bimbo Bakeries, FedEx and DC74 Data Centers. Minneapolis-based Meritex purchased the business park and land from Carlson Real Estate, making it the first investment in Charlotte for the investor. Patrick Gildea, Bryan Crutcher and Anne Johnson of CBRE represented Carlson Real Estate in the transaction.

August 18, 2016

Hospitality North Carolina Southeast

Hilton Garden Inn Opens 700th Hotel in Downtown Asheville

by John Nelson August 18, 2016

ASHEVILLE, N.C. — Hilton Worldwide has opened Hilton Garden Inn Asheville Downtown, its 700th Hilton Garden Inn hotel worldwide. The 140-room hotel is located at 309 College St., within walking distance of Pack Square, art galleries, breweries and shopping. The hotel will feature a rooftop bar, 24-hour convenience store called The Pavilion Pantry and a farm-to-table restaurant called Iron Hen Cafe. Other amenities include complimentary Wi-Fi access, a 24-hour business center, fitness center, indoor swimming pool and spa. Winston-Salem, N.C.-based Quality Oil Co. LLC manages the Hilton Garden Inn Asheville Downtown, which joins Hilton Garden Inns operating in all 50 states and in 31 countries.

August 18, 2016

Loans North Carolina Southeast Student Housing

Capstone Capital Closes $42M Loan for Student Housing Project Near East Carolina University

by John Nelson August 16, 2016

GREENVILLE, N.C. — Capstone Capital has closed the $42 million refinancing of The Boundary at West End, a four- and five-story mixed-use development adjacent to East Carolina University in downtown Greenville. The project features 550 student housing beds, 9,500 square feet of ground-level retail space and a 453-space parking garage. Retail tenants include a regional pizza restaurant, convenience store, cafe and coffee shop, Smoothie King and an Asian restaurant. The borrower, Tom Taft Family of Greenville NC, finished The Boundary’s development in August 2015 and used the financing to take out the existing construction loan and all the developer equity. Jackson Howard of Capstone Capital arranged the 10-year Fannie Mae loan with a fixed 4.21 percent interest rate and two years of interest-only payments followed by a 30-year amortization schedule.

August 16, 2016

North Carolina Office Southeast

Grubb Properties Buys 380,000 SF Office Campus in North Carolina for $6.1M

by John Nelson August 11, 2016

GREENSBORO, N.C. — Charlotte-based Grubb Properties has purchased a 380,000-square-foot, Class A office campus located on 46.7 acres at 4161 Piedmont Parkway in Greensboro. Grubb Properties purchased the asset from Cornerstone Real Estate Advisers, which was acting on behalf of an institutional investor, for $6.1 million, according to the Triad Business Journal. Originally built in 1994 as a build-to-suit for NationsBank, Bank of America leases roughly 75 percent of the three-story building. On-site amenities include a cafeteria, high-tech infrastructure, conference and training rooms and a card-reader security system at all entrances. Jonathan Smith of CBRE|Triad and Ben Kilgore of CBRE|Raleigh represented Cornerstone Real Estate Advisers in the transaction.

August 11, 2016

Loans North Carolina Retail Southeast

Q10 Professional Mortgage Arranges $8.2M CMBS Loan for Market at Wake Forest

by John Nelson August 10, 2016

WAKE FOREST, N.C. — Q10 Professional Mortgage of North Carolina LLC has originated an $8.2 million loan for Market at Wake Forest, a 116,341-square-foot retail center located in Wake Forest. Food Lion anchors the property. Spencer Wilson of Q10 Professional Mortgage originated the non-recourse, permanent loan through an unnamed CMBS lender.

August 10, 2016

Loans North Carolina Office Southeast

Grandbridge Closes $45.5M Loan for Office Portfolio in Charlotte

by John Nelson August 9, 2016

CHARLOTTE, N.C. — Grandbridge Real Estate Capital has closed a $45.5 million loan secured by a five-property, 246,000-square-foot office portfolio in Charlotte. Chris Caison of Grandbridge’s Charlotte office arranged the fixed-rate loan through an unnamed life insurance company on behalf of the borrower, Charlotte-based Beacon Partners, which leases and manages more than 9 million square feet of office and industrial space in North and South Carolina.

August 9, 2016

Healthcare Loans North Carolina Southeast

Capital One Healthcare Provides $37.8M Loan for Medical Portfolio in Triangle Region

by John Nelson August 9, 2016

BETHESDA, MD. — Capital One Healthcare has provided a $37.8 million loan to CNL Healthcare Properties for a five-property healthcare real estate portfolio in the Triangle region of North Carolina. The portfolio comprises the North Carolina Specialty Hospital in Durham and four medical office buildings in Roxboro, Oxford and Chapel Hill. CNL Healthcare Properties, a non-traded seniors housing and healthcare REIT, is using the loan to refinance the portfolio, which it purchased in June 2015.

August 9, 2016

Georgia Industrial Loans North Carolina Retail Southeast

AloStar Funds Three Acquisition Loans Totaling $20.5M for Industrial, Retail Assets

by John Nelson August 5, 2016

ATLANTA — AloStar has provided three loans totaling $20.5 million for the acquisition of industrial and retail assets in North Carolina and Georgia. AloStar funded a $9 million loan to ColumbusNova for the purchase of a 159,810-square-foot manufacturing facility in Mooresville, N.C. The property will be leased to a specialty beverage producer. AloStar also funded a $7.3 million loan to a joint venture for the purchase and renovation of a 272,396-square-foot industrial asset in Durham. The joint venture was between Trinity Capital Advisors and SilverCap Partners. AloStar also provided a $4.2 million loan to SunCap Opportunity Fund for the purchase of Uptown Square, a 72,277-square-foot shopping center in Fayetteville, Ga. The asset is anchored by Goodwill and Harbor Freights Tools. AloStar is headquartered in Birmingham, Ala., and its commercial office is located in Atlanta.

August 5, 2016

North Carolina Retail Southeast

BC Wood Acquires Food Lion-Anchored Shopping Center in Charlotte

by John Nelson August 5, 2016

CHARLOTTE, N.C. — BC Wood Properties has acquired Catawba Village, a 56,840-square-foot shopping center located in Charlotte. Food Lion anchors the property, which is also home to tenants including Workout Anytime and State Farm. The property is BC Wood Properties’ fifth shopping center acquisition in North Carolina. The seller and sales price were not disclosed. Lexington, Ky.-based BC Wood Properties owns and manages 39 shopping centers spanning more than 5 million square feet in 11 states.

August 5, 2016

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