GREENVILLE, N.C. — Capstone Capital has closed the $10 million CMBS refinancing of Trafalgar Square Apartments. Built in two phases in 2001, the 192-unit apartment property is located at 2477 County Home Road in Greenville. The previous owner had $7.7 million in existing debt on the transaction. Jackson Howard of Capstone Capital arranged the 10-year loan with a fixed interest rate below 4.75 percent with three years of interest-only payments followed by a 30-year amortization schedule. The CMBS loan is the sixth loan that Capstone Capital financed on behalf of the undisclosed borrower.
RALEIGH, N.C. — CBRE Capital Markets’ debt and structured finance team has arranged a $75 million loan for the Stanhope Student Apartments, a five-story, 300-unit, 822-bed, mixed-use student housing facility located adjacent to North Carolina State University’s main campus in Raleigh. A joint venture led by managing partner Kane Realty Corp. developed the project. The property features 9-foot ceilings, a saltwater pool, two-story health club, cyber-lounge, art studio, tanning beds, two-story game room and ground-floor retail space. Deck parking is provided for tenants on the same floor as their unit. Apartments contain a full washer/dryer, en-suite full bathrooms in each bedroom, granite kitchen counters, large-screen TVs and wood floors. Mark Fisher and Alex Furnary of CBRE’s midtown Manhattan office, along with David Meese and Tom Kobus of CBRE’s Pittsburgh office, facilitated the financing on behalf of the borrower. The CBRE team secured a 20-year, fixed-rate, non-recourse loan from one of its correspondent lenders, AIG Investments. The loan was committed without any tenants in occupancy and closed with retail space still to-be-leased (half of the retail space is leased to CVS).
CONCORD, N.C. — Beacon Partners will soon begin construction on a 143,670-square-foot industrial facility within RiverOaks Corporate Center, a 1.4 million-square-foot industrial park located in Concord, roughly 24 miles north of Charlotte. The new facility will be located one mile east of I-85, five miles north of I-485 and near Concord Regional Airport. Matt Greer and John Cashion of JLL represented an undisclosed tenant in a 73,667-square-foot pre-lease at the facility. The tenant plans to move into the building in spring 2016. The design team for the new facility includes general contractor Choate Construction, architect Merriman Schmitt and civil engineer ColeJenest & Stone.
RALEIGH, N.C. — Sperry Van Ness International Corp. has joined forces with Raleigh, N.C.-based Howard Perry and Walston Commercial and Hotel Group (HPW Commercial and Hotel Group) to launch SVN Hotels, a national hotel brokerage franchise. Headquartered in Raleigh, the franchise will work with more than 25 advisors in more than 10 offices throughout the United States. SVN Hotels will specialize in working with owners and investors of all sizes from large institutions with multiple properties to private owners with single assets. Sanjay Mundra, who currently serves as CEO of HPW Commercial and Hotel Group, will serve as CEO of the SVN Hotels brand with Don Walston as chairman.
GREENVILLE, N.C. — KeyBank Real Estate Capital has arranged a $14.3 million CMBS loan for The Hilton Greenville, a 141-room hotel located at 207 Greenville Blvd. S.W. in Greenville. The hotel is situated on the 32-acre Greenville Convention Center campus and is within two miles of East Carolina University. Scott Bois of KeyBank’s commercial mortgage group arranged the non-recourse loan on behalf of the undisclosed borrower.
KING, N.C. — NorthMarq Capital has arranged a $3.7 million acquisition loan for Colony Center, an 84,069-square-foot retail property located at 705-745 S. Main St. in King. Colony Center’s tenant roster includes Food Lion, Family Dollar and Badcock Furniture. David Vinson of NorthMarq’s Raleigh office arranged the loan through an unnamed life insurance company on behalf of the borrower.
MONROE, N.C. — Monmouth Real Estate Investment Corp., a publicly traded equity REIT specializing in net-leased industrial properties, has sold its 160,000-square-foot industrial building in Monroe to its tenant for $9 million. The tenant, Charlotte Pipe and Foundry Co., is a plumbing systems manufacturer based in Charlotte. Monmouth’s portfolio now spans 13.8 million square feet of single-tenant, net leased industrial assets with a current occupancy rate of 97.6 percent.
As Charlotte’s job growth has returned, so has traffic into Uptown during rush hour, a new apartment project on every corner, healthy single-family demand and a food fight. Currently there is an all-out war for grocery market share between behemoths Harris Teeter, Publix and Walmart Neighborhood Market, all adding stores at a record rate, while Whole Foods Market continues to expand within the market on a measured basis. Newcomers Sprouts Farmers Market and Lidl, a German-based supermarket grocer offering discount items, are set to make market entries between 2016 to 2018, with Food Lion planning to refurbish a number of their stores in the market. Pappas Properties has begun construction on a Harris Teeter at Berewick and Raley Miller in a joint venture with Levine Properties, and has filed a rezoning petition to add another Harris Teeter at the corner of Fairview and Providence. Harris Teeter has recently added a store in Cornelius, as has Publix. Publix has recently opened a new store in the booming South End submarket located along the transit line on South Boulevard and has won zoning approval for a store to be constructed at Cotswold. A grocer is also rumored to be scouting a redevelopment …
CHARLOTTE, N.C. AND MYRTLE BEACH, S.C. — Divaris Real Estate Inc. (DRE) has brokered the acquisition of two properties in the Carolinas totaling $34.9 million. DRE represented Armada Hoffler Properties, a publicly traded REIT, in its $26.2 million purchase of Providence Plaza in Charlotte and its $8.7 million purchase of Socastee Commons in Myrtle Beach. The properties were acquired as part of a 1031 exchange in separate transactions. Providence Plaza is a 103,118-square-foot mixed-use development that was built in 2007 and was 97 percent occupied at the time of sale. Socastee Commons is a 57,273-square-foot, Bi-LO-anchored shopping center that was fully leased at the time of sale. Alex Divaris and Jason Oliver of DRE brokered the Providence Plaza transaction, and Divaris and Sandy Cohen of DRE brokered the Socastee Commons deal. DRE has been retained to lease and manage both properties.
WAKE FOREST, N.C. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $11.8 million acquisition loan for The Factory, a 187,695-square-foot retail and sports complex in Wake Forest. One of the largest sports complexes in the country, the public access complex covers more than 35 acres with two full-sized NHL rinks and more than 17 acres of baseball fields. The Factory was 99.8 percent leased at the time of sale to sports centers such as the YMCA of the Triangle, North Wake Baseball Association and Polar Ice House, and retail options like the Village Deli and Grill and Gonza Tacos y Tequila. The complex, built in 1964 and renovated in 2004, consists of five buildings. Jared Cassidy of MMCC’s Washington, D.C., office arranged the loan through a national balance sheet lender. Matt Greenspon of Marcus & Millichap’s Raleigh office consulted on the buy side. The undisclosed buyer purchased the asset for $17.9 million.