North Carolina

CBRE Arranges $16.1M HUD Loan for Apartment Conversion in North Carolina

by John Nelson May 11, 2015

MEBANE, N.C. — CBRE Capital Markets has arranged $16.1 million in financing for White Furniture Mill Apartments in Mebane. The 157-unit apartment community is a substantial rehab of a historic furniture mill that implemented federal and state historic tax credits. Monica Newman of CBRE’s Capital Markets’ Denver office originated the loan through HUD’s 221(d)(4) rehabilitation mortgage insurance program. The loan provides an interest-only construction period of 16 months that transitions into a 40-year, fully amortizing permanent loan. CBRE arranged the loan on behalf of the borrowers, WFP LLC and D3 Development Inc. The project team includes Raleigh-based JDavis Architects and Winston-Salem-based Rehab Builders Inc.

May 11, 2015

North Carolina Office Southeast

HFF Brokers $107.8M Sale of Office Tower in Downtown Charlotte

by John Nelson May 8, 2015

CHARLOTTE, N.C. — HFF has brokered the $107.8 million sale of 101 Independence Center, a 565,694-square-foot, Class A office tower in downtown Charlotte. The 20-story tower is located at the intersection of Trade and Tryon streets, roughly two blocks from the CTC Lynx light rail station, and is connected to the adjacent Charlotte Center City Marriott hotel. Built in 2001, the building features a concierge, food court, restaurants, three-story atrium and three-story underground parking garage. The property was 82.2 percent leased at the time of sale to office and retail tenants such as Bank of America; Northeastern University; Clifton Larson Allen LLP; G4S Solutions; Grier Furr and Crisp PA; Robinson, Bradshaw and Hinson; Smith Moore Leatherwood LLP; Newk’s Eatery; Starbucks Coffee; Uptown Sundries; Subway; Tin Tin Box & Noodles and Showman’s. Ryan Clutter, Zachary Drozda, Kelly Kuykendall and Ryan Eklund of HFF represented the seller, KBS Real Estate Investment Trust, and its asset manager, Gramercy Property Trust Inc. A joint venture between LRC Properties and an undisclosed capital source purchased 101 Independence Center free and clear of existing debt.

May 8, 2015

Loans North Carolina Seniors Housing Southeast

Ziegler Arranges $66M Financing for CCRC in North Carolina

by John Nelson May 7, 2015

HIGH POINT, N.C. — Ziegler, a specialty investment bank, has arranged a $66.1 million bond issue for Maryfield Inc., a North Carolina not-for-profit that owns and operates Pennybyrn at Maryfield, a continuing care retirement community (CCRC) in High Point. Proceeds of the bonds will be used to pay off bonds from 2005 and 2010, fund a debt service reserve fund for the bonds and pay fees and expenses incurred by the sale of the new bonds. Located on 68 acres, Pennybyrn consists of 180 independent living units (131 apartments and 49 cottages); 48 assisted living units (24 standard care and 24 memory care); and 125 skilled nursing beds.

May 7, 2015

Florida Multifamily North Carolina Southeast

Avanath Capital Acquires Multifamily Portfolio in Orlando, Metro Raleigh for $45.9M

by John Nelson May 5, 2015

ORLANDO, FLA. AND CARY, N.C. — Avanath Capital Management LLC, a private real estate investment manager, has purchased a two-property multifamily portfolio in Orlando and Cary for $45.9 million in an off-market transaction. The two properties total 553 affordable housing/workforce units and were more than 95 percent occupied at the time of sale. The properties include the 304-unit Oakwood at 4708 Olive Branch Road in Orlando and the 248-unit Geneva Park at 200 Wrenn Drive in Cary. Avanath Capital will invest roughly $7,000 per unit to upgrade the properties’ exterior paint, wood finishings, kitchen appliances, HVAC and landscaping. In addition to the upgrades, Avanath Capital will rebrand Oakwood as Bella Cortina and Geneva Park as Arbors at Cary. Avanath Capital purchased the portfolio using its Avanath Affordable Housing II LLC fund.

May 5, 2015

Multifamily North Carolina Southeast

MHA Brokers Sales of Two Apartment Communities in Charlotte for $39.9M

by John Nelson May 4, 2015

CHARLOTTE, N.C. — Multi Housing Advisors (MHA) has brokered the sales of two apartment communities in separate transactions totaling $39.9 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in both transactions. The deals included Meridia selling the 202-unit Tryon Park at Rivergate to White Point Partners and Wellington United selling the 254-unit Wellington Farms to JEM Holdings.

May 4, 2015

North Carolina Retail Southeast

EDENS Acquires Grocery-Anchored Shopping Center in Charlotte

by John Nelson April 30, 2015

CHARLOTTE, N.C. — EDENS, a shopping center owner, developer and operator based in Columbia, S.C., has purchased Myers Park Center in Charlotte for an undisclosed price. The 75,075-square-foot shopping center is anchored by a two-story Harris Teeter and is located in Charlotte’s affluent Myers Park neighborhood. EDENS owns other shopping centers in Charlotte, including Park Road Shopping Center, Atherton Mill and Kenilworth Commons.

April 30, 2015

North Carolina Office Southeast

CBRE|Raleigh Brokers Sale of Office Campus in Raleigh

by John Nelson April 29, 2015

RALEIGH, N.C. — CBRE|Raleigh has brokered the sale of Grove Towers, a three-building, 115,413-square-foot office campus in Raleigh. The office park is located at 1001, 1100 and 1110 Navaho Drive in the Six Forks/Falls of Neuse office submarket. Nearby attractions include retail destination North Hills, downtown Raleigh, neighborhoods inside the beltline and Duke Raleigh Hospital. The buyers, Iron Point Partners and Hobbs Properties, purchased the office campus from GT Company LP for an undisclosed amount. Ben Kilgore, Jeff Glenn and Jim McMillan of CBRE|Raleigh represented the seller in the transaction.

April 29, 2015

Industrial North Carolina Southeast

Piedmont Properties/CORFAC Arranges Brewery Lease in Charlotte

by John Nelson April 27, 2015

CHARLOTTE, N.C. — Piedmont Properties/CORFAC International has arranged NoDa Brewing Co.’s 15-year lease at 2921 N. Tryon St. in Charlotte. In the fall, NoDa Brewing will occupy the 33,000-square-foot industrial building, which triples its current 11,000-square-foot footprint at 2229 N. Davidson St. The future facility will have office space, production space and a tap room that is open to the public. Frank McCleneghan of Piedmont Properties/CORFAC represented NoDa Brewing in the lease transaction. The landlord, Hop, Drop and Loco LLC, recently purchased the facility from Ray Roofing for approximately $1.4 million. The property was constructed in the 1920s as a vinegar manufacturing plant for Speas Vinegar. There are plans in place to designate the facility as an historic property.

April 27, 2015

Loans Multifamily North Carolina South Carolina Southeast

NorthMarq Capital Arranges Two Multifamily Loans in the Carolinas Totaling $34.8M

by John Nelson April 24, 2015

ROCK HILL, S.C. AND GASTONIA, N.C. — NorthMarq Capital has arranged two refinance loans totaling $34.8 million for two multifamily properties in the Carolinas. The assets include the 436-unit Brentwood Chase Apartments at 1654 Lowell Bethesda Road in Gastonia and the 248-unit Cowan Farms at 1310 Cypress Point Drive in Rock Hill. Bill Matone of NorthMarq Capital’s Charlotte office arranged both loans with 10-year terms and 30-year amortization schedules. Brentwood Chase’s loan amount was $21.8 million and Cowan Farms’ was $13 million.

April 24, 2015

North Carolina Office Southeast

Frontier Capital to Occupy Top Floor of 19-Story Office Tower in Charlotte

by John Nelson April 23, 2015

CHARLOTTE, N.C. — Co-owners Grubb Properties and New York Life Real Estate Investors have signed Frontier Capital, a growth equity firm based in North Carolina, to a long-term lease for the top floor of 525 North Tryon Street, a 19-story office building in Uptown Charlotte. Frontier will use the 12,600-square-foot space as its new headquarters beginning in September. Andy Horsey of Cresa Charlotte represented Frontier Capital in the lease transaction. Jonathan Nance of Grubb Properties, along with Meredith Ball and Mark Holoman of Cushman & Wakefield | Thalhimer, represented the ownership group.

April 23, 2015

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