North Carolina

Gantry Arranges $180M in Construction Financing for VA Medical Clinic Near Raleigh

by Jeff Shaw November 22, 2022

GARNER, N.C. — Gantry has arranged $180 million in construction financing for the development of a 250,000-square-foot medical office facility in Garner, a suburb just south of Raleigh. The U.S. Department of Veterans Affairs (VA) has fully pre-leased the property as a community-based outpatient clinic (CBOC) in a long-term agreement. Construction at the 17-acre site is scheduled to begin early next year. Gantry’s George Mitsanas, Peter Hillakas and Austin Ridge secured the construction-to-permanent loan on behalf of a private real estate investment company. One of Gantry’s correspondent life company lenders provided the 22-year loan, which features a fixed rate for the entirety of the loan. The rate was locked earlier this year at time of application. Gantry will act as the loan servicer throughout the loan term. The loan is the fifth in a series of financings this year that Gantry secured on behalf of a sponsor specializing in the construction of VA medical centers, with new loans totaling nearly $500 million in 2022. During the past three years, Gantry has completed over $1.1 billion of project financings for VA medical facilities with various borrowers. “The VA facilities program is part of a strategic effort to expand access to and …

November 22, 2022

Acquisitions North Carolina Office Southeast

Ram Realty Acquires 377,000 SF South End Business Park in Charlotte

by John Nelson November 21, 2022

CHARLOTTE, N.C. — Ram Realty Advisors has purchased South End Business Park, a 377,000-sqaure-foot office park located in Charlotte’s South End district. Patrick Nally, Hunter Barron and Alexis Kaiser of JLL arranged the transaction on behalf of the seller, Stockbridge. Built in phases from 1979 to 1984, the property was expanded in 2017 with the addition of a new, 50,000-square-foot building. Ram Realty plans to redevelop the business park but did not disclose a timeline.

November 21, 2022

Acquisitions Multifamily North Carolina Southeast

JLL Negotiates $91M Sale of Apartment Community in Charlotte’s NoDa District

by John Nelson November 18, 2022

CHARLOTTE, N.C. — JLL Capital Markets has brokered the sale of Abberly NoDa Vista, a 261-unit apartment community located in the NoDa neighborhood of Charlotte. Matthew Lawton, John Gavigan, John Mikels and Nick Brown of JLL represented the buyer, HHHunt, in the $91 million transaction. Travis Anderson and Warren Johnson of JLL aarranged a $60.3 million, floating-rate acquisition loan on behalf of the buyer. Constructed in 2019, Abberly NoDa Vista features apartments in studio, one-, two- and three-bedroom layouts with an average size of 892 square feet. Amenities include a barbecue grill and picnic area, a community gas grill, electric vehicle charging stations, private balconies and patios, a resort-style pool, sun deck and a gym.

November 18, 2022

Acquisitions Multifamily North Carolina Southeast

Northmarq Brokers Sale of 352-Unit Apartment Community in Charlotte

by John Nelson November 18, 2022

CHARLOTTE, N.C. — Northmarq has arranged the sale of Tapestry University City, a 352-unit multifamily community located on 17 acres at 5340 Periwinkle Hill Ave. in Charlotte. The community features apartment homes in one-, two- and three-bedroom layouts. Amenities include a dog park, pet washing station, pool deck, clubroom, cyber café, fitness center, electric vehicle charging stations, a yoga and spin studio, grilling station and bike racks. Andrea Howard, John Currin, Allan Lynch, Caylor Mark and Jeff Glenn of Northmarq represented the sellers, Arlington Properties and Glenmont Capital Management, in the transaction. Faron Thompson, David Vinson and Grant Harris of Northmarq originated a fixed-rate Fannie Mae acquisition loan. The buyer, sales price and loan amount were not disclosed.

November 18, 2022

Acquisitions North Carolina Office Southeast

CBRE Arranges Sale of 176,601 SF Northchase at Midtown Office Park in Raleigh

by John Nelson November 18, 2022

RALEIGH, N.C. — An entity doing business as JPB Raleigh Holdings LLC has sold Northchase at Midtown, an office park comprising two buildings totaling 176,601 square feet at 6501 and 6601 Six Forks Road in Raleigh. Ben Kilgore, Chandler Hawkins and Leslie Holmes of CBRE, along with with NAI Tri Properties’ Jimmy Barnes, represented the seller in the transaction. Rachael Gaston and Sesha Debnam of Debnam Commercial Real Estate represented the buyer, local investor Dean Debnam. The sales price was not disclosed. Fully renovated in 2014 and 2015, Northchase at Midtown was 95 percent leased at the time of sale to companies including Merz North America, Globant, Redline and HITT Construction.

November 18, 2022

Acquisitions Life Sciences North Carolina Southeast

Goldman Sachs, Lincoln Harris Purchase 445,000 SF Life Sciences Campus in Durham

by John Nelson November 17, 2022

DURHAM, N.C. — A joint fund managed by Goldman Sachs Asset Management and Lincoln Harris is acquiring TBC, a 445,000-square-foot life sciences property located on Stirrup Creek Drive in Durham. Previously owned in part by Lincoln Harris, the campus is part of the Triangle Business Center and adjacent to Research Triangle Park. Tenants at the property, which comprises five single-story buildings, include DuPont, Carsgen Therapeutics, Brightview Technologies, HemoSonics and Charles River Labs. The campus also includes a newly completed, 14,000-square-foot amenity center featuring a fitness center, outdoor recreational space, shower facilities and lounge and conference space. The seller and terms of the transaction were not disclosed.

November 17, 2022

Build-to-Rent Development Loans Multifamily North Carolina Single-Family Rental Southeast

Banyan Secures $64.5M Construction Loan for Single-Family Rental Community in Wilmington, North Carolina

by John Nelson November 9, 2022

WILMINGTON, N.C. — Wells Fargo has provided Banyan Residential with a $64.5 million loan to finance the construction of Banyan Silo Ridge, a single-family rental community located in Wilmington. The development, which spans 75 acres, will offer homes in two-, three- and four-bedroom layouts. Each home will feature a one- or two-car attached garage and a private backyard. Community amenities include a 4,000-square-foot clubhouse, fitness center, pool, landscaped grounds and a fenced dog park. Construction is underway on the property, with completion scheduled for the third quarter of 2024 and the first homes expected to be delivered in early 2023.

November 9, 2022

Acquisitions North Carolina Retail Southeast

JLL Brokers Sale of 102,539 SF Emerald Plantation Shopping Center in Coastal North Carolina

by John Nelson November 9, 2022

EMERALD ISLE, N.C. — JLL has arranged the sale of Emerald Plantation Shopping Center, a 102,539-square-foot retail center located in Emerald Isle on the coast of North Carolina. Tom Kolarczyk of JLL represented the seller, Cameron Street Partners, in the $12 million transaction. Charlie Barzola of Eastern Commercial represented the unnamed buyer. The shopping center, which is anchored by a Food Lion, was 100 percent leased at the time of sale to tenants including Michelangelo’s Pizza, Shark’s Den Bar and Grill, Rucker John’s and Elly’s.

November 9, 2022

Leasing Activity North Carolina Office Southeast

CBRE Opens 24,535 SF Office in Charlotte’s South End District

by John Nelson November 8, 2022

CHARLOTTE, N.C. — CBRE has opened a new office at Vantage South End, a 635,000-square-foot mixed-use development located in Charlotte’s South End neighborhood. The Dallas-based real estate services giant now occupies 224,535 square feet of space on the second floor of the campus’ east tower, located at 1120 S. Tryon St. The office space is designed with a focus on hybrid work compatibility and flexibility, including a “free address” style wherein desks and workstations are not assigned. The office also features a wellness lounge with a petrified moss wall and anonymous occupancy sensors to monitor employee behaviors. Artwork was curated with a focus on Charlotte artisans and regional representation.

November 8, 2022

Affordable Housing Development Multifamily North Carolina Southeast

Annex Group to Build 200-Unit Affordable Housing Community in Charlotte

by John Nelson November 3, 2022

CHARLOTTE, N.C. — The Annex Group has plans to develop Union at Tryon, a 200-unit affordable housing community located at 614 Rocco Road in Charlotte. Situated on more than seven acres, the $44 million property will feature studio, one-, two- and three-bedroom apartments that will target households earning up to 60 percent of the area median income (AMI). Amenities will include a community center, business center, fitness center, playground, walking trails, outdoor grilling area and community gardens. Annex Group’s partners on the project include architect KTGY, civil engineer Tarr Group and LIHTC consultant Shelter Investments Development Corp. Financial partners include Merchants Capital, which directly provided a $31 million construction loan and a $20.8 million Freddie Mac loan; tax credit equity partner Aegon Asset Management, which provided $18 million in equity; and INLIVIAN (Charlotte’s housing authority) that issued $20.8 million in bonds. The Annex Group is providing property management services for Union at Tryon, which is expected to open in spring 2025.

November 3, 2022

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