North Carolina

NKF Provides $26M Refinancing Loan for Apartment Complex in Sneads Ferry, North Carolina

by Alex Tostado August 18, 2020

SNEADS FERRY, N.C. — Newmark Knight Frank (NKF) has provided a $26 million Freddie Mac refinancing loan for Evolve at Stones Bay, a 300-unit apartment complex in Sneads Ferry. Josh Davis, Chris Caison and C.J. Webb of NKF originated the 15-year, fixed-rate loan on behalf of the owner, Evolve Cos. Stones Bay offers one-, two- and three-bedroom floor plans. Communal amenities include a business center, clubhouse, fitness center, game room, playground, pool and a volleyball court. The asset is situated at 1001 Quarters Landing Circle, 40 miles north of downtown Wilmington.

August 18, 2020

Development Loans North Carolina Office Southeast

JLL Arranges $21M Construction Loan for Office Building in Chapel Hill

by Alex Tostado August 17, 2020

CHAPEL HILL, N.C. — JLL has arranged a $21 million construction loan for The Gwendolyn, a four-story office building in Chapel Hill totaling 1106,000 square feet. Bank OZK provided the funds to the developer, Charlotte, N.C.-based Grubb Properties. The building is expected to open by the end of this year and will offer 25,000-square-foot floor plates, onsite property management, a café on the ground level, a fitness center and 432 parking spaces. The Gwendolyn is part of Phase I of the Glen Lenox redevelopment, a 70-acre planned community that will include retail, office and residential space. Glen Lenox is situated one mile from the University of North Carolina-Chapel Hill and 13 miles south of downtown Durham. Hal Kempson and John Gavigan of JLL originated the loan on behalf of the borrower.

August 17, 2020

Acquisitions Industrial North Carolina Southeast

Corporate Center Properties Sells Industrial Property Near Charlotte for $31.8M

by Alex Tostado August 13, 2020

MOORESVILLE, N.C. — Corporate Center Properties has sold Oates Crossing, a four-building, 235,400-square-foot industrial/flex asset in Mooresville. The seller delivered the property in 2005 and expanded the campus in 2018. At the time of sale, the portfolio was leased to 13 tenants. Oates Crossing is situated on 16 acres at 105 and 115 Corporate Center Drive and 120 and 128 Talbert Road, one mile from Interstate 77 and 32 miles north of downtown Charlotte. Patrick Nally, Hunter Barron and Pete Pittroff of JLL represented the seller in the transaction. Greenville, S.C.-based RealOp Investments acquired the asset.

August 13, 2020

Acquisitions Healthcare North Carolina Office Southeast

Flagship Healthcare Trust Acquires 55,912 SF Medical Office Building in Hickory, North Carolina

by Alex Tostado August 7, 2020

HICKORY, N.C. — Flagship Healthcare Trust Inc. has acquired Tate Medical Commons IV, a 55,912-square-foot medical office building in Hickory. The Charlotte-based REIT will also manage the property, which was fully leased at the time of sale to tenants including Catawba Valley Medical Center and Catawba Women’s Center. The asset is situated at 1501 Tate Blvd. SE, next to Tate Medical Commons. First Horizon Bank provided acquisition financing on behalf of the buyer. The seller and sales price were not disclosed.

August 7, 2020

Development Multifamily North Carolina Southeast Student Housing

Joint Venture Breaks Ground on 192-Bed Student Housing Community Near UNC at Pembroke Campus

by Alex Tostado July 30, 2020

PEMBROKE, N.C. — A joint venture titled PB Pembroke Owner LLC has broken ground on a 192-bed student housing community located near the University of North Carolina at Pembroke. The 192-bed project is Phase I of a larger development set to include 20,000 square feet of retail and a second 300-bed student housing community. Financing for the project includes $3 million in opportunity zone equity from the Woodforest CEI-Boulos Opportunity Fund, a $10.8 million loan from Self-Help Credit Union and $840,000 in developer equity. Phase I of the development is scheduled for completion in fall 2021.

July 30, 2020

Development Mixed-Use North Carolina Southeast Top Stories

Developer Trio Plans 11-Acre ATC West Mixed-Use Project in Downtown Durham

by John Nelson July 28, 2020

DURHAM, N.C. — A trio of real estate owners and developers has unveiled plans for an 11-acre mixed-use development in downtown Durham. Capitol Broadcasting Co. (CBC), Hines and USAA Real Estate have formalized a joint venture to move forward with the 700,000-square-foot project known as ATC West. Construction is expected to begin in late 2021 or early 2022. The development will be situated on the west side of the American Tobacco Campus (ATC), an adaptive reuse district that houses warehouses built and formerly leased by American Tobacco Co., parent company of the Lucky Strike cigarette brand. The original use of the ATC site dates back to 1890. CBC owns ATC, as well as the neighboring Durham Bulls Athletic Park. The new venture will be an expansion of the overall ATC district. Plans for the first phase of ATC West will be on eight acres and include 313,000 square feet of space in two mass-timber creative office buildings that are branded under Hines’ T3 product. (T3 stands for timber, transit and technology.) “ATC West will fit with the historic look of the original American Tobacco Campus while embracing the amenities, efficiencies and innovations of new builds,” says Kurt Hartman, senior managing …

July 28, 2020

Development Multifamily North Carolina Southeast

Alliance Residential Delivers 260-Unit Apartment Complex in Charlotte’s South End

by Alex Tostado July 22, 2020

CHARLOTTE, N.C. — Alliance Residential has delivered Broadstone Queen City, a 260-unit apartment complex in Charlotte’s South End neighborhood. The property offers studio, one- and two-bedroom floor plans. Units include electronic locks, wood plank-style flooring, quartz countertops, GE appliances and floor-to-ceiling windows. Communal amenities include a saltwater pool, rooftop bar and lounge, courtyard, fitness center, dog park, office suites and ground-level retail space that will soon welcome Queen City Grounds coffee. Broadstone Queen City is situated at 101 W. Morehead St., less than one mile from downtown Charlotte and half a mile from the LYNX Blue Line light rail station.

July 22, 2020

Development Hospitality North Carolina Southeast

Windsor Aughtry Completes 112-Room Home2 Suites by Hilton Hotel Near Asheville Airport

by Alex Tostado July 17, 2020

ARDEN, N.C. — Windsor Aughtry Hotel Group LLC has completed Home2 Suites by Hilton Asheville Airport, a 112-room hotel in Arden. The property offers fully equipped kitchens, complimentary Wi-Fi, a fitness center, grill area and an indoor/outdoor pool. The hotel is located at 390 Airport Road, one mile from Asheville Regional Airport and 12 miles south of downtown Asheville. Asheville Hospitality LLC owns the hotel, and Hospitality America Inc. is managing the asset.

July 17, 2020

Development Multifamily North Carolina Southeast

Wood Partners Breaks Ground on 403-Unit Apartment Complex in Durham

by Alex Tostado July 15, 2020

DURHAM, N.C. — Wood Partners has broken ground on Alta Davis, a 408-unit apartment complex in Durham. The community will comprise seven buildings standing four stories each. Communal amenities will include a coffee bar, game room, fitness center, saltwater pool and coworking space. The community is slated to open by the end of 2021. Alta Davis is situated at 4701 Hopson Road, 10 miles southeast of downtown Durham and three miles from the center of Research Triangle Park. WP East Builders is the general contractor.

July 15, 2020

Development Mixed-Use North Carolina Southeast Top Stories

Charlotte City Council Gives $600M Mixed-Use Project in Uptown District First Approval to Move Forward

by John Nelson July 14, 2020

CHARLOTTE, N.C. — Seventh and Tryon, a planned $600 million mixed-use project in Charlotte’s Uptown district, has cleared a critical hurdle with the Charlotte City Council. The proposed development will include a 160,000-square-foot mixed-use building, 450,000-square-foot office tower, market-rate and affordable multifamily units, retail space and below- and above-ground parking. At a virtual meeting yesterday, the council unanimously approved a memorandum of understanding (MOU) that allows Marcus Jones, city manager of Charlotte, to negotiate and execute with the Virginia-based developer, Metropolitan Partnership Ltd., on behalf of the city and the landowners of the 3.1-acre site in Uptown. The landowners include Bank of America, City of Charlotte, Mecklenburg County and Charlotte Mecklenburg Library. Atlanta-based DaVinci Development Collaborative is the development manager on behalf of the landowners. “North Tryon needs a facelift, I believe this project moves us in that direction,” said councilmember Malcolm Graham, representative of Charlotte’s District 2, during the proceedings. The council also moved to allow the use of city funds to be negotiated for the project to move forward. The MOU includes the sale of the land from the four landowners to Metropolitan Partnership for a price of $21.5 million. The key terms of the MOU also include …

July 14, 2020

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