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DevelopmentMultifamilyNorth CarolinaSeniors HousingSoutheast

LCS Development Begins Construction of $75M Seniors Housing Expansion in Greensboro, North Carolina

by Alex Tostado

GREENSBORO, N.C. — LCS Development, an LCS company, has started construction of a $75 million expansion at WhiteStone, a seniors housing community in Greensboro. The project includes the addition of 67 independent living units, a building with 36 private suites for assisted living and memory care residents and an extensive renovation of the existing skilled nursing facility. The 100-year-old community is located on a 43-acre campus. Life Care Services, also an LCS company, operates the complex. Todd Shaw, director of development services at LCS Development, will serve as project manager for the expansion. Cain Brothers, a division of KeyBanc Capital Markets, underwrote the bond financing for the project. The project team includes SFCS Architects, Frank L. Blum Construction Co. as general contractor and Stimmel Associates as civil engineer and land planner. A timeline for completion was not disclosed.

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DevelopmentMixed-UseNorth CarolinaSoutheastTop Stories

Hoffman & Associates Plans $300M Redevelopment of Seaboard Station in Raleigh

by Alex Tostado

RALEIGH, N.C. — Hoffman & Associates has unveiled its plans for a $300 million redevelopment of the Seaboard Station neighborhood on the northern edge of downtown Raleigh. The Washington, D.C.-based developer plans to build the mixed-use project in three phases, beginning with the construction of 300 residential units and 30,000 square feet of retail space. Upon full build-out, the new Seaboard Station plans call for three apartment buildings totaling 600 units, 130,000 square feet of retail space, a hotel and underground parking. The central corridor of the project will also feature a street without curbs, making the area accessible to pedestrians, vehicles and cyclists, while also available for expanded outdoor dining, music, events and gatherings. Hoffman & Associates plans to break ground on Phase I by the end of the year, with completion expected by the third quarter of 2022. A timeline for further phases was not disclosed. Seaboard Station was originally built in 1942 and the neighborhood has since undergone multiple transformations. The property initially served as a train depot until 1986. In the early 1990s, the Logans, a locally based entrepreneurial family, restored the property, spurring development around the area, including the development of Shops at Seaboard Station …

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AcquisitionsIndustrialNorth CarolinaSelf-StorageSoutheast

Inlet Watch Development Sells 438-Unit Self-Storage Facility in Wilmington, North Carolina

by Alex Tostado

WILMINGTON, N.C. — Inlet Watch Development LLC has sold Storage at 7275 Carolina Beach Road, a 438-unit self-storage facility in Wilmington. The property comprises three buildings totaling 63,550 square feet on seven acres. The asset, which was built in 2018, is situated at 7275 Carolina Beach Road, 10 miles north of downtown Wilmington. Mike Mele and Luke Elliott of Cushman & Wakefield represented the seller in the transaction. Roswell, Ga.-based Reliant Real Estate Management LLC acquired the property for an undisclosed price.

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AcquisitionsNorth CarolinaOfficeSoutheast

Turnbridge Equities Purchases 180,000 SF Office Tower in Durham

by Alex Tostado

DURHAM, N.C. — Turnbridge Equities has purchased Tower at Mutual Plaza, a 15-story, 180,000-square-foot office building in Durham’s American Tobacco District. Turnbridge acquired the property out of foreclosure. The previous owner implemented $11 million in renovations to the building’s façade, common areas, lobby and courtyard. The loan, which the previous owner defaulted on in December 2019, had $37.2 million left on the balance. North Carolina Mutual Life Insurance Co. originally developed the asset, which is situated at 411 W. Chapel St., in the 1960s. At the time of sale, tenants included North Carolina Mutual Life Insurance Co., Duke University, Duke Health, the Department of Veterans Affairs and architecture firm Perkins & Will. Knighthead Funding LLC provided acquisition financing for the New York City-based buyer.

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LoansMultifamilyNorth CarolinaSoutheast

KeyBank Provides $41.5M Refinancing Loans for Two Multifamily Properties in Charlotte

by Alex Tostado

CHARLOTTE, N.C. — KeyBank Real Estate Capital has provided $41.5 million in Freddie Mac refinancing loans for two multifamily properties in Charlotte. The borrower, Ginkgo Residential LLC, received $23.1 million for the 260-unit Kimmerly Glen community and $18.4 million for the 220-unit Forest at Chasewood property. KeyBank structured the two loans, which feature 10-year terms with a five-year interest-only payment period and a 30-year amortization schedule. Ginkgo acquired Kimmerly Glen in 2014 and Forest at Chasewood in 2016. The locally based owner has invested $3 million in renovations across both properties during its ownership. Kimmerly Glen was built in 1986 and comprises 15 three-story buildings on 16 acres. Forest at Chasewood was built in 1985 and comprises 11 three-story buildings spanning 16 acres. Both properties offer one- and two-bedroom floor plans with communal amenities including dog parks, fitness centers, laundry facilities and community barbecue areas. Timothy DeWispelaere and Randy Rinderknecht of KeyBank originated the loans on behalf of the borrower.

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Conference CoverageFeaturesNorth CarolinaOfficeSouth CarolinaSoutheast

Economy is Bouncing Back Ahead of Schedule, Says Wells Fargo Economist at InterFace Event

by John Nelson

Just a few months after getting hammered by a pandemic-induced recession, the U.S. economy is rebounding faster than anticipated, according to Mark Vitner, managing director and senior economist with Well Fargo Securities. During his keynote address to kick off the 11th annual InterFace Carolinas conference on Oct. 1, Vitner said the consensus estimate suggests U.S. real gross domestic product (GDP) increased at annualized rate of 30 percent in the third quarter. The Bureau of Economic Analysis will officially unveil its first estimate for third-quarter GDP on Thursday, Oct. 29. If realized, the gain would nearly offset the 31.4 percent decline in GDP in the second quarter. “This recession is the worst we’ve ever seen in terms of job loss and declines in GDP, but it was the shortest we’ve ever seen,” said Vitner. “All the decline we saw was in the second half of March and the first half of April. Since April 15 we’ve been recovering.” Employers added 661,000 jobs to the U.S. economy in September, which was nearly 200,000 jobs below the expectations of economists surveyed by The Wall Street Journal. Still, the economy has recovered 11.4 million of the 22 million jobs lost since the beginning of …

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Peak Capital Partners Purchases 12-Property Apartment Portfolio in North Carolina for $181.5M

by Alex Tostado

PROVO, UTAH — Provo-based Peak Capital Partners has purchased a 12-property apartment portfolio in North Carolina for $181.5 million. The portfolio comprises 1,859 units, though a list of the properties was not disclosed. The seller, a partnership between Threshold Capital and BMA Capital LLC, also sold 18 communities to Morgan Properties for $323 million. Marc Robinson, Brooks Colquitt and Jacquelyn Aaron of Cushman & Wakefield represented the seller in both transactions.

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Conference CoverageFeaturesNorth CarolinaSouth CarolinaSoutheastSoutheast Feature Archive

Lending Environment Still Rocky Due to Pandemic, Say Panelists at InterFace Carolinas

by Alex Tostado

The lending environment for commercial real estate has started to bounce back in recent months, but there is still hesitation to close deals across most property sectors. There are some attractive opportunities for lenders in today’s climate, such as multifamily and grocery-anchored retail. That was the sentiment expressed during the virtual InterFace Carolinas panel, titled “Capital Markets Update: When and What will Unfreeze the Lending and Financing Environment?” France Media Inc.’s InterFace Conference Group and Southeast Real Estate Business hosted the event Thursday, Oct. 1. Before the coronavirus pandemic caused a nationwide shutdown, the lending environment was the most competitive it had been in recent memory, according to Aaron Derby, managing director at Benefit Street Partners. “The world went from a competitive market to a shutdown overnight,” said Derby. “Capital markets are very temperamental.” Joining Derby on the panel was Hugh Allen, senior vice president and commercial real estate regional director for TD Bank; Steve Clikas, vice president of investments at Protective Life Insurance Co.; Preslava Kovatchevska, director multifamily production and sales at Freddie Mac; and panel moderator Matthew Rocco, president and national production manager for Grandbridge. CMBS market rebounding Derby says that while his firm continued lending in April …

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DevelopmentMultifamilyNorth CarolinaOfficeSoutheast

Dominion Realty Partners Tops Out 29-Story FNB Tower in Uptown Charlotte

by Alex Tostado

CHARLOTTE, N.C. — Dominion Realty Partners (DRP) has topped out FNB Tower, a 29-story mixed-use building located at 401 S. Graham St. in Uptown Charlotte. The developer expects to deliver the asset in the second quarter of 2021. The building will feature 116,915 square feet of office space as well as 196 multifamily units. Pittsburgh-based FNB Corp., the parent company of First National Bank, will occupy 40,000 square feet of the tower to serve as the company’s regional headquarters. Batson-Cook Construction is the general contractor.

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AcquisitionsMultifamilyNorth CarolinaSouth CarolinaSoutheast

Morgan Properties Purchases $323M Multifamily Portfolio in Carolinas

by Alex Tostado

KING OF PRUSSIA, PA. — Morgan Properties has purchased an 18-property multifamily portfolio in North and South Carolina for $323 million. The portfolio comprises 3,256 units, primarily located in metro Charlotte. King of Prussia-based Morgan Properties now owns nearly 5,000 units in the Carolinas. The 10 properties in and around Charlotte comprise 2,243 garden-style units. The properties include Village at Brierfield, Wexford and Sharon Pointe in Charlotte; Parkway Station, Trinity Station and Waters Edge in Concord; Kannon Station and McClain Heights in Kannapolis; Woodbrook in Monroe; Alexander Station, Ashton Woods and Lakewood in Salisbury; and Huntersville Apartment Homes in Huntersville. The other three North Carolina properties total 562 units and include Highland Ridge in High Point, Clemmons Station in Clemmons and Enclave at North Point in Winston-Salem. The three properties in South Carolina include Gable Oaks in Rock Hill, 1022 West in Gaffney and Station 153 in Anderson. The three communities comprise 583 units. Morgan Properties plans to implement a $20 million renovation program throughout the portfolio, which will include upgrading curb appeal; renovating kitchens and bathrooms; upgrading communal amenities to include dog parks, playgrounds, fitness centers, club rooms and package rooms with Amazon hub lockers; and installing washers and …

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