DELAND, FLA. — Hunt Capital Partners has provided $13.4 million in low-income housing tax credits (LIHTC) for the development of The Pines, a 100-unit affordable housing community in DeLand, roughly 50 miles north of Orlando. Hunt Capital Partners structured the funding through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 27, on behalf of the project developer, Roundstone Development LLC. The Pines will offer a mix of one- to four-bedroom units, all set aside for households earning up to 40 and 60 percent of the area median income (AMI). Five units will have a preference for “Special Needs Households,” or households consisting of families considered to be homeless, survivors of domestic violence, persons with disabilities or youth aging out of foster care. Community amenities will include onsite management, a clubhouse with a community kitchen, business center, library, fitness center, laundry room, swimming pool and a playground. The development cost for the project is $18.6 million. Bradley Construction Co. Inc. is the general contractor for the project, Brian Rumsey is the architect and Sunchase American Ltd. is the property manager. Construction on The Pines began in December and is slated for completion in January 2019.
AUBURN, ALA. — Capstone Real Estate Investments LLC (CREI) has sold Eagles South Apartments, a 574-bed student housing community located roughly two miles from the Auburn University campus in Alabama. Aspen Heights acquired the property for an undisclosed price. The community offers one- and two-bedroom units with bed-to-bath parity. Shared amenities include a 24-hour fitness center, barbecue grills and picnic areas, a pool, computer lab, outdoor fireplace, clubhouse, sand volleyball courts and a dog park.
LIBERTY, S.C. — Binswanger has brokered the sale of a 310,000-square-foot industrial facility located at 7240 Moorefield Memorial Highway in Liberty, a city in Upstate South Carolina. The single-story building is located roughly 17 miles west of Greenville and 35 miles from the Greer Inland Port. Doug Faris and Shaun Kirchin of Binswanger arranged the transaction on behalf of the buyer, Eliken Property Management LLC. Kidco Liberty LLC sold the property for an undisclosed price. Eliken plans to renovate the property to attract new tenants or investors.
BRENTWOOD, TENN. — Platinum Storage Group has unveiled plans to develop Brentwood Self Storage, an 828-unit, 120,000-square-foot self-storage facility in Brentwood, roughly 10 miles south of Nashville. The property is situated on 2.8 acres at the intersection of Old Hickory Boulevard and Cloverland Drive. The storage facility will feature climate-controlled units, 24/7 surveillance, automatic door locks, individually alarmed units, electronic secured floor access and Wi-Fi throughout. Construction on the building is scheduled to begin in March.
WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) forecasts the volume of commercial and multifamily mortgages maturing in 2018 will decrease by 42 percent. According to MBA’s 2017 Commercial Real Estate/Multifamily Survey of Loan Maturity Volumes, 6 percent, or $102.2 billion, of the $1.76 trillion in mortgages held by non-bank lenders and investors will mature in 2018, down from the $175.9 billion that matured in 2017. “Because many commercial and multifamily mortgages are 10-year loans, and few loans were made in 2008 during the onset of the credit crunch, mortgage maturities will be 42 percent lower in 2018,” says Jamie Woodwell, vice president of commercial real estate research at MBA, a national real estate finance association based in Washington, D.C. “2017 marked the official end of the so called ‘wall of maturities.’” The loan maturities vary by investor group: 2 percent of mortgages held by Fannie Mae, Freddie Mac, the FHA and Ginnie Mae will mature in 2018; 4 percent of life insurance companies’ outstanding mortgages will mature in 2018; 7 percent of loans held in CMBS will come due this year; and among mortgages held by credit companies and other investors, 22 percent will mature in 2018. Woodwell points out …
CHICAGO — Chicago-based Brennan Investment Group LLC, in a joint venture with Arch Street Capital Advisors LLC, has acquired a 2.3 million-square-foot industrial portfolio located throughout four states in a sale-leaseback transaction. The sales price was not disclosed. The four buildings were net-leased back to the seller, BlueLinx Corp., a building and industrial product distributor. The buildings are located in Boston, Raleigh-Durham, Atlanta and Washington, D.C. Since 2011, Brennan and Arch Street have acquired more than $1 billion of single-tenant, net-leased industrial assets.
MONCKS CORNER, S.C. — CBRE has brokered the sale of Foxbank Industrial Park, a 201,500-square-foot manufacturing and distribution facility located at 2550 U.S. Highway 52 in Moncks Corner, roughly 30 miles north of Charleston. Patrick Gildea, Bob Barrineau, Brandon Redeyoff and Matt Smith of CBRE arranged the transaction on behalf of the seller, JL Woode. CCP Commercial Real Estate acquired the park for an undisclosed price. Foxbank Industrial Park is situated on more than 30 acres and features 25- to 35-foot clear heights, 10,280 square feet of office space, existing bridge cranes, 18 oversized ground-level doors and an outdoor storage area. Sea Fox Boats, a manufacturer of saltwater boats, anchors the property.
NASHVILLE, TENN. — Nashville-based Oman-Gibson Associates (OGA) has completed the conversion of a former bowling alley into a 27,500-square-foot outpatient dialysis clinic for Vanderbilt Health. The facility is located at 2906 Foster Creighton Drive in Nashville. As part of the redevelopment, OGA added 7,000 square feet to the existing 20,500-square-foot property. Southeast Venture was the project architect, Fulmer Engineering was the civil engineer and Olympian Construction was the construction manager. The redevelopment brings OGA’s portfolio to more than 350 outpatient medical facilities throughout the United States.
WAKE FOREST, N.C. — Charlotte-based Moseley Real Estate Advisors is underway on 981 Crossing, a 20,494-square-foot retail development in Wake Forest, roughly 18 miles northeast of Raleigh. The project is located off of Capital Boulevard, at the Target entrance. The center will house tenants such as Starbucks Coffee, Chipotle Mexican Grill, Kay Jewelers, Firehouse Subs, Mattress Warehouse and Freddy’s Frozen Custard & Steakburgers. John Lambert of Moseley Real Estate Advisors is handling leasing for the remaining 2,000-square-foot parcel. The center is slated for completion in June, with tenants expected to open in September.
WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) projects commercial and multifamily mortgage originations will decline slightly in 2018, ending the year at $549 billion, down 3 percent from 2017. Looking further into its crystal ball, MBA forecasts origination volume to remain relatively flat in 2019. “There is a strong mix of both headwinds and tailwinds in the commercial real estate finance markets right now,” says Jamie Woodwell, vice president of commercial real estate research at MBA, a national real estate finance association based in Washington, D.C. “Our sense is that for commercial and multifamily mortgage borrowing and lending, the net effect is likely to be close to a wash.” Rising interest rates, slowing NOI growth, pressure on capitalization rates and fewer loan maturities are some of the factors that will be holding the real estate finance markets back, points out Woodwell. At the same time, continued economic growth, large amounts of investment capital looking for a home, plus the recent passage of the Tax Cuts and Jobs Act, may all propel the transaction markets forward, adds the veteran researcher. “The magnitude and opposing impacts of some of these changes, however, raises the level of uncertainty,” emphasizes Woodwell. Meanwhile, commercial/multifamily …