Southeast

ASB Sells Office Building in D.C.’s East End for $144M

by Camren Skelton January 29, 2018

WASHINGTON, D.C. — ASB Real Estate Investments has sold 900 G Street N.W., a 112,635-square-foot office building in Washington, D.C.’s East End submarket, for $144 million. The firm completed the transaction on behalf of the Allegiance Fund, its $7.4 billion core investment vehicle. Eastdil Secured LLC arranged the transaction on behalf of ASB, and DLA Piper LLC served as ASB’s counsel. An affiliate of Masaveu Real Estate US, advised by EXAN Capital, acquired the building. Masaveu is a subsidiary of Corporacion Masaveu of Spain. ASB developed 900 G Street in partnership with MRP Realty, and subsequently acquired MRP’s interest after the project reached stabilization in 2016. The Gensler-designed building was 95 percent leased at the time of sale to tenants including Simpson Thacher, Swiss RE, Rin Tinto, Herman Miller, Truth Initiative and BMW.

January 29, 2018

Georgia Loans Multifamily Southeast

Trillium Capital Arranges $37.5M HUD Loan for New Apartment Community in Metro Atlanta

by Camren Skelton January 29, 2018

CANTON, GA. — Trillium Capital Resources LLC has arranged a $37.5 million construction loan for a new 308-unit apartment community in Canton, located roughly 40 miles north of Atlanta. The 40-year loan was structured through the U.S. Department of Housing and Urban Development’s (HUD) 221 (d)(4) program, the agency’s flagship program for funding new construction and redevelopment for market-rate and affordable housing properties. Red Mortgage Capital provided the loan. The name of the borrower was not disclosed. In addition to arranging financing, Trillium arranged the land purchase on behalf of the buyer. The community will feature a furnished clubhouse, business center, resort-style pool, fitness center, sauna, playground, outdoor walking trails, dog parks, garages and grills. Construction on the property is estimated for completion in fall 2019.

January 29, 2018

North Carolina Office Southeast

Keith Corp. Breaks Ground on Pharmaceutical Company’s Headquarters in Research Triangle Park

by Camren Skelton January 29, 2018

DURHAM, N.C. — The Keith Corp. has broken ground on a 159,000-square-foot corporate headquarters for Rho Inc., a contract research organization that provides clinical drug development services. Located at the corner of Highway 54 and TW Alexander Drive in Durham, the building is situated within Triangle 54 Office Park, a 39-acre office park under development in North Carolina’s Research Triangle Park submarket. The Rho project is the first of three phases within the park. At full build-out, Triangle 54 will include up to 477,000 square feet of office space, a parking ratio of 4.5 per 1,000 square feet, walking trails and other outdoor amenities. The new corporate headquarters building will be five stories tall and will feature glass exteriors, a game room, café, work lounges and exterior gathering spaces. Rho Inc. will occupy the entire building, which is slated for completion in spring 2019. The project team includes general contractor Choate Construction, architects LS3P and Little Diversified Architectural Consultants, civil engineer McAdams Co. and planning and design firm Kimley Horn.

January 29, 2018

Affordable Housing Georgia Multifamily Seniors Housing Southeast

Vitus Acquires Affordable Housing, Seniors Community in Atlanta’s Pittsburgh Neighborhood for $26.3M

by Camren Skelton January 29, 2018

ATLANTA — Vitus has acquired Heritage Station, a 370-unit affordable housing community in downtown Atlanta’s Pittsburgh neighborhood, for $26.3 million. The name of the seller was not disclosed. All of the units are reserved for residents making 60 percent or less of the area median income, and 40 percent of the units will be set aside as designated seniors housing. Constructed in 2007, Heritage Station features a business center, laundry facility, library, fitness center, swimming pool, picnic area, theater, playground and an afterschool program. Individual units feature central air conditioning, ceiling fans and private patios or balconies. In addition, the property is compliant with regulations set by the Americans with Disabilities Act, and units reserved for seniors are equipped with emergency pull cords and accessible bathrooms. The purchase marks Vitus’ third acquisition in the Atlanta market in the past 18 months. The company plans to purchase two additional low-income properties in Georgia before the end of the year.

January 29, 2018

Florida Loans Retail Self-Storage Southeast

HFF Secures $14.2M Loan for Retail, Self-Storage Property in South Florida

by Camren Skelton January 29, 2018

PEMBROKE PINES, FLA. — HFF has arranged a $14.2 million senior loan for Sheridan Village, a 63,654-square-foot retail center and self-storage facility in Pembroke Pines. Scott Wadler and Jesse Wright of HFF arranged the seven-year, fixed-rate loan through Mercantil Bank NA on behalf of the borrowers, construction firm ANF Group Inc. and its affiliate Sheridan Real Estate Group LLC. The borrowers will use the loan proceeds to retire the existing construction loan. Phase I of Sheridan Village was completed in December 2016 and includes 15,098 square feet of retail fronting Sheridan Street. The second phase, completed in December 2017, includes an additional 14,029 square feet of retail and 34,527 square feet of climate-controlled self-storage space, situated on two floors above the ground-floor retail space. Both phases are fully leased or preleased to tenants including Dunkin’ Donuts, Cricket Wireless, Memorial Healthcare System, a pharmacy and an Italian restaurant.

January 29, 2018

Florida Market Reports Retail Southeast Southeast Market Reports

Seller’s Market for Jacksonville Retail Creates Opportunities for Investors

by John Nelson January 29, 2018

The Jacksonville and North Florida retail markets are seeing an increase and influx in new investment activity. Analysts are watching the volume, vacancy rate and new construction, and all signs point to a seller’s market, but compared with other Florida cities, the cap rate and the opportunities are still attractive to retail investors. What sets Jacksonville apart from other cities in Florida and across the country is the area’s strong employment growth and the amount of developable land still available. The rate of employment in Jacksonville is growing at double the national average. In addition, the city continues to attract back-office facilities for major banks and for Amazon, and its seaport is busier than ever. Housing also continues to boom in areas like Northern St. Johns County. According to third-quarter 2017 analyst reports, Jacksonville’s retail vacancy rate went down slightly from 4.6 percent in the previous quarter to 4.5 percent, or 93.5 million total square feet. Absorption totaled 710,101 square feet through the first three quarters of 2017, with about 590,000 square feet ready for occupancy or delivered, and 700,109 square feet under construction. Retail Tenant Shift Nationally, we saw stalled volume of sales during the downturn along with declining …

January 29, 2018

District of Columbia Loans Multifamily Southeast

Record Year: Fannie Mae Multifamily’s Deal Volume Tops $67B in 2017

by Camren Skelton January 26, 2018

WASHINGTON, D.C. — Fannie Mae generated more than $67 billion in multifamily financing in 2017, the highest volume ever recorded for its Delegated Underwriting and Servicing (DUS) program, which is in its 30th year of operation. The agency financed more than 750,000 multifamily units last year, breaking records in several segments including green financing, seniors housing, structured transactions and affordable housing. Fannie Mae’s biggest gains came in its seniors housing and green products. The agency generated $5.5 billion in seniors housing loans last year, up 267 percent from 2016. For its green product — loans on properties with Green Building Certification or those targeting a 20 percent reduction in energy/water consumption — Fannie Mae closed $27.6 billion in financing last year, a 667 percent jump from its 2016 volume. Walker & Dunlop closed approximately $9.1 billion of Fannie Mae financing last year, making the firm the No. 1 DUS lender of 2017. The company also produced the most green loans last year for the agency. The top affordable housing DUS lender was Wells Fargo Multifamily Capital, the top small loan DUS lender was Arbor Commercial Funding I LLC and the top DUS lender in the seniors housing space was KeyBank NA.

January 26, 2018

District of Columbia Office Southeast

Stroock Arranges $166.2M Sale of Office Building in D.C.’s West End

by Camren Skelton January 26, 2018

WASHINGTON, D.C. — Stroock has arranged the sale of 1255 23rd St. N.W., a 341,0000-square-foot office building in Washington, D.C. An affiliate of DivcoWest acquired the property for $166.2 million, according to the Washington Business Journal. Jeff Keitelman, Steven Moskowitz, Joseph Miller, Kelly Booker and Logan Wyman of Stroock arranged the transaction on behalf of the seller, D.C.-based Carr Properties. The office building is located in the city’s West End district and is home to tenants including the Humane Society of the United States. Carr originally acquired the building in a joint venture in 2011 and invested in renovations including a new tenant amenity space, outdoor plaza and other common area improvements. During its ownership, Carr signed more than 269,000 square feet of leases at the property. Stroock also represented Carr Properties in the acquisition of 350 Morse St. N.E., a soon-to-be-developed office and retail building in D.C.’s Union Market area. Other terms of the deal were not disclosed. The building will be part of the Market Terminal project, a mixed-use development that will feature a community gathering space, terraced public gardens, parks, a water feature and a retail-anchored pedestrian plaza linking Market Terminal with the Union Market neighborhood. The Washington …

January 26, 2018

Affordable Housing Loans Multifamily North Carolina Southeast

Greystone Closes $79.2M in HUD Financing for Affordable Housing Portfolio in North Carolina

by Camren Skelton January 26, 2018

GREENSBORO, N.C. — Greystone Affordable Development, an affiliate of Greystone & Co. Inc., has closed $79.2 million in financing for a nine-property, 645-unit affordable housing portfolio in Greensboro. The financing was arranged through the HUD Rental Assistance Demonstration (RAD) program on behalf of the Greensboro Housing Authority. HUD’s RAD program provides funding for housing authorities to convert public housing properties to a Section 8 platform using public and private debt and equity, ensuring that the portfolio will remain permanently affordable to low-income households. The Greensboro Housing Authority will renovate the properties, constructed between 1959 and 1996, over the next year. The financing package included tax-exempt bonds, Low Income Housing Tax Credit equity from Boston Financial Investment Management and Fannie Mae loans provided by PGIM Real Estate Finance. Greystone has preserved over 10,000 affordable housing units as both financial advisor and developer.

January 26, 2018

Healthcare Office Southeast Virginia

Avison Young Brokers Sale of 72,255 SF Medical Office Building in Northern Virginia

by Camren Skelton January 26, 2018

FREDERICKSBURG, VA. — Avison Young has arranged the sale of Lee’s Hill Plaza, a 72,255-square-foot medical office building located at 10401 Spotsylvania Ave. in Fredericksburg. A joint venture between Flagship Healthcare Properties and Drake Real Estate Partners sold the Class A building. Jim Kornick, Mike Wilson, Chip Ryan, Erik Foster and Mark Johnson of Avison Young arranged the transaction. Other terms of the deal were not disclosed. Flagship and Drake originally acquired the asset in 2014 and increased occupancy by more than 20 percent. Mary Washington Healthcare System anchors the building, which was 91 percent leased at the time of sale. Additional tenants include the U.S. Department of Veterans Affairs, Radiologic Associates of Fredericksburg and Virginia Interventional and Vascular Associates.

January 26, 2018

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