Southeast

S.L. Nusbaum to Develop 250,000 SF Mixed-Use Project in Virginia Beach

by Camren Skelton July 26, 2018

VIRGINIA BEACH, VA. — S.L. Nusbaum Realty Co. has acquired 33 acres in Virginia Beach for the development of Burton Crossing, a 250,000-square-foot mixed-use project. The development will be located along Interstate 64 at the intersection of Northampton and Premium Outlets boulevards, adjacent to the recently opened Norfolk Premium Outlets and near a future IKEA store that is scheduled to open in spring 2019. S.L. Nusbaum’s sponsored entity, Northampton Development LLC, acquired the land from the Economic Development Authority of the City of Norfolk for an undisclosed price. Burton Crossing will feature retail, restaurants, office space and a lakefront public park. A construction timeline for the project was not disclosed.

July 26, 2018

Acquisitions Maryland Retail Southeast

GBT, Partners Acquire Retail, Entertainment Center in Metro D.C. for $92M

by Camren Skelton July 26, 2018

SILVER SPRING, MD. — GBT Realty Corp., in partnership with Equity Resource Investments and Avante Financial Group, has acquired Ellsworth Place, a five-story retail and entertainment center in Silver Spring, for $92 million. Newmark Knight Frank arranged the transaction on behalf of the seller, a joint venture between Rockwood Capital and Petrie Richardson Ventures. Rialto provided acquisition financing. The 350,000-square-foot property spans a city block and is bordered by Fenton Street, Ellsworth Drive and Colesville Road, roughly six miles north of Washington, D.C. Ellsworth Place was 93 percent leased at the time of sale to tenants such as Marshalls, T.J. Maxx, Ross Dress for Less, Burlington, Five Below, Forever 21 Red, Foot Locker, Chipotle Mexican Grill, MOD Pizza and Ben & Jerry’s. Dave & Buster’s tops the building. The acquisition also includes air rights approved for up to 250,000 square feet of office space. Ellsworth Place features direct access to public parking via a pedestrian bridge and is located three blocks from the Silver Spring Metro station.

July 26, 2018

Loans Maryland Multifamily Southeast

M&T Realty Capital Provides $62.5M Freddie Mac Loan for New Multifamily Property Near Baltimore

by Camren Skelton July 26, 2018

JESSUP, MD. — M&T Realty Capital Corp., a wholly owned subsidiary of M&T Bank, has provided a $62.5 million Freddie Mac loan for the permanent financing of The Elms at Shannon’s Glen, a 364-unit multifamily community in Jessup, roughly 15 miles southwest of Baltimore. Matthew Hodson and Debra Goldstein of M&T Realty Capital structured the 12-year loan with eight years of interest-only payments and a 30-year amortization schedule on behalf of the borrower, Elm Street Development. The McLean, Va.-based company developed the community in 2016. M&T Bank provided construction financing for the project. The Elms at Shannon’s Glen includes a mix of one- to three-bedroom units with granite countertops, Energy Star appliances and private patios or balconies. Community amenities include a resort-style pool, fire pit, bocce ball court, fitness center, yoga room, dog park and a community garden.

July 26, 2018

Development Kentucky Multifamily Southeast Student Housing

Aptitude Development to Break Ground on Student Housing Community Near University of Louisville

by Camren Skelton July 26, 2018

LOUISVILLE, KY. — Aptitude Development is set to break ground on The Marshall Louisville, a 591-bed student housing community located near the University of Louisville. The 10-story property will offer fully furnished units with shared amenities including a 2,500-square-foot, outdoor terrace on the top floor; a gym; study lounges; and game rooms with views of Churchill Downs, the home of the Kentucky Derby. Aptitude Development is working with Prescient to virtually plan, design and construct the building. BSB Design has also been tapped to assist with design, and Whittenberg Construction will build the project. Aptitude Development expects to wrap up construction on the community in fall 2020.

July 26, 2018

Florida Loans Office Southeast

CGI Merchant Group Receives $40.8M Refinancing of Four Office Buildings in South Florida

by Camren Skelton July 26, 2018

MIAMI — Miami-based CGI Merchant Group LLC has received $40.8 million in loans from Starwood Mortgage Capital LLC to refinance an office building in Coral Gables and three office properties in Palm Beach and Martin counties. According to its website, Starwood provided a $25 million loan for 55 Miracle Mile, a four-story, 65,242-square-foot office building in Coral Gables. The property was built in 2004 and is 96 percent leased to 19 tenants. Starwood also provided a $15.8 million loan to refinance The Nexus Portfolio, a three-building suburban office portfolio totaling 128,563 square feet in Lake Worth, West Palm Beach and Stuart. The portfolio operates as executive suites and is 93 percent leased to 350 tenants. CGI originally acquired the assets in 2013.

July 26, 2018

Development Georgia Mixed-Use Southeast

Joint Venture Breaks Ground on $200M Mixed-Use Project in Metro Atlanta

by Camren Skelton July 25, 2018

LAWRENCEVILLE, GA. — A joint venture between George Berkow Inc., Novare Group and Batson-Cook Development Co. (BCDC) has broken ground on SouthLawn, a $200 million mixed-use project in Lawrenceville, roughly 32 miles northeast of Atlanta. The project will include more than 600 multifamily units, 15,000 square feet of retail space and a town green near the city’s downtown square. SouthLawn will create a walkable environment by connecting City Hall and the police station with Lawrenceville Lawn, a city park. The residential component, led by George Berkow, will include three- and four-story apartments and townhomes, as well as single-family detached homes. The apartment component will include two offerings: SouthLawn Luxury Apartment Residences, which will feature an elevated pool area overlooking the entire development, and Conclave, which will feature larger residences, a private pool, club and a fitness center. Citizens Bank is providing financing for the project, along with ELV Associates, BCDC and Novare Group. Phillips Partnership is the architect, Kimley-Horn is the civil engineer and Fortune-Johnson is the general contractor. A construction timeline for the development was not disclosed.

July 25, 2018

Acquisitions Florida Multifamily Southeast

ARA Newmark Brokers $65.8M Sale of Apartment Community in Orlando

by Camren Skelton July 25, 2018

ORLANDO, FLA. — ARA Newmark has brokered the $65.8 million sale of GrandeVille at Jubilee Park, a 330-unit apartment community in Orlando. Patrick Dufour, Scott Ramey and Kevin Judd of ARA Newmark arranged the transaction on behalf of the seller, LeCesse Development Corp. Cortland Partners LLC acquired the asset and will manage the community, renaming it Cortland Jubilee Park. Constructed in 2015, the community features a pool with sundeck, outdoor kitchen, community dog park, fitness center and a clubhouse with a pub and a game room.

July 25, 2018

Company News District of Columbia Southeast

Fannie Mae Appoints New President, Chief Financial Officer

by Camren Skelton July 25, 2018

WASHINGTON, D.C. — Fannie Mae has appointed David Benson as president and promoted Celeste Brown to executive vice president and chief financial officer (CFO). Both appointments are effective August 6. In conjunction with the promotions, the agency also announced that its CEO, Timothy Mayopoulos, will step down by the end of the year. Benson joined Fannie Mae in 2002 and for the past five years served as executive vice president and CFO. As president, Benson will report to the CEO and manage the day-to-day business and operations of the agency. Prior to joining Fannie Mae, he held leadership positions at Merrill Lynch. “Dave is a natural choice for the president position,” said Egbert L.J. Perry, chairman of Fannie Mae’s board of directors. “He is an excellent leader who has held a variety of senior positions in his 16 years at Fannie Mae. He has deep expertise in the company’s business, the mortgage market and operations.” Brown joined Fannie Mae one year ago as senior vice president and deputy chief financial officer, following an 18-year career at Morgan Stanley. “I am pleased with the depth of our bench as demonstrated by Celeste Brown’s promotion,” said Perry. “Celeste has made great contributions to …

July 25, 2018

Acquisitions Florida Retail Southeast

Stambul Acquires Historic Walgreens Building in Downtown Miami for $19.8M, Plans Redevelopment

by Camren Skelton July 25, 2018

MIAMI — Stambul, a Miami-based full-service construction and development firm, has acquired the Historic Walgreens Building in downtown Miami for $19.8 million. Located at 200 E. Flagler St., the building most recently housed La Epoca, a department store that closed in 2016. Habitat Development Corp., an entity owned by the Alonso family, sold the asset. Mika Mattingly and Gerard Yetming of Colliers International arranged the transaction on behalf of both parties. Stambul, which also restored the nearby Langford Hotel, plans to redevelop the building with high-end retail, dining and entertainment options. A construction timeline for the project was not disclosed. Built in 1936, the Art Deco-style building was the first Walgreens in Florida and the pharmacy chain’s third location outside of Chicago. The building is listed on the National Register of Historic Places and has also earned a historical designation from the City of Miami. Daniel Peña, a principal of Stambul, is also leading the restoration of the Old United States Post Office and Courthouse in downtown Miami. The redeveloped building will house Biscayne Brewing Co.

July 25, 2018

Development Florida Loans Mixed-Use Southeast

Aztec Group Arranges $14.7M in Land Acquisition Loans for Mixed-Use Project in Palm Beach County

by Camren Skelton July 25, 2018

ROYAL PALM BEACH, FLA. — Aztec Group Inc. has arranged a series of five loans totaling $14.7 million for the acquisition of approximately 100 acres located in Royal Palm Beach. Howard Taft and Charles Penan of Aztec Group arranged the loans through Lion Financial on behalf of the borrower, Tuttle Land Development. The acquisition completes the land assemblage necessary for the development of Tuttle Royale, a 200-acre mixed-use community that will be located at the intersection of Southern Boulevard and State Road 441. Prior to the acquisition, Tuttle owned 150 acres of land, which it acquired over the past two years. The proposed community would feature 1,100 multifamily units, medical offices, a 1,500-student charter school, village park, 400,000-square-foot lifestyle and activity center with high-end restaurants, a 100-room hotel, preschool, fitness center and retail space. A construction timeline for the project was not disclosed.

July 25, 2018

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