Southeast

BECO to Develop Mixed-Use Project in Coastal Virginia

by Camren Skelton May 17, 2018

SUFFOLK, VA. — BECO, a Virginia-based multifamily and commercial property developer, has unveiled plans for Bridgeport, a mixed-use development in Suffolk. The first phase of the waterfront project will include 3800 Acqua, a 288-unit multifamily community; 10,000 square feet of Class A office space; and 60,000 square feet of retail space. The multifamily portion of the project is scheduled to open in spring 2019. Construction on Phase I is expected to begin later this summer, and additional phases are in the planning stages.

May 17, 2018

Acquisitions Alabama Healthcare Southeast

Fairfield Arranges $15.8M Sale of New Medical Office Building Near Birmingham

by Camren Skelton May 17, 2018

PELL CITY, ALA. — Fairfield Asset Advisors has arranged the $15.8 million sale of a 50,400-square-foot medical office building located at 74 Plaza Drive in Pell City, roughly 24 miles east of Birmingham. Northside Medical — a Birmingham-based specialty practice — anchors the building, which was constructed in 2017. An undisclosed borrower acquired the asset from the developers, a physician group.

May 17, 2018

Development Florida Multifamily Southeast Student Housing

Mallory & Evans to Break Ground on 376-Bed Student Housing Community in Daytona Beach

by Camren Skelton May 17, 2018

DAYTONA BEACH, FLA. — Mallory & Evans is set to break ground on Bellamy Daytona, a 376-bed student housing community located in Daytona Beach. The $26 million community will serve students at Embry-Riddle Aeronautical University, Daytona Beach; Daytona State College; The Florida State University College of Medicine, Daytona Beach; The University of Central Florida, Daytona Beach; Bethune-Cookman University; and Keiser University, Daytona Beach. The four-story property will offer three-, four- and five-bedroom, fully furnished apartments with bed-to-bath parity. Every unit will have “smart house” features including Amazon Alexa, thermostats and keyless entry locks operated through smartphone applications. Shared amenities will include a clubhouse, 24-hour fitness center, tanning studio and a resort-style pool. Construction and leasing are expected to begin this summer, with completion scheduled for fall 2019. Caliber Living will manage and lease the property upon completion.

May 17, 2018

Development Mixed-Use Property Type South Carolina Southeast Top Stories

RocaPoint Partners to Lead $1B Mixed-Use Redevelopment in Upstate South Carolina

by Camren Skelton May 17, 2018

GREENVILLE, S.C. — RocaPoint Partners, an affiliate of The Georgetown Co., has unveiled plans to develop a $1 billion mixed-use project in downtown Greenville. The Atlanta-based development firm has received unanimous approval from Greenville County Council to redevelop 37 acres along University Ridge. The land currently houses administrative offices at County Square, along with offices across the street including the South Carolina Department of Motor Vehicles and the Greenville County Public Health Department. The redevelopment will add approximately 3 million square feet of new Class A office, retail, hotels, residential and public spaces, as well as a new build-to-suit county government building. In addition, the project will be located within walking distance to Falls Park, located in downtown Greenville’s Historic West End; Fluor Field, home of Greenville’s minor league baseball team; and the Greenville Health System Swamp Rabbit Trail, a 20.6-mile multi-use greenway system. “The project is going to have a $1.1 billion impact on the local economy and create a more walkable environment to further support local business growth, as well as providing a distinct gathering place for residents and visitors,” says Phil Mays, principal of RocaPoint Partners. The development team for the project includes local partner KDS Commercial …

May 17, 2018

Acquisitions Maryland Multifamily Southeast

Rittenhouse Brokers $21.9M Sale of Apartment Community in Northern Maryland

by Camren Skelton May 16, 2018

ELKTON, MD. — Rittenhouse Realty Advisors has arranged the $21.9 million sale of The Apartments at Iron Ridge, a 156-unit multifamily community in the northern Maryland city of Elkton. The community offers a mix of one-, two- and three-bedroom units and features a fitness center, pool, playground and a tennis court. The names of the buyer and seller were not disclosed.

May 16, 2018

Acquisitions Development Hospitality Southeast Virginia

Lingerfelt CommonWealth to Acquire Hotel in Virginia Beach for $19M, Invest $25M for Renovation

by Camren Skelton May 16, 2018

VIRGINIA BEACH, VA. — Lingerfelt CommonWealth Partners LLC will acquire the Virginia Beach Resort Hotel & Conference Center, a 295-room hotel located at 2800 Shore Drive in Virginia Beach, for $19 million. The Richmond, Va.-based company plans to invest $25 million to renovate the property, and will rebrand it as Delta Hotel by Marriott, a hospitality brand designed for business and leisure travelers. The 263,328-square-foot property is situated on 3.6 acres along the Chesapeake Bay. Commonwealth Lodging Management LLC, Lingerfelt’s hotel management affiliate, will operate and manage the hotel. The Virginia Beach Development Authority has approved an Economic Development Investment Program grant of $200,000 based on the company’s capital investment of $25 million. The new operators will continue to run the hotel through the season and close it sometime in October to complete the 14-month renovation project, according to Warren Harris, director of Virginia Beach Economic Development.

May 16, 2018

Loans Office Southeast Virginia

NXT Capital Provides $19M Refinancing for Office Building in Reston, Virginia

by Camren Skelton May 16, 2018

RESTON, VA. — NXT Capital has provided a $19 million first mortgage loan to refinance Parkridge III, a 109,000-square-foot office building in Reston. Dan McIntyre of HFF arranged the loan on behalf of the undisclosed borrower. Parkridge III is located within Reston’s largest office park, directly off Dulles Toll Road, and roughly five miles from Dulles International Airport. The building features a fitness center and a conference room, and the greater office park features a pond, picnic area and a volleyball court.

May 16, 2018

Acquisitions North Carolina Office Southeast

Grubb Properties, Blue Vista Capital Sell Office Park in Durham for $16.2M

by Camren Skelton May 16, 2018

DURHAM, N.C. — Grubb Properties, in conjunction with Blue Vista Capital Management, has sold Paradigm Park, a two-building office campus in Durham, for $16.2 million. An undisclosed owner-occupant acquired the asset and will consolidate its operations at the new facility. The joint venture originally acquired the vacant, 147,477-square-foot property in 2015 for $6.6 million, and began a significant renovation and leasing program. Completed enhancements include a new courtyard, redesigned entrances, improved landscaping, renovated lobbies and bathrooms and new HVAC and mechanical systems. In addition, the renovation included the addition of a fitness center with locker rooms and a conference workspace. Paradigm Park is located adjacent to Research Triangle Park off Interstate 40.

May 16, 2018

Acquisitions Retail Southeast Tennessee

EXP Realty Advisors Arranges $9.4M Sale of Retail Center Near Knoxville

by Camren Skelton May 16, 2018

LENOIR CITY, TENN. — EXP Realty Advisors has arranged the $9.4 million sale of The Market at Town Creek, a 64,000-square-foot retail center located at 300 Market Drive in Lenoir City, roughly 24 miles southwest of Knoxville. The center is home to tenants such as Food City, Pizza Hut, Bojangle’s, Pet Sense and Physician’s Care. Andrew Greenberg of EXP Realty Advisors arranged the transaction on behalf of the undisclosed seller. A Tennessee-based investor acquired the asset through a 1031 exchange.

May 16, 2018

Affordable Housing California Loans Louisiana Multifamily North Carolina Western

Arbor Realty Funds $19.7M in Financing for Affordable Housing Properties Across the United States

by Amy Works May 15, 2018

STOCKTON, SONORA AND JAMESTOWN, CALIF., HICKORY, N.C., AND SHREVEPORT, LA. — Uniondale, N.Y.-based Arbor Realty Trust has funded five loans totaling $19.7 million under the Fannie Mae DUS Multifamily Affordable Housing product line for properties across the United States. The borrower was Apartment Corp., a privately held real estate investment firm with a portfolio exceeding 20,000 units. Apartment Corp. is using the loans for both refinancing and acquisition purposes. Alexander Kaushansky of Arbor Realty Trust arranged the financing. The transactions involved are: $3 million in refinancing for Pacific Pointe, an 80-unit Low-Income Housing Tax Credit (LIHTC) property in Stockton. $3.7 million in refinancing for Granite Ridge, an 80-unit LIHTC property in Stockton. $3.7 million in acquisition financing for Silver Spring Terrace, a 100-unit LIHTC property in Hickory. $2.7 million in acquisition funding for Yorkshire & Windsor Village, a 132-unit LIHTC property in Shreveport. $6.7 million in refinancing for the Sonora Portfolio, a three-property, 220-unit LIHTC portfolio in Sonora and Jamestown.

May 15, 2018

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