Southeast

NorthMarq Secures $6.4M Acquisition Loan for Student Housing Community in Milledgeville, Georgia

by Camren Skelton April 25, 2018

MILLEDGEVILLE, GA. — NorthMarq Capital has arranged a $6.4 million acquisition loan for Prospect Milledgeville, a 141-bed student housing community in Milledgeville. The community is located less than a mile from Georgia College & State University, Georgia Military College and downtown Milledgeville. Lee Weaver of NorthMarq’s Tampa office arranged the 12-year loan with a 30-year amortization schedule on behalf of the undisclosed borrower. Prospect Milledgeville features a resort-style pool, 24-hour fitness center, clubhouse with a grilling station and on-site management.

April 25, 2018

Georgia Industrial Leasing Activity Southeast

Core5 Signs Supply Chain User to 1.2 MSF Industrial Lease in Southwest Atlanta

by Camren Skelton April 24, 2018

ATLANTA — Atlanta-based Core5 Industrial Partners has signed Saddle Creek Logistics Services to a 1.2 million-square-foot lease at Southwest 85 Logistics Center, an industrial building under construction in southwest Atlanta. Saddle Creek, a provider of supply chain solutions for retailers, manufacturers and e-commerce companies, will use the new space to provide distribution services on behalf of a home improvement retailer for its Southeast locations. Core5 expects to wrap up construction on the facility this summer. Ladson Montgomery of Newmark Grubb Phoenix Realty Group and Dave Watson of Newmark Knight Frank represented Saddle Creek in the lease negotiations. The transaction marks the largest industrial lease signed to date in the Atlanta region, according to Core5. Southwest 85 Logistics Center will feature 40-foot clear heights, more than 590 trailer spaces and 200 auto parking spaces.

April 24, 2018

Florida Loans Louisiana Multifamily Southeast Student Housing

KeyBank Provides $37.5M Freddie Mac Financing for Two Student Housing Properties in Louisiana, Florida

by Camren Skelton April 24, 2018

BATON ROUGE, LA. AND DAYTONA BEACH, FLA. — KeyBank Real Estate Capital has provided $37.5 million in Freddie Mac loans for the refinancing of two student housing properties located in Baton Rouge and Daytona Beach. Trevor Ritter of KeyBank originated a $21.7 million, floating-rate loan for Oakbrook Apartments, a 240-unit student housing community near Louisiana State University in Baton Rouge. The community was constructed in 1983 and renovated in 2017. In Daytona Beach, Ritter originated a $15.8 million, floating-rate loan for the first phase of Eagle Landing Apartments. The 144-unit community serves students attending Bethune Cookman University, Daytona State College and Embry-Riddle Aeronautical University. The community is the first phase of a three-phase development and was built in 2015. The property’s second phase was built in 2016. The third phase is currently under construction, and is expected to be completed in time for the fall 2018 semester. The names of the borrowers were not disclosed.

April 24, 2018

Florida Hospitality Loans Southeast

Aztec Group Arranges $21.3M Construction Loan for AC Marriott Hotel in Midtown Miami

by Camren Skelton April 24, 2018

MIAMI — Aztec Group Inc. has arranged a $21.3 million construction loan for the development of the AC Marriott Hotel in Midtown Miami. Boaz Ashbel of Aztec Group arranged the loan through Florida Community Bank NA on behalf of the project developer, Midtown Lodging 2 LLC. The 153-room hotel will be located at the corner of N.E. 34th Street and Biscayne Boulevard and will feature a modern glass façade. Hotel amenities will include a restaurant and bar/lounge, business center, fitness center, meeting space, swimming pool, guess laundry and valet parking. 3H Hospitality will manage the AC Marriott Hotel upon opening in mid-2019.

April 24, 2018

Acquisitions Office Southeast Virginia

Mercer Street Partners Acquires Office Building in Virginia Beach for $9.9M

by Camren Skelton April 24, 2018

VIRGINIA BEACH, VA. — Mercer Street Partners has acquired Corporate Center V, a 71,000-square-foot office building in Virginia Beach, for $9.9 million. Amerigroup Corp., a health insurance provider and wholly owned subsidiary of Anthem Inc., is headquartered at the building. Canal Capital Management arranged the transaction on behalf of Mercer Street Partners. Cushman & Wakefield | Thalhimer represented the undisclosed seller. Located at 4425 Corporation Lane within Corporate Center office park, the building is located within walking distance to Pembroke Mall and Town Center of Virginia Beach. The $608 million Town Center is home to more than 800,000 square feet of office space, 19 restaurants, apartment units, hotel rooms and more than 30 shopping and entertainment venues.

April 24, 2018

Development Louisiana Multifamily Southeast

Doster Construction Completes 252-Unit Multifamily Community in Southwest Louisiana

by Camren Skelton April 24, 2018

LAKE CHARLES, LA. — Doster Construction Co. has delivered Springs at Country Club, a 252-unit multifamily community located in the southwest Louisiana city of Lake Charles. Continental Properties developed the community, which includes a mix of studio, one-, two- and three-bedroom units. Community amenities include a resort-style pool, clubhouse, complimentary coffee bar, 24-hour fitness center, dog park and a pet spa area.

April 24, 2018

Civic Development North Carolina Southeast

YMCA to Develop $41M Facility, School in Raleigh Using SunTrust-Backed Capital

by Camren Skelton April 23, 2018

RALEIGH, N.C. — YMCA of the Triangle has unveiled plans to develop a $41 million recreation center and school located at 1436 Rock Quarry Road in southeast Raleigh. The project is being funded with $21 million in New Markets Tax Credit (NMTC), and a loan from SunTrust Community Capital. CAHEC New Markets LLC, a subsidiary of Raleigh-based CAHEC, a nonprofit tax credit equity syndicator, provided YMCA of the Triangle with $15 million in NMTC allocations, and SunTrust provided the remaining $6 million. Tax Advantage Group provided NMTC advisory services to YMCA of the Triangle. The new facility will house a 42,960-square-foot recreation center with a wellness area, gymnasium and group exercise studio, as well as a 71,980-square-foot building that will be operated and leased to the Wake County Public School System. The new YMCA center will create 28 permanent jobs in the area, as well as 129 construction jobs during the development phase. The project is slated for completion in August 2019.

April 23, 2018

Acquisitions Florida Multifamily Southeast

Franklin Street Brokers $16.9M Sale of Multifamily Community in Orlando

by Camren Skelton April 23, 2018

ORLANDO, FLA. — Franklin Street has brokered the $16.9 million sale of CaSienna Apartments, a 160-unit multifamily community located at 5703 Stoneridge Court in Orlando. Robert Goldfinger, Darron Kattan, Kevin Kelleher and Zachary Ames of Franklin Street arranged the transaction on behalf of both the seller, SR Apartments LLC, and the buyer, an undisclosed partnership. CaSienna Apartments was constructed in 1972 and 1973 and comprises 16 one- and two-story buildings. Community amenities include two swimming pools, a clubhouse, tennis courts, a playground and extra storage space for residents.

April 23, 2018

Acquisitions Florida Office Southeast

SVN Alliance Arranges $11.5M Sale of Office Portfolio in Daytona Beach

by Camren Skelton April 23, 2018

DAYTONA BEACH, FLA. — SVN Alliance has arranged the $11.5 million sale of a four-building office portfolio in Daytona Beach. Chris Butera, Carl Lentz IV, John Trost and Tim Davis of SVN Alliance arranged the transaction on behalf of the buyer, an undisclosed private investor, and the seller, Consolidated Tomoka Land Co. The portfolio included the two-story Concierge building located at the northeast corner of LPGA Boulevard and Williamson Boulevard, two buildings within Mason Commerce Center and a building within Williamson Business Park. Consolidated Tomoka developed the buildings between 2008 and 2014. The portfolio was fully leased at the time of sale.

April 23, 2018

Acquisitions Hospitality Southeast Virginia

MCR Buys Marriott-Branded Hotel Near Richmond for $10.9M

by Camren Skelton April 23, 2018

GLEN ALLEN, VA. — MCR has acquired the 136-room SpringHill Suites by Marriott Richmond North Glen Allen for $10.9 million. The hotel is located at the intersection of Interstates 295 and 95 in Glen Allen, roughly 13 miles north of Richmond. The hotel features an indoor pool, fitness center, complimentary Wi-Fi, 300 square feet of meeting space, a 24-hour business center and a 24-hour market. MCR is the seventh largest hotel owner-operator in the country and has invested in and developed 102 hotel properties in 26 states spanning more than 12,000 rooms.

April 23, 2018

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