CHARLOTTE, N.C. — Alliant Credit Union has provided a $26 million loan for the refinancing of a 120,000-square-foot office building in Charlotte’s Arysley submarket. According to the Charlotte Business Journal, the property, known as One Silver Crescent, opened in February and is fully leased to Jeld-Wen, a window and door manufacturer. The name of the borrower was not disclosed.
ATLANTA — PCCP LLC has acquired Cumberland Center II, a 419,000-square-foot office building located at 3100 Cumberland Blvd. in Atlanta’s Cumberland/Galleria submarket. The Atlanta Business Chronicle reports the 17-story tower sold for $68 million. The name of the seller was not disclosed. Constructed in 1989, the building is currently 94 percent leased but 67 percent occupied following the departure of HD Supply to a new build-to-suit office building within the submarket. The seller has invested more than $5.4 million in capital improvements since 2007, including a renovated conference center and café. Cumberland Center II is situated adjacent to a Courtyard Marriott hotel and the 1.4 million-square-foot Cumberland Mall, and less than a mile from Cobb Galleria. In addition, the property is located less than two miles from SunTrust Park, home ballpark of the Atlanta Braves.
ODESSA, FLA. — Lantower Residential has acquired Lantower Asturia, a 322-unit apartment community located at 15175 Integra Junction in the Tampa Bay community of Odessa, for $57.7 million. Constructed in 2017, the property was originally known as Integra Junction and was rebranded upon acquisition. Lantower Asturia is located within Asturia, Hines’ 300-acre, master-planned mixed-use community. The apartment community offers a mix of one- to three-bedroom units and features granite countertops, stainless steel appliances, crown molding, USB outlets, wood-style floors, tile backsplash, and screened balconies or patios. Community amenities include a saltwater pool, outdoor lounge area with fire pits and grills, package lockers, fitness center with a CrossFit box and spin bikes and a virtual PGA golf simulator. Patrick Dufour of ARA Newmark arranged the transaction on behalf of the seller, Panther Residential. The acquisition brings Lantower Residential’s portfolio to 19 multifamily properties totaling 6,260 units.
ALEXANDRIA, VA. — Walker & Dunlop has arranged $40.4 million in financing for the recapitalization of The Mark Apartments, a 227-unit apartment community in Alexandria, roughly eight miles south of Washington, D.C. Jamie Butler of Walker & Dunlop arranged fixed-rate senior debt through Freddie Mac and joint venture equity through RSE Capital Partners on behalf of the borrowers, Northpoint Realty Partners and Persimmon Capital Partners. The financing replaced the existing construction debt. Northpoint and Persimmon recently completed a redevelopment program, transforming the property from an outdated hotel to a multifamily community. The Mark Apartments includes a mix of studio to three-bedroom units and features a pool, outdoor grilling and dining terrace, fitness center, resident’s lounge, dedicated work spaces and laundry facilities.
WASHINGTON, D.C. — Retail developer Madison Marquette and Houston-based developer PMRG have closed on their previously announced merger. News of merger discussions was originally announced at the end of May. “Our growth strategy is to be responsive to client demand for expanded investment and property services and for broader expertise in more markets. Merging operations with PMRG meets that demand,” says Amer Hammour, chairman of Madison Marquette. “Our combined capabilities also make us uniquely qualified to meet shifting market demand for mixed-use development, management and investment expertise.” Leadership of both firms will remain in place. While the operating platforms are in transition and until the combined company reveals its new name, the two companies will retain their individual brands. The combined company will be headquartered in Washington, D.C., with a major presence in Houston.
KENNESAW, GA. — Avison Young has brokered the $9 million sale of 3075 Chastain Meadows Parkway, a 130,250-square-foot warehouse in the northwest Atlanta suburb of Kennesaw. Brent Weitnauer, Chip Watson and Ben Parker of Avison Young arranged the transaction on behalf of the seller, Suzuki. Exeter 3075 Chastain Meadows LLC, an affiliate of Exeter Property Group, acquired the asset. The building has the capability to expand by an additional 2.9 acres.
AVENTURA, FLA. — Aventura Mall Venture, a partnership between Turnberry Associates and Simon Property Group (NYSE: SPG), has received $1.75 billion in financing for Aventura Mall in Aventura, a city in South Florida’s Miami-Dade County. JPMorgan Chase Bank, Wells Fargo Bank, Deutsche Bank and Morgan Stanley Bank provided the financing. According to multiple news outlets, the loan will be used to pay off a $1.2 billion CMBS loan that Turnberry and Simon secured in 2013, and a $214 million loan that mall owners took out in 2016 to fund a 315,000-square-foot expansion. The new three-level wing includes experiential additions to the Arts Aventura Mall program, a 93-foot-tall Aventura Slide Tower, the first Topshop Topman in Florida, Zara, Under Armour, Treats Food Hall and new dining options offering indoor and outdoor seating. The nearly 3 million-square-foot Aventura Mall is home to more than 300 tenants, including Nordstrom, Bloomingdale’s, Macy’s, Gucci, Louis Vuitton, Burberry, Anthropologie, H&M, Urban Outfitters and a 24-screen AMC movie theater. Jack Kessler, Rebecca Livingston Lando, Bruce Booken, Jason D’Amico, George Cass, Rebecca Trinkler and Haley Ayure of Buchanan Ingersoll & Rooney PC provided legal representation for Turnberry and Simon. “This transaction is important because it enables Aventura Mall to …
CHARLOTTE, N.C. — Healthcare systems and physicians groups once viewed their real estate operations as a line item on a ledger and not as high a priority as staffing, education or equipment. In the years since reimbursements from Medicare began tightening as it went from a fee-for-service model to an outcome-based one, healthcare systems and physicians are getting more savvy when it comes to their real estate strategies. “With respect to real estate, healthcare systems used to be naïve,” said Mark Curtis, director of Greenville Health System, a not-for-profit system serving the Upstate South Carolina area. “Now they’re far more sophisticated than they were five years ago.” Curtis was one of five healthcare real estate experts on stage at a panel entitled “What Do Hospitals & Systems See Coming in 2018?” Rex Noble, senior vice president of asset management at Flagship Healthcare Properties, moderated the discussion. The panel was the closing act at the eighth annual InterFace Healthcare Real Estate Carolinas show, which took place on May 31 at the Hilton City Center hotel in Uptown Charlotte. The event drew 160 attendees in the healthcare real estate space from across North and South Carolina. Operations are Under the Microscope Spurred …
MIAMI — HFF has arranged $53.2 million in construction financing for The Bradley, a 175-unit apartment community located at 51 N.W. 26th St. in Miami’s Wynwood neighborhood. Scott Wadler and Jesse Wright of HFF secured a $33.2 million construction loan from Santander Bank and $20 million in preferred equity from Greenstreet Real Estate Partners LP on behalf of the developer, a joint venture between The Related Group and Block Capital Group. Designed by Kravitz Design, The Bradley will include a mix of one- to three-bedroom floor plans ranging from 480 to 1,000 square feet. The project will also feature 32,000 square feet of ground-floor retail. A construction timeline was not disclosed.
CHARLOTTE, N.C. — Trinity Capital Advisors will begin construction this month on Toringdon 7, a 198,195-square-foot office building located in Charlotte. The eight-story building will be the seventh and final office building within Toringdon Office Park, which Trinity Capital began acquiring in 2012. After bringing the park under single ownership, the firm invested in capital improvements that included a new fitness center and pocket park. Toringdon 7 will feature column-free floor plans, floor-to-ceiling windows and a parking ratio of four spaces per 1,000 square feet. Architecture firm Gensler designed the building, Brasfield & Gorrie is the project’s general contractor and D&A Wolverine is the civil engineer. Trinity Capital expects to wrap up construction on the building in summer 2019. Located immediately off Interstate 485, Toringdon Office Park is 95 percent leased to tenants such as Blue Cross Blue Shield of North Carolina, Coats, Coldwell Banker, Crown Castle, Harsco, Keller Williams, Novolex, PepsiCo, Regus, Selective Insurance, Heartland Payment Systems and TIAA.
