Southeast

Cronheim Arranges $16M Refinancing for Two Adjacent Hotels Near Chattanooga

by Camren Skelton April 4, 2018

TIFTONIA, TENN. — Cronheim Hotel Capital (CHC) has arranged a $16 million loan for the refinancing of two hotels in Tiftonia: a Hampton Inn and a Fairfield Inn & Suites. The adjacent properties are located roughly five miles southwest of Chattanooga. Cronheim arranged the 10-year loan with a 30-year amortization schedule and a fixed interest rate of 4.12 percent on behalf of the borrower, Vision Hospitality Group Inc. The Chattanooga-based company developed the Hampton Inn and Fairfield Inn in 2009 and 2013, respectively. The properties share a common parking lot and feature business centers, meeting rooms, fitness centers and swimming pools.

April 4, 2018

Development Georgia Mixed-Use Office Southeast

Meybohm Nears Completion of First Building at $60M Mixed-Use Project Near Augusta

by Camren Skelton April 3, 2018

EVANS, GA. — Meybohm Commercial Properties is nearing completion on the first building at The Plaza at Evans Towne Center, a $60 million mixed-use project in Evans, roughly 10 miles northwest of Augusta. The 58,000-square-foot building, named the Meybohm Building, is part of the project’s first phase. The building will be the new home of Meybohm Real Estate, an Augusta-based real estate company and the parent company of Meybohm Commercial Properties. Meybohm Real Estate will consolidate its training center, new homes division and local Evans office into 15,000 square feet at the new space. In addition, Your Pie Pizzeria will open a location at the building and additional tenants will be announced soon, according to Meybohm. Upon completion, The Plaza at Evans Towne Center will include six mixed-use buildings, a central park and a performing arts building. Ground-level spaces will be dedicated to retail and restaurants, and 2,000 parking spaces have been planned for the site. Michael Watkins Architect LLC is the master-planner for project, and R.W. Allen Construction is the general contractor. Atlanta-based architect firm TSW designed the Phase I buildings, as well as the outdoor park. A timeline for the project was not disclosed.

April 3, 2018

Acquisitions Multifamily North Carolina Southeast

HFF Brokers $42.1M Sale of Multifamily Asset in Durham

by Camren Skelton April 3, 2018

DURHAM, N.C. — HFF has brokered the $42.1 million sale of Altera North Pointe, a 320-unit apartment community located at 2335 Broad St. in Durham. Allan Lynch, Justin Good and Jeff Glenn of HFF arranged the transaction on behalf of the seller, Atlanta-based Wood Partners, and procured the buyer, a partnership between McCann Realty Partners and LEM Capital. Wood Partners originally acquired the asset in 2015 for $36.4 million, according to the Triangle Business Journal. The property is located adjacent to North Pointe Shopping Center and will soon offer direct pedestrian access to the Ellerbe Creek Greenway, which is nearing completion. Completed in 2001, the property was recently renovated and features two swimming pools, tennis courts, a volleyball court, playground, grilling areas, dog park, fitness center, clubhouse, game room with billiards and a car care center. The community offers a mix of one- to three-bedroom floor plans averaging 977 square feet.

April 3, 2018

Acquisitions Florida Retail Southeast

FCA Partners Sells Shopping Center in South Florida for $27.8M

by Camren Skelton April 3, 2018

BOYNTON BEACH, FLA. — Charlotte-based FCA Partners has sold Shoppes of Boynton, a 151,000-square-foot shopping center in the South Florida city of Boynton Beach, for $27.8 million. Dennis Carson and Casey Rosen of CBRE arranged the transaction on behalf of FCA. Northbridge Investment Management acquired the property on behalf of an institutional client. Shoppes of Boynton is home to tenants such as Ross Dress for Less, Dollar Tree, Tuesday Morning, Ale House, Chili’s, FedEx Office, MD Now and Pollo Tropical. The center was 87 percent leased at the time of sale.

April 3, 2018

Development Florida Multifamily Southeast

Roger B. Kennedy Construction Breaks Ground on $40M Apartment Community in Orlando

by Camren Skelton April 3, 2018

ORLANDO, FLA. — Roger B. Kennedy Construction has broken ground on Ecco on Orange, a 300-unit apartment community located at 3135 S. Orange Ave. in Orlando. An affiliate of LeCesse Development Corp. is developing the $40 million community, which will include two five-story and one four-story apartment buildings, along with a seven-story parking garage. Community amenities will include a rooftop pool, clubhouse and a fitness center. The Miami office of 5G Studio Collaborative, an architecture firm, is designing the project, which is slated for completion in November 2019.

April 3, 2018

Development Multifamily North Carolina Southeast

PointOne, Hathaway Start Construction on 316-Unit Multifamily Community in Triangle

by Camren Skelton April 3, 2018

HOLLY SPRINGS, N.C. — PointOne Holdings, in partnership with Hathaway Development, has started construction on the Exchange at Holly Springs, a 316-unit apartment community in Holly Springs, roughly 20 miles southwest of Raleigh. The gated community will feature a clubhouse, business center, fitness center, resort-style pool with outdoor grilling areas, a dog park, detached garages, package concierge services and bike storage. Units will feature granite countertops, designer cabinetry and hardwood style flooring. A construction timeline for the project was not disclosed.

April 3, 2018

Acquisitions Maryland Multifamily Property Type Southeast Top Stories

Strata Equity Buys Multifamily Portfolio in Metro D.C. from FCP for $302M

by John Nelson April 3, 2018

ST. CHARLES, MD. — An affiliate of San Diego-based Strata Equity Group has purchased an 11-property multifamily portfolio in Suburban Maryland for $302 million. This is the first purchase in the Mid-Atlantic region for the privately held firm. Totaling 1,731 units, the properties are situated within St. Charles, a master-planned community roughly 30 miles south of Washington, D.C. The portfolio comprises Class A and B communities with an average unit size of 998 square feet. The buildings are 21 years old on average. Renovations have been ongoing since 2014, and Strata plans to complete all remaining interior rehabs while making other capital improvements. Each property is part of a neighborhood association that provides residents access to a community center and recreational facilities such as swimming pools, tennis courts and playgrounds. The seller, Federal Capital Partners (FCP), originally purchased the portfolio in 2009 for $43.6 million plus debt as part of its acquisition and privatization of American Community Properties Trust, which formerly traded on the New York Stock Exchange under the symbol APO. That acquisition included 11,000 residential units and 5 million square feet of commercial development, mostly in St. Charles and Puerto Rico. FCP has been repositioning and selling portions …

April 3, 2018

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Brokers $141.7M Sale of Apartment Community in Metro Atlanta

by Camren Skelton April 2, 2018

ALPHARETTA, GA. — Cushman & Wakefield has brokered the sale of Juncture, a 560-unit apartment community in Alpharetta, a northern suburb of Atlanta. CoStar reports Dallas-based JLB Partners, which developed the property in 2016, sold the asset for $141.7 million. The sales price sets a record for the highest suburban apartment sale in metro Atlanta, according to Cushman & Wakefield. Chris Spain, Robert Stickel, Travis Presnell and Alex Brown of Cushman and Wakefield arranged the transaction on behalf of JLB Partners. Nashville-based Carter-Haston Real Estate Services Inc. acquired the asset. Residences at Juncture features granite and quartz countertops, stainless steel appliances, hardwood flooring and crown molding. Community amenities include a fitness center, pool and an entertainment lounge.

April 2, 2018

Florida Loans Multifamily Seniors Housing Southeast

Ziegler Provides $94.3M HUD Refinancing for 639-Unit Seniors Housing Community in North Florida

by Camren Skelton April 2, 2018

GAINESVILLE, FLA. — Ziegler, a specialty investment bank, has provided a $94.3 million HUD loan for the refinancing of The Village at Gainesville, a 639-unit independent living, assisted living and memory care community in Gainesville. The Florida-based borrower is SantaFe Senior Living, the not-for-profit operator of the community. The Village at Gainesville features 511 independent living units and 128 assisted living/memory care units. The property is located on 104 acres. The independent living units offer board and care services, allowing residents to maintain their “independent” status longer. The FHA-insured mortgage offers a 35-year fixed interest rate below 3.5 percent. The refinancing, which was arranged through FHA’s 232/223 (f) program, lowered the borrower’s debt service and recapitalized the facility. According to Ziegler, the loan is the largest refinance of a single-asset seniors housing community in HUD’s portfolio.

April 2, 2018

Hospitality Loans Southeast Virginia

Mission Capital Secures $47M Refinancing for Hyatt-Branded Hotel in Metro D.C.

by Camren Skelton April 2, 2018

ARLINGTON, VA. — Mission Capital Advisors has arranged a $47 million bridge loan for the refinancing of Hyatt Place Arlington Courthouse Plaza, a 168-room hotel located at 2401 Wilson Blvd. in Arlington, roughly 5 miles southwest of Washington, D.C. The property is located adjacent to the Association of the United States Army (AUSA) Conference and Event Center. Jason Parker, Ari Hirt and Jamie Matheny of Mission Capital arranged the loan through EagleBank on behalf of the borrower, a partnership between The Schupp Cos. and LodgeWorks Partners. The eight-story hotel was constructed in 2016 and features a business center and indoor valet parking. In addition, the hotel is home to Verre Wine Bar on the ground level.

April 2, 2018

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