Southeast

JV Receives $110.3M in Construction Financing for Apartment Tower in Miami

by Camren Skelton August 30, 2017

MIAMI — A joint venture between institutional advisors advised by J.P. Morgan Asset Management and Magellan Development Group have received a $110.3 million construction loan for the development of Midtown 6, a 31-story apartment tower that will be located at 3101 N.E. 1st Ave. in Miami’s Midtown district. Danny Kaufman, Elliott Throne, Scott Wadler and Mike Tepedino of HFF secured the loan through PNC Bank and BMO Harris Bank on behalf of the borrowers. HFF also arranged construction financing on the borrower’s behalf for the development of the adjacent Midtown 5 tower in 2014. Designed by bKL Architecture, Midtown 6 will include 397,000 square feet of residential space and 40,000 square feet of ground-level retail space. Residential units will offer a mix of studio to three-bedroom floor plans averaging 890 square feet. Community amenities will include a fitness center, sport court, spa with sauna and steam room, swimming pool with cabanas and grilling areas, pool bar and a sky lounge. The project is intended to be LEED Silver-certified and is slated for completion in spring 2020.

August 30, 2017

Healthcare Southeast Tennessee

Erlanger Health Breaks Ground on $40M Children’s Hospital in Chattanooga

by Camren Skelton August 30, 2017

CHATTANOOGA, TENN. — Erlanger Health System has broken ground on a $40 million children’s hospital in Chattanooga. The new 50,000-square-foot facility will provide service to more than 1 million children in the Southeast and include centers for child psychology, physical therapy and hypertension, as well as a childhood healthy eating and active living center. Erlanger Health System is the seventh largest public hospital in the country. The new hospital will be partially funded through community donations.

August 30, 2017

Florida Multifamily Southeast

Lexerd Buys Multifamily Community in Tampa Bay Area for $38.7M

by Camren Skelton August 30, 2017

BRADENTON, FLA. — Lexerd Capital Management LLC has acquired Springs at Braden River, a 270-unit apartment community in Bradenton, a city roughly 50 miles south of Tampa. The sales price was not disclosed, but the Bradenton Herald reports Wisconsin-based Continental Properties sold the asset for $38.7 million. Lexerd, a New Jersey-based sponsor of private equity funds, renamed the property The Lory of Braden River. The property comprises 15 buildings on approximately 41 acres and features a swimming pool, dog park, picnic and grilling areas and bike storage.

August 30, 2017

North Carolina Retail Southeast

Preferred Apartment Communities Acquires Kroger-Anchored Center in Metro Raleigh

by Camren Skelton August 29, 2017

CARY, N.C. — Preferred Apartment Communities Inc. (PAC) has acquired Maynard Crossing, a 122,781-square-foot, Kroger-anchored shopping center in Cary, roughly 11 miles east of Raleigh. The sales price was not disclosed, but the company financed the acquisition using an $18.5 million, non-recourse loan from Principal Financial Group. The loan features an interest rate of 3.7 percent and matures on Sept. 1, 2032. PAC acquired the asset through its wholly owned subsidiary New Market Properties LLC. The acquisition of Maynard Crossing brings New Market Properties’ portfolio to 35 grocery-anchored shopping centers across seven states.

August 29, 2017

District of Columbia Multifamily Southeast

Greysteel Brokers $34M Sale of Two-Property Multifamily Portfolio in D.C.

by Camren Skelton August 29, 2017

WASHINGTON, D.C. — Greysteel has arranged the $34 million sale of two apartment communities in the Capitol Hill neighborhood of Washington, D.C. — Capitol East Apartments, a 120-unit community located at 518 9th Street. N.E., and Lexington Apartments, a 48-unit property located at 816 E. Street N.E. Ari Firoozabadi, Kyle Tangney, Rawles Wilcox and Herbert Schwat of Greysteel brokered the transaction. Akelius Residential, an international multifamily operator, acquired the properties from Pennsylvania-based Wexford Management. The communities are situated within walking distance to the U.S. Capitol, the Library of Congress and the House and Senate office buildings.

August 29, 2017

Loans Multifamily South Carolina Southeast

Berkadia Secures $38M in Refinancing for Apartment Community in Greenville Suburb

by Camren Skelton August 29, 2017

TAYLORS, S.C. — Berkadia has arranged the $38 million refinancing for Cobalt Springs Apartment Homes, a 548-unit, garden-style community located at 1712 Pinecroft Drive in Taylors, a suburb of Greenville. Mitch Sinberg and Matt Robbins of Berkadia arranged the 10-year, floating-rate loan through Freddie Mac’s Green Up Program on behalf of the borrower, The RADCO Cos. The Atlanta-based company originally acquired the asset in 2015 for $33.8 million and installed low-flow toilets and low-flow aerators in kitchen and bathroom sinks. Constructed in 1975 and renovated in 2005, Cobalt Springs offers one-, two- and three-bedroom units and features a business center, coffee bar, pool, clubhouse and laundry facilities.

August 29, 2017

Florida Loans Multifamily Southeast

KeyBank Closes $25.7M Acquisition Loan for New Multifamily Property in Metro Orlando

by Camren Skelton August 29, 2017

KISSIMMEE, FLA. — KeyBank Real Estate Capital has arranged a $25.7 million acquisition loan for Sonoma Pointe Apartments, a 216-unit, Class A multifamily community in Kissimmee, roughly 20 miles south of Orlando. Chris Black of KeyBank secured the 10-year loan with five years of interest-only payments and a 30-year amortization schedule through Fannie Mae. The borrower was not disclosed. Constructed in 2015, Sonoma Pointe Apartments features a dog park, clubhouse, fitness center, swimming pool and an outdoor kitchen with gas fireplaces.

August 29, 2017

Georgia Multifamily Southeast

Cushman & Wakefield Arranges $15M Sale of Multifamily Asset in Augusta, Georgia

by Camren Skelton August 29, 2017

AUGUSTA, GA. — Cushman & Wakefield has brokered the $15 million sale of Woodhill, a 182-unit apartment community in Augusta. Robert Stickel of Cushman & Wakefield represented the sellers, Intermark Management and King Management, in the sale to New York-based JEM Holdings. Constructed in 1986, Woodhill features a resort-style pool, fitness center, tennis courts and a clubhouse. JEM will implement capital improvements including upgraded unit interiors and an enhanced amenity package.

August 29, 2017

Florida Industrial Southeast

Knott Realty to Develop 27-Acre Industrial Park in Fort Myers

by Camren Skelton August 28, 2017

FORT MYERS, FLA. — Knott Realty Group has purchased 27 acres of land located at 10400 Meridian Center Parkway in Fort Myers with plans to develop an industrial park at the site. The Baltimore-based company purchased the site from Meridian Airport Park LLC for an undisclosed price. Dubbed Meridian Center, the park will include two speculative buildings totaling 350,000 square feet that are suitable for distribution, warehousing or manufacturing. The property is situated roughly one mile from Southwest Florida International Airport. Knott Realty will initially construct a single-story, 200,000-square-foot manufacturing and distribution facility equipped with 32-foot ceilings, multiple drive-in and loading dock doors and parking accommodations for more than 350 vehicles. The building is slated for completion in summer 2018. Following completion of the first building, the company will begin construction on 150,000 square feet of additional space in a second facility.

August 28, 2017

Industrial South Carolina Southeast

Ware Malcomb Delivers 558,000 SF Industrial Property in Metro Charlotte

by Camren Skelton August 28, 2017

ROCK HILL, S.C. — Ware Malcomb, an international commercial real estate design firm, has helped deliver Legacy Park West, a 558,000-square-foot industrial property in Rock Hill, a South Carolina suburb of Charlotte. The development is located roughly one mile from Interstate 77 and includes two speculative industrial buildings, with a third building planned for the future. The one-story buildings feature concrete tilt-up wall panels, insulated steel roof structures and 30- and 32-foot clear heights. Evans General Contractors was the general contractor for the project, and Scannell Properties was the developer.

August 28, 2017

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