Southeast

FM Capital Purchases 528-Bed Student Housing Property Near Georgia Southern University

by Camren Skelton July 31, 2017

STATESBORO, GA. — FM Capital has acquired Campus Evolution Villages at Statesboro, a 528-bed student housing community near Georgia Southern University in Statesboro. FM Capital will rebrand the property as The Vault at Statesboro and install capital improvements including a new clubhouse and game room; new hot tub, cabanas, fire pits and grill stations by the pool; a dog park; new fitness center with video software; a computer room and two private study rooms. The sales price and seller were not disclosed.

July 31, 2017

Florida Hospitality Loans Southeast Top Stories

Walker & Dunlop Arranges $218.2M in Construction Financing for JW Marriott Hotel in Orlando

by Taylor Williams July 31, 2017

ORLANDO, FLA. — Walker & Dunlop Inc. (NYSE: WD) has arranged $218.2 million in construction financing for JW Marriott Bonnet Creek, a 516-room luxury hotel and resort project in Orlando. The non-recourse financing represents 77.3 percent of the total project cost of $282 million, and comprises both senior and mezzanine debt. A partnership between Walker & Dunlop’s Miami capital markets team and SRF Ventures Inc., a New York-based real estate investment and advisory firm, provided the funds. The hotel will be situated on 10 acres near the Epcot section of the Walt Disney World Resort complex, with close proximity to local attractions such as Magic Kingdom and Universal Studios, as well as the Orlando International Airport. Designed by Dallas-based architecture and engineering firm Huitt-Zollars Inc., the project will also deliver a 1,000-space parking garage. Hotel amenities will include 50,000 square feet of meeting and banquet space, a business center, luxury spa and fitness area and a lazy river with guest pools. “This was a very marketable deal with a great sponsor,” says Kevin O’Grady, managing director of Walker & Dunlop’s Miami capital markets team. “Structuring transactions like this is right in the bull’s-eye of our expertise, and we’re very pleased …

July 31, 2017

Florida Market Reports Retail Southeast Southeast Market Reports

Miami Retail Market Faces Obstacles from E-Commerce, Declining Foreign Tourism

by John Nelson July 31, 2017

There are two major trends affecting retailers across South Florida: the reduction of affluent foreign tourists in the market and the internet, which is forcing retailers to shift their concepts at an accelerating pace. Both factors have led to a slight decline in market conditions, specifically a deceleration of growth rates, but not significantly enough to cause great concern or to feel South Florida has become a “falling market.” Instead, much like origami, one must shape retail concepts to adapt to the new online reality. The American dollar is still very strong against Latin American and most foreign currency. This has created a downward spiral for hotel occupancy and retail sales in South Florida’s tourist driven areas such as South Beach and Lincoln Road. Miami-Dade County hotel occupancy was down 0.6 percent year-over-year to 83.5 percent in February/March 2017. This tourism decline has also created a shift in foreign investing. While large foreign investors are still active in the market, there has been a noticeable exit of smaller foreign investors. This has created an unusual twist in the South Florida market as now domestic (primarily from the Northeast) and Canadian investors are actively looking and purchasing retail opportunities given they …

July 31, 2017

Loans Multifamily Southeast Virginia

NorthMarq Capital Arranges $30M Construction Loan for Multifamily Asset in Downtown Richmond

by Camren Skelton July 28, 2017

RICHMOND, VA. — NorthMarq Capital has secured a $30 million loan for Reynolds South Tower, a 10-story, 213-unit apartment community located at 505 Porter St. in downtown Richmond. Mike Lowry of NorthMarq Capital arranged the construction loan through Union Bank & Trust. The loan features a variable interest rate that will convert to a fixed-rate, permanent loan upon completion.

July 28, 2017

Multifamily South Carolina Southeast

Wood Partners Breaks Ground on 329-Unit Apartment Community Near Charleston

by Camren Skelton July 28, 2017

SUMMERVILLE, S.C. — Wood Partners has broken ground on Alta Brighton Park, a 329-unit multifamily community in Summerville, roughly 25 miles northwest of Charleston. Located within Nexton, a mixed-use community, the Class A apartment property will feature a saltwater swimming pool, fitness center, resident library and business center. The apartment community is slated to begin leasing in summer 2018.

July 28, 2017

Retail South Carolina Southeast

Matthews Brokers $22M Sale of Retail Center Near Hilton Head

by Camren Skelton July 28, 2017

BLUFFTON, S.C. — Matthews Real Estate Investment Services has arranged the $22 million sale of Low Country Village, a 140,000-square-foot shopping center in Bluffton, roughly seven miles west of Hilton Head. Scott Henard of Matthews led the transaction on behalf of the seller, Retail Properties of America Inc. A private, California-based buyer acquired the property. At the time of sale, Low Country Village was fully leased to 14 tenants including Ross Dress for Less, Michaels, Cost Plus World Market, Big Lots and Pier 1 Imports. Constructed in 2001, the shopping center is situated between two Tanger Factory Outlet Centers.

July 28, 2017

Arkansas Loans Multifamily Southeast Student Housing

KeyBank Structures $29.5M Loan for Student Housing Property Near University of Arkansas

by Camren Skelton July 28, 2017

FAYETTEVILLE, ARK. — KeyBank Real Estate Capital has secured a $29.5 million loan for Sterling District, a 198-unit student housing community in Fayetteville, less than a half mile from the University of Arkansas campus. Caleb Marten of KeyBank structured the fixed-rate, first-mortgage loan with seven years of interest-only payments through a correspondent life company relationship. Sterling District features a swimming pool, hot tub, fitness center, study rooms, game rooms, cyber café and an outdoor courtyard with barbeque grills.

July 28, 2017

Georgia Multifamily Southeast

Audubon Communities Acquires Multifamily Property in North Georgia for $22M

by Camren Skelton July 28, 2017

GAINESVILLE, GA. — Audubon Communities has purchased Lenox Park, a 292-unit apartment community in Gainesville, for $22 million. The Atlanta-based firm plans to invest approximately $3 million in renovations to the property, which will be renamed Peaks at Gainesville. Improvements will include upgrades to the leasing office, pool and other amenity areas; addition of a fitness center; renovation and expansion of the existing playground; new fiber-cement siding; new lighting, exterior paint, signage and landscaping. Constructed in 2000, the community includes two- and three-bedroom floor plans that average 1,100 square feet.

July 28, 2017

Georgia Office Southeast

PGIM Real Estate Acquires 502,846 SF Office Tower in Midtown Atlanta

by Camren Skelton July 27, 2017

ATLANTA — PGIM Real Estate, the real estate investment business of PGIM, has purchased Regions Plaza, a 23-story office tower located at the northwest corner of West Peachtree and 14th streets in Atlanta’s Midtown district. Jim Mehalso led the transaction internally for PGIM on behalf of its institutional investor clients. Constructed in 2001, the 502,846-square-foot Regions Plaza is LEED Gold- and Energy Star-certified and features valet parking, a conference facility, on-site Flywheel and FlyBarre Studio, dry cleaning services, dining and on-site banking facility. The sales price and seller were not disclosed. PGIM is the global investment management business of Prudential Financial Inc.

July 27, 2017

Maryland Retail Southeast

PREIT Signs Belk to Anchor Valley Mall in Northwestern Maryland

by Camren Skelton July 27, 2017

HAGERSTOWN, MD. — PREIT has signed a lease with Belk to join Valley Mall in Hagerstown. The Charlotte-based department store is new to the Maryland market and will occupy 123,000 square feet, taking the place of Bon-Ton, which will close in February 2018. Slated to open in October 2018, Belk will join a mix of tenants including H&M, Pandora, Torrid and Mission BBQ. Valley Mall is also home to dining and entertainment options including Primanti Brothers, Red Robin, Noodles & Co., Starbucks Coffee and Regal Cinemas.

July 27, 2017

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