Southeast

BMO Harris Provides $35.3M Construction Loan for 171-Unit Seniors Housing Asset in Jacksonville

by Camren Skelton February 19, 2018

JACKSONVILLE, FLA. — BMO Harris Healthcare Real Estate Finance has provided a $35.3 million loan for the construction of Grand Living at Tamaya, a 171-unit seniors housing community in Jacksonville. The borrower is a partnership formed in 2014 between real estate developer Ryan Cos. and owner-operator Grand Living. Grand Living at Tamaya will offer independent living, assisted living and memory care units. Community amenities will include a performance theater, wellness center, spa, salon, fitness center, library, putting green, pet grooming center and a piano and instrumental practice room. The community is expected to open in 2019.

February 19, 2018

Affordable Housing Loans Multifamily Southeast Tennessee

Dwight Capital Funds $31M HUD Loan for Affordable Housing Rehabilitation in Nashville

by Camren Skelton February 19, 2018

NASHVILLE, TENN. — Dwight Capital has provided a $31 million HUD 221(d)(4) loan for the rehabilitation of Haynes Garden Apartments, a 208-unit affordable housing community in Nashville. The 40-year loan was funded in conjunction with 4 percent Low Income Housing Tax Credits (LIHTC) from the local housing authority, as well as a Housing Assistance Payment (HAP) contract renewal. The financing was arranged on behalf of the sponsor, David Izkowitz, through HUD’s Atlanta office. Haynes Garden Apartments features on-site laundry facilities and a community room.

February 19, 2018

Florida Multifamily Southeast

Phoenix Realty Acquires Multifamily Community in Tampa Bay Area for $28.2M

by Camren Skelton February 19, 2018

BRANDON, FLA. — Phoenix Realty Group (PRG) has acquired Tuscany Villas, a 248-unit apartment community in Brandon, for $28.2 million. PRG will invest in a capital improvement program and will rename the community Alvista Sterling Palms. Planned upgrades include new signage, an enhanced amenity package, installation of faux wood flooring in all common areas, new countertops, new kitchen cabinet doors, new hardware and stainless steel appliances. The community was originally constructed in 1997. Of the units, 20 percent are reserved for residents earning less than 50 percent of the area median income (AMI). The acquisition marks PRG’s third apartment community in Florida.

February 19, 2018

Georgia Loans Multifamily Southeast

Berkadia Arranges $19.1M Sale, $14.3M Financing for Apartment Asset in Metro Atlanta

by Camren Skelton February 19, 2018

DORAVILLE, GA. — Berkadia has arranged the $19.1 million sale of Azalea Ridge, a 281-unit apartment community located at 3214 Valley Bluff Drive in Doraville, roughly 25 miles northeast of downtown Atlanta. Andrew Mays, Paul Vetter, Judy MacManus and Matthew White of Berkadia arranged the sale on behalf of the seller, Alexander Property Group. Berkadia’s Richard Levine originated a $14.3 million Freddie Mac loan on behalf of the buyer, Zavala Capital. The seven-year loan features a floating interest rate, 30-year amortization schedule and a 75 percent loan-to-value ratio. Azalea Ridge offers one- and two-bedroom units and features a pool, community picnic area and a fitness center.

February 19, 2018

Market Reports North Carolina Retail Southeast Southeast Market Reports

Triangle Riding High Amid New Retail Development in Downtown Submarkets

by John Nelson February 19, 2018

The Triangle continues to attract national attention due to job growth, relatively low cost of living, economic diversity, a central East Coast location and its access to three world-class universities. Additionally, the Triangle’s unemployment rates are below the state and national averages. These are some of the driving forces that bring nearly 80 residents a day to the metro area, as recently published by U.S. News & World Report. Triangle retailers, developers and investors are taking advantage of this momentum, and the local retail market is thriving as a result. At the conclusion of third-quarter 2017, the Triangle retail vacancy was 6.7 percent. This represents a 60-basis point increase year-over-year. However, there was over 340,000 square feet of positive net absorption during the same quarter. This stat marks the highest quarter of positive absorption for the market since the second quarter of 2014. There were several notable retail deliveries in 2017, such as Carolina Square, containing nearly 50,000 square feet of ground floor retail space. The mixed-use project is located along Franklin Street in Chapel Hill and is a joint venture between Cousins Properties and Northwood Ravin. The retail portion of Carolina Square delivered 84 percent preleased and is anchored …

February 19, 2018

Florida Loans Multifamily Southeast

Trez Forman Provides $85M Construction Loan for Multifamily Project in Fort Lauderdale

by Camren Skelton February 16, 2018

FORT LAUDERDALE, FLA. — Trez Forman Capital Group has provided an $85 million construction loan for the development of 4 West Las Olas, a 360-unit apartment community in Fort Lauderdale. Brett Forman of Trez Forman originated the loan on behalf of the developer, a joint venture between Elevate Partners and NCC Development Group. Trez Forman previously provided a $6 million acquisition loan to the joint venture when it purchased the 1-acre site in mid-2017. Trez Forman will assume the land loan as part of the new construction loan. An existing 64,500-square-foot office building will be demolished to clear the site for construction of 4 West Las Olas. The community will also feature 12,000 square feet of retail space and 387 parking spaces. Moss & Associates is the project’s general contractor, and Greystar will manage the community.

February 16, 2018

Maryland Office Southeast

TIER REIT Sells 280,000 SF Office Building in Baltimore for $60M

by Camren Skelton February 16, 2018

BALTIMORE — Dallas-based TIER REIT has sold 500 East Pratt, a 280,000-square-foot office building in Baltimore, for $60 million. Boca Raton, Fla.-based Morning Calm Management acquired the 13-story building, according to the Baltimore Sun. The building was constructed in 2005 and was 93 percent leased at the time of sale to tenants such as CohnReznick LLP, Saul Ewing, Deloitte, JLL, UBS and McGuire Woods. The sale marks TIER REIT’s exit from the Baltimore market, and reduces the number of markets in which the company operates to six.

February 16, 2018

District of Columbia Loans Office Southeast

Natixis Funds $46.3M Loan to Refinance Office Building in D.C.’s CBD

by Camren Skelton February 16, 2018

WASHINGTON, D.C. — Natixis has provided a $46.3 million loan to Normandy Real Estate Partners for the refinancing of 1015 18th St. N.W., a 109,650-square-foot office building in Washington, D.C,’s Central Business District. A joint venture between Normandy Real Estate Partners and NTT Urban Development Corp. acquired the property in 2015, and renovated the asset from Class B to Class A. Originally constructed in 1970, the building was updated to include a new glass curtainwall façade, new two-story lobby, new base building mechanical and ventilation systems, renovated bathrooms and the addition of a 5,000-square-foot rooftop amenity suite and terrace. The building is situated three blocks from the White House, with immediate access to four Metro lines. The property features ground-level retail space, a fitness center, outdoor space and a below-grade parking garage with 118 spaces.

February 16, 2018

Georgia Retail Southeast

Three New Tenants to Join Shops Around Lenox in Atlanta’s Buckhead District

by Camren Skelton February 16, 2018

ATLANTA — Three new tenants will join Shops Around Lenox, an open-air shopping center in Atlanta’s Buckhead district, in the coming months. New York-based fitness company SoulCycle will open its first Atlanta location at the center in late April, and healthy food concept Flower Child will open its first location in the city in mid-summer. West Elm will also open a new location at the center this summer. The new tenants join recent additions to Shops Around Lenox including Draper James, which opened in November 2017; Blo Blow Dry Bar, which opened in 2016; and Kendra Scott, which opened in 2014. Additional tenants at the center include South Moon Under, Crate & Barrel, Paper Source, lululemon athletica, Suit Supply, fab’rik and Seven Lamps. Retail consultant Tisha Maley and JLL were retained to update and manage the new tenant lineup. Originally constructed in 1979, Shops Around Lenox was updated in 2009 with refreshed facades, new community gathering spaces and new artwork. The center is located within walking distance to more than 10 million square feet of office space, seven hotels and Lenox Square, an enclosed regional mall owned and operated by Simon.

February 16, 2018

Florida Industrial Southeast

Bridge Development, Partners Break Ground on 221,542 SF Industrial Building in Fort Lauderdale

by Camren Skelton February 16, 2018

FORT LAUDERDALE, FLA. — Bridge Development Partners, in a joint venture with Akard Street Partners LP, Banner Oak Capital Partners LP and Elion Partners, has broken ground on Bridge Point Riverbend, a 221,542-square-foot industrial building in Fort Lauderdale. The building is under construction at the intersection of Interstate 95 and Broward Boulevard. The joint venture acquired the 12-acre site in July for $10.4 million and secured $16.6 million in financing to develop the project. The speculative industrial building will feature 32-foot clear heights, rear-dock loading, an ESFR sprinkler system and a 1.4 to 1,000 parking ratio. The building will have the flexibility to accommodate tenants starting at 40,000 square feet.

February 16, 2018

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