Southeast

Cushman & Wakefield Arranges $32.7M Sale of Multifamily Community in Charlotte

by Camren Skelton November 16, 2017

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the $32.7 million sale of Tryon Park at Rivergate, a 202-unit apartment community in Charlotte. Jordan McCarley, Marc Robinson and Watson Bryant of Cushman & Wakefield arranged the transaction on behalf of the seller, Charlotte-based White Point Partners. Raleigh-based Chaucer Creek Capital acquired the asset. Tryon Park at Rivergate features a business center, saltwater swimming pool, fitness center with a yoga and Pilates studio, car care center, dog park, grilling stations and detached garages.

November 16, 2017

Loans Multifamily Seniors Housing Southeast Virginia

Westminster Canterbury Receives $38.2M Loan for Seniors Housing Project in Central Virginia

by Camren Skelton November 16, 2017

LYNCHBURG, VA. — Westminster Canterbury-Lynchburg, a nonprofit provider of residential and healthcare services for older adults, has received a $38.2 million construction loan from SunTrust Bank to develop a new, six-story seniors housing project. The new building will be located on the retirement community’s existing 42-acre campus, and will feature 84 private, neighborhood-style rooms, and two floors dedicated to parking and administrative offices. Construction on the new center is slated for completion by late spring 2019. In addition to the new facility, Westminster Canterbury-Lynchburg will renovate its three main dining areas and redesign its wellness center. The upgrades are slated for completion next year.

November 16, 2017

Loans Louisiana Multifamily Southeast

CBRE Arranges $29M Bridge Loan for New Apartment Community in Baton Rouge

by Camren Skelton November 16, 2017

BATON ROUGE, LA. — CBRE has arranged a $29 million bridge loan for River House Apartments, a 224-unit multifamily community under construction in Baton Rouge. In addition to residential units, the property will include 35,000 square feet of office space and 16,000 square feet of retail space upon completion. Jonathan Rice of CBRE arranged the loan through Benefit Street Partners on behalf of the borrowers, Emanuel Organek and Marc Blumberg. River House is located roughly one mile from Louisiana State University and a half-mile from downtown Baton Rouge. The property is adjacent to the Water Campus, a 35-acre Mississippi riverfront research park dedicated to the study of coastal restoration and sustainability.

November 16, 2017

Georgia Hospitality Southeast

Legacy Ventures Completes $16M Renovation of Historic Hotel in Downtown Atlanta

by Camren Skelton November 16, 2017

ATLANTA — Legacy Ventures has completed the $16 million renovation of The American Hotel, a 315-room hotel operating as a DoubleTree Hilton in downtown Atlanta. Originally constructed in 1962, the hotel has hosted public figures including Elvis Presley, Carol Channing, Jimmy Carter, James Brown, Nelson Rockefeller and Dr. Martin Luther King Jr. The renovation embraces mid-century modern furnishings and design and includes 60s car-themed headboards and an Airstream trailer serving as the poolside bar. The hotel’s renovated meeting and banquet space can accommodate up to 500 guests, and the updated fitness facilities include virtual fitness classes. The American Hotel is also home to The Cloakroom Kitchen & Bar, which pays tribute to the Cold War. In addition, the hotel is situated within walking distance to the Tabernacle concert hall, Centennial Olympic Park and the new Mercedes-Benz Stadium.

November 16, 2017

Florida Hospitality Southeast

WoodSpring Hotels Opens 123-Room Extended-Stay Hotel Near Miami

by Camren Skelton November 16, 2017

RICHMOND HEIGHTS, FLA. — WoodSpring Hotels has opened a new location at 16055 S.W. 117th Ave. in Richmond Heights, roughly 23 miles south of Miami. The 123-room WoodSpring Suites Miami Southwest offers three room layouts, each with an in-room kitchen equipped with full-size refrigerator, two-burner stovetop and a microwave. WoodSpring Suites also features guest laundry and a fitness center. Gold Coast Premier Properties LLC owns the hotel, and Hotel Management & Consulting LLC (HMC) will manage the property. Gold Coast Premier also plans to complete seven more WoodSpring Suites in the South Florida area.

November 16, 2017

Georgia Hospitality Mixed-Use Restaurant Retail Southeast

Nobu Hotel, Restaurant to Headline Phipps Plaza Expansion in Atlanta’s Buckhead District

by Camren Skelton November 15, 2017

ATLANTA — Simon has unveiled plans to transform Phipps Plaza, an upscale shopping mall in Atlanta’s Buckhead district, into a mixed-use destination. The additional uses coming to Phipps Plaza include a 150-room Nobu Hotel, 10,000-square-foot Nobu Atlanta Restaurant, 90,000-square-foot Life Time Athletic fitness center and a 12-story office building. The hotel will feature a rooftop pool, conference space and spa facilities, and the restaurant will offer Japanese-style cuisine. Life Time will develop an athletic club in a three-level space that will feature studio, yoga and cycle classes, personal training, a café, rooftop pool, beach club and a bistro. The new buildings will join recent additions to Phipps Plaza including the 166-room AC Hotel Atlanta Buckhead and the 319-unit Domain at Phipps Plaza, an upscale apartment community. Construction is scheduled to begin in 2018, with a phased opening beginning in spring 2020.

November 15, 2017

Florida Loans Multifamily Southeast

Encore Receives $75M Loan for New Apartment Project in Fort Lauderdale’s Flagler Village

by Camren Skelton November 15, 2017

FORT LAUDERDALE, FLA. — Encore Capital Management has received a $75 million construction loan for The Rise Flagler Village, a 348-unit apartment project located at 405 N.E. 2nd St. in downtown Fort Lauderdale’s Flagler Village. Walker & Dunlop arranged the financing through Pacific Western Bank and Square Mile Capital. G.T. McDonald Enterprises Inc. will serve as the general contractor for the project, and Cohen Freedman Encinosa & Associates Architects Pa Inc. will serve as the architect. The Rise Flagler Village will feature a pool, garden, fitness center, lounge area and ground floor retail. The project will be situated within walking distance to shopping, outdoor entertainment and transit offered within Flagler Village. Construction is expected in begin in January 2018.

November 15, 2017

Alabama Multifamily Seniors Housing Southeast

Methodist Homes Completes $42.5M Expansion of Seniors Housing Community in Birmingham

by Camren Skelton November 15, 2017

BIRMINGHAM, ALA. — Methodist Homes has completed the $42.5 million expansion of Fair Haven, a 375-bed continuing care retirement community (CCRC) in Birmingham. The community is the first in Alabama to fully implement the Household Model for resident care, featuring a front door with doorbell, living room with fireplace, sunroom, den, spa and a home kitchen where meals are prepared and served. The expansion includes the addition of 15 independent living apartments, 23 assisted living apartments and 59 licensed nursing beds. In addition, Fair Haven includes 20 memory care units in a newly renovated building.

November 15, 2017

Florida Office Southeast

Highline, Sefira Acquire Two-Building Office Portfolio in Broward County for $13M

by Camren Skelton November 15, 2017

WESTON, FLA. — Highline Real Estate Capital, in a joint venture with Sefira Capital, has acquired a two-building, 63,000-square-foot office portfolio in Weston, for $13 million. Situated in South Florida’s Broward County, the portfolio includes the 28,000-square-foot Chase Building located at 1040 Weston Road and the 35,000-square-foot Weston Commerce Center at 1625 N. Commerce Parkway. David Duckworth, John Crotty and Michael Fay of Avison Young arranged the transaction on behalf of the seller, Realty Associates Fund X LP, an affiliate of Boston-based TA Realty. Christian Lee and Amy Julian of CBRE arranged acquisition financing on behalf of Highline and Sefira through BankUnited. Alfie Hamilton and Caitlin Inklebarger of Colliers International will handle the portfolio’s leasing assignment. At the time of sale, the buildings were 90 percent leased.

November 15, 2017

Florida Multifamily Southeast

Cushman & Wakefield Arranges $7.1M Sale of Multifamily Community in North Miami

by Camren Skelton November 15, 2017

NORTH MIAMI, FLA. — Cushman & Wakefield has arranged the $7.1 million sale of Holly House, a 57-unit apartment community in North Miami. Calum Weaver and Perry Synanidis of Cushman & Wakefield arranged the transaction on behalf of the seller, Barry University Inc. Holly House Partners LLC, a subsidiary of Freshwater Group, acquired the asset. The three-story community totals 45,496 square feet and was constructed in 1968. Barry University acquired the property in 2009 to serve as student housing. The building was vacated in May 2017. Holly House offers a mix of one- and two-bedroom units with an average size of 796 square feet. Community amenities include a pool, courtyard and a laundry room.

November 15, 2017

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