Southeast

EIG Secures $52M in Construction Financing for Apartment Community in Miami

by Camren Skelton November 7, 2017

MIAMI — Estate Investments Group (EIG) has secured $52 million in construction financing for the development of Soleste Blue Lagoon, a new 33-unit apartment community that will be located at 5375 N.W. 7th St. in Miami. EIG secured the financing through Florida Community Bank. Soleste Blue Lagoon will feature studio, one-, two- and three-bedroom units ranging in size from 400 to 1,100 square feet, with rents starting at $1,300 per month. Community amenities will include a resort-style pool, sun deck with private cabanas, private beach with sand volleyball court, health and fitness club and a rooftop garden. Construction is slated for completion by summer 2019.

November 7, 2017

Florida Loans Multifamily Southeast

CBRE Arranges $48M Refinancing for Multifamily Property in St. Petersburg

by Camren Skelton November 7, 2017

PETERSBURG, FLA. — CBRE has arranged a $48 million Fannie Mae loan for the refinancing of Peridot Palms, a 381-unit apartment community in St. Petersburg. Benjamin Roelke of CBRE arranged the long-term financing on behalf of the borrower, Parkland Development Corp. Delivered in March, the property features wood-style flooring, European-style cabinets and granite or quartz countertops. Community amenities include a clubhouse, fitness center and a resort-style swimming pool. In addition, the property has an energy-efficient certification from the Green Building Initiative.

November 7, 2017

Georgia Mixed-Use Office Southeast

CREW Atlanta: The Key to Connectivity Lies in Transit-Oriented Development

by Camren Skelton November 7, 2017

ATLANTA — When it comes to creating a “connected Atlanta,” experts say the foundation is in building a connected community. At a Nov. 2 luncheon hosted by the Atlanta chapter of Commercial Real Estate Women (CREW Atlanta), representatives from Atlanta’s local transit authority, MARTA, and Dallas-based development firm KDC highlighted projects around the city all centered around a common theme: mass transit. “MARTA has five transit-oriented development (TOD) projects in various stages of development along the north and east rail lines,” said Debbie Frank, senior development project manager in MARTA’s office of TOD and Real Estate. “These developments are vibrant, pedestrian-friendly and generally integrated within our spaces.” The projects are part of MARTA’s larger goal to increase ridership, generate revenue and support both local community development and regional economic development. Each project will utilize underused parking lots for new commercial and residential development, which will include apartments, office space and retail. “We want to take a different approach to parking by reducing the number of parking spaces provided in our TOD projects,” said Frank. “A foundational principle of TOD is one that reflects the replacement of some car trips. Not all, but some, by taking the train, walking or biking.” …

November 7, 2017

Florida Multifamily Seniors Housing Southeast Top Stories

Griffin-American Healthcare REIT IV Acquires Nine-Property Seniors Housing Portfolio in Central Florida for $110M

by Katie Sloan November 7, 2017

TAMPA AND ORLANDO, FLA. — Griffin-American Healthcare REIT IV Inc., co-sponsored by American Healthcare Investors and Griffin Capital Co. LLC, has acquired a nine-property seniors housing portfolio totaling 1,140 units in Central Florida. The properties are located in cities throughout greater Tampa and Orlando. Acquisitions include Spring Haven Retirement in Winter Haven; Lake Morton Plaza in Lakeland; Renaissance Retirement in Sanford; Forest Oaks in Spring Hill; Bayside Terrace in Pinellas Park; Balmoral Assisted Living in Lake Placid; Bradenton Oaks in Bradenton; and The Grande and Spring Oaks, both located in Brooksville. The portfolio contains 814,000 square feet of assisted living, independent living and memory care space and has an aggregate occupancy rate of approximately 84 percent. The properties have undergone renovations by the former owner, New Senior Investment Group, over the course of the last three years. The acquisition was completed via a joint venture with an affiliate of Meridian Senior Living LLC, which will manage the portfolio on a day-to-day basis. Griffin-American Healthcare owns approximately 98 percent of the joint venture. “The addition of the Central Florida seniors housing portfolio provides the REIT with a significant footprint in Florida amidst a large and aging population that is increasingly likely to transition to senior …

November 7, 2017

Georgia Hospitality Southeast

Crescent Real Estate Acquires Westin Hotel in Metro Atlanta for $84.9M

by Camren Skelton November 6, 2017

SANDY SPRINGS, GA. — Crescent Real Estate LLC has acquired the Westin Atlanta Perimeter North, a 372-room hotel in Sandy Springs, roughly 15 miles north of downtown Atlanta. The Atlanta Business Chronicle reports a joint venture between Carey Watermark Investors and The Arden Group Inc. sold the asset for $84.9 million. The hotel is located adjacent to the 63-acre Concourse Corporate Center, a 2.2 million-square-foot, Class A office complex in Atlanta’s Central Perimeter office submarket that includes the “King and Queen” office towers. The Westin Atlanta Perimeter North features 20,000 square feet of meeting space, a business center, fitness studio, outdoor pool and the SAVOR bar and kitchen. The hotel was renovated in 2014 to include enhancements to rooms, public areas, meeting space and food and beverage facilities. HEI Hotels will manage the property on behalf of the new ownership.

November 6, 2017

Loans Multifamily Southeast Virginia

KeyBank Arranges $73.3M Acquisition Loan for Multifamily Property in Metro D.C.

by Camren Skelton November 6, 2017

ALEXANDRIA, VA. — KeyBank Real Estate Capital has arranged a $73.3 million acquisition loan for The Parker at Huntington Metro, a 360-unit multifamily community in Alexandria, roughly eight miles south of Washington, D.C. Chris Black and Caleb Marten of KeyBank arranged the 10-year Fannie Mae loan with five years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed. Constructed in 2016, The Parker features a 24-hour fitness center, bike racks, outdoor TVs, pool, virtual golf simulation room, game room, dog park and a pet spa. Of the 360 units, 54 are reserved for affordable housing.

November 6, 2017

Maryland Office Southeast

Cushman & Wakefield Brokers $32.8M Sale of Office Building in Baltimore

by Camren Skelton November 6, 2017

BALTIMORE — Cushman & Wakefield has arranged the $32.8 million sale of 120 E. Baltimore St., a 25-story office tower in Baltimore. Graham Savage and Nicole Keelty of Cushman & Wakefield arranged the transaction on behalf of the buyer, Boston-based Grander Capital Partners. The seller was not disclosed. At the time of sale, the office building was 75 percent leased to SunTrust Bank, State of Maryland Pension System and the Baltimore City State Attorney’s Office.

November 6, 2017

Multifamily South Carolina Southeast

Berkadia Arranges $11.4M Sale of Apartment Asset Near Charleston

by Camren Skelton November 6, 2017

HANAHAN, S.C. — Berkadia has arranged the $11.4 million sale of Lakewood Lodge, a 130-unit multifamily property in Hanahan, located roughly 15 miles northwest of Charleston. Mark Boyce and Blake Coffey of Berkadia arranged the transaction on behalf of the seller, South Carolina-based Arim Lakewood LLC. New Jersey-based Eskay Management LLC acquired the asset. Constructed in 1975, Lakewood Lodge offers one- and two-bedroom floor plans. Community amenities include a clubhouse, pool, recreational room, playground, laundry room, courtyard and a business center.

November 6, 2017

North Carolina Retail Southeast

CRG Closes $5.2M Sale of Grocery-Anchored Center in Coastal North Carolina

by Camren Skelton November 6, 2017

CALABASH, N.C. — Cleeman Realty Group (CRG) has arranged the $5.2 million sale of Carolina Commons, a 50,400-square-foot, Food Lion-anchored retail center in Calabash, located 28 miles northeast of Myrtle Beach, S.C. Jacob Baruch, David Kaufman and Michael Cleeman of CRG represented the undisclosed buyer and the seller, a group of TIC investors. Carolina Commons was 93 percent leased at the time of sale.

November 6, 2017

Kentucky Market Reports Multifamily Southeast Southeast Market Reports

Louisville’s Multifamily Market Proves It’s Better to Arrive Late than Never

by John Nelson November 6, 2017

Sometimes there are benefits to being late to the party. Louisville, having lagged behind larger surrounding cities in multifamily development post-recession, is now experiencing a boom in apartment construction, much of which is being supplied by out-of-state developers. For similar reasons, including Louisville’s sustained economic growth fueled by continued strength as an international distribution center alongside a stable manufacturing base, national investor demand for Louisville multifamily properties has intensified. Traditionally known for the Kentucky Derby and the bourbon industry, Louisville is now raising eyebrows with a growing population, robust job growth and balanced multifamily supply and demand. Big Business, Jobs At the heart of this burgeoning story is UPS Worldport, the primary global air hub for the world’s largest package delivery company. UPS, the largest private employer in Kentucky, continues to expand its presence in Louisville, having recently announced a $310 million expansion of its Centennial hub sorting facility. Ford Motor also recently announced that it is investing $900 million in its Kentucky Truck Plant, in addition to the $1.3 billion and 2,000 jobs created at that plant in late 2015 to build Ford Super Duty trucks. Additionally, Qingdao Haier Co., having acquired Louisville-based GE Appliances in June 2016, announced …

November 6, 2017

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