Southeast

Meridian Capital Closes $12.5M Acquisition Loan for Retail Center in Broward County

by Camren Skelton October 25, 2017

PLANTATION, FLA. — Meridian Capital Group has arranged a $12.5 million acquisition loan for Plantation Pointe, a 17,052-square-foot shopping center in Plantation, a Broward County city roughly seven miles west of Fort Lauderdale. Noam Kaminetzky of Meridian Capital arranged the 11-year loan with a fixed interest rate of 3.87 percent through a national life insurance company. The borrower was not disclosed. Located at 7500 W. Sunrise Blvd., the property includes three one-story retail buildings. At the time of sale, Plantation Pointe’s tenant roster included Chipotle Mexican Grill, Pieology Pizzeria, Panda Express, The Habit Burger Grill, McAlister’s Deli, AT&T, Starbucks Coffee and Walgreens.

October 25, 2017

Florida Multifamily Southeast

Waterton Buys New Apartment Community in West Miami for $59M

by Camren Skelton October 24, 2017

WEST MIAMI, FLA. — Chicago-based Waterton has purchased Soleste West Gables II, a 221-unit apartment community located at 2001 Ludlam Road in West Miami. Estate Investments Group (EIG), in partnership with Fortune Capital Partners and Mattoni Group, sold the asset to Waterton for $59 million. Completed in September, the community features studio, one- and two-bedroom units. Community amenities include a pool, resident lounge, movie theater, fitness center and a community park with a children’s playground. Waterton acquired the adjacent sister community Soleste West Gables in August 2016. Both properties have been renamed District West Gables.

October 24, 2017

Georgia Multifamily Southeast

Cushman & Wakefield Brokers $55.4M Sale of Two Multifamily Assets in Metro Atlanta

by Camren Skelton October 24, 2017

NORCROSS, GA. — Cushman & Wakefield has brokered the $55.4 million sale of two apartment communities in Norcross, roughly 25 miles northeast of Atlanta. The portfolio includes the 386-unit Sienna Heights, which sold for $32.2 million, and the 301-unit Hickory Grove, which sold for $23.2 million. Tyler Averitt and Robbie O’Bryan of Cushman & Wakefield represented the seller, Schorr Investments, in the transaction. Comunidad Realty Partners acquired both properties. Constructed in 1972, Sienna Heights features a business center, playground, fitness center, soccer field and biking, hiking and jogging trails. Built in 1979, Hickory Grove features a picnic area, laundry facility, pool, playground and a sports court.

October 24, 2017

Loans Southeast Tennessee

Clearview Realty Finance Secures $36.2M Loan for Office Conversion in Downtown Nashville

by Camren Skelton October 24, 2017

NASHVILLE, TENN. — Clearview Realty Finance (CRF) has secured a $36.2 million construction loan for the conversion of a Class B office building in downtown Nashville into a four-star, boutique hotel. CRF arranged the LIBOR-based, floating-rate loan with 36 months of interest-only payments through a correspondent lender relationship on behalf of the borrower, a regional asset management and hospitality development group. A portion of the loan was used to refinance the existing acquisition financing that was provided by a regional bank. The remaining capital will be drawn to finance the total cost to repurpose and convert the property.

October 24, 2017

Georgia Restaurant Retail Southeast

New Food Hall to Open at Coda Development in Midtown Atlanta’s Tech Square

by Camren Skelton October 24, 2017

ATLANTA — The Collective, a new food hall concept, is set to join the forthcoming Coda development underway at 771 Spring St. in Midtown Atlanta’s Tech Square. The Collective will include eight to 10 eateries with communal seating areas opening up into a 20,000-square-foot outdoor space. The historic three-story Crum & Forster building located on the property will serve as an 8,000-square-foot, full-service restaurant with patio seating that will transition to the outdoor space. In addition to several prospective dining options, preliminary plans include a full-service central bar that will enable patrons to take advantage of open carry that will be permitted at Coda. Under development by Portman Holdings, Coda will feature 645,000 square feet of office space, an 80,000-square-foot data center, 30,000 square feet of street-level retail and the new food hall upon completion. Adrienne Crawford and Lily Heimburger of SRS Real Estate Partners are spearheading restaurant leasing for The Collective at Coda, which is slated to open in February 2019. Portman Holdings is also developing the neighboring Anthem Technology Center, a new 21-story, 352,000-square-foot building that will rise at the corner of 4th and West Peachtree streets.

October 24, 2017

Florida Multifamily Southeast

CBRE Arranges $31.5M Sale of Multifamily Community in Central Florida

by Camren Skelton October 24, 2017

DAVENPORT, FLA. — CBRE has arranged the $31.5 million sale of Village at Town Center, a 240-unit multifamily community in the Central Florida town of Davenport. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, Chicago-based VennPoint Real Estate, in the transaction. New York-based Beachwold Partners LP acquired the property. Village at Town Center features a clubhouse, resort-style pool, fitness center, tennis court and water views. At the time of sale, the community was more than 90 percent occupied.

October 24, 2017

Florida Multifamily Southeast Top Stories

Stiles to Build 327-Unit Luxury Apartment Property in Fort Lauderdale, Florida

by Kristin Harlow October 24, 2017

FORT LAUDERDALE, FLA. — Stiles Construction has been selected to build a 25-story, 327-unit luxury apartment property in downtown Fort Lauderdale. Greystar will own and operate the 661,000-square-foot property, to be located at 790 E. Broward Blvd. The project, situated on the site of a former Chase Bank, will feature a 508-space parking garage and a recreational deck with amenities. Greystar purchased the site from Stiles Corp. several months ago. Stiles was also the contractor behind Amaray Las Olas, a 254-unit luxury apartment property located just one block from this project. Neither the construction cost nor a timetable for completion was disclosed. Greystar received an $88 million construction loan for the project, according to the South Florida Business Journal. This is the second residential tower in downtown Fort Lauderdale to be announced recently. Earlier this month, the Fort Lauderdale City Commission approved Ocean Land Investments’s proposed Riverwalk Residences of Las Olas project, which will offer 401 units of seniors housing in a 42-story building. Fort Lauderdale-based Stiles has completed more than 43 million square feet of office, industrial, retail and mixed-use residential projects in the Southeastern United States. Charleston, S.C.-based Greystar is the largest operator of apartments in the country, with …

October 24, 2017

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Forecast Survey: What’s Your Take on Real Estate in 2018?

by John Nelson October 24, 2017

France Media, Inc. is conducting a brief online survey to gauge market conditions, and we welcome your participation. This survey should only take a few minutes to complete. Questions range from property sectors that your firm is most bullish on heading into 2018 to trends in deal volume to the outlook for interest rates. The results will be collated and published in the January 2018 issue of our regional magazines. Conducting these surveys is part of our mission at France Media to provide readers with indispensable information. To participate in our broker/agent survey, click here. For developers/owners/managers, click here. For lenders and financial intermediaries, click here. (Note: Please remember to click on “done” to properly submit the survey.) Sincerely, Matt Valley Editorial Director, Real Estate Regionals France Media, Inc.

October 24, 2017

Florida Hospitality Southeast

Tavistock Unveils Plans for 215-Room Hotel in Orlando’s Lake Nona District

by Camren Skelton October 23, 2017

ORLANDO, FLA. — Tavistock Development Co. has unveiled plans for a new 215-room hotel at Lake Nona, a 7,000-acre master-planned community in southeast Orlando. Designed by architecture firm Arquitectonica, the 16-story hotel will feature a 200-person capacity ballroom; rooftop pool, lounge and bar; more than 6,000 square feet of meeting space; 24-hour fitness center with on-demand fitness from Technogym; and ground floor retail located next to The Lawn, a multi-purpose, open-air green space within Lake Nona Town Center. The new hotel will be situated within the next phase of the Town Center. At full build-out, the Town Center will feature more than 3.8 million square feet. Its first phase opened in January 2016 with an 85,000-square-foot office building, two hotels, 16,000 square feet of retail and restaurant space and a multi-level parking structure.

October 23, 2017

Florida Loans Multifamily Southeast

CBRE Arranges $36.6M in HUD Construction Financing for Apartment Asset in Florida Panhandle

by Camren Skelton October 23, 2017

PANAMA CITY BEACH, FLA. — CBRE has arranged $36.6 million in construction and permanent financing for the development of Parkside at the Beach Apartments, a 288-unit market-rate multifamily community in Panama City Beach. Robert LaChapelle and Ann Cone of CBRE arranged the 40-year, fully amortizing loan with 22 months of interest-only payments on behalf of the borrower, Parkside PCB LLC. The loan is being funded through the U.S. Department of Housing and Urban Development’s (HUD) 221(d)(4) new construction mortgage insurance program. Parkside at the Beach Apartments is being developed by a joint venture between The Ardent Cos. and Parkside Equities. The development will be located at 17225 Panama City Beach Parkway and will feature a clubhouse, storage units, boat storage, cyber café, fitness center, pool and a dog park.

October 23, 2017

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