Southeast

Majestic, Carter to Develop $350M Mixed-Use Project at Hartsfield-Jackson Atlanta International Airport

by John Nelson November 16, 2016

ATLANTA — Master developers Majestic Realty Co. and Carter have announced plans for a $350 million mixed-use project at Hartsfield-Jackson Atlanta International Airport. Phase I of the project will include an 11-story, 440-room hotel that features a restaurant in the lobby, 80,000 square feet of conference/meeting space, a skybar on the 10th floor that overlooks the airport’s runway, 750 parking spaces and an additional 60,000 square feet of Class A office space. Visitors and hotel guests will have direct access to MARTA and the airport’s SkyTrain service. Majestic Realty and Carter are currently in discussions with InterContinental Hotels Group to serve as the operator of the four-star facility, which will be situated directly west of the domestic terminal. The hotel will be connected to the domestic terminal via a new plaza. Phase II of the project will feature two additional hotels built on 13 acres just west of Phase I. The design stage is expected to begin in 2017 with construction slated to start by early 2018. In 2015, Majestic Realty and Carter signed a 50-year lease for the 26.5-acre site with the city of Atlanta. The master development is part of the airport’s $6 billion ATLNext Initiative.

November 16, 2016

Loans Southeast Virginia

Walker & Dunlop Originates $160.7M in Fannie Mae Financing for Apartment Communities in Metro D.C., Charlotte

by John Nelson November 16, 2016

ASHBURN, VA. AND CHARLOTTE, N.C. — Walker & Dunlop Inc. has closed two Fannie Mae loans totaling $160.7 million on behalf of Cortland Partners for the acquisition and rehabilitation of Stoneridge Apartments in Ashburn and Century Northlake Apartments in Charlotte. Stephen Farnsworth led Walker & Dunlop’s New Orleans team in arranging both loans using Fannie Mae’s Structured Adjustable-Rate Mortgage (SARM), which provides long-term financing with floating interest rates and prepayment flexibility. Cortland Partners plans to reposition both properties through capital improvements, unit renovations and rebranding. The SARM backed by Stoneridge is a seven-year, interest-only loan, and the SARM backed by Century Northlake is a 10-year loan with five years of interest-only payments.

November 16, 2016

Kentucky Loans Seniors Housing Southeast

Eastern Union, Greystone Arrange $105M Acquisition Loan for Seniors Housing Portfolio in Kentucky

by John Nelson November 16, 2016

NEW YORK CITY — Eastern Union Funding and Greystone & Co. have arranged a $105 million loan for a New York-based owner-operator. The loan will be used to partially fund the $120 million acquisition of 12 skilled nursing facilities and one assisted living community in eastern Kentucky. The portfolio totals 1,239 beds and was 95 percent occupied at the time of sale. The seller was not disclosed. Phil Krispin and C.J. Danziger of Eastern Union, along with Greystone’s Jonathan Coven, secured the financing from several regional banks in the eastern United States. The loan includes flexible prepayment terms to allow for an FHA exit.

November 16, 2016

Georgia Office Southeast

Skanska USA Tops Out Class A Office Building in Atlanta’s Cumberland/Galleria Submarket

by John Nelson November 16, 2016

ATLANTA — Skanska USA has topped out the vertical construction of 3400 Overton, a 175,000-square-foot, Class A office building in Atlanta’s Cumberland/Galleria office submarket. Skanska USA is constructing the property on behalf of the developers, TPA Group and USAA Real Estate Co. Situated at the corner of Akers Mill Road and Cumberland Boulevard, the seven-story building will overlook SunTrust Park and the Battery Atlanta, which are both set to open in April 2017. Heery International Design designed 3400 Overton to feature open floor plates and floor-to-ceiling glass. Skanska USA is on track to deliver the office building in June 2017.

November 16, 2016

Florida Loans Restaurant Southeast

West Bay Capital Provides $1.8M Acquisition Loan for Two Restaurants in South Florida

by John Nelson November 16, 2016

DANIA BEACH AND NORTH MIAMI BEACH, FLA. — West Bay Capital, a Los Angeles-based private lender, has provided two loans totaling $1.8 million for the acquisition of two restaurant properties in South Florida currently leased to Checkers, a fast-food burger chain. The drive-thru restaurants are located in Dania Beach and North Miami Beach. As part of the acquisition, the undisclosed borrower recently executed 20-year leases with a Checkers franchisee at both locations. The financing, which represented roughly 90 percent of the purchase price and reflected the value of the new lease agreements, included a $1 million loan for the North Miami Beach restaurant and a $810,000 loan for the Dania Beach location.

November 16, 2016

Florida Loans Mixed-Use Southeast

Arcis Capital Partners Provides $70M Facility for Celebration Pointe in Gainesville

by John Nelson November 15, 2016

GAINESVILLE, FLA. — Arcis Capital Partners LLC has provided a $70 million revolving facility for the development of Celebration Pointe, a more than 1 million-square-foot mixed-use project in Gainesville. Arcis Capital funded the facility on behalf of the borrower, Gainesville-based Celebration Pointe Holdings LLC, the sponsor and owner of Celebration Pointe. The 125-acre development is located along I-75 at Archer Road and features a newly built multi-modal bridge over the interstate. The developer, Celebration Pointe Development Partners, opened a new Bass Pro Shops at Celebration Pointe on Wednesday, Nov. 9. Anchoring the next phase, which is scheduled to open in November 2017, is a Regal Cinemas theater, a second Class A office building and over 350 luxury apartments. Additionally, a 137-room Hotel Indigo and the final phase of the main street retail are slated for a 2018 opening.

November 15, 2016

Mixed-Use Multifamily South Carolina Southeast

Beach Co. Breaks Ground on Mixed-Use Apartment Development in Downtown Columbia

by John Nelson November 15, 2016

COLUMBIA, S.C. — The Beach Co., a Charleston-based real estate developer, has broken ground on the final phase of the mixed-use CanalSide project in downtown Columbia. Situated in The Vista district, the new property is a 339-unit multifamily development known as Sola Station. The community will include 29,000 square feet of commercial space, as well as a saltwater pool, fitness center, yoga studio, dog park, spa, bike shop, clubroom and outdoor kitchens. The consultant team at Sola Station includes JHP Architecture, Creative Builders Inc., Alliance Consulting Engineers Inc., Hodgson & Douglas LLC and Moore Design Group. US Bank NA provided construction financing.

November 15, 2016

Georgia Seniors Housing Southeast

Westminster to Build $10M Memory Care Community in Metro Atlanta

by John Nelson November 15, 2016

NEWNAN, GA. — Westminster Memory Care has planned a new, $10 million memory care community in the Atlanta suburb of Newnan. The Coweta Community Board of Commissioners approved a rezoning of the plot to allow the memory care development to proceed. Developer James Deupree plans to break ground on the community in early 2017 for completion in early 2018. Deupree, of Birmingham, Ala., recently opened a Westminster Memory Care community in nearby Dallas, Ga. He is planning eight more communities for Georgia and South Carolina. Riverwood Retirement Management, a Florida-based operator, will manage all Westminster communities.

November 15, 2016

Florida Office Southeast

CBRE Brokers $8.5M Sale of Office Building in East Orlando

by John Nelson November 15, 2016

ORLANDO, FLA. — CBRE has arranged the $8.5 million sale of Baldwin III, a three-story office building located on New Broad Street within Village City Center in east Orlando’s Baldwin Park submarket. Owens Realty Capital purchased the 44,478-square-foot property from Baldwin III LLC. Built in 2008 by Lincoln Property Co., Baldwin III is the newest of four office buildings within Village City Center and has averaged 93 percent occupancy over the last five years. Ron Rogg and Chip Wooten of CBRE represented the seller in the transaction.

November 15, 2016

Florida Loans Multifamily Southeast

Trillium Capital Arranges $4.1M Acquisition Loan for Apartment Community in Jacksonville

by John Nelson November 15, 2016

JACKSONVILLE, FLA. — Trillium Capital Resources has arranged a $4.1 million acquisition loan for Southside Square Apartments, a 108-unit community located in Jacksonville. Trillium Capital arranged the 10-year, fixed-rate loan through one of the company’s affiliate Freddie Mac Small Balance Lenders on behalf of the New York-based borrower. The loan features 80 percent loan-to-value and three years of interest-only payments.

November 15, 2016

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