Southeast

PRP, TPG Group Sell 604,930 SF Distribution Center in Savannah for $32.9M

by John Nelson October 21, 2016

SAVANNAH, GA. — PRP LLC and Atlanta-based TPG Group have sold Interstate Center II, a 604,930-square-foot distribution facility in Savannah. An affiliate of Gramercy Capital purchased the property for $32.9 million. The property was owned in partnership between one of PRP’s comingled investment funds and TPG Group. Built in 2009 on a 54-acre parcel, the property features 32-foot clear heights and cross-dock loading. Interstate Center II was fully leased this summer to tenants including Ameriwood Industries, a subsidiary of Montreal-based Dorel Industries.

October 21, 2016

Georgia Multifamily Southeast Top Stories

SunTrust Banks to Acquire Pillar Financial’s Multifamily Business

by John Nelson October 21, 2016

ATLANTA — SunTrust Banks Inc. (NYSE: STI) has signed a definitive agreement to acquire all of the assets of the operating subsidiaries of Pillar Financial LLC. The assets include Pillar’s multifamily lending business, which comprises affordable housing, healthcare properties, seniors housing and manufactured housing specialty teams. The assets also include Chicago-based Cohen Financial’s commercial real estate investor services business, advisory services and offering loan administration, as well as its mortgage banking business. Following completion of the acquisition, the Pillar team will join SunTrust’s Commercial Real Estate (CRE) division, which is part of the bank’s Wholesale Banking segment. CRE provides banking and capital markets services to commercial real estate developers, owners and operators through various lending platforms. “SunTrust and Pillar make a fantastic combination since there is very little overlap in our capabilities, yet there is tremendous synergy and compatibility,” says Anand Gajjar, CEO and senior managing director of Pillar Financial. Following the acquisition, Gajjar will report to Kathy Farrell, executive of SunTrust’s CRE division. “Our management team is energized to serve our clients with the significant product offerings of SunTrust,” adds Gajjar. The acquisition will expand SunTrust’s multifamily lending capabilities, given that Pillar Financial holds licenses with all three agencies …

October 21, 2016

Affordable Housing Florida Loans Multifamily Southeast

Greystone Helps Preserve 1,058 Affordable Housing Units in Florida in $130.8M Transaction

by John Nelson October 20, 2016

NEW YORK — Greystone Affrodable Housing Initiatives LLC has closed a $130.8 million transaction to help preserve 1,058 affordable housing units in Florida. The 24 aged properties are located in 12 counties throughout the state. Completed on behalf of owner and operator The Hallmark Cos. Inc., the financing included $41.6 million in tax-exempt bonds by Osceola County; Boston Financial purchasing $28.1 million in 4 percent Low-Income Housing Tax Credits; HUD’s assumption of $26.7 million of original USDA Section 515 debt, which provides subsidized financing to developers of affordable housing in rural markets; $29.9 million in senior debt; and $4.5 million in additional capital. Greystone worked closely with the USDA’s Rural Housing Service, as well as Osceola County Housing Finance Authority and Florida Housing Finance Corp. in the transaction. Hallmark will use the funds to rehabilitate the interior and exterior of the 24 properties over the next 12 months at an average of $32,000 per unit. The redevelopment team includes Columbia, Mo.-based architect Wallace Architects LLC and Roswell, Ga.-based general contractor Formula Construction Group.

October 20, 2016

Florida Office Southeast

Cushman & Wakefield Brokers $113M Sale of Trophy Office Building in Fort Lauderdale

by John Nelson October 20, 2016

FORT LAUDERDALE, FLA. — Cushman & Wakefield has brokered the $113 million sale of 110 Tower, a 394,830-square-foot trophy office tower located at 110 S.E. 6th St. in Fort Lauderdale’s CBD. Built in 1988, the 30-story, Class A office tower features 22 stories of office space, five stories of structured parking, two levels of mechanical space and ground-floor retail space. Mike Davis, Rick Brugge, Michael Lerner, Scott O’Donnell and Dominic Montazemi of Cushman & Wakefield’s Capital Markets team represented the seller, Dallas-based Genesis Capital Partners XI Ltd., a GenCap Partners Inc. investment fund. Boca Raton-based IP Capital Partners LLC purchased 110 Tower for $286 per square foot. Amenities at 110 Tower include Subway, 110 Fitness, That’s A Wrap, Dunkin’ Donuts, Sabadell Bank, a car wash, wraparound outdoor terrace, ballroom and conference facilities. The previous owner invested $15 million in capital improvements at 110 Tower in 2011.

October 20, 2016

Loans Multifamily North Carolina Southeast

KeyBank Arranges $34.8M Loan for Apartment Community in Metro Charlotte

by John Nelson October 20, 2016

CONCORD, N.C. — KeyBank Real Estate Capital has arranged a $34.8 million loan for Century Afton Ridge, a 360-unit apartment community in Concord, a northern suburb of Charlotte. The undisclosed borrower purchased Century Afton Ridge in March 2016 and has maintained stabilized occupancy since June. The borrower will use the Fannie Mae loan to refinance existing debt on the property. Trevor Ritter of KeyBank arranged the seven-year loan with two years of interest-only payments and a 30-year amortization schedule.

October 20, 2016

North Carolina Retail Southeast

InvenTrust Acquires Whole Foods-Anchored Center in Metro Charlotte for $31M

by John Nelson October 20, 2016

HUNTERSVILLE, N.C. — InvenTrust Properties Corp. has purchased Northcross Commons, a 61,000-square-foot, grocery-anchored shopping center in Huntersville, roughly 14 miles north of Charlotte. InvenTrust acquired the Whole Foods Market-anchored center from Hawthorne Retail Partners for approximately $31 million. Located at 9121 Sam Furr Road, Northcross Commons is situated adjacent to Birkdale Golf Community and Country Club and Birkdale Village, a retail development leased to tenants such as Banana Republic, Williams-Sonoma, Regal Cinemas, Talbots and Barnes & Noble. InvenTrust’s portfolio in metro Charlotte includes Poplin Place in Monroe and Sycamore Commons in Matthews.

October 20, 2016

Georgia Retail Southeast

SRS Arranges Sale of Grocery-Anchored Shopping Center in Georgia

by John Nelson October 20, 2016

CARTERSVILLE, GA. — SRS’ Southeast investment sales team in Atlanta has brokered the sale of Felton’s Crossing, a 112,240-square-foot shopping center located at 879 Joe Frank Harris Parkway in Cartersville. Situated near the southwest corner of the intersection of East Road and Felton Place, Felton’s Crossing is situated on a 10.9-acre parcel and in anchored by Ingles and Planet Fitness. Kyle Stonis and Pierce Mayson of SRS’ Atlanta office represented the seller, Felton’s Associates LLC, in the transaction. The buyer, a private fund, purchased the property for an undisclosed price and was self-represented in the transaction.

October 20, 2016

Mixed-Use North Carolina Southeast Top Stories

Horizon Development Properties Selects Fallon Co. to Develop $330M Mixed-Use Project in Charlotte

by John Nelson October 20, 2016

CHARLOTTE, N.C. — Horizon Development Properties Inc. (HDP) has selected The Fallon Co. to serve as the master developer for the redevelopment of the 16.2-acre Strawn Cottages site in Charlotte. Once completed, the new $330 million mixed-use development will feature 725 new mixed-income apartments, with 145 of the apartments deemed affordable; 20 units of for-sale townhomes; approximately 57,000 square feet of retail space; approximately 330,000 square feet of office space; a hotel featuring 180 rooms; and a central green space. “HDP is excited about The Fallon Co.’s vision that will create an ‘inclusive housing strategy’ within a dynamic mixed-use community,” says A. Fulton Meachem Jr., chief executive officer of HDP. “The Fallon Co. will ensure that HDP’s goal of providing 20 percent of the new rental apartments affordable to families earning between 65 to 80 percent of the area median income becomes a reality. Our model is an essential smart growth strategy that can be duplicated all over our great city.” Situated immediately adjacent to South End in the Dilworth neighborhood, the site is one of the largest fully entitled, transit-oriented development sites in the region. The redevelopment will be conducted in multiple phases, the first of which will consist …

October 20, 2016

Georgia Southeast Student Housing

Landmark, Selig Underway on $110M Student Housing Project in Midtown Atlanta

by John Nelson October 19, 2016

ATLANTA — Athens, Ga.-based Landmark Properties and Atlanta-based Selig Enterprises have teamed up to co-develop The Standard at Atlanta, a new 362,000-square-foot student housing and mixed-use development in Midtown Atlanta. Construction on the 765-bed development began in August, and the Atlanta Business Chronicle reports the development costs total $110 million. Landmark and Selig expect the first phase of the project to be open to residents during the second half of 2018 and anticipate pre-leasing to begin in late 2017. Bound by Spring, Williams, 3rd and 4th streets, The Standard will be situated less than a half-mile from Georgia Tech’s campus and one block from Technology Square. The Standard’s amenities will include a clubhouse, rooftop pool, tanning beds, fitness center, sauna, golf simulator, study lounge and computer lab. Residences will include granite countertops, stainless steel appliances, hardwood-style floors, washers and dryers and private balconies in select units. The Standard will provide a mix of studio, one-, two-, three-, four- and five-bedroom floor plans and will also include commercial retail space on the ground floor featuring more than 10,300 square feet and a new Starbucks with a drive-thru. There will also be more than 500 parking spaces for residents and 55 spaces …

October 19, 2016

Florida Loans Multifamily Southeast

BB&T Provides $103M Construction Loan to Melo Group for Square Station High-Rises in Miami

by John Nelson October 19, 2016

MIAMI — BB&T Bank has provided a $103 million construction loan to Miami-based Melo Group for Square Station, a multifamily development located at 1424 N.E. Miami Place in downtown Miami’s Arts and Entertainment district. Set for completion in 2018, the property will include two 34-story high-rise towers comprising 710 apartment residences and 15,000 square feet of ground-level retail and restaurant space. Situated adjacent to the Miami-Dade Metromover School Board Station, the apartment project will include one-, two- and three-bedroom apartments with rental rates ranging from approximately $1,650 to $2,500 per month. Interiors will include granite countertops, stainless steel appliances, laminated wood floors, porcelain tile and full-size washer and dryers in all units. Community amenities will include a resort-style swimming pool and pool deck, Jacuzzi, fitness center, valet service, covered garage parking, security control remote access and a social room for residents.

October 19, 2016

Newer Posts

Older Posts