Southeast

Federal Realty Investment Trust Reveals Plans for New Pike & Rose Office Building in North Bethesda

by Camren Skelton June 16, 2017

NORTH BETHESDA, MD. — Federal Realty Investment Trust has revealed plans for 909 Rose Ave., the second office building within the 24-acre Pike & Rose mixed-use project in North Bethesda. Designed by Hickok Cole, the 11-story, Class A, LEED Silver-certified office building will include panoramic views from the rooftop terrace, meeting rooms, collaborative spaces, bike storage and a gym facility with showers. Tenant build-out could begin as early as the fall of 2019, with move-in by the first quarter of 2020. Merrill Lynch, Bank of America, Regus and Hilti are among the tenants in Pike & Rose’s first office building. Other components of Pike & Rose include more than 20 restaurants and 25 retail shops.

June 16, 2017

Florida Retail Southeast

DDR, Madison International Realty Close $1.05B Recapitalization of DDR Domestic Retail Fund I

by John Nelson June 15, 2017

BEACHWOOD, OHIO — Beachwood-based DDR Corp. and an affiliate of Madison International Realty have closed the $1.05 billion recapitalization of a joint venture with 52 shopping centers previously owned by DDR and various partners through the DDR Domestic Retail Fund I. Madison International Real Estate Liquidity Fund VI, an investment fund managed by Madison International Realty, acquired 80 percent of the common equity of the joint venture and an affiliate of DDR retained 20 percent. The portfolio, totaling 7 million square feet, consists primarily of grocery-anchored shopping centers located predominantly in Florida and the Southeastern U.S., and was originally formed in 2007. Three properties previously held by the partnership have been excluded from the recapitalization and are being held in a separate joint venture with the previous partners of DDR Domestic Retail Fund I, including DDR. The recapitalization includes the repayment of all outstanding mortgage debt previously held by the partnership with a new $707 million mortgage loan secured by the 52 assets. DDR will continue to provide leasing and management services.

June 15, 2017

North Carolina Office Southeast

Arden Group Acquires BB&T Center in Charlotte for $148.5M, Plans $10M in Renovations

by Camren Skelton June 15, 2017

CHARLOTTE, N.C. — Arden Group has purchased the BB&T Center, a 22-story, 567,835-square-foot office tower located on 200 S. College St. in uptown Charlotte. The Philadelphia-based investment firm purchased the property through its discretionary fund affiliate, Arden Real Estate Partners II LP, for $148.5 million, according to The Charlotte Observer. HFF brokered the transaction, and Starwood Property Trust Inc. provided acquisition financing. Arden plans to invest $10 million in capital improvements to modernize the common areas and building systems. Charlotte-based commercial real estate firm Trinity Partners will handle the office leasing, property and project management. BB&T, AIG, TekSystems, AeroTek and Ring Central Inc. are among the building’s current tenants.

June 15, 2017

Alabama Multifamily Seniors Housing Southeast

Kirco Breaks Ground on 132-Unit Assisted Living Facility in Birmingham

by Camren Skelton June 15, 2017

BIRMINGHAM, ALA. — Kirco and its construction management affiliate Kirco Manix, in partnership with Phoenix Senior Living and EDT Inc., has broken ground on The Bluffs at Greystone, a 132-unit senior housing community in Birmingham. The community will provide both independent and assisted living and will be designed to include memory care units in the future. Slated to open in July 2018, the property will feature an indoor pool, wellness center, dining, beauty salon, yoga studio and demonstration kitchen. The project marks Kirco’s entrance into the senior living sector in the state of Alabama.

June 15, 2017

Georgia Office Southeast

Terra Cap Management Acquires Metro Atlanta Office Developments for $47M

by John Nelson June 15, 2017

ALPHARETTA, GA — Terra Cap Management LLC has closed on the $47 million acquisition of Deerfield and Windward Pointe, a three building, Class A office portfolio consisting of 336,000 rentable square feet in the Atlanta suburb of Alpharetta. Located at 12725 and 12735 Morris Road, Deerfield Pointe consists of two four-story office buildings totaling more than 208,000 square feet. The property offers four parking spaces per 1,000 square feet, a fitness center and nearby walkable amenities. Windward Pointe, a five-story, 131,732-square-foot building located at 5900 Windward Parkway, was opened in 1997 and renovated in 2014. Lincoln Property Co. Southeast was awarded leasing for the properties, while Crocker Partners LLC will remain in place for property management. Florida Community Bank provided acquisition financing and Samir Idris of Cushman & Wakefield represented the undisclosed seller.

June 15, 2017

District of Columbia Hospitality Loans Southeast

Natixis Provides $39M Loan for Hyatt Place Hotel in D.C.

by John Nelson June 15, 2017

WASHINGTON, D.C. — Natixis has provided a $39 million floating-rate, first mortgage loan to Washington, D.C.-based Excel Group for the acquisition of the 200-room Hyatt Place hotel located in the NoMa neighborhood of Washington, D.C. The 14-story, LEED Silver-certified hotel was constructed in 2014. Designed by Cooper Carry Inc., the property features a restaurant and lounge, 1,600 square feet of meeting space, an outdoor pool, fitness center and a business center. Excel’s current portfolio consists of 18 hospitality assets totaling over 2,200 rooms located throughout the eastern United States.

June 15, 2017

Multifamily Seniors Housing Southeast Tennessee

Chinese Investor Offers $3B to Acquire Tennessee-Based Brookdale, Reuters Reports

by John Nelson June 14, 2017

BRENTWOOD, TENN. — Zhonghong Zhuoye Group Co. Ltd., a Chinese real estate investor, has reportedly offered approximately $3 billion for the acquisition of Brookdale Senior Living, according to a report by news agency Reuters, which cited people familiar with the matter. If the Brookdale deal were completed as reported, it would be by far the largest Chinese investment in U.S. seniors housing to date. Headquartered in Brentwood, Brookdale is by far the largest owner and operator of seniors housing in the United States. Its operational portfolio includes 1,052 properties and 103,00 units, according to the company’s first-quarter report, which is nearly triple the size of the next largest competitor. The company has struggled since its $2.8 billion acquisition of fellow seniors housing giant Emeritus in 2014. After initially experiencing a lift in the months following the merger, Brookdale’s stock price fell from $38.16 per share on March 2, 2015, to $11.80 per share on Feb. 8, 2016. Rumors of a sale of the company have swirled for months. Following the Reuters report on Tuesday, Brookdale’s stock price saw a brief lift of 6 percent to as high as $15.18 per share, but quickly fell back down to a close of …

June 14, 2017

Florida Multifamily Southeast

ARA Newmark Brokers $52.5M Sale of Multifamily Community in Tampa Bay Area

by John Nelson June 14, 2017

WESLEY CHAPEL, FLA. — ARA Newmark has brokered the $52.5 million sale of Enclave at Wesley Chapel, a 312-unit apartment community in the Tampa Bay town of Wesley Chapel. Patrick Dufour, Scott Ramey and Ryan Crowley of ARA Newmark represented the seller, Chicago-based Sherman Residential, in the transaction. Denver-based Valhalla Holdings purchased the asset as part of a 1031 exchange. Matt Williams of NGKF Capital Markets secured a $28.9 million Freddie Mac loan on behalf of Valhalla Holdings. The seven-year features a fixed interest rate. Community amenities at Enclave at Wesley Chapel include a resort-style pool, fitness center, dog park and a business center.

June 14, 2017

Multifamily North Carolina Southeast

Laurel Street Opens 115-Unit Apartment Community in Winston-Salem

by John Nelson June 14, 2017

WINSTON-SALEM, N.C. — Laurel Street has completed 757 North, a 115-unit apartment community located at 757 N. Chestnut St. in Winston-Salem. The four-story property features one- and two-bedroom units with rents ranging from $1,095 to $1,600 per month. Of those units, 25 percent will be reserved for households with incomes at 80 percent of the area median income, with rents ranging from $740 to $850 per month. Developed in partnership with Goler Community Development Corp., a nonprofit specializing in the redevelopment of Winston-Salem’s Goler Heights neighborhood, 757 North includes interior elevator access, a fitness center with cycle studio and online exercise classes, WiFi café with 24/7 coffee bar, indoor game room, outdoor patio with grills, lounge and conference room. Northridge Capital provided $4 million in equity for the project, and the development team secured $9.4 million in construction financing from First National Bank. The City of Winston-Salem also provided a $1.3 million loan and $325,000 land grant toward the project, bringing the total development cost to $15 million. The first residents at 757 North are expected to move in by July 1.

June 14, 2017

Georgia Loans Retail Southeast

Cohen Financial Secures $14.5M Loan for Retail Property in Metro Atlanta

by John Nelson June 14, 2017

DORAVILLE, GA. — Cohen Financial, a division of SunTrust Bank based in Chicago, has arranged a $14.5 million acquisition loan for Doraville Plaza, a 190,000 square-foot retail complex in Doraville, a suburb of Atlanta in DeKalb County. Dan Rosenberg and Matt Terpstra of Cohen Financial’s Chicago office secured the 10-year, fixed-rate loan with a 30-year amortization schedule through Citigroup Global Markets Inc. on behalf of the borrower, The Equinox Group Inc., a commercial real estate owner/operator in Atlanta and a longtime client to Cohen Financial. Situated on Buford Highway, Doraville Plaza is anchored by Burlington.

June 14, 2017

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