Southeast

Crescent Communities Opens Apartment Development in Tampa’s Westshore District

by John Nelson September 9, 2016

TAMPA, FLA. — Crescent Communities has opened Crescent Westshore, a new 374-unit luxury apartment community located at 2202 N. Lois Ave. in Tampa’s Westshore district. Situated near the intersection of Lois Avenue and Boy Scout Boulevard, Crescent Westshore features studio, one-, two- and three-bedroom residences ranging from a 528-square-foot studio to a 1,431-square-foot, three-bedroom apartment. Unit interiors include stainless steel appliances, quartz countertops, tile backsplashes, quiet-close cabinets and drawers and full-size washer and dryers. Community amenities include a two-story clubhouse with an outdoor elevated terrace and three courtyards. The community also features a meeting area with a flat screen TV, shared indoor/outdoor summer kitchen, dog run for small and large dogs, two saline pools, a fitness center and an 18-foot, aluminum-plated sculpture with an LED lighting core. The sculpture is situated at the front of the community.

September 9, 2016

Georgia Multifamily Southeast

Milestone Apartments REIT to Buy Community in Metro Atlanta for $47M

by John Nelson September 9, 2016

WOODSTOCK, GA. — Milestone Apartments REIT has agreed to purchase Park 9 Apartments, a 275-unit, Class A apartment community located on Ridgewalk Parkway in Woodstock, a northwest suburb of Atlanta. The property is situated near The Outlet Shoppes at Atlanta and I-575. The undisclosed seller has agreed to sell Park 9 to Milestone for $47 million. Built in 2016, Park 9 is currently 95 percent occupied with average monthly rents of approximately $1,200. The community features nine-foot ceilings, stainless steel appliances, granite countertops and direct-access garages. Amenities include a clubhouse with a cyber café, a salt-water swimming pool with beach entry and resort-style cabanas, fitness center, outdoor grilling area, bocce ball court, dog park, storage units and electric vehicle charging stations.

September 9, 2016

Multifamily North Carolina Southeast

Armada Hoffler, Southern Apartment Group to Develop $45M Project in Midtown Charlotte

by John Nelson September 9, 2016

CHARLOTTE, N.C. — Armada Hoffler Properties, a publicly traded REIT based in Virginia Beach, Va., has entered into a joint venture with Southern Apartment Group to develop and own a new $45 million apartment community in Midtown Charlotte. The eight-story project will feature 225 apartment residences and a 350-space parking structure. Armada Hoffler and Southern Apartment Group plan to break ground on the property in the fourth quarter for a targeted completion date in mid-2018.

September 9, 2016

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Arranges $39.9M Fannie Mae Facility to Harmony Housing for Affordable Housing Portfolio

by John Nelson September 9, 2016

CLEVELAND — KeyBank has structured and arranged a $39.9 million Fannie Mae master credit facility for Harmony Housing, a 501(c)(3) nonprofit that focuses on preserving affordable housing rental properties. Harmony Housing will use the facility for a five-property affordable housing portfolio in Florida and Wisconsin. The properties include Centre Court Apartments in Bradenton, Fla.; Villas at Cove Crossing in Lantana, Fla.; The Overlook at Monroe in Sanford, Fla.; Foxbrook Senior Apartments in Brookfield, Wis.; and Prairie Ridge Senior Apartments in Pleasant Prairie, Wis. The facility structure allows Harmony Housing to add properties to the facility, accounting for future acquisitions, and to refinance assets in its existing portfolio.

September 9, 2016

Georgia Industrial Southeast Top Stories

Sentury Tire to Build $530M Manufacturing Plant in Georgia

by Jeff Shaw September 9, 2016

LAGRANGE, GA. — Sentury Tire, a China-based tire manufacturer, has announced plans to build a $530 million tire factory in LaGrange, approximately 65 miles southwest of Atlanta. Sentury expects the plant to create more than 1,000 jobs in production, sales, marketing, warehousing and distribution, and support the company’s U.S. operations. The company expects to start production in 2018, with a projected output of 12 million passenger and light truck tires per year. Sentury was drawn to Georgia by a tax incentive package, but details were not disclosed, according to the Atlanta Journal-Constitution. Sentury Tire products are sold under the Sentury, Landsail and Delinte brands. The company focuses on light truck and airplane tires. Approximately 70 percent of the company’s sales are in the European and U.S. markets. Sentury Tire’s parent company, Qingdao Sentury Tire Co., is based in Qingdao, China. “The state of Georgia has had a strategic office in China since 2007 and an office in Qingdao since 2013, helping foster business connections between Georgians and Chinese professionals,” says Chris Carr, commissioner of the Georgia Department of Economic Development. “This project is a great example of the relationships that have been forged through active communication and engagement in China.” …

September 9, 2016

Florida Industrial Loans Southeast

BankUnited Provides $65M Loan to McCraney for 1 MSF Industrial Portfolio in Florida

by John Nelson September 8, 2016

WEST PALM BEACH, FLA. — BankUnited has provided a $65 million loan to McCraney Property Co. to refinance its 1 million-square-foot industrial portfolio in Florida. The assets include Vista Business Center and Belvedere Business Park in West Palm Beach, Orlando Central Park and Discovery Lakes in Orlando and Treasure Coast Commerce Center in Stuart. Robert Hummel led BankUnited’s Miami office in providing the long-term loan.

September 8, 2016

Georgia Industrial Southeast

Dollar General Breaks Ground on 1 MSF Distribution Center in Georgia

by John Nelson September 8, 2016

JACKSON, GA. – Construction is underway on Dollar General’s 15th distribution center in the United States in Jackson, which straddles both Butts and Spalding counties. The 1 million-square-foot industrial facility is expected to create more than 500 new jobs at full capacity and to be operational by fall 2017. Dollar General has more than 13,000 retail locations and 119,000 employees, with more than 700 stores and over 5,000 employees in Georgia. The new distribution center is expected to serve more than 1,000 stores in the Southeast. Dollar General’s 14 other distribution centers are located in Alabama, California, Florida, Indiana, Kentucky, Mississippi, Missouri, Ohio, Oklahoma, Pennsylvania, South Carolina, Texas, Virginia and Wisconsin.

September 8, 2016

Multifamily North Carolina Southeast

Terwilliger Pappas Starts Construction on Apartment Community in Charlotte

by John Nelson September 8, 2016

CHARLOTTE, N.C. — Terwilliger Pappas Multifamily Partners has broken ground on Solis Berewick, a 275-unit apartment community in Berewick, a mixed-use development in southwest Charlotte’s Steele Creek area. The new multifamily community will be built adjacent to the Berewick Town Center’s village green close to the Harris Teeter slated to open in October. Amenities will include a clubhouse, poolside pavilion with a firepit, fitness center and a pet park. Each of Solis Berewick’s four buildings will include elevators. Terwilliger Pappas is partnering with Cigna Realty Investors on the development, and Citizens Bank is providing construction financing. The development team includes architect Cline Design Associates, interior designer Rule Joy Trammell Rubio, landscape architect and civil engineer LandDesign and general contractor Fortune Johnson. Solis Berewick will deliver its first homes and amenities for occupancy by mid-2017 with the entire community slated for completion by early 2018.

September 8, 2016

Florida Retail Southeast

CBRE Brokers $37.8M Sale of Shopping Center in Central Florida

by John Nelson September 8, 2016

LADY LAKE, FLA. — CBRE has brokered the $37.8 million sale of Rolling Acres, a 189,390-square-foot shopping center located along U.S. Highway 441 in Lady Lake. The property is anchored by TJ Maxx, Ross Dress for Less, Petco, Staples, Beall’s Outlet and Michaels. Outparcel tenants include Chick-fil-A, Outback Steakhouse and Carrabba’s Italian Grill. Cole Credit Property Trust IV Inc. purchased Rolling Acres from an affiliate of Sterling Global Financial Ltd. Dennis Carson and Casey Rosen of CBRE’s national retail investment group’s Florida team represented the seller in the transaction.

September 8, 2016

Loans Multifamily North Carolina Southeast

Bellwether Enterprise Arranges $19.9M Refinancing of Apartment Community in Asheville

by John Nelson September 8, 2016

ASHEVILLE, N.C. — Bellwether Enterprise Real Estate Capital LLC, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc., has closed a $19.9 million loan for the refinancing of Retreat at Hunt Hill, a multifamily complex located in downtown Asheville. The newly completed, Class A apartment complex contains 180 units. Vic Agusta and Jim Barber of Bellwether Enterprise arranged the loan through Aegon on behalf of the borrower, Hunt Hill Apartments LLC. Retreat at Hunt Hill is the borrower’s third apartment community in the metro Asheville area. Bellwether Enterprise closed 34 deals totaling $267 million in loans during August alone.

September 8, 2016

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