Southeast

LEXINGTON, KY. — National developer Miller-Valentine Group has begun construction on WaterStone at Hamburg, a 264-unit apartment community in Lexington. Located near the intersection of Man O’ War and Polo Club boulevards, the upscale apartment community will be situated adjacent to Hamburg Place, the largest shopping and dining area in central Kentucky spanning more than 2 million square feet of retail space. The first units are expected to deliver during the first quarter of 2017. Rents start at $990 per month for a one-bedroom apartment, $1,175 for a two-bedroom apartment and $1,365 for a three-bedroom apartment. Units at WaterStone at Hamburg will feature wood-plank flooring, private balconies and patios, laundry rooms, under mount sinks, dark wood cabinets, stainless steel appliances, quartz countertops and freestanding kitchen islands. Community amenities will include a heated saltwater pool, colonnade and porch lounge areas and an entertainment area including a bar, TV, grills, fire pit and two courtyards with additional grilling stations. A 5,500-square-foot clubhouse will feature a large reception room with a fireplace, coffee bar, TV lounge/media room, billiards room, kitchen area with two large islands for entertaining and a fitness center including a private yoga room. The community will also feature a private …

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RESTON, VA. — The Chevy Chase Land Co. has purchased South Lakes Village, a 110,000-square-foot shopping center located in Reston, about 22 miles west of Washington, D.C. Chevy Chase Land acquired the Safeway-anchored property for $62 million through a 1031 tax deferred exchange from the sale of its Richmond office portfolio earlier this year. South Lakes Village’s tenant roster includes CVS/pharmacy, BB&T Bank, Starbucks Coffee, SunTrust Bank and Pet Valu.

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WOODBRIDGE, VA. — Federal Capital Partners (FCP) has purchased Windsor at Potomac Vista, a three-story, garden-style apartment community located on Kristin Court in Woodbridge, about 30 miles south of Washington, D.C. FCP purchased the property from an undisclosed seller for $60.5 million utilizing a Fannie Mae loan provided by Wells Fargo. Built in 1987, Windsor at Potomac Vista includes a clubhouse with a fitness center and resort-style pool overlooking the Potomac River, as well as a cyber café and two playgrounds. Apartment interiors feature full-size washers and dryers, laminate hardwood floors, new cabinets and countertops, walk-in closets and breakfast bars. Walter Coker and Brian Crivella of HFF represented the seller in the transaction.

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FORT LAUDERDALE, FLA. — Meridian Capital Group has arranged $56.1 million in construction financing for the development of a new dual-branded hotel located at 299 N. Federal Highway in downtown Fort Lauderdale. The property is slated to contain both a 209-room Tribute Portfolio hotel, named The Dalmar, and a 114-room Element by Westin hotel, both brands of Starwood Hotels and Resorts Worldwide Inc. The 23-story property will feature a rooftop lounge, sky lobby, infinity pool, gym, landscaped deck with a garden relaxation area, approximately 24,000 square feet of meeting space, coffee bar, restaurant, roughly 4,000 square feet of retail space on Northeast 3rd Street, as well as a 212-space parking garage. Ronnie Levine and Aggelos Sklavenitis of Meridian Capital’s New York City headquarters arranged the four-year construction loan with full-term interest-only payments through Bank of the Ozarks on behalf of the borrowers, Wurzak Hotel Group and DoveHill.

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SAVANNAH, GA. — SRS Real Estate Partners’ Southeast investment sales team has brokered the sale of Savannah Mall, a 940,408-square-foot enclosed mall in Savannah. The property is located on a 75.5-acre site at 14045 Abercorn St., which is situated at the northwest corner of Abercorn Street and Apache Avenue. Bass Pro Shops, Target, Dillard’s, Burlington Coat Factory and Virginia College anchor Savannah Mall. The seller, SSF Savannah Properties LLC, sold the mall for an undisclosed price to Savannah Mall Realty Holding LLC. Kyle Stonis and Pierce Mayson of SRS’ Atlanta office represented the seller in the transaction. The buyer was self-represented.

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NASHVILLE, TENN. — Hyatt Hotels has entered into a franchise agreement with Southwest Value Partners to develop a new Hyatt Regency hotel in Nashville. The hotel will help anchor the 15-acre site in downtown Nashville that formerly housed the Lifeway Christian Resources campus. The site, located at the northwest corner of Broadway and 10th Avenue, sold to Southwest Value Partners in November 2015 for $125 million. Hyatt Regency Nashville will feature 60,000 square feet of meeting space and event facilities, a Hyatt StayFit gym and an outdoor pool. The 540-room hotel is set to open in 2019.

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CHARLOTTE, N.C. — Singh Development has opened Waltonwood Cotswold, a 120,000-square-foot assisted living and memory care community in the Cotswold submarket of Charlotte. The community is Singh’s second Waltonwood-branded community in Charlotte. Development costs were estimated at $40 million. Waltonwood Cotswold is built on more than eight acres and features 91 assisted living apartments and 26 memory care apartments. Leah Nash is executive director of the new community. Singh currently owns and operates nine other Waltonwood communities in Michigan and North Carolina and has several other communities in development and under construction in North Carolina, northern Virginia and the greater Washington, D.C., area.

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VIRGINIA BEACH, VA. — Greystone has provided a $33.3 million construction loan for The Choices at Holland Windsor, a 252-unit apartment community in Virginia Beach. The property will comprise seven buildings located at the intersection of Holland Road and Windsor Oaks. Donny Rosenberg of Greystone arranged the HUD 221(d)(4) loan, the company’s first new construction transaction to utilize HUD’s 2016 MAP Guide standards for a lower mortgage insurance premium (MIP) threshold based on green and energy efficiency multifamily housing requirements. The design also satisfies EarthCraft Multifamily Certification, a green standard recognized by HUD. The Choices will feature Energy Star appliances, interior and exterior LED lighting and construction materials made from recycled products.

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MADISON, ALA. — Metropolitan Capital Advisors has arranged $18.8 million in construction financing for Shepherd Living at the Range, a 124-bed assisted living and memory care community in the Huntsville suburb of Madison. Cobalt Seniors and Shepherd Health are co-developing the 91,000-square-foot community, which is situated on 13.7 acres. Kevan McCormack of Metropolitan Capital arranged the loan through an unnamed regional credit union.

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GAINESVILLE, FLA. — Colliers International has arranged the sale of two student housing properties near the University of Florida in Gainesville. Dispositions include The Polos, a 1,104-bed community offering one-, two- and three-bedroom apartments; and Lexington Crossing, a 1,020-bed community offering two-, three- and four-bedroom apartments. Community amenities at The Polos include three swimming pools, a hot tub, 24-hour fitness center, dog park and an indoor racquetball court. Community amenities at Lexington Crossing include two resort-style swimming pools, a media lounge, 24-hour fitness center, sand volleyball courts, tennis courts and basketball courts.

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