JACKSONVILLE, FLA. — NorthMarq Capital has arranged $39.2 million in permanent construction financing for Ciel Apartments, a planned 400-unit multifamily community in Jacksonville. Bob Hernandez of NorthMarq Capital’s Tampa office structured the 15-year loan through an undisclosed life insurance company. The financing includes a 30-year amortization schedule and several years of interest-only payments during construction and while the property is in lease-up.
TEXAS, FLORIDA, WISCONSIN AND MICHIGAN — KeyBank Real Estate Capital has provided $142.4 million in loans for a six-property affordable housing portfolio across Texas, Florida and the Midwest region. The loans were used for a variety of purposes, including refinancing, acquisitions and renovations. KeyBank provided $115.7 million in Fannie Mae loans for Limestone Canyon, a 260-unit apartment complex, and Parkside Crossing, a 218-unit apartment complex, both located in Austin, Texas; Sendero Ridge, a 384-unit apartment property located in San Antonio, Texas; Arcade Apartments, a 75-unit apartment building in Racine, Wis.; and Pasco Woods, a 200-unit complex in Wesley Chapel, Fla. All properties reserve at least 50 percent of units for tenants making 60 percent or less of the area median income. KeyBank provided an additional $14.8 million bridge-to-HUD loan for Lakestone Apartments in Ann Arbor, Mich. The 144-unit property consists of one-, two- and three-bedroom units designated for those earning 50 to 60 percent of the area median income. Built in 1998, the apartment building features amenities such as a clubhouse, pool, recreation center, basketball court, computer center and laundry facilities. Harmony Housing, a nonprofit organization, was the borrower. KeyBank also provided an $11.9 million loan to the organization to …
FORT LAUDERDALE, FLA. — The Traina Cos. has received final zoning approval from the Fort Lauderdale City Commissioners for FATcity (Florida Arts and Technology), a 1.3 million-square-foot mixed-use development located at 300 N. Andrews Ave. in downtown Fort Lauderdale. Situated in the City Center (RAC-CC) Special Zoning District, FATcity will include two 30-story towers featuring 270,000 square feet of office and retail space with the potential for hospitality space, 612 residential units and 1,327 covered parking spaces. The development will connect the city’s Central Business District and Arts Districts through pedestrian-oriented streets, access to Brightline’s high-speed rail station and a Wave Streetcar stop on-site. FATcity marks the first new Class A office space developed in Fort Lauderdale in over a decade. Groundbreaking on the project is estimated for late 2018 or early 2019.
JEDBURG, S.C. — Ridge, the industrial division of Transwestern Development Co., has broken ground on two industrial buildings totaling 686,300 square feet of speculative space in Jedburg, roughly 30 miles northwest of Charleston. Located within Charleston Logistics Center, the two Class A buildings will feature 32-foot clear heights, 54-by-48-foot column spacing, a 60-foot staging bay, ESFR sprinkler systems, 64 dock doors, two drive-in doors, 202 car parking spaces and 76 truck parking spaces. The two buildings are slated for delivery in the first quarter of 2018. Simons Johnson and Peter Fennelly of Colliers International will handle leasing of the properties.
RANSON, W.VA. — A joint venture between Heidenberg Properties Group and Strategic Real Estate Partners has purchased The Potomac Marketplace, a 370,000-square-foot shopping center located along Route 9 in Ranson. The property was 92 percent leased at the time of sale to tenants including Weis Supermarket, Kohl’s, Petco and The Home Depot. The Potomac Marketplace is also home to restaurants including Panera Bread, Dunkin’ Donuts, Glory Days Grill, California Tortilla, Roy Rogers and John’s Café. This purchase marks the joint venture’s sixth acquisition overall and third since November 2016.
BETHESDA, MD. — JBG Smith, the REIT formed from the merger of The JBG Cos. and Vornado Realty Trust, will relocate its corporate headquarters to 4747 Bethesda Ave., a 300,000-square-foot office building being developed by JBG in downtown Bethesda. The building is slated for completion in the third quarter of 2019. JBG Smith will be the initial anchor tenant of the Class A building, occupying 95,000 square feet of space on the lower floors. The company will move from 4445 Willard Ave. in Chevy Chase, Md.
CHARLOTTE, N.C. — Crescent Communities has unveiled plans for Crescent Montford Park, a mixed-use community in south Charlotte’s Montford Park neighborhood. The project will be developed at the site of the former Pfeiffer University Charlotte and will feature 337 apartments and 17,000 square feet of retail space. Atlanta-based Fortune-Johnson is the community’s general contractor, Charlotte-based LandDesign is the civil engineer and KTGY Architecture is leading the development’s design. Interiors for the community were designed by Vignette Interior Design. Adam Williams of Legacy Real Estate Advisors will manage retail leasing of the property, which is slated for completion in spring 2019.
WASHINGTON, D.C. — An investment group led by Ocean West Capital Partners and Hana Asset Management Co. Ltd. has purchased Two Independence Square in Washington, D.C. The seller, Piedmont Office Realty Trust (NYSE: PDM), has invested roughly $50 million to renovate the building. Constructed in 1992 as the headquarters for NASA, the nine-story, 606,000-square-foot property is located at 300 E St. S.W., about three blocks off the National Mall in Washington’s Southwest submarket. Two Independence Square houses NASA leadership, who provide overall guidance and direction to the U.S. government. The building’s James E. Webb Memorial Auditorium hosts agency news conferences and social events. Designed by Kohn Pederson Fox Associates, NASA’s headquarters also feature a lending library, NASA Exchange store, the history office and archives and production facilities for NASA TV. The agency occupies 99 percent of the building and renewed its lease in 2011 with a lease term running through 2028. Hana Asset Management, a subsidiary of Hana Financial Group, is the largest financial group in Korea. The firm comprises 21 subsidiaries, including banks, securities, trusts, asset management firms, investment banks and life insurance companies. The company employs 23,000 professionals worldwide and manages $5 billion of assets throughout Asia, the …
FORT LAUDERDALE, FLA. — Skanska USA has broken ground on a $49.3 million renovation of the Las Olas Boulevard Corridor, Fort Lauderdale’s premiere thoroughfare for high-end shopping and dining. The project will include the addition of a 258,000-square-foot parking garage with 670 spaces, new canopy, public spaces, interactive water features, public beachfront park, architecturally designed landscaping and streetscape improvements. Designed by EDSA Inc., the parking facility will also feature stainless steel and aluminum wrap with LED lights and a partial amenity deck with views of downtown Fort Lauderdale and the Intracoastal Waterway. The project is slated for completion in August 2019.
WASHINGTON, D.C. — Trammell Crow Co. (TCC), in partnership with Meadow Partners, has acquired an 80 percent condominium interest in the Motion Picture Association of America (MPAA) Building in Washington, D.C. Located at 888 16th St., the building sits adjacent to the Hay Adams Hotel and one block from the White House. TCC plans to transform the 50-year old property into a 150,000-square-foot office building featuring a rooftop lounge, fitness center and a terrace with views of the Washington Monument. The MPAA represents the six major Hollywood studios and administers the motion picture rating system. The organization retained a 20 percent condominium interest in the building and will occupy two of the eight floors upon completion of the renovation. The MPAA floors will feature modernized offices and a new theater and event space. Completed in 1969, the MPAA Building was designed by Vastimil Koubeck. Savills Studley brokered the transaction. Renovation on the property is slated for completion in summer 2019.
