Southeast

Waterton Buys Apartment Community in West Miami for $57.4M

by John Nelson August 2, 2016

WEST MIAMI, FLA. — Chicago-based Waterton has purchased Soleste West Gables, a newly built, 206-unit apartment community located in West Miami. Waterton bought the asset from the development group comprising Estate Investments Group, Fortune Capital Partners and Mattoni Group for $57.4 million, or $278,000 per unit. The group’s other projects in the area include the 196-unit Soleste Club Prado, the 221-unit Soleste West Gables II, the 329-unit Soleste Alameda and the 290-unit Soleste Valentina View. Soleste West Gables began leasing in September 2015 and offers one-, two- and three-bedroom units with amenities including a resort-style pool with an oversized sundeck, cabanas, poolside gymnasium, community entertainment lounge and Wi-Fi hotspots throughout the property.

August 2, 2016

Florida Loans Multifamily Southeast

Meridian Capital Group Arranges $19.5M Refinancing of Apartment Community in North Miami Beach

by John Nelson August 2, 2016

NORTH MIAMI BEACH, FLA. — Meridian Capital Group has arranged a $19.5 million loan for the refinancing of Aventura Oaks Apartments, a 204-unit multifamily community located at 1572 N.E. 191st St. in North Miami Beach. The three-story property features a swimming pool, lounge and fitness center. Jonathan Zilber and Steven Halpert of Meridian Capital Group arranged the three-year loan with a fixed 3.1 percent interest rate and one year of interest-only payments through an unnamed balance sheet lender. The unnamed borrower is currently remodeling 75 percent of Aventura Oaks’ apartment units.

August 2, 2016

Florida Multifamily Southeast

Marcus & Millichap Brokers $11M Sale of Apartment Building in Fort Lauderdale

by John Nelson August 2, 2016

FORT LAUDERDALE, FLA. — Marcus & Millichap has brokered the $11 million sale of Harbour Pointe, a 34-unit luxury apartment building located at 2201 S.E. 18th St. in Fort Lauderdale’s Harbour Inlet neighborhood. Situated south of the 17th Street Causeway, the property features 350 of water frontage with rental boat slips. Marcus & Millichap brokered the sale of Harbour Pointe in 2010 for $8.1 million and again in 2013 for $9.2 million. The property was renovated by a previous owner in 2010. Joseph Thomas, Adam Duncan and Derek Soven of Marcus & Millichap represented the undisclosed seller and procured the buyer, a joint venture between entities based in New York and California.

August 2, 2016

Loans Louisiana Southeast Student Housing

CBRE Arranges $48M Construction Loan for Student Housing Community Near LSU

by John Nelson August 1, 2016

BATON ROUGE, LA. — CBRE has arranged $48 million in construction financing for the development of Park Place, a 745-bed student housing community to be located adjacent to the Louisiana State University campus in Baton Rouge. The six-story project is scheduled for completion in 2017. CBRE secured the three-year, floating-rate loan through Commercial Bank Syndication on behalf of the Park 7 Group.

August 1, 2016

Affordable Housing Louisiana Seniors Housing Southeast

Community Development Completes Affordable Housing Facility in Baton Rouge

by John Nelson August 1, 2016

BATON ROUGE, LA. — Community Development Inc. has opened Cypress Springs, a 144-unit affordable seniors housing community in Baton Rouge. WNC, a California-based real estate investor, provided $6.1 million in low-income housing tax credit (LIHTC) equity to fund the development. Cypress Springs includes three buildings with 76 one-bedroom units and 68 two-bedroom units.

August 1, 2016

Florida Multifamily Southeast

KeyBank Arranges $13.5M Loan for Apartment Community in Jacksonville

by John Nelson August 1, 2016

JACKSONVILLE, FLA. — KeyBank Real Estate Capital has arranged a $13.5 million Fannie Mae loan for Caroline Square, a 356-unit apartment community in Jacksonville. The property was originally built in 1974. Tom Peloquin of KeyBank Real Estate Capital arranged the loan, which was used to refinance a bridge loan used to acquire the property in September 2015.

August 1, 2016

Georgia Retail Southeast

Avison Young Brokers $6.8M Sale of The Mall at Waycross in Georgia

by John Nelson August 1, 2016

WAYCROSS, GA. — Avison Young’s Atlanta office has brokered the $6.8 million sale of The Mall at Waycross, a 380,982-square-foot regional mall located on Memorial Drive in Waycross. Built in 1973, The Mall at Waycross was 90.6 percent leased at the time of sale to tenants including JC Penney, Belk, T.J. Maxx, Hibbett Sports, Staples and Georgia Theatre Co. The single-story regional mall is the only anchored shopping mall within a 50-mile radius of Waycross. The shopping center is located on a 37-acre parcel situated between Brunswick and Jacksonville highways near downtown Waycross. Theresa Johnson of Avison Young represented the seller, Torchlight Investors, in the transaction. The buyer was RCG Ventures.

August 1, 2016

Florida Loans Multifamily Southeast

NorthMarq Arranges $3.5M Loan for Apartment Community in Lakeland

by John Nelson August 1, 2016

LAKELAND, FLA. — NorthMarq Capital has arranged the $3.5 million refinancing of Meadowood Apartments, a 40-unit multifamily property located on Brook Meadow and Pogonia drives in Lakeland. The property comprises duplex townhomes on contiguous individual parcels. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the 10-year loan with a 30-year amortization schedule through its Fannie Mae DUS program.

August 1, 2016

Georgia Market Reports Retail Southeast Southeast Market Reports

Atlanta Retail Market Experiences Demand in Hottest Submarkets

by John Nelson August 1, 2016

The Atlanta retail market continues to be robust, with vacancy tightening in key submarkets and rents trending upward. Overall vacancy fell slightly from 7.1 percent during the fourth quarter of 2015 to 7 percent in the first quarter of 2016, according to CoStar. However, the decline is greater in hot submarkets such as Buckhead and Central Perimeter that boasted vacancy rates as low as 2.8 percent and 3.2 percent, respectively, in the first quarter. Demand Up, Supply Tightens There is still a disconnect between supply and demand, especially in strong trade areas, and many retailers that wish to enter or expand in the market are finding it difficult to do so. Rents are escalating by 10 percent to 15 percent because of the increased competition for space and the high cost to build new developments is attributable to escalating land costs. During the first quarter, 21 buildings totaling 300,174 square feet were delivered, according to CoStar, and at the end of the first quarter, 1.73 million square feet of retail space was under development. As Atlanta can deliver more of the space that’s under construction and open up availability, rent is expected to continue to climb. Health and Fitness Food …

August 1, 2016

Georgia Healthcare Southeast

Brand Properties to Build 12-Story Northside Midtown Medical Facility in Atlanta

by John Nelson July 29, 2016

ATLANTA — Brand Properties plans to develop Northside Midtown Medical, a 12-story, 170,000-square-foot medical office building in Midtown Atlanta. Located at 1130 W. Peachtree St. near 13th Street, the Class A building will be anchored by Northside Hospital, which will operate the Northside Imaging Center, primary care offices, cardiology services and an urgent care outfit at the property. Brand Properties plans to deliver Northside Midtown Medical in mid-2018. Northside is a healthcare delivery system with three not-for-profit hospitals in Atlanta, Cherokee County and Forsyth County and more than 150 outpatient services across Georgia.

July 29, 2016

Newer Posts

Older Posts