Southeast

Grandbridge Arranges $9.5M Construction Loan for Seniors Housing Property in Charleston

by John Nelson June 22, 2016

CHARLESTON, S.C. — Grandbridge Real Estate Capital has arranged a $9.5 million construction loan for Benton House of West Ashley, a 59-unit seniors housing facility set to break ground in Charleston. Benton House will offer both assisted living and memory care services upon completion in the summer of 2017. Richard Thomas of Grandbridge’s seniors housing and healthcare finance team in Atlanta arranged the loan through BB&T on behalf of the borrower, Principal Senior Living Group, which will manage the property upon completion. Principal Senior Living currently operates more than 20 properties in Georgia, Florida, South Carolina, Missouri and Kansas.

June 22, 2016

District of Columbia Loans Mixed-Use Office Retail Southeast Top Stories

KeyBank, Walton Street Originate $196M Refinancing for The Atlantic Building in D.C.

by Haisten Willis June 22, 2016

WASHINGTON, D.C. — A partnership between KeyBank Real Estate Capital and an affiliate of Walton Street Capital LLC have originated a $196 million first mortgage loan for Douglas Development Corp. The loan is secured by The Atlantic Building, a 280,000-square-foot trophy office building with ground-floor retail located in the east end of Washington D.C. The 10-year, fixed-rate loan includes a 65 percent loan-to-value ratio and refinances the existing debt on the property. KeyBank and Walton Street will provide servicing and advisory services for the life of the loan. The Atlantic Building is located at 950 F St. N.W. The property integrates seven historic buildings and facades with a 10-story office building next to Ford’s Theatre, the site where President Abraham Lincoln was assassinated in 1865. Built in 1887, the building was the city’s first privately constructed high-rise with elevator service. The historic exteriors have since been preserved and incorporated into the modern version of the property, which was redeveloped between 2004 and 2006. The Atlantic Building includes 283,512 rentable square feet, of which 29,172 square feet is retail and 35,340 square feet is office. In addition, there are 322 below-grade parking spaces and Metro access from the red, blue and …

June 22, 2016

Affordable Housing Loans Multifamily Southeast Tennessee

Love Funding Closes $19.7M HUD Construction Loan for Affordable Housing Project in Nashville

by John Nelson June 21, 2016

NASHVILLE, TENN. — Love Funding has closed a $19.7 million construction loan through the U.S. Department of Housing and Urban Development’s (HUD) 221(d)(4) loan program for the construction of The Paddock at Grandview in Nashville. The new 240-unit affordable housing community will feature residences reserved for families earning 60 percent or less of area median income. Bruce Gerhart of Love Funding secured the non-recourse loan, which features a 40-year amortization schedule beginning when construction ends. Funding was also provided by 4 percent Low Income Housing Tax Credits (LIHTC) and HOME funds on behalf of the borrower, LDG Development.

June 21, 2016

Florida Loans Retail Southeast

Ocean Bank Provides $17.2M Loan for Retail Center in Broward County

by John Nelson June 21, 2016

MARGATE, FLA. — Ocean Bank has provided a $17.2 million loan for the renovation and repositioning of a 188,028-square-foot shopping center in Margate, a town in Broward County. The asset has been renamed Margate Centre and will house retail tenants and two charter schools — West Broward Academy and Ascend Career Academy. The borrower, Alliance XVI LLC, plans to wrap up construction by August in time for the 2016-2017 school year. Juan Carlos Barreto of Ocean Bank originated the loan.

June 21, 2016

Alabama Multifamily Southeast

Moran & Co. Arranges $12.8M Sale of Apartment Community in Mobile

by John Nelson June 21, 2016

MOBILE, ALA. — Moran & Co. Southeast has brokered the $12.8 million sale of Cimarron Ridge, a 248-unit apartment community located at 6427 Grelot Road in Mobile. The property’s average unit size is 695 square feet and residences feature white appliances, vaulted ceilings, walk-in closets, patios and balconies, wood cabinets and fireplaces in select units. Community amenities include two swimming pools, a gazebo with a picnic area, children’s play area, clubhouse with a fitness center and in-building laundry facilities. Atlanta-based Alexander Property Group purchased the asset from Atlanta-based Kaufman Realty Group. Sean Henry, Joel Sasser and John Huckaby of Moran & Co. Southeast brokered the transaction.

June 21, 2016

Alabama Retail Southeast

CBRE Brokers $8.4M Sale of Shopping Center in Birmingham

by John Nelson June 21, 2016

BIRMINGHAM, ALA. — CBRE has arranged the $8.4 million sale of The Shops on Montevallo, a 64,851-square-foot shopping center located near I-20 in Birmingham. Built in 1985 and renovated in 2012, the retail center was 97 percent leased at the time of sale to tenants including anchor Planet Fitness. Baltimore-based Continental Realty Corp. purchased the property from local developer Merchants Retail Partners. Craig Taylor of CBRE’s Atlanta office and Cliff Taylor of the firm’s Jacksonville office represented the seller in the transaction.

June 21, 2016

Retail Southeast Tennessee

Carmike Cinemas to Open Movie Theater at Stones River Mall in Metro Nashville

by John Nelson June 21, 2016

MURFREESBORO, TENN. — Sterling Organization has signed a lease with Carmike Cinemas to open a new nine-screen, 47,000-square-foot Ovation Cinema Grill at Stones River Mall, a 594,588-square-foot enclosed regional mall located in the Nashville suburb of Murfreesboro. The Ovation Cinema Grill, Carmike’s full-service cinematic dining concept, will feature seat-side food and beverage service and electronic, high-back recliners with reserved seating. The theater will also feature Carmike’s large screen format, BigD. The mall’s food court and retail space currently occupied by Books-A-Million will be demolished to make for the new theater. Books-A-Million will be relocated into space formerly occupied by Hancock Fabrics. Construction is expected to begin in the first quarter of 2017, with the movie theater set to open that fall. Carmike Cinemas currently operates 276 theaters in 41 states nationwide.

June 21, 2016

Civic Georgia Hospitality Mixed-Use Southeast

Public-Private Partnership to Begin Construction on Avalon’s $112M Hotel, Conference Center

by John Nelson June 20, 2016

ALPHARETTA, GA. — A public-private partnership involving North American Properties (NAP), Long Wharf Real Estate Partners, Stormont Hospitality Group and the city of Alpharetta will break ground tomorrow on The Hotel at Avalon and the connecting 65,000-square-foot Alpharetta Conference Center. The $112 million project will anchor Phase II of the 86-acre Avalon mixed-use development. The 330-bed hotel will be part of Marriott International’s Autograph Collection and will feature a local chef-driven restaurant, 24-hour fitness center, upscale pool, valet service and Club Avalon Concierge. The conference center will feature a 12,500-square-foot exhibit hall, 10,000-square-foot ballroom with six salons, six meeting rooms, boardroom, reception area, pre-function space and outdoor venues. The hotel and conference center are set to open in January 2018. The design team includes architect Cooper Carry and general contractor Brasfield & Gorrie. SunTrust Bank is providing construction financing, and HEI Hotels & Resorts will serve as the manager of the new hotel.

June 20, 2016

Florida Mixed-Use Southeast

Allen Morris Breaks Ground on $68M Mixed-Use Project in Metro Orlando

by John Nelson June 20, 2016

MAITLAND, FLA. — The Allen Morris Co. has begun construction on Maitland City Centre, a $68 million mixed-use development in Maitland, roughly 10 miles north or Orlando. Upon completion in 2018, the project will feature 220 residential units and 35,000 square feet of retail and restaurant space set within a six-story building that will occupy three city blocks near City Hall. Units will range from 700 to 1,300 square feet and will rent for $1,300 to $2,400 per month. Announced tenants at Maitland City Centre include Starbucks Coffee, Subway, Renaissance Med Spa, Nava Pets, an artisan food hall/market, Mesa 21, Doc B’s Fresh Kitchen and a concept from chef Clayton Miller of Dove-Cote in Orlando. SunTrust Bank and TD Bank are financing the development on behalf of a joint venture partnership between Allen Morris, Lamm & Co. Partners and Millenia Partners.

June 20, 2016

Florida Office Southeast

Greenstreet, CREC Sell Office Building in Coral Gables for $57.5M

by John Nelson June 20, 2016

CORAL GABLES, FLA. — A joint venture between Greenstreet Partners and CREC has sold 2121 Ponce, a 164,848-square-foot office building in Coral Gables. A member company of Zurich North America purchased 2121 Ponce for $57.5 million. The property was more than 95 percent occupied at the time of sale to tenants such as Goldstein Schechter, Fox Latin America, Valley National Bank, the Consulate of Barbados and CREC. In addition to office space, 2121 Ponce features a five-story, 586-space parking garage and ground-level retail space including restaurant POC. Warren Weiser, Harry Blyden and Andrew Remick of CREC co-brokered the sale with the CBRE team of Christian Lee, Jose Lobon and Andrew Chilgren. Roy Rosenbaum and Sean Bannon of Zurich Alternative Asset Management LLC advised the buyer.

June 20, 2016

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