Southeast

Hall Structured Finance Closes $37.7M Construction Loan for Apartment Community in Central Florida

by John Nelson February 9, 2017

KISSIMMEE, FLA. — Hall Structured Finance has closed a $37.7 million construction loan for Millennium at Citrus Ridge, a 326-unit apartment community located in Kissimmee, a suburb of Orlando. Hall Structured Finance originated the loan on behalf of the developer, DLC Residential. Situated two miles from Walt Disney World Resort, the property will feature a clubhouse, resort-style pool, fitness center, conference facility and social lounge. Millennium at Citrus Ridge’s units will average about 1,000 square feet. Hall Structured Finance has now closed six construction loans for apartment communities in Florida.

February 9, 2017

Georgia Loans Office Southeast

NXT Capital Provides $36.5M Acquisition Loan for Office Park in Metro Atlanta

by John Nelson February 9, 2017

TUCKER, GA. — NXT Capital has provided a $36.5 million acquisition loan for Lakeside Centre, a six-building office park in the Atlanta suburb of Tucker. Situated adjacent to Interstate 285, U.S. Highway 78 and U.S. Highway 29, the office park features a fitness center, lake views, walking trails, café conference room, on-site management, an on-site bank with a drive-thru and 24/7 security. The borrower and details of the financing were undisclosed.

February 9, 2017

Florida Seniors Housing Southeast

SLIB Negotiates $15.5M Sale of Two Seniors Housing Communities in South Florida

by John Nelson February 9, 2017

HOLLYWOOD AND PEMBROKE PARK, FLA. — Senior Living Investment Brokerage (SLIB) has arranged the $15.5 million sale of Emerald Park and The Plaza at Pembroke Park, two assisted living communities in South Florida. Emerald Park in Hollywood was built in 1998 and features 73 units. The Plaza at Pembroke Park in Pembroke Park features 79 units, and was remodeled in 2012. The buyer and seller were not disclosed. Bradley Clousing and Jeffrey Binder of SLIB led the transaction.

February 9, 2017

Florida Loans Mixed-Use Southeast

Ready Capital Structured Finance Closes $8.1M Loan for Mixed-Use Project in Miami

by John Nelson February 9, 2017

MIAMI — Ready Capital Structured Finance has closed an $8.1 million loan for the refinancing and renovation of a 66,262-square-foot mixed-use property located at 8300 N.E. 2nd Ave. in Miami’s Little River neighborhood. Originally built in 1951, the property will be renovated to include a food and boutique market on the first and mezzanine floors, office space on the second floor and a roof deck offering 360-degree views of Miami. The two-year loan features interest-only payments, one extension option, flexible prepayments and a facility for future capital expenditures, tenant improvements and leasing commissions.

February 9, 2017

Florida Multifamily Southeast

Crescent Sells Newly Opened Apartment Property in Tampa to Nicol Investment for $80M

by John Nelson February 8, 2017

TAMPA, FLA. — Crescent Communities has sold Crescent Westshore, a 374-unit apartment community that Crescent opened in September 2016 at 2202 N. Lois Ave. in Tampa’s Westshore district. Crescent sold the asset to Nashville-based Nicol Investment Co. for $80 million. Nicol Investment has retained Greystar to manage the property, which is still in lease-up and was 50 percent occupied at the time of sale. The new ownership will also rebrand the property later this year. CBRE’s Tampa office represented Crescent Communities in the sale. 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.

February 8, 2017

Loans Maryland Multifamily Southeast

KeyBank Provides $56.1M HUD Loan for Multifamily Redevelopment Project in Baltimore

by John Nelson February 8, 2017

BALTIMORE — KeyBank Real Estate Capital has provided a $56.1 million HUD 221(d)(4) loan for the construction of Center/West, a 33-acre multifamily redevelopment project in southwest Baltimore. The 221(d)(4) product is HUD’s flagship program for financing the construction and redevelopment of market-rate and affordable housing communities. Phase I of Center/West, known as PSH 1 LLC, will be developed by La Cite Development LLC and BRP Development Corp. Situated in front of the historic Poe House, Phase I will comprise a six-story, 262-unit apartment complex with 19,000 square feet of ground-floor retail space, neighborhood services and a dog park. Roughly 20 percent of Center/West’s units will be designated for households earning at or below 50 percent of the area median income. La Cite Development worked closely with the City of Baltimore and the University of Maryland BioPark for the redevelopment project. KeyBank’s execution of the 221(d)(4) loan was the fastest firm commitment for new construction financing in the history of HUD, according to KeyBank.

February 8, 2017

Seniors Housing South Carolina Southeast

Phoenix Senior Living to Open 48-Unit Memory Care Community Near Greenville

by John Nelson February 8, 2017

SIMPSONVILLE, S.C. — Phoenix Senior Living is set to open the doors next week on The Pearl at Five Forks, a 48-unit memory care community located at 15 Five Forks Road in the Greenville suburb of Simpsonville. Phoenix, a privately held seniors housing developer based in Kennesaw, Ga., hired a team of certified dementia practitioners to deliver care at the community. The company also partnered with Memory Care Centers of America for the project.

February 8, 2017

Florida Multifamily Southeast

ARA Newmark Brokers $20.1M Sale of Apartment Community in Jacksonville

by John Nelson February 8, 2017

JACKSONVILLE, FLA. — ARA Newmark has brokered the $20.1 million sale of Eden’s Edge, a 244-unit, garden-style apartment property located near Interstate 295 in Jacksonville. Situated west of the St. John’s River, Eden’s Edge features a mix of one-, two- and three-bedroom layouts with washer and dryer units, fully-equipped kitchens and breakfast bars in each unit. The property’s amenity package includes a pool with sundeck, 24-hour fitness center and cyber café with Wi-Fi. Steve Lear and Erik Bjornson of ARA Newmark represented Colorado-based Real Capital Solutions in the sale to Jacksonville-based Apartment Asset Advisors. Lear and Bjornson were formerly of Walchle Lear, a Jacksonville-based multifamily brokerage firm that was recently acquired by ARA Newmark’s parent company Newmark Grubb Knight Frank, a division of BGC Partners Inc.

February 8, 2017

Mississippi Retail Southeast

Conn’s HomePlus Sells 220,000 SF Shopping Center in Metro Memphis

by John Nelson February 8, 2017

SOUTHAVEN, MISS. — Conn’s HomePlus, an appliance and furniture retail chain based in The Woodlands, Texas, has sold Stateline Square, a nearly 220,000-square-foot shopping center located at 550 Stateline Road and 570 W. Main St. in Southaven, a Mississippi suburb of Memphis. Built in 1995 and renovated in 2007, the shopping center’s tenant roster includes Conn’s HomePlus, Burlington Coat Factory, Essex Bargain Hunt and Home Décor. The property also features a 1.4-acre parcel for an outparcel tenant. Ryan West of HFF represented Conn’s HomePlus in the transaction. The buyer and sales price were undisclosed. Conn’s currently operates more than 110 retail locations in the Sunbelt.

February 8, 2017

North Carolina Southeast Student Housing

Haven Campus Communities to Build Student Housing Property Near UNC Charlotte

by John Nelson February 7, 2017

CHARLOTTE, N.C. — Haven Campus Communities plans to build an 887-bed student housing community located directly across from the University of North Carolina at Charlotte campus on University City Boulevard. The development will offer fully furnished one-, two-, four- and five-bedroom units with bed-to-bath parity. Community amenities will include a cyber lounge with charging stations; coffee bar; fitness center; tanning room; gaming room; computer center with private study rooms featuring Smart TVs; gathering areas with built-in seating; bocce ball and horseshoes; fire pits; an open courtyard; and a pool area with a large pavilion, TVs, a tanning deck, cabanas and built-in grilling stations. The development will also offer the company’s Smart Apartment technology, created in partnership with Airwave Networks that include voice command technology through Amazon Echo; keyless entry that can be integrated with smartphones through a mobile application; and voice-controlled smart lighting, thermostats and ceiling fans. Haven Campus expects to deliver the student housing property in fall 2018.

February 7, 2017

Newer Posts

Older Posts