ROBINSONVILLE, MISS. — Dougherty Mortgage has closed a $14 million Fannie Mae loan for the acquisition of two apartment communities in Robinsonville. The properties, River Pointe and Cypress Lakes, total 312 units. Dougherty Mortgage’s Brentwood, Tenn.-office arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrower, Cypress River LLC.
MONTGOMERY, ALA. — Montgomery-based Jim Wilson & Associates LLC (JWA) plans to develop Eastchase Central, a shopping center in Montgomery that will be anchored by a roughly 40,000-square-foot Marshalls/HomeGoods store. The shopping center will also feature an 8,500-square-foot Five Below store, as well as other retailers that have yet to be announced. Eastchase Central will be situated on 6.7 acres at the midway point of Eastchase Parkway and directly across from a Hampton Inn & Suites. JWA plans to deliver Eastchase Central in late fall 2017.
AUSTELL, GA. — A joint venture between Seefried Industrial Properties and Cabot Properties has closed on its purchase of 27.5 acres of land at Cobb West Business Park in Austell for the development of a new 281,000-square-foot spec industrial facility. NAI Brannen Goddard represented the seller, Jadow Realty Co., in the land sale. Seefried-Cabot has selected Mike Chambers, Jack Haden and Brad Pope of NAI Brannen Goddard to market the property for lease. The joint venture plans to deliver the facility in the third quarter of 2017.
HIALEAH GARDENS, FLA. — Bridge Development Partners LLC has selected Premier Design + Build LLC to construct a 255,846-square-foot distribution center in Hialeah Gardens, a suburb of Miami. Premier plans to break ground on the asset as early as first-quarter 2017. Situated near the Turnpike, U.S. 27, State Route 826 and I-75, the new distribution facility will feature 32-foot clear heights, 75 truck dock positions, an ESFR sprinkler system and 252 parking spaces. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield are leasing the facility on behalf of Bridge Development. Other key members of the design team include architect RLC Architects and civil engineer Thomas Engineering Group.
TAMPA, FLA. — ZOM, in partnership with affiliates of The Mattoni Group and Clarion Partners LLC, has broken ground on Azola at Magnolia Park, a 366-unit apartment community located on Progress Boulevard in Tampa. ZOM is constructing the multifamily property on behalf of a commingled fund managed by the firm. Synovus Bank’s Orlando office provided construction financing for the project. ZOM expects to deliver Azola’s first units in the fourth quarter of 2017, with pre-leasing expected to begin in late summer 2017.
WASHINGTON, D.C. — Natixis has provided a $25 million loan for the acquisition and renovation of a 95-room hotel in Washington, D.C.’s Foggy Bottom neighborhood. The hotel is situated adjacent to George Washington University. Natixis provided the loan to a joint venture between Westmont Hospitality and Varde Funds. Westmont Hospitality will continue to operate and manage the hotel. Natixis is the international corporate, investment, insurance and financial services arm of Groupe BPCE, the second-largest banking group in France.
Commonly referred to as the River Region, Montgomery is the second largest city in Alabama and the state capital. The Montgomery metropolitan area consists of Autauga, Elmore, Lowndes and Montgomery counties. With a population approaching 374,000, the River Region’s diverse economy, skilled workforce, business-friendly climate and Southern charm continue to attract new residents and commercial development. Key industries in the Montgomery metro area include automotive, manufacturing, fabricated metals, plastics, warehousing/distribution and state/regional government. As of June 30, total unit count in the Montgomery market is 6,588 with an average year built of 1997. According to the Axiometrics second-quarter 2016 report for Montgomery, annual effective rent growth has averaged 1.2 percent since the fourth quarter of 1996 with annual effective rent growth forecast to be 0.1 percent for 2016, 1.7 percent in 2017 and an average of 2.6 percent from 2018 to 2020. The Axiometrics report also states the market’s occupancy rate has averaged 92.2 percent since the fourth quarter of 1995. Currently, occupancy in the Montgomery market is 89.6 percent as of second-quarter 2016, which is a slight decrease from 91.1 percent in the first quarter of 2016 and 90.7 percent in second-quarter 2015. Axiometrics projects the market’s occupancy rate …
ATLANTA — SunTrust Banks Inc. (NYSE: STI) has closed on its previously announced acquisition of all of the assets of the operating subsidiaries of Pillar Financial LLC, which includes receiving Fannie Mae, Freddie Mac and Federal Housing Administration Agency license transfer approvals. The assets include Pillar’s multifamily lending business, which comprises affordable housing, healthcare properties, seniors housing and manufactured housing specialty teams. The assets also include Chicago-based Cohen Financial’s commercial real estate investor services business, advisory services and offering loan administration, as well as its mortgage banking business. The Pillar team has joined SunTrust’s Commercial Real Estate (CRE) division, which is part of the bank’s Wholesale Banking segment. CRE provides banking and capital markets services to commercial real estate developers, owners and operators through various lending platforms. SunTrust Robinson Humphrey served as financial advisor to SunTrust Banks for this transaction. Beekman Advisors acted as the strategic advisor for Pillar.
ATLANTA — Third & Urban and Trillium Management plan to redevelop the former Western Electric Building at 820 Ralph McGill Blvd. in Atlanta. The 85,000-square-foot asset is situated along the Atlanta BeltLine’s Eastside Trail and currently houses Two Urban Licks. Third & Urban and Trillium have signed a lease with a partnership between Mitch Steele, Carey Falcone and Bob Powers for a 20,000-square-foot brewery and restaurant that will include a BeltLine-facing biergarten and a rooftop bar. Steele is the former brewmaster at Stone Brewing, a brewery headquartered in Southern California. The co-developers have also signed a 7,000-square-foot lease with The Diligence Co., a hospitality concept that will be opening a Latin-inspired brasserie, or informal restaurant, at the project. Third & Urban and Trillium are marketing the remaining 23,000 square feet for office, retail or entertainment uses. The project features 600 linear feet of frontage on the BeltLine and is situated across from Fourth Ward Park. Architect ai3 is leading the design of the redevelopment, which will feature a BeltLine-facing façade and park space. The co-developers will break ground on the redevelopment in February with completion scheduled for next summer.
RALEIGH, N.C. — CBRE | Raleigh has arranged the sale of Marketplace at Lake Boone, a 76,253-square-foot mixed-use development located at the intersection of Lake Boone Trail and Gateway Access Road in Raleigh. The LEED Gold- and Platinum-certified property consists of office and retail space. Tenants at the fully leased center include Ashton Woods, AT Allen Co., Sirius Computer Solutions, Greystone, Saracare, Buffalo Brothers, Guasaca, Bottle Revolution, Traditions Bridal and The Oaks. Ben Kilgore, Jim McMillan, Elliott Brewer, and Leslie Holmes of CBRE | Raleigh represented the seller, Singerman Real Estate Partners, in the disposition of the property to Houston-based Griffin Partners.
