CARY, N.C. — Capstone Capital has arranged a $37.6 million Fannie Mae loan for Amberton at Stonewater Apartments, a 348-unit community in Cary. The non-recourse loan features three years of interest-only payments fixed at 4.49 percent. Completed in 2014, the property features one-, two- and three-bedroom units. Jackson Howard of Capstone Capital arranged the loan on behalf of the borrower, The Carroll Cos.
FAYETTEVILLE, N.C. — Greystone has provided a $25 million CMBS loan to refinance Addison Ridge, a 211-unit apartment community located in Fayetteville. Constructed in 2014, the apartment property features a movie theater, swimming pool and fitness center with an on-site personal trainer. Greg Krafcik of Greystone originated the five-year, interest-only loan with a 30-year amortization schedule. Jackson Howard of Capstone Capital arranged the loan.
LENOIR CITY, TENN. — Walker & Dunlop Inc. has closed a $17.7 million loan for The Cove at Creekwood Park, a 208-unit apartment complex located in Lenoir, roughly 30 minutes outside of Knoxville. Built in 2011, the apartment property comprises one-, two- and three-bedroom units that feature keyless door entry systems, fully equipped kitchens with stainless steel appliances, plank flooring, walk-in closets and full-sized washers and dryers. Common area amenities include gated access, a picnic/play area, walking trail, pavilion, business center with a cyber café, fitness center, saltwater swimming pool and an outdoor cooking station. Keith Melton and David Strange of Walker & Dunlop arranged the 39-year, fixed-rate loan using HUD’s Interest Rate Reduction program.
RESTON, VA. — Comstock Partners LLC has signed a roughly 10,000-square-foot lease with Farmers Restaurant Group (FRG) for restaurant space at Reston Station, a transit-oriented, mixed-use development located in the Washington, D.C., suburb of Reston. FRG’s Founding Farmers, an American eatery serving farm-to-table food, plans to open its new restaurant at Reston Station in late 2016. Currently under construction, Reston Station will serve as the gateway to the Wiehle Reston-East Metro Station and the terminus of Phase I of Metro’s new Silver Line.
CHARLOTTE, N.C. — Multi Housing Advisors (MHA) has brokered three separate sales of three apartment communities in the Raleigh-Durham area totaling $62.4 million. The transactions include Atlanta-based TriBridge Residential selling The Hamptons at RTP, a 286-unit property in Durham, to Cortland Partners for $34.6 million; Los Angeles-based Robertson Properties Group selling Emerald Forest, a 320-unit property in Durham, to New York-based Somerset Partners for $19.5 million; and New York-based JEM Holdings purchasing Westchester, a 160-unit property in Garner, from Carlisle Residential for $8.3 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in all three transactions.
LAUREL, MD. — Wood Partners plans to break ground on a new 340-unit apartment community in Laurel, a city situated halfway between Baltimore and Washington, D.C. The property, known as The Residences Towne Centre at Laurel, will be located on a 5.2-acre site adjacent to the Towne Centre at Laurel, a 400,000-square-foot mixed-use development that features an Old Navy, Outback Steakhouse, Mission BBQ and Panera Bread. Designed by JDavis Architects, the new community will comprise a 640,000-square-foot, four-story building wrapping a 555-space parking garage. The units will feature quartz countertops, stainless steel appliances, tile backsplashes, oversize tubs, vinyl plank flooring, upgraded lighting and hardware packages and full-size washers and dryers. Community amenities will include lounge spaces, a game room, café, business center, fitness facility with a yoga studio, additional storage space, bicycle storage and a pet spa. CBRE represented the seller, Greenberg Gibbons, in the land sale. Leasing is anticipated to begin in early 2017, with construction scheduled for completion by the summer of 2017.
CHATTANOOGA, TENN. — Marcus & Millichap has brokered the $21.2 million sale of a Coca-Cola industrial warehouse portfolio comprising three properties in Chattanooga. The three buildings span roughly 645,000 square feet and are leased by Coca-Cola Refreshments, a wholly owned subsidiary of The Coca-Cola Co. Coca-Cola Refreshments recently leased the properties for five-year terms with the option to renew for additional five-year terms. Sam Hanna of Marcus & Millichap’s San Diego office, along with Anne Williams of the firm’s Memphis office, brokered the transaction. Williams is Marcus & Millichap’s broker of record in Tennessee. The unnamed buyer is a publicly traded REIT.
AUSTELL, GA. — Crossman & Co. has brokered the $5.5 million sale of the East West Shoppes, an 85,565-square-foot neighborhood retail center in Austell, a northwest suburb of Atlanta in Cobb County. The five-building property is situated on a 15.7-acre parcel at 1025 East-West Connector. The property was 75 percent leased at the time of sale to tenants such as Starbucks Coffee, Discount Tires, American Family Insurance and Apex Animal Hospital. Brian Carolan, Bruce Lyons and John Zielinski of Crossman & Co. represented the seller, a Miami-based special servicer, in the transaction. The buyer, a private investor based in Boca Raton, Fla., has retained Crossman & Co. to lease and manage East West Shoppes.
CHARLESTON, S.C. — Charlotte-based Ferncroft Capital has acquired a 14,000-square-foot, Class A medical office building located at 163 Rutledge Ave. in Charleston, for $5.3 million. The Medical University of South Carolina anchors the fully leased property. Bank of North Carolina provided the acquisition loan on behalf of Ferncroft Capital. Ferncroft has tapped CBRE to manage the medical office building. Colliers International’s Charleston office represented the undisclosed seller in the transaction.
Underpinned by a $50 billion tourism industry that drew a record-breaking 62.3 million visitors in 2014 in addition to strong job, population and residential growth, there is no question that Orlando’s retail real estate market is stronger than ever. According to 2014 U.S. census data, Orlando outpaced 99 of America’s 100 most populous MSAs in year-over-year population growth. The City Beautiful also recently ranked as the No. 1 U.S. city for job growth by Fortune Magazine following a 3.7 percent increase in its employment base in the same year. The Orlando retail market has also benefited heavily from healthy gains in the housing sector, powered by Central Florida’s tourism and construction industries, which stimulate economic development in the region. Orange County Property Appraiser, Rick Singh, reported that average home sale prices were up more than 10.5 percent in 2014, while residential construction rose 79 percent in the same period. With this type of growth, Orlando is experiencing strong consumer spending and an increase in demand for retail space. The Orlando region’s Index of Retail Activity rose 8.5 percent year-over-year in the second quarter of 2015, while the metro-wide retail vacancy rate decreased to 6.5 percent, down from 8.2 percent at …
