Southeast

Capital One Closes $74M Refinancing of Apartment Community in South Florida

by John Nelson August 26, 2016

DORAL, FLA. — Capital One has provided a $74 million loan for the refinancing of The Manor CityPlace Doral, a 398-unit, Class A apartment community in Doral, a city in Miami-Dade County. Joshua Howes of Capital One originated the loan on behalf of the borrower, a joint venture between the Related Group of Florida and an investment fund managed by PGIM Real Estate (formerly known as Prudential Real Estate Investors). The joint venture used the loan to retire an existing construction loan. The apartment community is part of CityPlace Doral, a 48.3-acre master-planned development that will include retail, condominiums, multifamily and single-family homes.

August 26, 2016

Georgia Industrial Southeast

CenterPoint Properties to Develop 492,492 SF Spec Industrial Facility in Savannah

by John Nelson August 26, 2016

SAVANNAH, GA. — CenterPoint Properties plans to develop a 492,492-square-foot spec industrial facility within CenterPoint Intermodal Center in Savannah. Situated on 32 acres about four miles from the Port of Savannah’s main gate, the facility will feature Norfolk Southern rail service and the ability to be subdivided based on tenant requirements. Danny Chase and John Neely of Colliers International are marketing the facility on behalf of CenterPoint Properties. The Class A, cross-dock warehouse is expandable up to roughly 780,000 square feet and will feature 32-foot clear heights, 80 dock doors, four drive-in ramps, 176 trailer parking positions and 182 car parking spots. CenterPoint Properties expects to deliver the facility in summer 2017.

August 26, 2016

Affordable Housing Florida Multifamily Seniors Housing Southeast

Carrfour, Pride Center to Develop Affordable Housing Community with Focus on Senior LGBT Renters

by John Nelson August 26, 2016

WILTON MANORS, FLA. — Miami-based Carrfour Supportive Housing has teamed with The Pride Center to build an affordable housing development with a special focus on aging members of the LGBT community. The project, known as The Residences at Equality Park, will be located in Wilton Manors, a city in Broward County. Phase I will feature 48 apartments, 34 of which will be reserved for low-income seniors living with disabling conditions due to HIV/AIDS and other challenges. The remaining units will be reserved for seniors earning 60 percent or less of the area median income (AMI), or roughly $35,000 per year according to Carrfour. Phase I will break ground in the fourth quarter of 2017 with an expected completion in late 2018. Phase II, which will comprise 74 units, will begin at a later date. The Pride Center, a nonprofit LGBT community center, will provide residents with on-site services such as recreation, healthcare consulting and counseling. Carrfour will serve as the project’s developer and operator.

August 26, 2016

Loans Louisiana Multifamily Southeast

Berkadia Arranges $19M Loan for Apartment Community in Baton Rouge

by John Nelson August 26, 2016

BATON ROUGE, LA. — Berkadia has arranged a $19 million Fannie Mae loan for Turnberry Place Apartments, a 272-unit property located at 10720 Linkwood Court in Baton Rouge. Built in 2002, Turnberry Place features one- and two-bedroom units with full-size washer and dryers, patios or balconies and walk-in closets. Community amenities include a 24-hour fitness center, resort-style pool, heated spa, digital business center and video-monitored, controlled access gates. Cameron Hart of Berkadia’s Austin office arranged the 12-year refinancing with a fixed 3.67 percent interest rate and a 30-year amortization schedule on behalf of the borrower, Belcher Management LLC.

August 26, 2016

Industrial Southeast Tennessee

Morgan Construction Breaks Ground on $12.9M Distribution Center in Tennessee

by John Nelson August 26, 2016

SOUTH PITTSBURGH, TENN. — Chattanooga-based Morgan Construction Co. has begun construction on a $12.9 million, 202,000-square-foot distribution center in South Pittsburgh. The tilt-wall project is a build-to-suit for Lodge Manufacturing, a cast iron skillet and cookware manufacturer. The design team includes River Street Architects, A.D. Engineering and Structural Services Inc. Morgan Construction expects to deliver the distribution center in March 2017.

August 26, 2016

Florida Multifamily Southeast

Private Investor Purchases Two Apartment Communities in Tampa Area for $95.6M

by John Nelson August 25, 2016

TAMPA AND BRANDON, FLA. — An unnamed private investor has purchased two apartment communities in Tampa and Brandon for a total of $95.6 million. The portfolio sale included Columns at Brandon West, a 342-unit, Class A apartment community located at 10011 Balaye Run Drive in Tampa. A joint venture between ECI Group and funds managed by Ares Management LP sold the asset for $46 million. Completed in 2001, the 96 percent-occupied property features 10 three-story buildings surrounding two lakes. The one-, two- and three-bedroom units feature nine-foot ceilings, in-unit washers and dryers, walk-in closets and screened-in balconies/patios. Community amenities include a recently updated clubhouse and poolside lounge, resort-style swimming pool, outdoor kitchen, fitness studio, movie screening room, self-service car wash and a nature trail. The buyer also purchased Westbury at Lake Brandon, a 366-unit property located approximately three miles southeast of Columns at Brandon West at 1210 Westbury Pointe Drive in Brandon. An affiliate of Goff Capital Partners sold the property for $49.6 million. Completed in 2001, the 95 percent-occupied, garden-style property features one-, two- and three-bedroom units averaging 988 square feet. Units feature breakfast bars, designer kitchens, crown molding, full-size washers and dryers and walk-in closets. Community amenities include …

August 25, 2016

Georgia Loans Office Southeast

NXT Capital Provides $13.6M Acquisition Loan for Office Building in Atlanta

by John Nelson August 25, 2016

ATLANTA — NXT Capital has provided a $13.6 million acquisition loan for the purchase of Northridge Plaza, a six-story, Class B office building in Atlanta. The 128,000-square-foot property is located at the intersection of GA 400 and Northridge Road.

August 25, 2016

Alabama Hospitality Southeast

Hunter Hotel Advisors Brokers $13.3M Sale of Hilton Birmingham Perimeter Park

by John Nelson August 25, 2016

BIRMINGHAM, ALA. — Hunter Hotel Advisors has brokered the sale of the 205-room Hilton Birmingham Perimeter Park in Birmingham. The buyer, Atlanta-based Peachtree Hotel Group, purchased the eight-story hotel with plans to invest $10.5 million to renovate and reposition the property into a DoubleTree by Hilton hotel. The sales price and seller were undisclosed, but the Birmingham Business Journal reports the sale price as nearly $13.3 million.

August 25, 2016

Maryland Retail Southeast

H&R Retail Arranges Hobby Lobby’s 57,497 SF Lease in Maryland

by John Nelson August 25, 2016

CALIFORNIA, MD. — H&R Retail has represented Hobby Lobby in its 57,497-square-foot lease for a new store at Laurel Glen Shopping Center. The asset is located at 45315 Alton Lane in California. David Ward and Ben Hoskins of H&R Retail, along with The Keith Corp., brokered the transaction. Shanri Holdings Corp. owns the new store, which is set to open in early 2017.

August 25, 2016

Industrial Kentucky Southeast

NAI Isaac Brokers $1.8M Sale of Industrial Facility in Lexington

by John Nelson August 25, 2016

LEXINGTON, KY. — NAI Isaac has brokered the $1.8 million sale of a 33,000-square-foot industrial facility located at 1387 E. New Circle Road in Lexington. The undisclosed buyer plans to renovate and expanding the building. Al Isaac and Jamie Adams of NAI Isaac represented the seller, McLean Properties Inc., in the transaction. David Allen of The Gibson Co. represented the buyer.

August 25, 2016

Newer Posts

Older Posts