Southeast

First Potomac Realty Trust Sells Flex Portfolio in Maryland for $17.8M

by John Nelson August 20, 2015

COLUMBIA, MD. — First Potomac Realty Trust has sold Rumsey Center, a 135,047-square-foot flex portfolio in Columbia, for $17.8 million. The four-building portfolio is located within Oakland Ridge Industrial Park. Finmarc Management Inc. was the buyer. Mark Glagola, Julian Etches and Joe Friedman of Transwestern’s Mid-Atlantic investment sales group represented First Potomac Realty Trust in the transaction. New York-based Time Equities Inc. purchased the property, which will become part of its 20 million-square-foot portfolio in North America and Europe.

August 20, 2015

Florida Loans Multifamily Southeast

Walker & Dunlop Arranges $9.4M Financing for Two Apartment Communities in Florida

by John Nelson August 20, 2015

JACKSONVILLE AND PENSACOLA, FLA. — Walker & Dunlop Inc. has arranged two loans totaling $9.4 million for two apartment communities in Florida. The financing includes a $5.4 million loan for Mandarin Trace Apartments in Jacksonville and a $4 million loan for College Trace Apartments in Pensacola. Jeff Lawrence and Matt Baptiste of Walker & Dunlop arranged both fixed-rate loans with 15-year terms, three years of interest-only payments and 30-year amortization schedules. Walker & Dunlop arranged the loans on behalf of the borrower, Stonebridge Global Partners, a commercial real estate company focusing on acquiring and managing multifamily Section 8 housing projects across the United States.

August 20, 2015

Florida Loans Mixed-Use Southeast

Calmwater Capital Provides $34.7M Acquisition Loan for Mixed-Use Asset in Downtown Miami

by John Nelson August 19, 2015

MIAMI — Calmwater Capital, formerly known as Karlin Real Estate Lending, has provided a $34.7 million acquisition loan for the purchase of Security Building, a historic 96,575-square-foot office and residential tower in downtown Miami. Built in 1926 and converted to live-work-play lifestyle condo units in 2007, the 16-story Security Building is located in Miami’s financial district. In addition to the acquisition, the proceeds of the loan will be used by the borrower, Security Building AR Owner LLC, to upgrade and lease the asset. As a part of the lease-up strategy, the building owner secured a lease with WeWork, a New York-based provider of creative communal office space, to take 100 percent of the building and convert existing residential units into office space. The $34.7 million credit facility consists of an $18.2 million short-term loan, which was funded to acquire 55 of the 60 residential units. Future funding of $16.5 million will be provided for the acquisition of the five remaining condominium units, tenant improvements, overall building renovations and an interest reserve, according to Calmwater Capital.

August 19, 2015

Florida Multifamily Southeast

Suffolk Construction Delivers Apartment Community in Metro Miami

by John Nelson August 19, 2015

DORAL, FLA. — Suffolk Construction has completed construction on Bel Air at Doral, a 249-unit luxury apartment community in Doral, roughly 14 miles outside of Miami. The project consists of two eight-story buildings and one five-story building. The midrise apartment community’s amenity package includes a fitness center, postal station, bar and lounge in the lobby and a private dog park with a pet spa. The project team includes developer ZOM Developments Inc.-Florida and architect Rodger Fry Architects.

August 19, 2015

Loans Retail Southeast Tennessee

Colliers Arranges $21.5M Refinancing of Shopping Center in Memphis

by John Nelson August 19, 2015

MEMPHIS, TENN. — Colliers International has arranged the $21.5 million refinancing of Poplar Plaza, a 351,419-square-foot shopping center in Memphis. A 85,000-square-foot Kroger anchors the center, which comprises 50 tenants, five restaurants and a 40,000-square-foot fitness center. The property is currently 95.4 percent leased to tenants such as Petco, Old Navy and Dollar Tree. Jeff Black of Colliers International’s Boston office secured the 10-year, fixed-rate loan through Prudential Mortgage Capital Co. on behalf of the borrower, an affiliate of Boston-based Finard Properties LLC.

August 19, 2015

Georgia Multifamily Southeast

Multi Housing Advisors Arranges $10M Sale of Apartment Community in Athens

by John Nelson August 19, 2015

ATHENS, GA. — Multi Housing Advisors (MHA) has brokered the $10 million sale of Arbor Ridge, a 212-unit apartment community located at 150 Chateau Terrace in Athens. Built in 1969 and renovated in 2008, the apartment community features a clubhouse, swimming pool and tennis court. Robert Stickel of MHA represented the Texas-based seller in the transaction and procured the New York-based buyer.

August 19, 2015

Kentucky Retail Southeast

Marcus & Millichap Brokers $5.8M Sale of Shopping Center in Louisville

by John Nelson August 19, 2015

LOUISVILLE, KY. — Marcus & Millichap has arranged the $5.8 million sale of Sawyer Shops, a 23,408-square-foot shopping center located at 2809 N. Hurstbourne Parkway in Louisville. The property is an unanchored, multi-tenant retail center that is 100 percent leased. Brian Munn and Ethan Armentrout of Marcus & Millichap’s Atlanta office teamed up with Larry Hausman of the firm’s Louisville office to represent the seller in the transaction. Aaron Johnson of Marcus & Millichap’s Louisville office assisted in closing the transaction. Both the buyer and seller were in 1031 tax-deferred exchanges.

August 19, 2015

Georgia Office Southeast

Dilweg Acquires Centennial Tower in Downtown Atlanta for $69M

by John Nelson August 18, 2015

ATLANTA — Durham, N.C.-based The Dilweg Cos. has purchased Centennial Tower, a 652,092-square-foot office tower located at 101 Marietta St. in downtown Atlanta. Dilweg bought the 36-story, Class A office tower from Jackson Corporate Real Estate for $69 million, according to the Triangle Business Journal. Built in 1975 and renovated in 1998, the property was 75 percent leased at the time of sale to tenants such as Turner Broadcasting, Peer 1 Hosting, Oracle and the Atlanta Hawks. Dilweg plans to invest more than $7 million to upgrade the buildings’ operating systems, common areas and tenant amenities to reposition the property. Jay O’Meara of CBRE represented the seller in the transaction. Dilweg has tapped CBRE to lease and manage Centennial Tower.

August 18, 2015

Florida Loans Multifamily Southeast

New York Life Real Estate Investors Originates $41.3M Loan for Apartment Community in Metro Orlando

by John Nelson August 18, 2015

SANFORD, FLA. — New York Life Real Estate Investors has originated a $41.3 million acquisition loan for Elan Towne Center Apartments, a 360-unit, Class A multifamily community in metro Orlando. The property is located at 12500 Solstice Loop in Sanford. The apartment community’s amenity package includes a swimming pool, sundeck with outdoor TVs and a fire pit, a tanning salon, walking trails, dog park, detached garages, cyber café and coffee bar, fitness center, movie theater, business center and an outdoor kitchen. Paul Ahmed of Walker & Dunlop’s Fort Lauderdale office arranged the 15-year loan with five years of interest-only payments.

August 18, 2015

Louisiana Mixed-Use Southeast

Continental Realty, Palmetto Partners Break Ground on Baton Rouge Apartment Community

by John Nelson August 18, 2015

BATON ROUGE, LA. — Co-developers Continental Realty Corp. and Atlanta-based Palmetto Partners Inc. have broken ground on River House, a 224-unit luxury apartment community located at 1480 Nicholson Drive in Baton Rouge. The community is a component of the River District corridor’s redevelopment between Baton Rouge’s central business district and Louisiana State University. River House will include a 4,600-square-foot clubhouse, 15,000 square feet of retail and 34,000 square feet of office space. The project team includes general contractor Clark Construction, architect Humphreys & Partners, civil engineer Monroe & Corie, landscape architect Reich Associates and interior designer The Design Studio. FNBC Bank and Continental Americas Regional Center provided construction financing for the project. Continental Realty and Palmetto Partners have tapped Ty Gose of Latter & Blum to lease River House. The project’s legal team includes Phelps Dunbar and Tanner Law Firm.

August 18, 2015

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