Southeast

U.S. Bank Provides $58.5M Construction Loan for Omni Hotel at The Battery Atlanta

by John Nelson July 19, 2016

ATLANTA — Through HFF’s debt placement division, U.S. Bank has provided a $58.5 million construction loan for the development of the Omni Hotel at The Battery Atlanta. The 16-story, 264-room hotel will anchor the $1 billion mixed-use village surrounding SunTrust Park, the Atlanta Braves’ new ballpark set to open in April 2017 in Cobb County. The hotel will feature 12,000 square feet of meeting space, a restaurant with rooftop seating, outdoor pool with a deck and bar, fitness center, wine and coffee bar, retail outlets on the third floor and concierge services. Whitaker Johnson and Jim Curtin led the HFF team in arranging the 42-month loan through U.S. Bank on behalf of the borrowers, TRT Holdings Inc. and Braves Development Co. LLC. The loan features two one-year extension options. Dallas-based TRT Holdings is the parent company of Omni Hotels & Resorts, and Braves Development Co. is owned by Liberty Media Corp.

July 19, 2016

Florida Office Southeast

CBRE Brokers $49.8M Sale of Office Portfolio in Orlando

by John Nelson July 19, 2016

ORLANDO, FLA. — CBRE has brokered the $49.8 million sale of a three-property portfolio totaling 271,192 square feet of office space within Central Florida Research Park in Orlando. City Office REIT purchased the assets from DRA Advisors. Situated adjacent to the University of Central Florida, the properties include Research Commons at 12249 Science Drive; Technology Park I and II at 3045-3051 Technology Parkway; and University Tech Center at 12501-12565 Research Parkway. The 1,027-acre Central Florida Research Park is the largest research and technology development park in Florida and the fourth largest in the nation. Ron Rogg and Chip Wooten of CBRE brokered the transaction.

July 19, 2016

Georgia Retail Southeast

Preferred Apartment Communities Buys Sprouts-Anchored Shopping Center in Metro Atlanta

by John Nelson July 19, 2016

CUMMING, GA. — Preferred Apartment Communities Inc. (PAC) has purchased Lakeland Plaza, a 301,711-square-foot shopping center located at the intersection of Georgia 400 and Highway 20 in Cumming. The shopping center is anchored by a 29,855-square-foot Sprouts Farmers Market and an 86,479-square-foot Belk. PAC acquired Lakeland Plaza through its wholly owned subsidiary New Market Properties LLC. Protective Life Insurance Co. provided a 10-year acquisition loan on behalf of PAC that features a fixed 3.85 interest rate. The seller and sales price were not disclosed.

July 19, 2016

Florida Georgia Loans Retail Southeast

Ready Capital Closes Two Loans in Florida, Georgia Totaling $31M

by John Nelson July 19, 2016

JACKSONVILLE, FLA. AND STONE MOUNTAIN, GA. — Ready Capital Structured Finance has closed two non-recourse bridge loans totaling $31 million for shopping centers in Jacksonville and metro Atlanta. Ready Capital closed a $19.7 million loan for the acquisition and renovation of Highland Square Shopping Center, a 277,553-square-foot retail center located on Dunn Avenue in Jacksonville. Situated a quarter-mile west of I-95, the asset was 73 percent leased at the time of financing to tenants such as Publix and CVS/pharmacy. The loan features a 42-month term with two one-year extension options and includes a facility for future tenant re-leasing reserves and future funding for tenant improvements, leasing commissions and capital expenditures. The other transaction was an $11.3 million loan for the acquisition and renovation of a 335,000-square-foot retail center leased to tenants such as Marshalls, Big Lots, Ross Dress for Less and Stone Mountain Community Center, an activity and fitness center serving the Stone Mountain community. The asset is situated at the intersection of Stone Mountain Highway 78 and Rockbridge Road S.W., roughly 20 miles northeast of downtown Atlanta. The undisclosed borrower purchased the REO asset from a special servicer. The short-term loan features a facility for future tenant improvements, leasing …

July 19, 2016

Loans Mississippi Southeast Student Housing

Bellwether Enterprise Arranges $16.4M CMBS Loan for Student Housing Property in Oxford

by John Nelson July 19, 2016

OXFORD, MISS. — Bellwether Enterprise has arranged a $16.4 million CMBS loan for The Cottages at Hooper Hollow, a 280-bed student housing community in Oxford. The property is located on the University of Mississippi’s campus. Jeremy Chism of Bellwether Enterprise’s Memphis office arranged the loan through LStar on behalf of the borrower, Trinity Business Group. Bellwether Enterprise, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc., closed 17 loans totaling $195 million in the month of June, including the Oxford transaction.

July 19, 2016

Multifamily North Carolina Southeast Virginia

Robbins/Electra America Acquire Multifamily Portfolio in North Carolina, Virginia for $400M

by John Nelson July 18, 2016

TAMPA, FLA. — Robbins/Electra America LLC (REM), a joint venture between Robbins Property Associates and its investment partner Electra America, has purchased a 12-property multifamily portfolio in North Carolina and Virginia for more than $400 million. Totaling 3143 units, the communities include seven properties in the Charlotte area, four in metro Raleigh and one in Richmond, Va. The new ownership is planning a multimillion-dollar investment program to upgrade the properties’ kitchens, bathrooms, fixtures, lighting and flooring. Berkadia Commercial Mortgage LLC arranged acquisition financing through Freddie Mac on behalf of REM. With this transaction, REM owns and manages 57 apartment communities totaling 16,689 units.

July 18, 2016

Loans Maryland Multifamily Southeast

Capital One Provides $66.7M Acquisition Loan for Apartment Community in Metro D.C.

by John Nelson July 18, 2016

GREENBELT, MD. — Capital One has provided a $66.7 million acquisition loan for Gates of Cipriano, a 591-unit apartment community located at 8501 Greenbelt Road in Greenbelt. The asset is situated roughly 13 miles outside of Washington, D.C., and across the street from NASA’s Goddard Space Flight Center. Abe Hirsch, Jacob Katz and Zev Karpel of Meridian Capital Group arranged the 12-year, Fannie Mae loan through Capital One on behalf of the borrower, BDMG.

July 18, 2016

Mixed-Use Southeast Virginia

Savills Studley Brokers $64M Sale of City Center at Oyster Point in Newport News

by John Nelson July 18, 2016

NEWPORT NEWS, VA. — Savills Studley has arranged the $64 million sale of City Center at Oyster Point, a nine-building mixed-use property located in the Oyster Point District in Newport News. The development was built as a public-private partnership between nine local partners, joint venture equity partner Northwestern Mutual and the city of Newport News. Patricia Earnest, Lindsay Stroud and Stephanie Lynch of Savills Studley, along with local brokerage partner Harvey Lindsay Commercial Real Estate, represented the local partners and Northwestern Mutual in the sale of City Center at Oyster Point to the newly formed Point Hope LLC. The project includes nearly 575,000 square feet of office and retail space, three publicly owned parking garages, 2,700 parking spaces and a 50,000-square-foot conference center managed by Marriott International. The property’s tenants include PNC Bank, Riverside Health System, Morgan Stanley, city of Newport News, The Boeing Co., Siemens and Progressive Casualty. The Peninsula Division of TowneBank and Union Bank & Trust provided acquisition financing for the transaction.

July 18, 2016

Florida Office Southeast

Ivy Realty Buys Two Office Buildings in Miami Beach for $48.8M

by John Nelson July 18, 2016

MIAMI BEACH, FLA. — Ivy Realty has purchased Miami Beach Towers, a two-building, Class A office portfolio in Miami Beach, for $48.8 million. Ivy Realty acquired the assets from Beach Tower LLC, an affiliate of South Florida-based Terranova Corp., which has owned the assets since 2004. Situated 400 feet from Miami Beach’s famous Lincoln Road, the properties are located at 1674 and 1688 Meridian Road and total nearly 120,000 square feet. The office buildings were 69 percent leased at the time of sale to tenants such as Regus, Next Model Management, Verizon Wireless, Barclay’s Real Estate Group, SCPF and Merchant Data Systems. With this purchase, Ivy Realty’s South Florida office portfolio spans roughly 1.7 million square feet. Terranova is currently constructing two neighboring three-story retail buildings that will be anchored by Marshalls and Antropologie. New York City-based design firm James Corner Field Operations plans to overhaul the Lincoln Road District using roughly $32 million from the Community Redevelopment Agency to redevelop the street’s pedestrian-only promenade, as well as Meridian Road and other side streets. Ivy Realty believes the facelift will help boost the visibility and occupancy of Miami Beach Towers.

July 18, 2016

Hospitality North Carolina Southeast

MJM Group to Develop $20M Marriott-Branded Hotel in Charlotte

by John Nelson July 18, 2016

CHARLOTTE, N.C. — MJM Group plans to develop a new Residence Inn by Marriott-Charlotte/Steele Creek in Charlotte. The $20 million hotel will be situated at the intersection of Dixie River Road and Trojan Drive in Charlotte’s Steele Creek submarket. The 82,000-square-foot property will span 120 rooms and feature an outdoor swimming pool, outdoor living area, meeting space and a fitness center. The project team includes St. Louis-based architect Gray Design and civil engineer Stimmel Associates. Raleigh-based MJM Group has selected St. Louis-based Midas Hospitality to manage the hotel upon completion, which is set for late 2017. Chris Thomas of Childress Klein represented the seller in the land transaction. Kurt Schoenhoff of Selwyn Property Group represented MJM Group, which has developed several Marriott-branded hotels in North Carolina including the dual-branded Residence Inn and Fairfield Inn & Suites by Marriott Charlotte Airport and the Courtyard by Marriott at Triangle Town Center-North Raleigh.

July 18, 2016

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