Southeast

CBRE Brokers $81.6M Sale of Lowe’s Portfolio in Metro Atlanta

by John Nelson July 17, 2015

ATLANTA — CBRE has arranged the $81.6 million sale of a four-asset portfolio comprising four freestanding, single-tenant Lowe’s Home Improvement stores in the Atlanta metropolitan area totaling approximately 532,735 square feet. Chris Bosworth, John Read, Will Pike, Philip Voorhees, Jimmy Slusher and Brian Pfohl of CBRE represented the seller, IRA Capital LLC, in the transaction. American Realty Capital Properties Inc. purchased the portfolio. Each Lowe’s location has a long-term lease, which was recently extended by 10 years with six, five-year options to extend.

July 17, 2015

Loans Multifamily North Carolina Southeast

KeyBank Arranges $34.9M in Financing for Multifamily Portfolio in Wilmington

by John Nelson July 17, 2015

WILMINGTON, N.C. — KeyBank Real Estate Capital has arranged a total of $34.9 million in Freddie Mac financing for a four-property, 694-unit multifamily in Wilmington. The apartment properties include Hawthorne at New Centre, Hawthorne Centre North, Hawthorne Commons and Hawthorne Lofts South. Charles Williams and Jeffrey Hunkele of KeyBank’s commercial mortgage group arranged the loans, which were used to pay off existing KeyBank balance sheet loans.

July 17, 2015

Loans Multifamily North Carolina Southeast

NorthMarq Arranges $20M Loan for Apartment Community in Asheville

by John Nelson July 17, 2015

ASHEVILLE, N.C. — NorthMarq Capital has secured a $20 million loan for Palisades Apartments, a 224-unit multifamily property located at 1100 Palisades Circle in Asheville. Bill Matone of NorthMarq’s Charlotte office arranged the fully amortizing, 20-year loan through an unnamed life insurance firm.

July 17, 2015

Kentucky Loans Seniors Housing Southeast

Lancaster Pollard Provides $5.4M Loan for CCRC in Louisville

by John Nelson July 17, 2015

LOUISVILLE, KY. — Lancaster Pollard has provided $5.4 million in HUD financing for Springhurst Pines, a continuing care retirement community (CCRC) in Louisville. Baptist Homes Inc. (BHI) owns and operates the CCRC, which includes three separate facilities on a 20-acre campus. The financing will be used to convert 35 percent of the community’s semi-private Medicaid skilled nursing units to private Medicare units, as well as build a 40-unit Medicare wing with therapy space. The nonrecourse loan made through HUD’s 232/241(a) supplemental loan program has a loan term of 25 years. Chris Blanda led the transaction for Lancaster Pollard.

July 17, 2015

District of Columbia Office Southeast

Skanska USA to Build, Develop $116M Office Building in D.C.

by John Nelson July 16, 2015

WASHINGTON, D.C. — Skanska USA plans to break ground on a new 11-story, Class A office building in Washington, D.C.’s Capitol Riverfront submarket. Skanska will build and develop the 236,806-square-foot property, as well as invest $116 million into the project. The property will include ground-floor retail space and four levels of below-grade parking. Construction manager Skanska USA Building is aiming for LEED Gold certification for the project. Construction will begin later this summer and is scheduled to be completed in the fourth quarter of 2017.

July 16, 2015

Kentucky Multifamily Southeast Student Housing

University of Kentucky Trustees Approve Phase V of EdR’s $74M On-Campus Housing Expansion

by John Nelson July 16, 2015

LEXINGTON, KY. — The University of Kentucky Board of Trustees has approved the next phase of the university’s on-campus housing revitalization that will bring the total number of beds delivered or currently under development to 6,504. Scheduled for completion in 2017, University Flats will comprise a seven-story building at University and Complex drives on the University of Kentucky’s (UK) Lexington campus. Designed to provide separate living communities for upper-level undergraduate students, and graduate and professional students, it will provide 771 beds in 312 apartments in various styles and sizes, from studios to four bedrooms. Each apartment will include furnishings and a full kitchen. EdR will finance the previously announced $74 million development through its On-Campus Equity Plan — The ONE PlanSM — which uses the company’s equity and financial stability to fund projects on university land. This program gives the university access to a single partner and helps create long-term financial benefits for EdR and UK. EdR will provide financing, oversee development and construction, and will be responsible for maintenance and management, while UK provides residence life services.

July 16, 2015

Georgia Multifamily Southeast

Air Realty Breaks Ground on Transit-Oriented Multifamily Project Near Atlanta Airport

by John Nelson July 16, 2015

COLLEGE PARK, GA. — Air Realty has broken ground on ThePad on Harvard, a mixed-use, transit-oriented multifamily project located roughly 400 feet from the College Park MARTA station. The property, located at 1777 Harvard Ave., is the first multifamily community to break ground in College Park in the past 40 years. Phase I of construction comprises 109 apartment units. The Atlanta Aerotropolis Alliance, a nonprofit organization that works to leverage the growth of Hartsfield-Jackson Atlanta International Airport to the surrounding neighborhoods, sees ThePad on Harvard as the cornerstone of the revitalization of the communities around the airport. Air Realty is partnering with HJ Russell & Co. on the project, which is slated for a spring 2016 completion.

July 16, 2015

Georgia Healthcare Southeast

Triad Properties Taps Choate Construction to Build $26M Medical Office Building in Alpharetta

by John Nelson July 16, 2015

ALPHARETTA, GA. — Huntsville, Ala.-based Triad Properties has selected Atlanta-based Choate Construction to build a four-story, 106,000-square-foot medical office building in Alpharetta. The $26 million facility will be situated on a 11.7-acre site at the northeast corner of Old Milton Parkway and GA 400, which is adjacent to Northside Hospital’s 140-acre Alpharetta Medical Campus. The site will feature both the Class A medical office building and either an ambulatory care center or urgent care center. Atlanta-based HealthAmerica Realty Group has begun pre-leasing and marketing the property. The design team includes architect Smallwood, Reynolds, Stewart, Stewart & Associates and civil engineer Wolverton & Associates. Choate Construction expects to complete the property in the fall of 2016.

July 16, 2015

Kentucky Multifamily Seniors Housing Southeast

Continental, Leo Brown Break Ground on $16M Seniors Housing Facility in Lexington

by John Nelson July 16, 2015

LEXINGTON, KY. — Columbus, Ohio-based Continental Real Estate Cos. and Carmel, Ind.-based Leo Brown Group have begun construction on a new senior living community in Lexington called Highgrove at Tates Creek. The community will consist of 90 assisted living units, 30 of which will be dedicated to memory care. Development costs for the community are approximately $16 million. Leo Brown Group’s management company affiliate, Traditions Management, will run the day-to-day operations once construction is complete. Traditions manages a portfolio of communities in Kentucky, Indiana and Ohio totaling 780 units. The partnership expects Highgrove at Tates Creek to accept its first residents in spring of 2016. This is the second community developed by Continental and Leo Brown Group — in 2014 the partnership broke ground on a 94-unit site in Granville, Ohio, which will open later this summer.

July 16, 2015

Georgia Mixed-Use Southeast

The Related Group to Build Apartment Tower Featuring Whole Foods in Midtown Atlanta

by John Nelson July 15, 2015

ATLANTA — Miami-based The Related Group has unveiled plans for its new high-rise apartment tower in Midtown Atlanta. The 38-story tower located at the corner of 14th and West Peachtree streets will feature 390 luxury apartment residences and a 70,000-square-foot Whole Foods Market store. The property will also feature other retailers on the ground level. The tower’s amenity package will include a rooftop clubroom, demonstration kitchen and a swimming pool on the 10th floor. The project team includes architect Smallwood, Reynolds, Stewart, Stewart; interior designer Michael Habachy; and architect for Whole Foods Phillips Partnership.

July 15, 2015

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