Southeast

Hodges Ward Elliott Brokers Sale of St. Regis Washington, D.C.

by John Nelson July 1, 2015

WASHINGTON, D.C. — Hodges Ward Elliott has brokered the sale of the St. Regis Washington, D.C., a 182-room luxury hotel located at the intersection of 16th and K streets, roughly two miles from the White House. Mark Elliott and Rudy Reudelhuber of Hodges Ward Elliott represented the seller in the transaction. The firm also advised the buyer, Al Rayyan Tourism Investment Co. (ARTIC), on procuring acquisition financing from Goldman Sachs. St. Regis Washington, D.C., will continue to operate under the St. Regis brand. ARTIC’s purchase also includes an adjacent parcel that is zoned for 22,000 square feet of hotel, office, retail, parking and/or residential use. Qatar-based ARTIC is the international hospitality subsidiary of Al Faisal Holding Co. ARTIC owns 32 hotels in the Middle East, Africa, Europe and North America, including the Radisson Blu Chicago and The Manhattan at Times Square.

July 1, 2015

201 17th Street Atlantic Station Midtown Atlanta

Georgia Office Southeast

CBRE Global Investors Fund Sells Atlantic Station Office Building in Midtown Atlanta

by John Nelson July 1, 2015

ATLANTA — CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, has sold a 17-story office building located at 201 17th St. in Atlantic Station, a mixed-use district in Midtown Atlanta. Since acquiring the property in 2012, the fund has increased the building’s occupancy from 48 percent to 91 percent. Technology companies migrating to Midtown Atlanta comprise the majority of the newly added tenants at the office tower, according to CBRE. In December, Worldpay US, an online card processing services firm based in London, leased six floors at 201 17th St. for its U.S. headquarters.

July 1, 2015

Loans Multifamily Southeast Virginia

LCOR Closes on $59M Construction Loan for Multifamily Development in Northern Virginia

by John Nelson July 1, 2015

MCLEAN, VA. — LCOR has received a $59 million loan from Santander Bank to construct a multifamily property at 7480 Birdwood Ave. in McLean, roughly 10 miles west of Washington, D.C., in the Tysons region of northern Virginia. LCOR plans to redevelop the land into two residential buildings spanning 12 and 15 stories that will be connected by a central sky bridge. Totaling 340,000 square feet, the property will comprise 11,000 square feet of amenity space, 388 below grade parking spaces and 319 residential units, of which 64 units will be reserved for Workforce Dwelling Units. Upon completion in the first quarter of 2017, the project will include a mix of studio, one-, two- and three-bedroom apartments with duplex units featured on the ground floor. The residences will feature carpeted bedrooms, vinyl wood plank flooring in the kitchen and living areas and ceramic tiles in the bathrooms. Stainless steel appliances will be featured in the kitchen. The project’s amenities will include an outdoor swimming pool, fitness center, game center, kids room, party space, bicycle storage, dining room, pet grooming station, glass-enclosed Sky Lounge on the 10th floor and a rooftop amenity area with garden plots located on the west tower. …

July 1, 2015

Affordable Housing Loans Maryland Multifamily Southeast

KeyBank Provides $18.5M Loan for Affordable Housing Community in Maryland

by John Nelson July 1, 2015

FORT WASHINGTON, MD. — KeyBank Real Estate Capital has provided an $18.5 million acquisition loan for Henson Creek Manor, a 210-unit affordable housing community in Fort Washington. Caleb Marten of KeyBank arranged the Freddie Mac loan on behalf of the undisclosed buyer. The apartment community was constructed in two phases between 1994 and 1998. The older part of the development is limited to residents with 50 percent of the average median income and the second portion is limited to residents with 60 percent of area median incomes.

July 1, 2015

Summit Place Apartments & Townhomes North Charleston

Multifamily South Carolina Southeast

NorthMarq Capital Arranges $14.7M Sale of North Charleston Apartment Community

by John Nelson July 1, 2015

NORTH CHARLESTON, S.C. — NorthMarq Capital has brokered the $14.7 million sale of Summit Place Apartments & Townhomes, a 226-unit multifamily property located at Dunlap Street and Stafford Road in North Charleston. Robert Ranieri of NorthMarq Capital’s White Plains, N.Y., office represented the seller, a New Jersey family who wanted to sell the community to focus on their New Jersey assets. Ranieri also procured the undisclosed buyer. NorthMarq Capital previously originated an existing Freddie Mac loan secured by the apartment community.

July 1, 2015

Florida Multifamily Southeast

Suffolk Construction Completes $33.4M Apartment Community in Fort Lauderdale

by John Nelson June 30, 2015

FORT LAUDERDALE, FLA. — Suffolk Construction has delivered The Manor: Lauderdale by the Sea, an eight-story, 264-unit luxury apartment community in Fort Lauderdale. The $33.4 million property includes a parking garage, fitness center with zen shower, cyber café, clubhouse, formal meeting and dining space, infinity-edge pool, hot tub built into the center of the building and private poolside cabanas for the second-floor deck units. The Related Group is the developer of the project, and RLC Associates is the architect.

June 30, 2015

Multifamily North Carolina Southeast

Lowe Enterprises Investors Acquires Apartment Community in Raleigh

by John Nelson June 30, 2015

RALEIGH, N.C. — Lowe Enterprises Investors (LEI), in a joint venture with a foreign investment client, has purchased the Hamilton Ridge Apartments, a 178-unit multifamily community located at 4901 Tall Timber Drive in Raleigh’s Crabtree Valley neighborhood. Built in 1986, the apartment community features a clubhouse with a business center, coffee bar, fitness center and community room. Additional community amenities include a resort-style pool, outdoor grilling and picnic areas, a car care center and free Wi-Fi. LEI’s capital improvement program will include upgrades to common areas, such as the clubhouse and pool deck, and unit renovations that will modernize kitchens. LEI has retained Greystar to manage Hamilton Ridge. John Gaghan of LEI led the investment team in negotiations, and Hunt Mortgage arranged financing for the acquisition. The seller was an affiliate of Abacus Capital.

June 30, 2015

Loans Multifamily North Carolina Southeast

Grandbridge Arranges $16M Loan for Apartment Community in Wilmington

by John Nelson June 30, 2015

WILMINGTON, N.C. — Grandbridge Real Estate Capital has closed a $16 million first mortgage loan for the refinancing of Stephens Pointe Apartments, a newly built, 192-unit apartment community in Wilmington’s Porters Neck area. Wesley Fricks of Grandbridge arranged the 10-year loan with a 30-year amortization schedule. The property was more than 90 percent occupied at the time of financing.

June 30, 2015

District of Columbia Multifamily Southeast

CBRE Brokers $9.6M Multifamily Portfolio Sale in D.C.

by John Nelson June 30, 2015

WASHINGTON, D.C. — CBRE has brokered the $9.6 million sale of a two-property multifamily portfolio located in northwest Washington, D.C. The two assets, The Rockford and The Peabody, total 82 units and are located in D.C.’s Brightwood neighborhood. StoneBridge Investments purchased The Rockford for $8.1 million and The Peabody for $1.5 million from JCR Cos. Robert Meehling, Michael Rudolph and Yalda Ghamarian of CBRE’s Washington, D.C., office represented the seller. William Roohan, Michael Muldowney, Brian Margerum and Martha Hastings of CBRE assisted in the transaction.

June 30, 2015

Florida Retail Southeast

Calkain Cos. Brokers $1.9M Sale of Verizon Wireless Store in Florida

by John Nelson June 30, 2015

PALM BAY, FLA. — Calkain Cos. has brokered the sale of a freestanding Verizon Wireless store located at 1109 Malabar Road N.E. in Palm Bay. Verizon Wireless has seven years remaining on its initial lease, which is guaranteed by Cellular Sales of Knoxville. Coast Realty represented the unnamed buyer that purchased the asset in cash at a 6.67 percent cap rate.

June 30, 2015

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