Southeast

Morningside Apartments Ashford Walk Doraville

RADCO Acquires Apartment Community in Metro Atlanta for $13.6M

by John Nelson June 25, 2015

DORAVILLE, GA. — The RADCO Cos. has purchased Morningside Apartments, a 306-unit multifamily community located near the intersection of I-85 and I-285 in Doraville, a suburb of Atlanta. RADCO purchased the asset for $13.6 million using a combination of private capital and debt provided by First Tennessee Bank. Built in 1983, the property offers one-, two- and three-bedroom units averaging 851 square feet. The community’s amenities include a resort-style pool, fitness center and business center with Wi-Fi. RADCO plans to invest $6 million to upgrade the property’s interiors, façade, balconies and roofs, in addition to expanding the amenity package. RADCO will also rebrand the asset as Ashford Walk. The seller was locally based limited liability company. Berkadia brokered the transaction. With this acquisition, RADCO has expanded its portfolio to 41 properties, with 23 located in metro Atlanta.

June 25, 2015

Florida Hospitality Loans Southeast

HFF Secures $26.1M Loan for Beachfront Hotel in St. Petersburg Beach

by John Nelson June 25, 2015

ST. PETERSBURG BEACH, FLA. — HFF has arranged $26.1 million in post-acquisition financing for Postcard Inn, a 196-room boutique resort located on the beach at 6300 Gulf Blvd. in St. Petersburg Beach near St. Petersburg. Located on an 8.5-acre site along the Gulf of Mexico, the hotel features a junior Olympic-sized pool with towel service, more than 16,000 square feet of indoor and outdoor meeting space, outdoor pool, table tennis, fire pit, arcade games, on-site parking, two fitness centers and three dining options including PCI Beach Bar & Snack Shack. The hotel was originally built in 1935 and underwent significant renovations in 2009. Dan Peek, Scott Wadler, Max Comess and Preston Reid of HFF arranged the five-year, floating rate loan through BankUnited on behalf of the borrower, CRP 6300 Gulf LLC.

June 25, 2015

Hospitality Loans Southeast Tennessee

Financial Federal Bank Arranges $20M Refinancing of Nashville Courtyard Marriott

by John Nelson June 25, 2015

NASHVILLE, TENN. — The Memphis office of Financial Federal Bank has arranged the $20 million refinancing of The Courtyard by Marriott in Nashville’s Green Hills neighborhood. Built in 2014, the hotel features 123 rooms. Rick Wood and Jon Van Hoozer of Financial Federal arranged the 10-year fixed rate loan with a 30-year amortization schedule through an unnamed national CMBS lender.

June 25, 2015

Florida Loans Retail Southeast

Aztec Group Secures $20M Loan for Miami Shopping Center

by John Nelson June 25, 2015

MIAMI — Aztec Group Inc. has secured $20 million in financing for Crossings Shopping Village, a 109,000-square-foot shopping center located at 13047 S.W. 112th St. in Miami. The property’s tenant roster includes Publix, CVS/pharmacy and You Fit Fitness Center. Aztec Group arranged the loan through a Florida-based bank on behalf of the borrower, Michael D. Friedman. The seven-year loan has a fixed rate interest rate of 3.85 percent and is structured with one year of interest-only payments followed by a 29-year amortization schedule.

June 25, 2015

Kentucky Multifamily Southeast

Capstone Brokers $5.4M Sale of Apartment Community in Lexington

by John Nelson June 25, 2015

LEXINGTON, KY. — Capstone Apartment Partners has brokered the $5.4 million sale of Lexington Villas Townhomes, a 152-unit apartment community located at 200 Alsab Court in Lexington. Built in 1972, the property was approximately 60 percent occupied at the time of sale. Denton Floyd Real Estate Group purchased the apartment complex from Alexander Properties Group for roughly $35,461 per unit. Adam Klenk, Andrew Klenk and Alex McDermott of Capstone represented the seller in the transaction.

June 25, 2015

1117 Perimeter Center West Atlanta Central Perimeter

Georgia Office Southeast

Shane Investment Brokers $68.5M Sale of Office Building in Atlanta

by John Nelson June 24, 2015

ATLANTA — Shane Investment Property Group has brokered the $68.5 million sale of a Class B, 392,000-square-foot office building located at 1117 Perimeter Center W. in Atlanta. Built in 1985, the five-story office building is located at the intersection of Perimeter Center West and Mount Vernon Boulevard in Atlanta’s Central Perimeter office submarket. The office building was 90 percent leased at the time of sale. Andy Sutton of Shane Investment represented the buyer, a private foreign investor family, in the transaction.

June 24, 2015

Loans South Carolina Southeast Student Housing

MB Financial Bank Provides $40.3M Construction Loan for Student Housing in Columbia

by John Nelson June 24, 2015

COLUMBIA, S.C. — Chicago-based MB Financial Bank has provided a $40.3 million construction loan for the development of a 218-unit student housing development near the University of South Carolina in Columbia. The 660-bed property will be located at the corner of Gervais and Harden streets in Columbia’s Five Points district. MB Financial Bank provided the loan to Chicago-based Blue Vista Capital Management. The unnamed developer plans to deliver the asset in time for the fall 2016 semester.

June 24, 2015

Loans Multifamily South Carolina Southeast

New York Life Originates $24.5M Acquisition Loan for Apartment Community in North Charleston

by John Nelson June 24, 2015

NORTH CHARLESTON, S.C. — New York Life Real Estate Investors has originated a $24.5 million acquisition loan for Ansley Commons, a 270-unit, Class A multifamily community in North Charleston. New York Life provided the loan to the buyer, The Praedium Group. Brian Eisendrath and Steve Heffner of CBRE arranged the loan on behalf of The Praedium Group.

June 24, 2015

Georgia Loans Multifamily Southeast

Berkadia Brokers $14.7M Sale of Apartment Community, Arranges $11.8M Financing

by John Nelson June 24, 2015

RICHMOND HILL, GA. — Berkadia has brokered the sale of and arranged financing for Ashton of Richmond Hill, a 232-unit affordable housing property located at 505 Harris Trail in Richmond Hill, a suburb of Savannah, Ga. The community’s amenities include a clubhouse, tennis court, volleyball court, picnic area, playground, swimming pool, community laundry room and 24-hour emergency maintenance. Savannah-based Kole Management Co. purchased the property from Ashton Partners GA LLC for $14.7 million. Andrew Mays, Paul Vetter, Mark Boyce and Cole Whitaker of Berkadia brokered the transaction. Berkadia also arranged acquisition financing for the transaction. Lloyd Griffin, Frank Brown and Brett Bennett of Berkadia arranged the $11.8 million Freddie Mac loan with a fixed interest rate of 4.16 percent and a 30-year amortization schedule.

June 24, 2015

Industrial Kentucky Loans Southeast

NorthMarq Capital Arranges $10.3M Loan for Industrial Property in Kentucky

by John Nelson June 24, 2015

ERLANGER, KY. — NorthMarq Capital has arranged a $10.3 million loan for the refinancing of Donaldson Road Center II, a 258,947-square-foot industrial property located at 1325 and 1335 Donaldson Road in Erlanger. Alstom Power is the anchor tenant at the facility. Susan Branscome of NorthMarq’s Cincinnati office arranged the 10-year loan with a 20-year amortization schedule through an unnamed life insurance company.

June 24, 2015

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