Southeast

Love Funding Secures $10.1M HUD Loan for Historic Court Square Center in Downtown Memphis

by John Nelson May 8, 2015

MEMPHIS, TENN. — Love Funding has closed a $10.1 million refinancing loan for Court Square Center, a historic mixed-use development in downtown Memphis. The property comprises three buildings: Lincoln American Tower, the Lowenstein Building and Court Annex 2. The project features 75 market-rate apartments and more than 32,000 square feet of commercial space. The Lowenstein Building and Lincoln American Tower are listed on the National Register of Historic Places. Court Square Center was redeveloped from 2006-2009 following a fire in October 2006 at a nearby church that spread to the development, resulting in a loss of the Court Annex building and severe damage to the other two properties. Artin Anvar of Love Funding’s Washington, D.C., office arranged the loan through HUD’s 223(f) loan program. The loan features a low fixed interest rate and a 35-year term. A development team comprising John Basek, C. Yorke Lawson, Chandler and Chandler, Telesis Corp. and New Community Partners co-developed the property’s rehabilitation. The proceeds of the loan will be used us pay off the original debt taken out to redevelop the property.

May 8, 2015

Loans North Carolina Seniors Housing Southeast

Ziegler Arranges $66M Financing for CCRC in North Carolina

by John Nelson May 7, 2015

HIGH POINT, N.C. — Ziegler, a specialty investment bank, has arranged a $66.1 million bond issue for Maryfield Inc., a North Carolina not-for-profit that owns and operates Pennybyrn at Maryfield, a continuing care retirement community (CCRC) in High Point. Proceeds of the bonds will be used to pay off bonds from 2005 and 2010, fund a debt service reserve fund for the bonds and pay fees and expenses incurred by the sale of the new bonds. Located on 68 acres, Pennybyrn consists of 180 independent living units (131 apartments and 49 cottages); 48 assisted living units (24 standard care and 24 memory care); and 125 skilled nursing beds.

May 7, 2015

Kentucky Southeast Student Housing

JV Begins Construction on Student Housing Development at the University of Louisville

by John Nelson May 7, 2015

LOUISVILLE, KY. — 908 Development Group, in a joint venture with Harrison Street Real Estate Capital, has begun construction on The Nine at Louisville, a 385-bed, urban infill project located adjacent to the University of Louisville. The Nine at Louisville will be a purpose-built student housing project to serve the students of The University of Louisville and will target students seeking pedestrian access to classrooms, the student center and athletic fields. The Nine at Louisville will be located immediately across the street from the University of Louisville Student Center. The community will consist of two-, three-, four- and five-bedroom units. Each floor plan will offer private bathrooms, will be fully furnished and will have finishes such as granite countertops, showerheads with Bluetooth-enabled capabilities, in-unit washer and dryers and stainless steel appliances. Amenities at The Nine will include a resort-style pool, outdoor grilling and gaming areas, business center with cyber café, numerous 24-hour study lounges, tanning beds, a fitness facility and game room. Gated parking will be provided in a covered and secure setting. The Nine at Louisville was designed by Humphrey’s & Partners Architects, with interior design services provided by Sixth River. Whittenberg Construction Co. has been selected as the …

May 7, 2015

Florida Office Southeast

Marcus & Millichap Brokers $42M Sale of Two Office Buildings in Coconut Grove

by John Nelson May 7, 2015

COCONUT GROVE, FLA. — Marcus & Millichap has brokered the sale of two office buildings in Coconut Grove: Bayview Executive Plaza and Continental Plaza. The total sales price for the two assets is $42 million. Located at 3225 Aviation Ave., the 57,155-square-foot Bayview Executive Plaza has a tenant roster including Femwell Group Health Inc., Wolfberg Alvarez & Partners and Pinchasik Yelen Muskat Stein LLC. Located at 3250 Mary St., the 80,380-square-foot Continental Plaza is leased to tenants such as The Downs Law Group and HealthSun Health Plans Inc. Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Fort Lauderdale office represented the undisclosed seller and procured the buyer, Allegra Holding.

May 7, 2015

Florida Loans Seniors Housing Southeast

Walker & Dunlop Arranges $11M Redevelopment Loan for Fort Myers Seniors Community

by John Nelson May 7, 2015

FORT MYERS, FLA. — Walker & Dunlop Inc. has arranged an $11 million acquisition bridge loan for The MacFarlane Group, which will use the loan to convert the currently Ambassador Hotel in Fort Myers into a 323-unit independent living facility. The development plan for the property is fully approved. Daniel Lisser, New York-based senior vice president, led the Walker & Dunlop team that structured the one-year bridge loan, which includes full-term interest only payments. ACRES Capital, a bridge lender that started its business just a few months ago, provided the financing after the original lender dropped out of the deal.

May 7, 2015

Georgia Hospitality Loans Southeast

Meridian Capital Arranges $18.2M Acquisition Loan for Holiday Inn in Savannah

by John Nelson May 7, 2015

SAVANNAH, GA. — Meridian Capital Group has arranged an $18.2 million acquisition loan for Holiday Inn Savannah Historic District in Savannah. The five-story, 127-room hotel is located at 15 Martin Luther King Jr. Blvd. in Savannah’s Historic District. The hotel opened in 2007 as a Four Points by Sheraton and was renovated and rebranded in 2014. Noam Kaminetzky of Meridian’s Boca Raton, Fla., office arranged the two-year, interest-only loan through a balance sheet lender with an exit to CMBS execution. The floating-rate loan features a one-year extension option. The unnamed borrower is a large international hotel operator, according to Meridian Capital Group.

May 7, 2015

Florida Retail Southeast

CocoWalk Lifestyle Center in Miami Sells for $87.5M

by John Nelson May 6, 2015

MIAMI — CocoWalk, a 198,000-square-foot lifestyle center located in Miami’s Coconut Grove neighborhood, has sold for $87.5 million. The property was constructed in 1990 and is located approximately two miles from the University of Miami. Federal Realty Investment Trust purchased an 80 percent interest in the property. The REIT purchased the stake with local market partners Grass River Property and The Comras Co.

May 6, 2015

Hospitality Louisiana Southeast

Hilton Worldwide Opens DoubleTree by Hilton Lafayette in Louisiana

by John Nelson May 6, 2015

LAFAYETTE, LA. — Hilton Worldwide has opened DoubleTree by Hilton Lafayette, a 15-story, 327-room hotel located at 1521 W. Pinhook Road near downtown Lafayette and three miles from Lafayette Regional Airport. The hotel is located along the banks of the Vermillion River and features a newly updated outdoor pool and sundeck, 24-hour fitness center, 24-hour business center, 22,000 square feet of meeting space and complimentary Wi-Fi. The hotel also features the SoLA Restaurant and Lobby Bar and 337, a bar located on the ground floor of the hotel. The property was formerly a Hilton hotel and has since undergone a $12 million renovation. Garrison Wright Prop Co JV LLC owns the hotel and Hospitality Management Advisors manages the property.

May 6, 2015

Florida Southeast

Miami City Self Storage Buys Six Sites in Miami-Dade County for 1M SF of Self Storage Space

by John Nelson May 6, 2015

MIAMI — Miami City Self Storage LLC, a South Florida-based developer of infill self storage facilities, has closed on the purchase of six land parcels in Miami-Dade County. The company plans to develop approximately 1 million square feet of self storage space at the new sites. The land parcels include 1100 N.E. 79th St. in Miami; corner of N.W. 5th Avenue and N.W. 36th Street in Miami; corner of S.W. 3rd Avenue and S.W. 11th Street in Miami; corner of S.W. 137th Avenue and S.W. 6th Street in Sweetwater; N.E. 151st Street in North Miami near Biscayne Landing; and S.W. 28th Lane off of U.S. 1. Each facility will have roughly 1,000 climate controlled units and be managed by a self storage REIT. Miami City Self Storage LLC is a joint venture between real estate industry veterans Jay Massirman, Stephen Garchik and Steve McBride.

May 6, 2015

Georgia Hospitality Southeast

Hodges Ward Elliott Brokers Sale of Dual-Branded Hotel in Midtown Atlanta

by John Nelson May 6, 2015

ATLANTA — Hodges Ward Elliott has brokered the sale of the dual-branded Hilton Garden Inn/Homewood Suites Atlanta Midtown. The 12-story, 228-room property is located in Atlanta’s Midtown district near I-75/85. The hotel features 136 Hilton Garden Inn rooms, 92 Homewood Suites units, a 24-hour fitness center, two business centers, two breakfast areas, two lobbies and reception desks, the Garden Grill & Bar restaurant and 3,027 square feet of meeting space. Hodges Ward Elliott represented the seller, North Point Hospitality Group Inc., in the transaction. The buyer was Carey Watermark Investors Inc. Crescent Hotels & Resorts will manage the hotel.

May 6, 2015

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