CLEMSON, S.C. — Eric Newton Real Estate has broken ground on Maverick Hills, a 517-bed student housing development located near the Clemson University campus in South Carolina. The property will offer cottage and townhome units in a mix of two-, three- and four-bedroom configurations with bed-to-bath parity. Shared amenities are set to include a resort-style swimming pool with lounge seating; clubhouse; full-service coffee bar; study rooms; 24-hour fitness center; courtyard for outdoor games; dog park; pickleball and basketball courts; and “The Rock” community center. The project is scheduled for completion in fall 2025.
NASHVILLE, TENN. — Chicago-based Brennan Investment Group has acquired a 75,000-square-foot distribution facility located at 565 Brick Church Park Drive in Nashville. The seller and sales price were not disclosed. Situated on a 5.3-acre site five miles north of downtown Nashville, the property was fully leased at the time of sale to locally based AllParts Medical, a division of Philips Healthcare that uses the facility to stock, test, repair and distribute more than 60,000 replacement parts used in high-end medical tools. Built in 1996 and renovated in 2019, the infill building features a 135-foot truck court, 24-foot maximum clear heights, LED lighting, climate control and 12,500 square feet of office space. The facility was formerly used as a studio for the TV show “Nashville.” The 565 Brick Church Park property represents Brennan’s fourth acquisition in the Nashville market since 2019.
INDIAN HARBOUR BEACH, FLA. — The Sembler Co. has signed a 21,000-square-foot retail lease with Michaels for a new store at Causeway Shopping Center in Indian Harbour Beach, a suburb of Melbourne on Florida’s Space Coast. The 112,000-square-foot shopping center is owned by Forge Real Estate Partners III, a joint venture between Sembler and Forge Capital Partners. Sembler also handles leasing at Causeway, whose other tenants include Ross Dress for Less, Bealls Outlet, GNC and Panera Bread, among others. Michaels plans to open the new store before the end of the year. The store formerly housed an Office Depot, which closed in June.
NEWTON, N.C. — Planet Fitness has signed an 18,000-square-foot lease in Newton, roughly 40 miles outside of Charlotte. The tenant will operate in half of a space formerly occupied by Bi-Lo at Marketplace Center. Prior to the lease, the space was vacant for more than seven years. Tad Anderson of Ardor Commercial Advisors represented the landlord, RVS Realty, in the lease negotiations. Jay Hagerman of Providence Group represented Planet Fitness.
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How to Maximize Agency Financing for Affordable Housing
There are a variety of ways to build affordable housing, but implementing these strategies has become an increasingly difficult proposition in 2023. Affordable housing projects seem to face challenges on every front. Generally affordable housing developers will: Despite intensifying renter demand for new units, developers are struggling to make their projects financially feasible, says John Ducey, chief production officer in the affordable lending group at Walker & Dunlop. “Affordable housing developers are facing some of the toughest headwinds I’ve seen in more than 20 years in the industry,” Ducey says. “That means developers are forced to work harder than ever to structure deals that stretch scarce housing subsidies and maximize agency financing.” Challenging Conditions One impediment to affordable housing efforts is reduced future rent levels, related to area median income (AMI) caps the Department of Housing and Urban Development (HUD) imposed recently on LIHTC properties in many markets in the United States. The unexpectedly restrictive caps forced developers to slash revenue projections, scuttling some transactions and forcing many loan applicants to renegotiate or seek alternative financing to salvage deals. On the expense side, inflation and the labor crunch continue to drive up costs for new construction, renovation of older affordable …
MECHANICSVILLE, VA. — VICI Properties Inc. has acquired 38 bowling alleys from Mechanicsville-based Bowlero Corp. in a sale-leaseback transaction for a total $432.9 million. Bowlero will now occupy the properties, which are located across 17 states, on a triple-net-lease basis. Initial annual rent for the lease will total $31.6 million. The deal also included an eight-year right of first offer (ROFO) term for VICI to purchase Bowlero’s real estate assets. J.P. Morgan acted as financial advisor to VICI in the transaction, and Hogan Lovells US LLP and Kramer Levin Naftalis & Frankel LLP provided legal counsel. VICI Properties Inc. is an experiential REIT that owns one of the largest portfolios of gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas. Bowlero is a publicly traded company that operates 325 bowling alleys across North America. Earlier this year, Bowlero acquired the Lucky Strike Entertainment LLC brand, which operated 14 locations across nine states. In 2019, the company purchased the Professional Bowlers Association.
CANDLER, N.C. — Walker & Dunlop has arranged $49.3 million in financing for the development of Hominy Creek Apartments, a 216-unit multifamily community to be located at 40 Pallet Road in Candler, roughly 11 miles outside of Asheville. Upon completion, the property will feature apartments in a mix of one-, two- and three-bedroom layouts. Amenities will include a swimming pool, disc golf course, walking and biking trails and community gardens. The financing includes a $32.3 million construction loan secured through two regional banks and $17 million in preferred equity provided by an institutional fund. Walker Layne, Matt Wallach, Stephen West and Fletcher Dunn of Walker & Dunlop arranged the financing on behalf of the borrower, Charleston-based Southeast Partners. A construction timeline was not disclosed.
ROCK HILL, S.C. — Selwyn Property Group and CIP Real Estate have broken ground on Waterford Business Park, a 240,000-square-foot speculative industrial development in Rock Hill, approximately 30 miles southwest of Charlotte in South Carolina. Upon completion, which is scheduled for the fourth quarter of 2024, the property will comprise two 120,000-square-foot facilities situated on 25 acres at 656 Red River Road. Designed for single-tenant use, the buildings will also have the ability to be subdivided for multi-tenant use. Patrick Gildea, Rob Hardway, Matt Smith, Grayson Hawkins, Trey Barry and Frank Fallon of CBRE secured an $11.1 million limited partnership equity placement for the development of the property.
NASHVILLE, TENN. — Dallas-based MYCON General Contractors is underway on the first phase of construction for Airpark Commerce Pointe, an industrial development situated on 73 acres near Nashville International Airport. The first phase will feature two multi-tenant industrial buildings — 801 and 900 Airpark Commerce Drive — totaling 204,500 square feet. The first building will comprise 94,500 square feet with 14 dock doors and two drive-in doors. The second building will feature 110,000 square feet with 16 dock doors and two drive-in doors. MYCON is constructing the property on behalf of the developer, Hamilton Creek Partners, and Development & Construction Insight will provide construction management services. Delivery is scheduled for late 2024. Melissa Alexander, W.B. Scoggin and Casey Flannery of Foundry Commercial will handle leasing at the development.
NASHVILLE, TENN. AND CARY, N.C. — Crescent Communities has sold two multifamily communities in the Southeast totaling 642 units. TA Realty acquired both properties from the Charlotte-based developer for an undisclosed price. The first property, NOVEL Harpeth Heights in Nashville, features 322 apartments in a mix of studio, one-, two- and three-bedroom layouts . Amenities at the community include a clubhouse, spa and fitness center. Monthly rental rates at the community begin at $1,629, according to Apartments.com. Crescent developed Harpeth Heights, which marks the seventh multifamily community for the developer in the Nashville market, in partnership with Pearl Street Partners. The second property, NOVEL Cary, comprises 320 residences in studio, one-, two- and three-bedroom floorplans in Cary, roughly 12 miles outside of Raleigh. Amenities at the community include a saltwater pool with cabanas, hammock lawn, an elevated deck with a grilling area and a fitness center. Monthly rental rates at NOVEL Cary begin at $1,610, according to the community website.