Southeast

WFI Receives $37.5M Refinancing for Student Housing Community Near Auburn University

by John Nelson May 18, 2023

AUBURN, ALA. — WFI has received a $37.5 million loan for the refinancing of The Union at Auburn, a 501-bed student housing community serving students attending Auburn University in Alabama. The property is located at 900 W. Glenn Ave. and offers two-, three-, four-, five- and six-bedroom units. Tremont Realty Capital provided the financing through Seven Hills Realty Trust, a mortgage REIT managed by the company. The loan is structured with a 30-month initial term and the option for one 12-month extension. Shared amenities include a “state-of-the-art” clubhouse; two-story fitness center, including space for barre, yoga and TRX; business center; 19 study rooms; resort-style swimming pool with an outdoor jumbotron, kitchen and entertainment area; outdoor terrace; dog park; and a self-service bike shop.

May 18, 2023

Acquisitions Hospitality Kentucky Southeast

Mumford Arranges Sale of 52-Room Baymont Inn & Suites Hotel in Madisonville, Kentucky

by John Nelson May 18, 2023

MADISONVILLE, KY. — Mumford Co. has arranged the sale of Baymont Inn & Suites, a 52-room hotel in the southwest Kentucky town of Madisonville. An entity doing business as Skyann Corp. sold the asset to an entity doing business as Paras 1981 LLC for an undisclosed price. The buyer is an affiliate of a multi-property hotelier that is active in the region, according to Mumford. Carter Wilcox of Mumford’s Newport News, Va., office represented the seller in the transaction. The buyer plans to retain the property as a Baymont, a flag under Wyndham Hotels & Resorts, following upgrades to the hotel’s guestrooms and public areas. Amenities at the hotel include a fitness center, business center, complimentary breakfast and Wi-Fi, meeting room and an outdoor pool, according to the hotel’s website.

May 18, 2023

Florida Loans Multifamily Southeast Top Stories

JLL Arranges $219.9M Recapitalization for Landmark South Apartment Community in Metro Miami

by Jeff Shaw May 18, 2023

DORAL, FLA. — JLL Capital Markets has arranged the recapitalization of Landmark South, a multifamily community featuring 631 units in the Miami suburb of Doral. The financing comprises a five-year, $154.1 million senior loan through Freddie Mac Multifamily, which JLL Real Estate Capital LLC will service, as well as a $65.8 million preferred equity investment from Pensam. Located at 6055 N.W. 105th Court, the property was built in two phases in 2017 and 2021. Apartments at the community average 1,017 square feet and feature terraces, courtyard views, stainless steel appliances, in-unit washers and dryers and walk-in closets. Amenities include grilling stations, outdoor courtyards and fitness centers. Rental prices begin at $2,194 per month, according to the community’s website. Jesse Wright, Brian Gaswirth, Maurice Habif, Simon Banke and Ted Taylor of JLL secured the financing on behalf of the borrower, JSB Capital Group, a privately held investment firm with offices in Miami, New York City and Baltimore with a focus in multifamily assets. Pensam is a Miami-based multifamily investment platform that has invested $7.5 billion across 50,000 apartments to date. “This was not a transaction short on complexity or volatility,” says Jared Frydman, senior managing director of JSB. “Landmark South is …

May 18, 2023

Development Maryland Mixed-Use Retail Southeast

WRS Rezones 100 Acres at Lakeforest Mall in Gaithersburg, Maryland for Mixed-Use Village

by John Nelson May 17, 2023

GAITHERSBURG, MD. — WRS Real Estate Investments, a retail and mixed-use owner-operator based in Mount Pleasant, S.C., has successfully rezoned a 100-acre site in Gaithersburg that houses Lakeforest Mall. The Gaithersburg City Council approved the rezoning of the site to mixed-use in a 5-0 vote and also approved the sketch plan of the future development. Gensler has been engaged to lead the creation of overall design guidelines for the project. WRS purchased the core of the 1.1 million-square-foot regional mall in 2019. On a single day in 2022, the developer purchased the mall’s remaining department stores: J.C. Penney, Lord & Taylor, Sears and Macy’s. The plan calls for WRS to redevelop Lakeforest Mall as a mixed-use village comprising up to 1,600 new residential units — a mix of for-sale and rental units — and up to 1.25 million square feet of commercial uses such as retail, restaurant, dining, hospitality and life sciences. Construction may commence as early as 2024, according to WRS.

May 17, 2023

Acquisitions Maryland Office Southeast

JBG Smith Sells Majority Stake in Metro D.C. Headquarters for $196M

by John Nelson May 17, 2023

BETHESDA, MD. — JBG Smith, the developer behind Amazon’s HQ2 campus in Arlington, Va., has sold an 80 percent stake for its corporate headquarters at 4747 Bethesda Ave. in Bethesda. An undisclosed investor purchased the interest for $196 million, according to several media outlets. Built in 2019, the LEED Gold-certified building spans 300,508 square feet and was 98 percent leased at the time of sale to tenants including JBG Smith. The property, which is located adjacent to the popular Bethesda Row destination, features a rooftop lounge, modern fitness facility and a penthouse conference room with floor-to-ceiling glass windows. Jim Meisel, Matt Nicholson, Andrew Weir, Dave Baker and Kevin Byrd of JLL represented JBG Smith in the transaction.

May 17, 2023

Development Office Southeast Tennessee

Portman, Creed Investment Deliver 16-Story Moore Office Building in Nashville’s Music Row District

by John Nelson May 17, 2023

NASHVILLE, TENN. — Atlanta-based Portman and locally based Creed Investment Co. have delivered The Moore Building, a 16-story, Class A office building in Nashville’s Music Row district. Legal advertising firm Whitehardt and Boston-based Albany Road Real Estate Partners are the building’s first announced tenants, both of which are expected to move into the building this summer. J.T. Martin of CBRE handles office leasing on behalf of Portman and Creed Investment. The Moore Building, which comprises 236,000 square feet of office space and 8,500 square feet of ground-floor retail space, is named after Scotty Moore, Elvis Presley’s longtime guitarist. The building is located on the site of the former Music City Recorders studio where Elvis and Moore recorded music. The Moore features a sky lobby on the eighth floor that leads to a 4,000-square-foot amenity deck that offers views of Midtown Nashville and Vanderbilt University. The project team includes general contractor Hoar Construction and Nashville-based architect Greshman Smith. U.S. Bank provided construction financing for the project.

May 17, 2023

Development Florida Loans Multifamily Southeast

Cymbal DLT Obtains $95M Loan for Oasis Pointe Apartments in Dania Beach, Florida

by John Nelson May 17, 2023

DANIA BEACH, FLA. — Cymbal DLT Cos. has obtained a $95 million loan for Oasis Pointe Residences, a newly built, 301-unit apartment community located at 150 S. Bryan Road in South Florida’s Dania Beach. Kookmin Bank and Related Fund Management provided the financing, which allows Cymbal DLT to keep the asset in its portfolio. Patrick Martin from Related, Will (Woosuk) Cha from Kookmin Bank and the Cymbal DLT team of Asi Cymbal, Hector Torres, Jacob Nunez and Jake Fleischer worked together to close this deal. Cymbal DLT previously paid off its $60.3 million construction loan to 3650 REIT and distributed a 130 percent return to the project’s equity investors. Oasis Pointe spans eight stories on 2.4 acres and was 97 percent occupied at the time of loan closing. The waterfront property features a mix of studios, one-, two- and three-bedroom apartments, as well as an amenity package including a waterfront boardwalk with a 19-slip marina, Zoom lounge with private office suites and workstations, outdoor lap pool, fire pit with outdoor BBQ and picnic areas, open-air fitness facility and yoga studio, indoor lounge and game room and a dog park.

May 17, 2023

Development Loans Seniors Housing Southeast Virginia

JLL Arranges Joint Venture Equity for 142-Unit Seniors Housing Development in Fredericksburg, Virginia

by John Nelson May 17, 2023

FREDERICKSBURG, VA. — JLL Capital Markets has arranged joint venture equity for the development of a seniors housing community in Fredericksburg, approximately midway between Richmond and Washington, D.C. Centric Development LLC is developing the property, which will feature 106 assisted living and 36 memory care units. The three-story, 153,000-square-foot property will be situated on a 16.2-acre parcel within an established, regional medical hub. Joel Mendes, Anthony T. Fertitta Jr. and Billy Lichtenstein led the JLL Capital Markets Advisory team. Completion is scheduled for 2025.

May 17, 2023

Development Georgia Hospitality Mixed-Use Multifamily Restaurant Retail Southeast

Edens to Redevelop North DeKalb Mall in Decatur, Georgia to 2.5 MSF Mixed-Use Development

by John Nelson May 16, 2023

DECATUR, GA. — Edens plans to transform North DeKalb Mall, an enclosed regional shopping mall in the Atlanta suburb of Decatur, into a 2.5 million-square-foot mixed-use development called Lulah Hills. Edens acquired the 622,297-square-foot mall in 2021 and rezoned the 73-acre site in 2022 to allow for mixed-use development. At its full build-out, Lulah Hills will feature 320,000 square feet of retail and restaurant space, 1,700 multifamily units, 100 townhomes, a 150-room hotel and a Path Foundation trail connection to nearby Emory University. North DeKalb Mall opened in 1965 and served as the first fully enclosed mall in metro Atlanta. Demolition of the mall is expected to begin later this year, with initial phases of the project to be completed by 2025. Edens owns and operates 1.5 million square feet of retail space in metro Atlanta, including Toco Hills, Merchants Walk, Andrews Square, Buckhead Marketplace, Moores Mill and Park Place.

May 16, 2023

Development Multifamily North Carolina Southeast

Swinerton Tops Out $80M Joinery Apartment Development in Charlotte

by John Nelson May 16, 2023

CHARLOTTE, N.C. — Swinerton has topped out the second phase of The Joinery, which comprises two seven-story apartment buildings in Charlotte’s Optimist Park neighborhood totaling 360 units and 30,000 square feet of commercial space. The developer, Space Craft, expects to deliver the first building located at 420 E. 22nd St. by the end of the year and the second building located at 1816 N. Brevard St. by summer 2024. Phase II of The Joinery’s construction costs total $80 million, according to Swinerton. The project comprises two two- story concrete podiums with five levels of apartments atop wrapped in a hybrid cross-laminated timber system provided by Timberlab, an affiliate of Swinerton. Phase I of The Joinery, which was also constructed by Swinerton, is a six-story building totaling 83 apartments and 2,000 square feet of ground-floor retail space.

May 16, 2023

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