FAYETTEVILLE, N.C. — StoutCap, a real estate investment firm specializing in raising capital from passive investors, has closed on its $9.2 million acquisition of Treetop Apartments in Fayetteville. The seller was not disclosed. The buyer plans to renovate the interiors of all 146 apartments, as well as upgrade the property’s amenities and exteriors. Treetop is situated on 10.4 acres and features a pool, lounge area, onsite laundry facilities, picnic area with grills and onsite property management and maintenance. StoutCap expects the value-add acquisition to double the return for investors in six years. The buyer plans to return 100 percent of capital to its investors in three years.
ROSEDALE, MD. — KLNB has brokered the $7.2 million sale of Kenwood Shopping Center, a 90,961-square-foot retail center located at 6200 Hazelwood Ave. in Rosedale, a suburb of Baltimore. Pikesville, Md.-based America’s Realty and investment partners purchased the center from a private family that has owned the property since it was developed more than 40 years ago. Chris Burnham, Vito Lupo, Andy Stape and Jake Furnary of KLNB represented the seller in the transaction. Kenwood Shopping Center was 92 percent leased at the time of sale to tenants including Advance Auto Parts, Goodwill and a mix of service and food-and-beverage tenants.
PALM COAST, FLA. — Axiom Capital Corp. has arranged a $3.1 million bridge loan for the refinancing of an industrial property located in Palm Coast. Totaling 139,801 rentable square feet — 18 percent of which is office space — the development comprises one single-story building and 228 parking spaces on 17.4 acres. The property features clear heights of 21 to 30 feet, a Halon Fire Protection System and two generators. The ownership plans to subdivide the office space for leasing.
LEXINGTON, N.C. — Siemens Mobility, a manufacturer of passenger trains and a subsidiary of Siemens AG, plans to invest $220 million for a new manufacturing and rail service facility in Lexington, a city in North Carolina’s Triad region. The investment is expected to create 500 new jobs. At the facility, Siemens Mobility expects to produce passenger trains for the North American market. The passenger coach manufacturing factory, as well as Siemens Mobility’s locomotive and passenger coach overhauls facility, will be situated on a 200-acre site that allows for future expansion. When it starts operations in 2024, the plant will incorporate tech found in the firm’s sister facility in Sacramento, including robotic welding, 3D printing and Virtual Reality welder training. Siemens Mobility cites the Bipartisan Infrastructure Law as being a critical legislation for bringing federal funding for the project. Additionally, Siemens Mobility will be receiving a Job Development Investment Grant from the State of North Carolina. Siemens AG has invested more than $40 billion in its U.S. operations in the past two decades. The company staffs 45,000 employees in the United States and operates 21 manufacturing facilities that service more than 100 cites and 90 percent of Fortune 500 industrial companies.
ROYAL PALM, FLA. — Lynd Development, a subsidiary of San Antonio-based Lynd Group, has broken ground on The Villas at Tuttle Royale, a 401-unit luxury apartment development in Royal Palm. Situated on the west side of South Florida’s Palm Beach County, the property will feature 26 three-story, garden-style buildings and 55 townhomes. Lynd and partner Tuttle Land Investments recently secured a $126 million construction loan from S3 Capital and a $21 million preferred equity investment from New York-based Declaration Partners to fund the project. Kevin O’Grady of Miami-based Concord Summit Capital arranged the debt, and B.J. Litwin of GLJ Real Estate LLC sourced the preferred equity. Villas at Tuttle Royale will comprise one-, two- and three-bedroom units averaging 1,119 square feet and three- and four-bedroom townhomes ranging in size from 1,685 to 2,035 square feet. Rents are expected to start at over $2,000 for a one-bedroom apartment. Amenities will include a resort-style pool with cabanas, fitness facility, dog park, lakeside putting and chipping greens, indoor and outdoor summer kitchens, fire pits, soccer fields, a jogging and bike trail and hot/cold plunge pools. Lynd expects first units to deliver in third-quarter 2024. West Palm Beach-based Verdex Construction is the general contractor …
CUTLER BAY, FLA. — General contractor ANF Group Inc has broken ground on Sol Vista, a 227-unit affordable seniors housing community in Cutler Bay, approximately 20 miles south of downtown Miami. MRK Partners and Cypress Equity Investments are co-developers on the project. The two companies are partnering with the Housing Finance Authority of Miami-Dade County, the Florida Housing Finance Corp., R4 Capital LLC and R4 Capital Funding to finance the development. Sol Vista’s affordability will be preserved for more than 30 years, thanks to a new regulatory agreement on the property. The plans call for a three-story parking garage and an eight-story residential building. The garage will include EV chargers for electric vehicles as they continue to grow in popularity. All apartments will be reserved for those age 62 and older and those earning no more than 60 percent of the area median income (AMI), approximately $40,980 for one-person households or $46,800 for two-person households. The project is scheduled for completion in mid-2024.
HUNTSVILLE, ALA. — Northmarq has secured a $14 million loan for Madison Plaza, a 153,739-square-foot shopping center located at 930 Old Monrovia Road in Huntsville. Randy Wolfe of Northmarq arranged the 10-year financing through a regional credit union on behalf of RCP Cos., the developer of the adjacent MidCity district. The loan features one year of interest-only payments and a 25-year amortization schedule. Built in 1984 and renovated in 2016, Madison Plaza was leased at the time of financing to tenants including Havertys, Stars and Strikes, State Farm, Dragon Alley and Viet Huong.
ORLANDO, FLA. — Marcus & Millichap Capital Corp. (MMCC) has arranged $9.6 million in acquisition financing for Magic Mall Plaza, a flea market-style shopping center located at 2155 W. Colonial Drive in Orlando. Built in 1971 and renovated in 2000, the 128,939-square-foot complex houses multiple stores and restaurants, as well as event spaces. Garrett Fierstein of MMCC’s Orlando office originated the financing on behalf of the undisclosed borrower. The 10-year loan features a fixed 5.68 percent interest rate, 25-year amortization schedule and a loan-to-value ratio of 75 percent.
WEST PALM BEACH, FLA. — Related Group has delivered Icon Marina Village, a luxury apartment community in West Palm Beach totaling 399 units. Situated along the Intracoastal Waterway, the project comprises two high-rise towers and represents the first phase of the 20-acre Marina Village master plan. Icon Marina Village comprises studio, one-, two- and three-bedroom apartments, with each unit featuring condominium-level touches such as floor-to-ceiling windows, high ceilings and oversized balconies. The project also includes 22 penthouses. Pricing at Icon Marina Village ranges from $2,900 for a studio to more than $10,000 for a 3,000-square-foot penthouse. Additionally, Icon Marina Village’s amenities include an oceanside pool with private cabanas, fitness studio, spa and wellness center, club room and a private theater. The design-build team includes architectural firm Arquitectonica, interior designer V Starr and general contractor Balfour Beatty.
HUNTSVILLE, ALA. — Northmarq has arranged a $52.8 million construction loan for Anthem House Apartments, a 304-unit multifamily project that is part of the MidCity District master-planned development in Huntsville. In addition to apartments, Anthem House will include 32,000 square feet of ground-level retail space and 35,000 square feet of collaborative office space, as well as an amenity package comprising a coffee bar, coworking lounge, fitness center, yoga studios, community gardens, resort-style pool and a courtyard. Randy Wolfe and Drew Markley of Northmarq arranged the five-year loan through a major regional bank on behalf of the undisclosed borrower.